IEcoS General Economics Paper 1 Papers 2003
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IEcoS General Economics Paper 1 2003
Section-I
- Answer the following questions
- Explain the term Production Possibility Frontier
- What do you understand by Pareto Optimality?
- What is Disposable Income?
- Briefly explain the tem Phillips Curve.
- What is Peak-load pricing? Explain with examples.
- What is meaning of Economies of Scale?
- What is the meaning of Capital Deepening? 5 × 7 = 35
Section-II
Candidates should attempt any five parts of the following question (Answer to each part should be approximately of 150 words)
- Answer the following questions
- What is Marginal Productivity Theory of Distribution? What are its assumptions?
- Enunciate the law of increasing returns and explain under which conditions law of increasing returns operate.
- Engel Expenditure Curve relates expenditure on a good to income. Elaborate the statement with the help of figures.
- What is meant by Snob-effect? Is it correct to say that the snob-effect makes market demand less elastic? Elucidate.
- Discuss the main features of input-output analysis.
- Price discrimination results in net loss to the monopolist when elasticity of demand is the same in different markets. Comment.
- Distinguish between the Slope and Elasticity of demand curve. 5 × 15 = 75
Section-III
Candidates should attempt any THREE parts of the following questions (Answer to each part should be approximately of 500 words)
- Private cost and social cost are two important concepts in microeconomic theory. Explain the two costs and point out the differences between them, if any. 30
- Discuss Prof. Sen՚s Social Choice theory. In what way Sen. Departs from Arrow՚s social Choice concepts? 30
- Define the term National Income. What problems normally arise at the time of estimating national income? 30
- Keynesian theory has both practical and theoretical importance even in today՚s economic world. Discuss. 30
- Explain the meaning and basic characteristics of linear programming with non-numerical example. 30