Economic Awareness - Sectors of Indian Economy
Which of the following pairs correctly matches a concept with its respective branch of economics?
Which of the following pairs correctly matches a concept with its respective branch of economics?
hard Q10 of 15
Step-by-Step Solution
Step 1: Identify branch of each concept
Phillips Curve and Aggregate Supply are macroeconomic concepts. Law of Demand and Consumer Surplus belong to microeconomics.Step 2: Analyze options
Phillips Curve is macroeconomic, so Phillips Curve - Microeconomics is incorrect. Law of Demand is microeconomic, so Law of Demand - Macroeconomics is wrong. Aggregate Supply is macroeconomic, making Aggregate Supply - Macroeconomics correct. Consumer Surplus is microeconomic, so Consumer Surplus - Macroeconomics is wrong.Step 3: Confirm correct match
Aggregate Supply is a macroeconomic aggregate representing total output at different price levels.Final Answer:
Aggregate Supply - Macroeconomics → Option BQuick Check:
Aggregate Supply = Macroeconomics ✅
Quick Trick: Remember Phillips Curve and Aggregate Supply are macro concepts
Common Mistakes:
MISTAKES- Misclassifying Law of Demand and Consumer Surplus as macro concepts
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