Which of the following pairs is correctly matched?

Correct option is C

The correct answer is: (c) Macroeconomics – National Income
Explanation:
· Macroeconomics deals with the study of the economy as a whole, focusing on aggregate indicators such as national income, GDP, inflation, unemployment, and overall growth.
· National Income is a classic example of a macroeconomic variable.
· Microeconomics, on the other hand, studies individual units like consumers, firms, and specific markets.
Information Booster:
· Microeconomics: Concerned with demand & supply, price determination, elasticity, consumer behavior, and production costs.
· Macroeconomics: Concerned with national income, fiscal & monetary policies, trade balance, and economic growth.
· Father of Microeconomics: Alfred Marshall.
· Father of Macroeconomics: John Maynard Keynes.
· National Income accounting in India is handled by the NSO (National Statistical Office).
Additional Knowledge:
· Option (a) Microeconomics – Inflation rate: Wrong → Inflation is a macroeconomic concept.
· Option (b) Macroeconomics – Price of tea: Wrong → Price of a single commodity is microeconomic.
· Option (d) Microeconomics – GDP: Wrong → GDP is a macroeconomic measure.