Economics

Paper - I: MICRO ECONOMICS

Unit – 1

1.       Define economics. Discuss the nature and scope of economics.

2.       Explain the central problem of an economy.

3.       Define an economy; explain the main problems of an economic system.

4.       Discuss the role of price mechanism in a competitive market economy. What are its failures?

5.       Discuss the law of demand with a suitable diagram. What are its limitations?

6.       Define demand and discuss the factors affecting demand.

7.       Discuss the law of supply with a suitable diagram. Explain its limitations.

8.       Define equilibrium and discuss both stable and unstable market equilibrium.

Write short notes on:

1.       Define economics.

2.       Define an economy.

3.       Differentiate between economics and economy.

 

Unit-2

1.       What are the basic assumptions of marginal utility analysis?

2.       Explain the law of diminishing marginal utility.

3.       State and explain the law of equimarginal utility or law of consumer’s equilibrium.

4.       What is indifference curve? Discuss the properties of indifference curves.

5.       Discuss the principle of diminishing marginal rates of substitution.

6.       Explain consumer’s equilibrium with the help of ordinal utility approach or indifference curve analysis.

7.       What is price effect? Explain how price effect is a combination of income and substitution effect.

8.       What is consumers surplus? Explain the marshalls measures of consumer surplus.

9.       Make a comparison between indifference curve analysis and marginal utility analysis. Which analysis is superior and why.

10.   Explain various types of elasticity of demand. Discuss the importance of elasticity of demand.

11.   What is prce elasticity of demand. Discuss different methods of measuring it?

12.   What is ICC?  Explain how IC analysis can be used to derive engel curve.

 

Unit-3

1.      Define and discuss the properties of isoquants.

2.      Explain the law of variable proportion and point out the cause of increasing and diminishing returns.

3.      The law of diminishing returns is a matter of logical necessity, while the law of increasing return is an imperial fact.” Discuss.

4.      Explain the law of returns to scale.

5.      Explain the theory of production under long run.

6.      Distinguish between internal and external economies. Give an account of them.

7.      Discuss the nature of shortrun average cost curves.

8.      What is expansion path. Explain it with the help of iso-quants and iso-cost line?

Give short notes on:

1.      Production function

2.      Opportunity cost

3.      Relation between AC and MC

4.      Long run cost curve or planning curve or envelope curve

5.      U shape of the average cost curve

 

Unit-4

1.      What is equilibrium? Discuss the conditions of equilibrium of aa firm under various market situation.

2.      Discuss how a firm under perfect competition attains equilibrium under identical cost conditions.

3.      Discuss how a firm under perfect competititon attains equilibrium under differential cost conditions.

4.      Discuss how price and output is determined under monopoly.

5.      Monopoly price is higher and output is lower than perfect competition. Discuss.

6.      Compare the price and output determination in a monopoly market with that of perfect market.

7.      Discuss when price discrimination is possible and profitable.

8.      Discuss how a firm reach equilibrium through product variation under monolopistic competition.

9.      What do you mean by monopoly power? Discuss the measurement of monopoly power.

Give short notes on

1.      Monopoly

2.      Oligopoly

3.      Duopoly

4.      Perfect competition market

5.      Imperfect competition market

 

Unit-5

1.      Critically discuss the marginal productivity theory of distribution.

2.      Discuss how the wage will be determined under collective bargaining.

3.      Discuss the classical theory of determination of rate of interest.

4.      Discuss the liquidity preference theory of interest.

5.      Discuss the risk and uncertainty theory of profit.

6.      Discuss the innovation theory of profit.

Give short notes on

1.      Scarcity rent

2.      Differential rent

3.      Quasi rent

Paper - II: Macro Economics

 

Unit -1: Introduction to Macro Economics

1.       What is macro economics? What are the differences between macro and micro economics?

2.       What is macro economics? Discuss the nature and scope of macro economics?

3.       Discuss different kinds of macro economics. What are the limitations of macro economics?

4.       Explain the circular flow of economic activities (circular flow of income) in a closed economy.

 

Unit -2: National Income Accounting

1.       What is national income? Critically examine the views of Marshall, Pigou and Fisher in this connection.

2.       Explain the methods used to estimate national income of a country.

3.       What is national income accounting? Explain its various concepts.

4.       Discuss the importance of national income. How national income acts as an indicator of national welfare.

5.       Point out the limitations of the national income estimate as indicative of economic welfare.

6.       Explain the concept of national income. Point out the difficulties in correct measurement?

7.       How national income at factor cost is different from national income at market price?

Write short notes on

1.       Gross domestic Product (GDP)

2.       Gross National Product (GNP)

3.       Net National Product (NNP)

4.       National Income (NI)

5.       Disposable Income (DI)

6.       Personal Income (PI)

 

