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    Neeraj Kumar Singh
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    Answers must be written in the medium specified in the Admission Certificate issued to you. No m.arh.s will be given for the answers written in a medium other than that specified in the Admission Certificate. Each answer should not exceed 200 words.

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    2010 ECONOMICS_I

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    Answers must be written in the medium specified in the Admission Certificate issued to you. No m.arh.s will be given for the answers written in a medium other than that specified in the Admission Certificate. Each answer should not exceed 200 words.

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    Attribution Non-Commercial (BY-NC)
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    12 views10 pages

    2010 Economics - I

    Uploaded by

    Neeraj Kumar Singh
    Answers must be written in the medium specified in the Admission Certificate issued to you. No m.arh.s will be given for the answers written in a medium other than that specified in the Admission Certificate. Each answer should not exceed 200 words.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    3 (MAIN) EXAM, 2010 ECONOMICS Paper | @ Allowed : Three Hours Maximum Marks : 300 INSTRUCTIONS Each question is printed both in Hindi and in English. Answers must be written in the medium specified in the Admission Certificate issued to you, which must be stated clearly on the cover of the answer-book in the space provided for the purpose. No marks will be given for the answers written in a medium other than that specified in the Admission Certificate: Candidates should attempt Questions No. 1 and 5 which are compulsory, and any three of the remaining questions selecting at least one question from each Section. The number of marks carried by each question is indicated at the end of the question. . card @ : srgeen ar ed} ura se seam a fire gs 7 “ pares SECTION A 1. Answer the following questions. Each answer should not exceed 200 words. 20x3=60 (a) A supply curve is not used to determine the equilibrium price and quantity in a market under monopoly because G) a supply curve derived by using relevant cost curves in a market under monopoly may give * more than one price for different quantities and also more than one quantity for the same price; and Gi) for determining profit maximizing price and quantity of a monopolist, supply curve is not necessary. Explain G) and Gi) above with graphical illustration. (b) State and explain the theory of distribution in which the exhaustion of the total product is taken care of without leaving any residual claimant and also state clearly the assumptions necessary for the success of the theory. (©) “Pareto-optimality is a necessary but not sufficient condition for welfare maximization.” Develop this idea highlighting the role of ‘social welfare contours’ and ‘utility possibility contours’ in welfare maximizing state. C-DTN-K-FDA 2 {Contd.] ais & 1. frafafisa sedi & ane af | wets Tat 200 weet a sfies 3 sa dr aer 20x3=60 () wafer & arin asm 4, gf an ar get, frafafaa aro 8, dgea aad sik HAT aT faatoor ant & fae wel fe vrat 2 : G @ aac 2 fe upfter & sria asm 4 : gave arid oat & sere & an aaar oft am fatra ara & fee was a afr aia vas at 2 sk ae fous a aha & fay wa a aft oe sam at 3 sik Gy) fed wafer st ar sftieciet are aik nat at fui at a, aff am at sagem Fa Bt | sais @ sk Gy) W asa fan & wa we aif 1 ce) fan tose Pett a ae aie sik we wife, frei fat oeigart ay as far ger sere & Preset ar eat var sie @ sik gah wa & se feat st ane & feu svavaa aired aod ae wo 8 ae aif | Cr) “Hea afiesiiaer & far wel-serra TH aik ‘svaitfira dare wareatarsi’ at yftreer ae WAIST Sreret SE Sa fora ae fawra SST | C-DTN-K-FOA 3 {Contd.) 