General Price level is a subject matter of
Show Hint
- Micro-Economics
- Macro-Economics
- Both (a) & (b)
- None of these
The Correct Option is B
Solution and Explanation
Step 1: Understanding the Concept:
The question asks to classify the study of the "General Price Level" into one of the two main branches of economics.
\begin{itemize}
\item Microeconomics studies individual economic units, such as the price of a single product or the behavior of a single firm.
\item Macroeconomics studies the economy as a whole, focusing on aggregate variables.
\end{itemize}
Step 2: Detailed Explanation:
The General Price Level refers to the average of the current prices of all goods and services produced in an economy. It is an aggregate measure that reflects the overall level of prices in the country. The study of the general price level, its changes (inflation or deflation), and its impact on the economy as a whole are central issues in Macroeconomics.
Step 3: Final Answer:
The study of the General Price Level is a subject matter of Macro-Economics. Therefore, option (B) is the correct answer.
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