Question bank for Economics and Law III Semester- IV

Q.1 What is the nature and scope of macroeconomic analysis?

Q.2 Differentiate between micro and macro-economic analysis? What is
the significance of macroeconomic studies?
Q.3 Underline the importance of economics in legal studies.
Q.4 Is understanding economics necessary in the field of law? Justify your
answer.
Q.5 Do economic objectives contradict legal aims? Explain with the help of
examples
Q.7 What are trade cycles? What are the characteristics of trade cycles?
Q.8 What are trade cycles? Explain the ‘Prosperity’ and ‘Recession’ phases
of trade cycles.
Q.9 What are trade cycles? Explain the Depression and Recovery phases in
business cycles.
Q.10 What is ‘Peak’ and ‘Trough’? Explain with reference to phases in business
cycles
Q.11 Define ‘Inflation’ what are the features of inflation.
Q.12 What is inflation? Explain the ‘Quantity Theory Approach’ and
‘Excess Demand Approach’ inflation.
Q.13 Explain ‘Demand Pull’ and ‘Cost Push’ Inflation.
Q.14 What are the causes of inflation from Demand and supply perspective?
Q.15 Explain the consequences of inflation on production and distribution.
Q.16 What are the effects of inflation on the various groups of people in the
society like creditors and debtors, agriculturists, entrepreneurs, salary and
wage earners and investors?
Q.17 What are the consequences of inflation on financial institutions,
Foreign Trade, Price structure, Economic Planning and currency?
Q.18 Define Inflation. What are the non-economic effects of inflation?
Q.19 Define deflation. What are the causes of deflation?
Q.20 Explain the consequences of deflation on production and distribution
Q.21 Define deflation. What are the effects of deflation on different aspects
in the economy?
Q.22 Which is bigger problem inflation or deflation? Justify your answer.
Q.23 What are the monetary measures to control inflation?
Q.24 Can inflation be controlled? What are the fiscal measures to control
inflation?
Q.25 Apart from monetary and fiscal measures, what are the other measures
to control inflation?
Q.26 What are the main issues targeted in the New Economic Policy of
1991.Explain in detail the purpose of ‘Liberalisation’ and its impact.
Q.27 The New Economic Policy of 1991 focussed on ‘Globalisation’.
Explain the need and effect of Globalisation
Q.28 What is ‘Privatisation’? Explain the importance of privatisation as an
integral component of the New Economic Policy of 1991
Q.29 Differentiate between Balance of Trade and Balance of Payment. What
are the factors that can have an effect on Balance of trade figures?
Q.30 What are the causes of Balance of Payment disequilibrium?
Q.30 What are the various measures to correct the Balance of Payments
disequilibrium?
Q.31 What are the causes of Balance of Payments disequilibrium with reference to
India?
Q.32 Explain Balance of Payment in terms of Current Account and Capital Account
Q.33 Define ‘Exchange Rate’. What are the different types of Exchange Rates?
Q.34 What are the advantages and disadvantages of Floating Exchange rates?
Q.35 What are the advantages and disadvantages of Fixed Exchange Rate?
Q.36 Explain in detail the three most common exchange Rate Policies
Q.37 What are the major functions performed by foreign Exchange Markets?
Q.38 Explain the relationship between Minimum Wages Act and Economics
Q.39 Evaluate the Indian Contract Act from an economic perspective
Q.40 Discuss the interrelation between MRTP and Economics
Q.41 Explain the relationship between Consumer Protection Act and Economics

Write Short Notes on

Cyclical Disequilibrium, Structural Disequilibrium, Exchange Depreciation,
Devaluation, Current Account, Capital Account, Fixed Rate, Floating Rate,