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 Qo) t 2o>O

English Version

[N.B.: Answer any FIVE questions. Figures in the margin indicate full rnarks.]

1. a) Distinguish between income effect, substitution effect and cross effect. Can substitutability t2
and complementarility of commodities be determined using these effects? Explain.
b) Discuss what cross effect created from a change in price of a commodity show. 8

.a) What is linear expenditure system? What are its characteristics?

8
b) Show that total expenditure on a group of commodities is the sum of the total of subsistence
expenditure and supernumerary expenditure. t2
i. a) What is expected utilitl'hypothesis?'vVhy is the inclusion of uncer-tainty in consumer
behaviour imporlant? 8

b) Distinguish between risk preference and risk aversion behaviour of a consumer. "Purchase of
insurance implies risk aversion and purchase of lottery tickets implies risk preference". 12
Explain
a) What do you mean b1'profit function? What are its character stics? 6
b) How can you derive input demand function from profit function? Explain with exarnple. t4

a) How does a firm in Manis's rnodel set its goal? Discuss the rate of growth of the demand and 8
capital supply of a firm.
b) Explain how the equilibrium of a finn is obtained with the help of its rate of growth of the
demand and capital supply 12

6.a) What do you mean by payoff of a firm? How do you construct a payoff matrix? Distinguish l0
between maxirnin and minimax strategy under the game theory.
b) Explain how a firm obtains the equilibrium solution under non-zero-sum game. How is it
different from the zero suln game? l0
a) Define general equilibrium. Discuss the problems in connection with a general equilibrium. 8
b) Explain conditions for the simultaneous equilibrium of production and consumption. t2

a) Explain how you achieve Pareto optimality in consumption and production simultaneouslv. t2
b) Distinguish between Scitovsky contour and Bergson contour. 8

.a) What is Principal-Agent problern? Give example. 6

b) Explain full information monopoly solution of a Principal-Agent problenr 14

10. Write short notes (any four): 4X5

a) Shephard's lemma;
b) Homogeneous and homothetic utility function;
c) Lindahl equilibrium;
d) Criteria for welfare iudgement;
e) Moral hazard;
0 The Theory of the Second Best;
g) Prisoner's dilemma in game theory.
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English Version

[N.8.: Answer any five questions. Figures in the right margin indicate full marks.]

1. a) How can you relate job loss and job firrding in explaining the natural rate of
unemployment?
b) Discuss the reasons for real wage rigidity. 6
c) Explain how real wage rigidity may cause unemployment. 8

2.a) Define rational expectation. 5

b) Show how equilibrium can be derived using the concept of exogenous
expectation. 15

3.a) What type of extension has been made in the extended model? 5
b) Determine the equilibrium of this model and show this with the help of
appropriate diagrams. 15

4.a) What do mean by perfect capital mobility? 4

b) Examine the effectiveness of the monetary and fiscal policies under fixed and
fl exible exchange rates. t6

5.a) Discuss the sticky wage model to explain the short-run aggregate supply curve. t2
b) Derive the Phillips curve from the aggregate supply curve. 8

6.a) Describe the model given by Barro and Grossman. t4

b) How applicable is this model? 6

7.a) Distinguish between notional and rationed demand. 5

b) How does the complete model explain the following phenomena? l5
i) Keynesian unemployment;
ii) Classical unemployment;
iii) Repressed inflation;
iv) Underconsumption.
8. a) Give a description of the economy of Robin Crusoe. 5

b) Discuss, in brief, the four main issues, that is, labour market, technological shock,
neutrality of ffloney, and flexibility of wage and price associated with the debate
on causes of business cycle. l5

9.a) State, in brief, "stylised facts" of economic growth. 5

b) Derive the dynamic equilibrium condition of the Harrod-Domar model and
discuss whether this equilibrium is stable or not. 15

10. a) State the assumptions of the neoclassical model given by Solow and derive the 12
fundamental equation of equilibrium.
b) How does the neoclassical growth model eliminate the rigidity of the Harrod 8
Model?
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English Version

[N.8.: Answer any five questions. Figures in the right margin indicate full marks.]

l. a) How do you measure income inequality and poverty? l0

b) "Economic development implies fundamental changes in the structure of an economy" -
Explain. l0
2.a) Write the basic features of Harrod-Domar model and discuss its relevance in economic
planning. 12
b) What additional insights does Solow model possess over Harrod-Domar growth model? 8

3. a) Discuss the structure of labour market in the developing countries. l0

b) Can you suggest policies which may help reduce unemployment in the developing
countries? l0
4.a) What are the components of total savings? 8
b) Discuss the determinants of domestic savings. 12

