CHANAKYA NATIONAL LAW UNIVERSITY

NYAYA NAGAR, MITHAPUR, PATNA- 800001

Mid Semester Examinations – March, 2021
Fourth Semester
B.A., LL. B. (Hons.)
MACRO ECONOMICS
Answer all Questions Roll No. - _______
Total Time: 2 hrs Maximum Marks: 15
Figures in the brackets indicate full marks

1. What are the principal objectives of macro-economic policies? Is there any conflict
between these objectives? [5 Marks]

2. No single stabilization method is sufficient to control cyclical fluctuations. In the light of

the above statement explain the different phases of business cycle and measures to control
it. [5 Marks]

3. Explain how modern economists and policy makers have interpreted Phillips curve. What
are its policy implications? [5 Marks]