Unit – 3 Classical Theories of Macro Economics

1.       What are the contents of classical theory of market? How Keynes attack on it?

2.       The general theory is simple classical economics further developed by Keynes. Do you agree?

3.       Explain the classical model of employment?

4.       Explain the Say’s law of market. What are its limitations/criticisms?

5.       Compare and contrast the classical theory of employment with that of Keynes?

6.       Keynes theory of effective demand is the heart of modern macro economics. Discuss.

7.       Explain the significance of effective demand in the Keynesian theory of employment?

8.       Discuss Keynesian psychological law of consumption function? What are its complications?

9.       Explain Keynesian theory of consumption function, why consumption curve flitter towards right?

10.   Distinguish between average propensity to consume (APC) and Marginal propensity to consume (MPC).

11.   Explain how consumption function is influenced by different factors.

12.   What are the measures taken to raise the propensity to consume or consumption function?

13.   Discuss absolute income hypothesis?

14.   Discuss the relative income hypothesis?

15.   What is multiplier? Discuss the working of multiplier in the process of income propagation?

16.   Discuss the difference between price multiplier and consumption multiplier?

17.   Distinguish between Kahn’s employment multiplier and Keynes individual multiplier.

18.   Explain the various leakages which are obstacles for full operation of multiplier?

19.   What is investment multiplier? Discuss its assumption and limitations.

20.   Keynesian investment multiplier doesn’t work in under developed economy?

21.   Balance budget multiplier shows that it can be expansionary and not neutral. Explain.

22.   Define investment and what are its determinants?

23.   What is induced investment? What measures can be suggested to faster private or induced investment in an economy confronted with depression.

24.   Distinguish between induced investment and autonomous investment? Discuss how investment stimulated?

25.   What is investment? Discuss various types of investment.

26.   Are saving and investment in an economy always equal? If not, how can this condition be brought about?

27.   Explain how equality between saving and investment is established in Keynesian system.

28.   The investment is determined by marginal efficiency of capital and rate of interest. Discuss.

29.   What do you understand by marginal efficiency of capital? What factors influence the marginal efficiency of capital?

30.   What are the difference between marginal efficiency of capital and marginal productivity of capital? How MEC is affected by short run and long run factors.

31.   What do you understand by marginal efficiency of capital? What factors influence the MEC in a community??

Write short notes on:

1.       Consumption function

2.       Average propensity to consume

3.       Marginal propensity to consume

4.       Saving function

5.       Average propensity to save

6.       Marginal propensity to save

7.       Psychological law of consumption

8.       Marginal efficiency of capital(MEC)

 

Unit-4 Classical Neo Classical and Keynesian Theories of Interest

1.       Discuss classical theory of interest determination.

2.       Discuss the loanable funds theory of interest?

3.       Critically discuss the Keynesian theory of liquidity preference as an explanation of the determination of the interest rate?

4.       Discuss IS-LM theory of interest is an important theory over the liquidity preference theory of interest.

5.       Critically examine Hicks – Hansen theory of rate of interest.

6.       Discuss interest is the phenomenon of both monetary and real factors.

 

Unit – 5 Trade Cycle

1.       Explain the nature and characteristics of trade cycle.

2.       Explain Keynes view on trade cycle.

3.       Explain the concept of accelerator. How does it work?

4.       Discuss the principle of multiplier accelerator interaction (leverage effect)?

5.       Explain the meaning and working of accelerator? What are its limitations?

6.       Distinguish between multiplier and accelerator? Explain how accelerator is working in underdeveloped countries?

7.       Discuss Paul Samuelson model of multiplier acceleration. What are its limitations?

8.       Discuss the salient features of Hicks theory of trade cycle.

9.       Discuss Keynes view on secular stagnation?

10.   Discuss the various policies to control trade cycles.

11.   What methods can be adopted to check the emergence of cyclical fluctuations?

12.   Critically discuss the view that, “the trade cycle is a purely monetary phenomenon.”

13.   Discuss Hawtrey’s monetary theory of trade cycle.

14.   Discuss the over-investment theory of von Hayek.

Paper - III: Indian Economy

 

Unit-1: Structure of the Indian Economy

1.       Indian economy is an underdeveloped economy? Discuss.

Or

What are the basis features of Indian economy?

2.       Explain how natural resources are playing a vital role for a country’s development.

Or

Examine the existence of natural resources in Indian economy?

Or

Discuss the different types of natural resources available in India.

3.       Describe the harmful consequence of rapid growth of population in India.

Or

Rapid growth of population is an obstacle for the development of a country. Discuss.

4.       Discuss the theory of Demographic transition.

5.       Explain the occupational structure of Indian economy? Is there any need to change the pattern?

6.       Explain how development of a country is correlated to infrastructure?

Or

Discuss the different types of infrastructure in India? How these are helping in countries development?

7.       Trace the growth of National income in India since independence? How has this improved the living standard of the people?