5.a) Explain the "lnverted U hypothesis" put forward by Kuznets. 8

b) Critically explain the different aspects of population policy in the developing countries. t2

6. a) What is Prebisch-Singer hypothesis? What are the factors responsible for terms of trade
deterioration in the least developed countries? l2
b) What policies can these countries pursue to improve their terms of trade? 8

7.a) Discuss the background of third world debt crisis. How was it different from East Asian
financial crisis? l0
b) How did the countries get out of that debt crisis? What lessons do you learn from that
event? 10

8. "Though market system has several advantages over control system, there are situations
where market can not perform by its own" - Explain 20

9.a) What is inflation? Define various episodes of inflation. Discuss the impact of inflation on l0
an economy.
b) Discuss counter inflationary policies in a developing country. l0

10. a) How is environment related to economic development? Explain. l0

b) What role can the developed countries play to mitigate the damages that have been done
to the environment of the developing countries? 10
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English Version

[N.B.: Answer any five questions. All questions are of equal value.]

l. a) What are the objectives of rural development?

b) What are the non-agricultural components of rural development?
c) Examine the role of non-agricultural components in attaining the major objectives of
rural development.

2. Discuss the importance of rural development in the light of the experiences of the
SAARC countries. Compare, in this context, the rural development program of
Bangladesh and Sri Lanka.

3. Review the land tenure system of Bangladesh. Discuss the role of present land tenure
system in rural development in our country.

4. a) Define rural poverty. Mention the poverty pockets of Bangladesh.

b) Describe the trends of poverty in this country.
c) How are the issues of poverty addressed in the development plan documents of
Bangladesh?

5. a) State the strategies for rural development.

b) Describe, in short, the evolution process of such strategies.
c) How are these strategies followed in the community development model of
Bangladesh?

6. a) Name the local government institutions of Bangladesh. What are their functions?
b) Examine the contribution of union parishad in rural development of Bangladesh.

7. a) What is meant by supervised credit? What are its characteristics?

b) Describe the importance of this credit in Bangladesh.

8. Illustrate the structure and characteristics of the Comilla model of rural development.
Examine the success of this model in rural development of Bangladesh.

9. a) Mention the functions of BRDB. What are its institutional shortcomings?

b) Review the management and institutional issues of BRDB.

10. a) What are the major objectives of rural development projects of BRDB
b) Evaluate the success of the rural development project -12 (RD - 12).
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[N.8.: Answer any FIVE questions. Figures in the right rnargin indicate full marks.]

l. a) What is meant by the single equation model? Discuss the case when you form the simultaneous 8
equation model.
b) Construct an open economy simultaneous equation model and identify the endogenous and exogenous
variables. Explain the inconsistency of OLS method to estimate a single equation embedded in a
simultaneous equation model. t2

2.a) Discuss with exarnple the structural equation, reduced form equation and mongrel equation. 6
b) Show that the rank condition can act both as a necessary and a sufficient condition for identification.
Why do you then need the order condition for identification? t4

3. a) Prepare the structural model of an economy which has G jointly dependent variables and I(
predetermined variables with t : n. Discuss how you find the reduced form model from the structural
rnodel. l0
b) What is the likelihood function? Can you derive the likelihood function of the structural model? Why
do you need this likelihood function? l0

4.a) Construct an over-identified simultaneous equation model and derive the 2SLS estimators. t2
b) Explain the features of the 2SLS method. Do you think that the 2SLS method is different from the ILS
method? 8

5. a) What is meant by a complete estimation method? What are the characteristics of the 3SLS rnethod? 8

b) Derive the estimates of the parameters of a simultaneous equation model using 3SLS. Do you think
that the FIML is superior to the 3SLS? t2

6.a) How do you use dummy explanatory variables in a regression model? 6

b) How are the interaction effects among durnmies taken care ofl
8

c) How do you avoid dummy-variable trap? 6

7.a) How does the logistic distribution function and for that matter the logit rnodel look like? 8

b) Discuss the salient features of the logit model. Illustrate the estimation procedure of this rnodel in case
of grouped or replicated data. t2

8. a) Discuss the necessity of using lags in economics 5

b) Derive the partial adjustment model and explain its use in economics. l0
c) Describe how this model is superior to adaptive expectation model. 5

9.a) Discuss the construction process of the ARMA and ARIMA model. Can you find any difference t2
between thern?
b) Which model do you think is more applicable in time series analysis of economics and why? Explain
how these models help in making forecast. 8

10. a) What is a nonstationary time series? How can you check it? 6
Discuss the steps of checking cointegration relationship between two variables with an example? 8
b) Explain briefly how the error correction mechanism works in economics. 6
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[N.8.: Answer any five questions. All questions are of equal value.]

