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OSOU GECO-02 Solved Assignment 2022-23
Odisha State Open University, Sambalpur
SESSION: GECO-02 ASSIGNMENTS
Course Code : BAPS-04 (Theory) Semester-2
BACHELOR OF COMMERCE (BCOM)
ASSIGNMENTS-I
COURSE CODE: GECO 02
COURSE NAME: MACRO AND INDIAN ECONOMY
Group- ‘A’
1. Fill up: 1×10=10
a) Macroeconomic policies aim to influence factors like ______________, unemployment, and economic growth at the national level.
b) Components of macroeconomics include consumption, investment, government ______________, and net exports.
c) GDP, GNP, and NNP are some methods used to measure a country's ______________ income.
d) One difficulty in calculating national income is the exclusion of ______________ activities, such as unpaid housework.
e) Equilibrium in the national income context occurs when aggregate ______________ equals aggregate expenditure.
f) Investment theory focuses on the role of ______________ spending in achieving national income equilibrium.
g) Governments play crucial roles in maintaining economic stability, promoting ______________ growth, and ensuring social welfare.
h) Government revenue is derived from taxes, while government ______________ encompasses spending on public goods and services.
i) Macroeconomic problems may include ______________, inflation, and budget deficits, which governments seek to address through policy measures.
j) The Reserve Bank of India (RBI) formulates and implements ______________ policy to control money supply and influence economic conditions.
Group- ‘B’
2. Answer any ten questions each within 2 sentences: 2×10=20
a) What is the fundamental difference between microeconomics and macroeconomics?
b) What are the primary objectives of macroeconomic policies, and how do they influence the economy?
c) Compare and contrast capitalism, socialism, and mixed economic systems.
d) Describe the three main methods used to measure national income.
e) How does per capita income reflect the standard of living in a country?
f) What role does investment play in achieving economic stability?
g) Which economic system does India predominantly follow, and what are its characteristics?
h) What are some of the challenges in accurately calculating national income?
i) What is meant by equilibrium in macroeconomics?
j) Explain the concept of an inflationary gap.
k) How does government expenditure influence the overall economy?
l) What is the role of the Reserve Bank of India (RBI) in India's monetary policy?
GROUP- ‘C
3. Answer any ten questions each within 75 words: 3×10=30
a) How do microeconomics and macroeconomics collectively contribute to our understanding of the economy?
b) Name and explain the key components of macroeconomics.
c) Define national income and briefly explain its significance.
d) What factors determine the equilibrium level of national income?
e) What are the different types of national income, and how do they differ?
f) Define real income, per capita income, and economic growth rate.
g) How does government intervention contribute to economic stability?
h) What are the primary sources of government revenue in India?
i) List and briefly describe the economic functions of the government.
j) What are the potential consequences of high inflation in the Indian economy?
k) Identify and briefly explain the major macroeconomic problems faced by India.
l) How does monetary policy affect interest rates and inflation in the country?
GROUP- ‘D
4. Answer any four questions each within 500 words: 10×4=40
a) Describe the key components of macroeconomics, including consumption, investment, government expenditure, and net exports. How do these components interact to determine the overall economic activity in India?
b) Define national income and explain its significance in assessing the economic well-being of a country. What are the different types of national income, and how do they reflect India's economic performance?
c) Discuss the various methods used to measure national income, including the income, expenditure, and value-added approaches. How do these methods complement each other in calculating India's GDP?
d) What is meant by the concept of equilibrium in macroeconomics? How does achieving equilibrium in national income relate to overall economic stability and growth in India?
e) Describe the factors that determine the equilibrium level of national income in India. How do changes in these factors affect the equilibrium position, and what role do government policies play in maintaining stability?
f) Explain the role of the Reserve Bank of India (RBI) in formulating and implementing monetary policy. How does monetary policy influence the Indian financial system and contribute to economic stability?
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ASSIGNMENTS-II
COURSE CODE: GECO 02
COURSE NAME: MACRO AND INDIAN ECONOMY
Group- ‘A’
1. Fill up: 1×10=10
a) Microeconomics focuses on the economic behaviour of households and firms, while macroeconomics deals with the overall performance and behaviour of an __________ as a whole.
b) Macroeconomic policy aims to promote __________ stability and growth.
c) The four main components of macroeconomics are consumption, investment, government expenditure, and __________.
d) Capitalism is characterized by private ownership of the means of production, while socialism advocates for __________ ownership.
e) National income is the total value of goods and services produced within a country's borders, and it can be categorized into three types: gross national income (GNI), net national income (NNI), and __________ income.
f) Air is a _______________ goods.
g) Double counting, non-market activities, and the underground economy are some of the challenges in accurately calculating __________ income.
h) Equilibrium in the national income context means that __________ equals expenditures.
i) One of the difficulties in calculating national income is double counting, which occurs when the same
income is counted multiple times. Another challenge is measuring non-market activities, such as __________ production.
j) ____________ is known as the father of economies.
Group- ‘B’
2. Answer any ten questions each within 2 sentences: 2×10=20
a) Explain the concept of Macroeconomic Policy.
b) What are the components of Macroeconomics?
c) Describe the different types of economic systems.
d) What is National Income, and what are its types?
e) What are the difficulties encountered in calculating National Income?
f) Define Real Income, Per Capita Income, and Growth Rate.
g) What is the Investment Theory, and how does it relate to National Income?
h) Differentiate between an inflationary gap and a deflationary gap.
i) What are the economic functions of the government in a macroeconomic context?
j) Discuss government revenue and expenditure and their impact on the economy.
k) Identify and explain some of the major macroeconomic problems.
l) How does the Reserve Bank of India (RBI) influence the economy through monetary policy?
Group- ‘C’
3. Answer any ten questions each within 75 words: 3×10=30
a) How do microeconomics and macroeconomics differ in their scope and focus?
b) What are the key goals and objectives of Macroeconomic Policy?
c) Why is National Income important for understanding an economy?
d) Discuss the income, expenditure, and production approaches to measuring National Income.
e) What challenges can arise when calculating National Income, and how can they be addressed?
f) Explain how Real Income, Per Capita Income, and Growth Rate are interrelated.
g) How does economic equilibrium relate to the overall stability of an economy?
h) Describe the role of investment in the context of National Income equilibrium.
i) What factors determine the equilibrium level of National Income?
j) Elaborate on how the government's economic functions impact the overall well-being of a nation.
k) Discuss the sources of government revenue and the areas of government expenditure.
l) Can you identify some common macroeconomic problems governments aim to address?
Group- ‘D’
4. Answer any four questions each within 500 words: 10×4=40
a) Explain the fundamental difference between microeconomics and macroeconomics. Provide examples of topics studied in each field.
b) Describe the four major components of macroeconomics in detail: consumption, investment,
government expenditure, and net exports. How do these components interact to determine a nation's
gross domestic product (GDP)? c) Compare and contrast capitalism and socialism as economic systems. What are their key characteristics and advantages and disadvantages?
d) Define national income and explain the three types: gross national income (GNI), net national income
(NNI), and per capita income. How are these measures used to assess a country's economic well- being?
e) Describe the income and expenditure methods used to calculate national income. What are the key differences between these methods, and why is it important to use both?
f) Discuss the challenges and difficulties in calculating national income. Provide examples of situations that can complicate the measurement process.
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