8.       Critically examine the population policy of government of India.

9.       Discuss the methods followed in estimating national income in India? Bring out its difficulties.

Write short notes on:

1.       Family planning in India

2.       Occupational structure in India

3.       Disguised unemployment

4.       Size and growth rate of Population

5.       Forest policy of India

6.       Sex-Composition

7.       Rural-Urban Migration

 

Unit-2: Indian Agriculture

1.      Explain the role of agriculture on the economy of India.

2.      What are the main features of Indian agriculture?

3.      What are the most important causes of low productivity of agriculture in India? How can they be removed?

4.      Critically examine the progress of agricultural development in India during the plan period.

5.      Explain the min trends in agricultural production and productivity in India.

6.      What are the various systems of land tenure in India? Discuss their impact on the agricultural production.

Or

Analyse the land tenure system prevailing in India.

7.      Explain the important tenancy reforms in India.

Or

Explain the nature of tenancy problem in India. Review the main aspects of tenancy legislation in India since independence.

8.      Explain the various objectives of land reforms in india. How far have these objectives been achieved in the country?

9.      Bring out the need for land reforms in India. Why has the progress of land reforms slow in the country?

10.  Explain the meaning and role of land reforms in India.

11.  Explain the need for ceiling on land holdings. Analyse the advantages of the same.

12.  Explain the causes of poor performance of land reforms programme in India?

13.  Land reforms programme is very slow in India. Discuss.

14.  What are the various causes of subdivision and fragmentation of holding? What measures can be ensured to tackle the problems?

15.  What do you mean by the term “New Agricultural strategy”? Examine its impact on Indian economy.

16.  Give the main features of National Agricultural Policy of 29th July 2000.

17.  What problems are faced by agriculturist in marketing their products/produce? How can these problems be solved?

18.  Bring out the main defects of agricultural marketing in Indiaa. Suggest remedies.

19.  Critically evaluate the organization and functioning off the regulated market for agricultural produce in India.

20.  Explain the various sources of rural credit.

21.  What are the problems of rural credit in India? What steps have been taken to solve these problems?


Write short notes on:


1.      Zamindari System

2.      Role of land reforms

3.      Cooperative farming

4.      Consolidation holdings

5.      NABARD

6.      RIDF

7.      Agricultural Marketing

8.      Rural Credit

9.      Green Revolution

10.  Ryotwari system

11.  Mahalwari System

 

Unit-3: indian Industry

1.       Discuss the crucial role of industrialization in the economic development of an underdeveloped country.

2.       Describe the main features of industrial development in India since the commencement of planning.

3.       Discuss 1948 industrial policy of government of India.

4.       Analyse the industrial policy resolution 1956.

5.       Analyse the industrial policy statement 1977.

6.       Analyse critically new industrial policy 1991.

7.       State the main objectives of industrial policy in India. How far these objectives have been achieved in practice?

8.       Analyse the various provisions of the monopolies and restrictive trade practice act. Explain the working and purview of the MRTP act.

9.       Analyse the problem and obstacles to industrial development in India.

Or

What are the causes of slow industrialization?

10.   Write what you know about the Industrial development since independence.

11.   Analyse the industrial development in India under five year plans.

12.   Discuss the growth of principal industries since independence.

13.   Discuss the main problem of cottage and small-scale industries in India? Suggest in measures to overcome these problems?

14.   Explain the role of public sector in the industrial structure of India.

Write short notes on the following.

1.       Foreign Exchange Regulation Act (FERA)

2.       Foreign Exchange Management Act (FEMA)

3.       Monopoly Restricted Trade Policy Act (MRTP Act)

4.       Industrial licensing Policy

5.       Role of public Sector in India

6.       Large scale industries are irrelevant for economic development.

 

Unit-4: Indian External Sector

1.       Analyse the trends in India’s foreign trade since independence.

2.       Explain the composition and direction of India’s foreign trade since independence.

3.       Explain the factors responsible for balance of payments crisis in recent years. What solutions are there for the problems of deficit in balance of payments?

4.       Analyse the export policy of India. Explain the export promotion measures adopted in this content.

5.       Discuss the government’s policy regarding the use of foreign capital in ur country.

6.       Explain the impact of foreign aid on the economic development of india. Analyse in this connection the problems of foreign aid in India.

7.       Explain the growth of multinational corporations in India. What are the reasons for this growth? Do these MNCs have dominated the Indian business scene?

Write short notes on:

1.       Export promotion and import substitution

2.       Balance of payment and balance of trade

3.       EXIM policy 1992-97

4.       Role of foreign capital

5.       Multinational Corporations (MNCs)

6.       Foreign Aid

7.       Foreign Direct Investment (FDI)

 

Unit-5: Planning in India

1.      Explain the long term objectives of India’s five year plans.

2.      Analyse the achievements and failures of Indian five year plans.

3.      Explain the main features of new economic reforms adopted in India since 1991.

4.      What are the rationales behind economic reforms introduced in India since 1991?

Write Short Notes On:

1.      Liberalization

2.      Privatisation

3.      Globalization

4.      Planning Commission

5.      National Development Council

6.      Self Reliance.

7.      Five Year Plan