1. Define mode of production. In this context, present a comparative discussion of

socialism and capitalism. Present an evaluation on the strengths and weaknesses of both
the systems.

2. Distinguish between method and methodology of planning. In this context, present a

comparative discussion of the methods of planning.

3. Define property. Discuss, in this respect, the forms of socialist properties. Is personal
property perrnitted in socialism? Explain.

4. What is "GOELRO" plan? Explain the aims and objectives of this plan. In this
connection, evaluate the targets of this plan. What lessons, according to you, call our
country take from the experiences of this plan?

5. Define profits. Why do profits exist in socialism? Discuss, in this respect, the distribution
and the uses of profits in this society.

6. Distinguish between wages under capitalism and socialism. Discuss, in this regard, the
types of wages in socialist society.

7. Explain the background of the fourth five year plan of the Soviet Union. What are the
aims and objectives of this plan? Analyse, in this context, the role of this plan in the
reconstruction and rehabilitation of the war-ravaged Soviet economy.

8. Explain the background and aims of agricultural reforms of China. Give an account of
the types of changes introduced in the commune systern by the Chinese government.
Discuss, in this respect, the role of "family economy" in the Chinese economy.

9. What is "communism"? Explain, in this regard, the process of transformation of socialist

production relation into communist.

10. Write notes on any two of the followings:

a) The first five year plan of China;
b) Social consumption fund;
c) Commodity-money relation;
d) Transition period.
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English Version

[N.8.: Answer any five questions. All questions are of equal value.]

l. Explain the concept of demographic transition with its limitations. "Demographic transition can
better be explained in terms of changes in socioeconomic institutions" Discuss. Describe the main
features of KAP research.

2. Explain the population theory of Malthus. Discuss the Marxian criticism on this theory.
a
J. What is Time Allocation Model? Derive the demand function for children within the framework of
this model. Show that demand for children is a function of full price of children, full income and
full prices of composite commodity.
4. Derive the effects of wife's education on the demand for children. Prove that wife's education is
more negatively related to demand for children than her husband's education. Illustrate your
answer within the framework of household production function model.

5. Why do you need a broader framework to analyze the fertility behaviour in a less developed
country? How can you integrate demand for and supply of children to construct such a model?

6. What is Threshold Hypothesis? Discuss its applicability in the developing countries of the South
and South-East Asia.

7. Discuss in short the "Push and Pull Hypothesis" and Lewis Model to analyze internal migration.
Do you think that Lewis Model can help to attain labour market equilibrium in two reasons?
Explain.

8. What do you understand by brain drain? Discuss the economic determinants of migration with
special emphasis on income differential.

9. What should be the characteristics of an adequate theory of population growth and economic
development? "lnclusion of population growth as an exogeneous variable in the model of
economic development leads to an erroneous approach-" Explain.

10. Write short notes on (any two)

a) Effects of income on demand for children;

b) Hexicographic ordering and an alternative model;

c) Externalities associated with migration;

d) Population policy of Bangladesh.

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English Version

[N.8.: Answer any five questions. Figures in the margin indicate full marks.]

1.a) Define'industrial economics'. Distinguish between descriptive and analytical elements of 8

industrial economics.
b) "lndustrial economics is an elaboration of and development from the traditional theory of 7
the firm". Do you agree with this view? Why?
c) How does industrial economics differ from the managerial economics? 5

2.a) Explain the main elements that are considered in determining the market structure. 7

b) Explain the relative merits of 4-firm concentration ratios and Hirschman-Herfindahl index. l3
Which one requires more complete information?
a
J. a) What are the important theories of industrial location? 4

b) What is the least-transport cost theory of industrial location as advanced by Webber? 8

c) What is an isodapane? When is the cheap labour cost site chosen instead of the least- 8
transport cost site for economic viability? Explain the help of a figure.
4. a) What is meant by pricing in practice? 4

b) What is the mark-up pricing? What are the limitations of this pricing? 8

c) How does a public enterprise determine price-output combination, when it has excess 8
production capacity? Explain with the help of a figure.
5. a) What do you mean by time-profile of an investment project? 6

b) Distinguish between net present value (NPV) and benefit-cost ratio (BCR) as the method 8
of project evaluation. Which one is better?
c) What is the internal rate of return (IRR) rnethod? When is the method preferable? 6

6. a) Distinguish between short-term finance and long-term finance for business. 7

b) What is the trade credits? What factors determine the volume of trade credits? 8

c) What are the differences between bonds and debentures as the debt instruments? 5

7.a) Give a brief description of the determinants of economic efficiency. How can you measure l0
the efficiency level?

b) What is the efficiency condition for constrained output maximization? Explain l0

8. a) What is advertising? Does advertising affect product prices? 6

b) How does advertising act as an effective entry barrier? 4

c) How does Dorfman-Steiner model relate advertising expenditure to the revenue of the firm, 10
advertising elasticity of demand and the monopoly power?
9. What is industrial integration? Compare and contrast the various methods of industrial 20
integration.
10. Explain the concept of 'sick industry'. Is the 'Jute Industry' of Bangladesh really a sick 20
industry?
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fAnswer any FIVE questions. All questions are of equal value.]