2. Answer the following in not more than 200 words for each : (ay (b) (c) (b) Why does the point of intersection of IS and LM curves coincide with the equilibrium of two markets ? What are the fiscal and monetary implications of vertical IS and vertical LM curves ? State and explain the Law of Equi-marginal Utility and also state clearly the limitations of this law. What are the different measures of money supply ? Explain the concept of money multiplier and state the factors that determine its volume. Does the Heckscher — Ohlin theorem withstand the factor intensity reversal test ? In this context, state . the relevance of Leontief Paradox. 4, (a) (b) In Keynesian theory “rate of interest is what it is because it is expected to become other than it is. If it is not expected to become other than it is, there is nothing to tell us why it is what it is.” Critically evaluate this comment and explain the role of rate of interest in determination of equilibrium income. What are the ways in which a perfectly competitive market may become imperfect ? Examine whether advertisement helps an imperfectly competitive market become a perfectly competitive one. 20x3=60 30 30 40 20 C-DTN-K-FDA 4 (Contd.] frafafiad sex difra, sh vets 200 wedi B afr Had: (&) er aro @ fe arias. sk wau. ati & ) @m () Ca) #) Ga) side a fg a asm a araaen & wat sont de? seafet anfua ait sake wan. oat & gaaenia sit cites feared an dite ? arinia sedi & fee a wear wife sik we Afra sik ore A ga fran at oferta ft we wa 8 ae athe | agar yf} fafra are aan @ 7? Gar WT at daca F we afea sik sa Seal St Set Aire at sae oferta Frafwr aa z 1 ae. ot 2 sae oe AA ot see a a, Oe feat aa 8 oan ae drm fe ae oe Gt iT a gq feorh aw wre yess aitfere sik dgea area & frafeor F erst a ot afta amt wre aif | fe-fea cadet @ qh sfverii asm srt a waa 2 2 Toa aie fe a faa ue argier sfresef asm a gia: sfrerif oat A nee aT et 20x3=60 30 30 40 20 C-DTN-K-FDA 5 [Contd.} SECTION B . 5. Answer the following questions. Each answer should not exceed 200 words. 20x3=60 (a) (b) (c) (b) “There is one saving rate that is best in the sense of maximizing per capita consumption in steady state.” Explain this statement and illustrate the idea graphically. Is the speculative demand for money responsible for the existence of involuntary unemployment in Keynesian system ? Give reasons. If public expenditure is financed by money creation, show diagrammatically the short run and long run crowding out effect, Show that in an open economy, given full capital mobility, fiscal action has maximum effect under fixed exchange rate and monetary action has similar effect under flexible exchange rate. 40 “New classical macro-economics not only rejects the demand management policies of Keynes, but also the propositions of mainstream monetarists such as Friedman.” Do you agree ? 20 C-DTN-K-FOA 6 [Contd.} ® wea 5. frafafad sei & sat afr 1 wets se 200 wet @ oftea ¥ adt dar afer: 20x3=60 Gh) “Uh tad ae 2 Tt wart staeq F oafa aay sain & afterctact & aifre A adirr 2 1” 3a a a wp aim ah ga fee a ata eo a fafa aifz (Ce) war sewed ct A ger S few aie ait sriiton aise % sftaca % fore sreerit t ? TOT TAET | QD afe ae. ore ar far ger Fmfor & are fear wig, a} sntat at werrat @ sretafr (aie w=) ako defafe (tt =) vata sre Caen sise shee) exigu 6. (&) euisy f qe arora #, qi st nfesitera at feafa 4, user anad ar afte ora fra fafa a & ari sik dike ata ar aftiear wre ae fata ath aria date 1 zo Ca) “aa acnfeat aafs arigne a Sac sea St a7 wart Afri at Sreiten ae 2, Wa wists ae eer ype at serena at it arian axa 21 a sim ga aad A HEAT a? . 20 C-DTN-K-FDA 7 [Contd.} 7. (a) Describe the structure of WTO with reference to five main agreements. (b) What do you understand by ‘sterilisation’ effects of foreign exchange market intervention ?7 How does ‘sterilisation’ work in the case of imperfect capital mobility ? 8. Develop the idea that endogenous technological progress, driven by investment in human capital formation and R&D, offsets diminishing returns to physical capital. C-DTN-K-FDA 8 30 30 60 7 GR) We yer aad & were F seq diai. at der ar aufa aifsre 1 (@) feast qa asm Feo B cesar wna a amy aan wag ¢ ? arget dst wfagitern amet % ‘deracy fies vax @ arf aa @ ? 8.

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