IEcoS General Economics Paper 1 Papers 2000

IEcoS General Economics Paper 1 2000

Section-I

Candidates should attempt any FIVE parts of the following questions (Answer to each part should be approximately of 50 words):

  1. Answer the following questions

    1. Point out the limitations of Marashallian Utility Analysis.

    2. An Indifference curve cannot be parallel to the horizontal axis. Comment.

    3. Briefly explain Coase Theorem.

    4. Explain the concept Economics of Scale.

    5. What is Markup Pricing?

    6. Explain the meaning of Collusive oligopoly.

    7. Explain the term Lump-of-Labour hypothesis. 5 × 7 = 35

Section-II

Candidates should attempt any FIVE parts of the following questions (Answer to each part should be approximately of 50 words):

  1. Answer the following questions

    1. Examine the consumer's reactions to a price change in case of

      1. inferior good

      2. Giffen goods.

    2. Equilibrium of a competitive firm is not possible under conditions of increasing returns to scale. Comment.

    3. Using derivatives establish the relationship between marginal cost function and average cost function.

    4. Explain the meaning of Cost push inflation. Give appropriate examples.

    5. Enunciate the law of decreasing returns and indicates the cases where it operates.

    6. The theory of Revealed Preference through has several merits as compared with earlier theories; it is not free form defects. Discuss.

    7. What do you understand by dumping? Who are price and output determined under dumping? 5 × 15 = 75

Section-III

Candidates should attempt any THREE of the following questions (Answer to each part should be approximately of 500 words)

  1. What do you understand by social accounting? Discuss the importance of social accounting in economic analysis. 30

  2. Discuss Marxian Theory of Income Distribution under a capitalist system. 30

  3. Explain the concept Oligopoly. Why is there a kinked demand curve under oligopoly? 30

  4. What is meant by Input output analysis? State the assumptions of input output analysis. 30

  5. Briefly discuss Arrow's Impossibility Theorem. 30