1. Describe the fundamental features of the definition of islamic economics. How can islamic
econourics resolve the issues of the curreut times? Substantiate your answer with appropriate
examples
2. Explain the coucept of "islatlic concenr" with cliagrarr. Discuss, in this coptext, tlie features
of
islarnic demand and supply curves.
a
J. Actual wage u'ill be greater in islamic econorrries tlian that in conventional ecopomies.
Wliy?
Il lustrate with diagrarns.
4. Discttss the pure islamic urodes of'credit control by the central banl<. Describe
the rnodes of
cottventional systetn wliich are also acceptable in an islamic economy.
5 Which urodes of investment are tnostly used in the islamic banking syster-p?
WSat are its
reasons? What are the practical problerns in practicing "Musharal<a"
and ,,Mudaraba,, rnodes of
investment?
6. What are the characteristics of "Tal<aful"? Why is conventional insurance systern
acceptable in Islarr-r? Discuss the worl<ing principles of Tal<aful. 'ot
t. DiscLtss the principles of public expenditure of an islamic govemment. Ilow
clo they differ
from the conventional systern?
8. What are the aims.and objectives of Islamic Development Bank? Evaluate
the contribution of
the bank in the socio-economic development of the Muslim world.
9. How can tnuslim woman participate in the economic development? Is there
this respect?
any lirnitatio. i'
10. Discr"rss the fundamental differerrces in economic ideology
of Capitalism, Socialis'r aud Islam.
Discttss the relative strengths and tveal<uesses of these t6iee systerns.
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E,nglish Version
margin indicate full rnarks.]
[Answer any FIVE questions. Figures in the right

l. a) Discuss the static and intertemporal conditions of efficiency in resourceuse. 12

b) Discuss
.market failures' in efficient allocation of environmental resources. 8

Discuss the conditions for optimal exploitation of non-renewable resource by a

12
2. a)
monopoly. Compare between competitive price path and monopoly price path for a
given stock of non-renewable resource.
b) bir.u5 the impact of resource cartel on the depletion of non-renewable resource. 8

3.a) Explain how recYcling is related to environmental economics. How is the efficient 14

level of recycling obtained?

b) What will be the imPact on the equilibrium price path if the cost of producing a 6

refined product through recYcling equals the cost of producing the product from
natural resources?
4.a) Compare the effects of 'private property rights' and 'the first come first served' 12

arrangement on the exploration activity of a non-renewable resource.

Explain with exampteihe concepts of 'royalty', 'pure rent tax' and 'resource rent tax'.
8
b)
Determine the optimal harvesting time of timber when after harvesting there is no
12
5.a)
subsequent use oithe land. What change in optional harvesting time will happen when
after harvesting the land is used for sheep gazing'
Discuss the cJmparative effectiveness of a 'royalty per cubic meter harvested timber'
8
b) ,a timber
and fixed charge per hectare harvested area of forest' in the case when is

harvested in government forest land by private companies.

.the Coase theorem' give market based solution in controlling pollution? 12
6. a) How does
bi Does the distribution effect work as a barrier to adopting Coasian solution? What are 8

the other problems with 'the Coase theorem'?

How does spatial relocation of polluters help bring efficiency in controlling pollution?
12
7.a)
What type of solution can be obtained if polluters are able to relocate themselves
spatially? In this context, what is the effect of positive relocation cost?
Wt,ut ii the common legal liability in pollution control? What are the main limitations
8
b)
of pollution control by seeking redress through the courl?
g.a) What do you mean by transboundary pollution problem? Discuss. Explain how
two l0
countries with transboundary pollution problem ensure efliciency in
pollution control.
pollution control. Discuss the effect of spatial l0
b) Determine the conditions for'efficient
relocation on Pollution control.
9.a) How will you estimate the value of an environmental resource by using the travel
cost l0
method? What are the limitations of this method?
How does the hedonic pricing method assess the value of environment amenity?
I0
b)
10. Write notes (anY two):
l0x2

a) common Perring's model of sustainable development;

b) Contingent valuation method;
c) Ozone depletion and global warming; and
d) Zoning solution.