Section - A
1. Answer the following questions in about 100 words each:
Marks: 5 × 6 = 30
(a) Compare the concept of surplus in the economic thought of Mercantilists and Physiocrats.
(Comment for solution.)
(b) What is the main difference between the ASEAN Finncial Crisis of 1998 and the Global Financial Crisis of 2008?
(Comment for solution.)
(c) Explain the interrelations among nominal exchange rate, real exchange rate and purchasing power parity exchange rate.
(Comment for solution.)
(d) Differentiate between the roles played by future and Options in financial markets.
(Comment for solution.)
(e) Why do we need the two concepts of Human Development Index and Human Poverty Index to understand Human Deveopment?
(Comment for solution.)
(f) Why are the concepts of Dichotomy and Neutrality so important in classical theory of full employment?
(Comment for solution.)
Section - B
Answer any SIX out of the following NINE questions in about 200 words each:
Marks: 15 × 6 = 90
2. An open economy has three sectors - (i) agriculture, (ii) industry and (iii) services. Show that the three methods of measuring National Income produce identical value of GDP.
(Comment for solution.)
3. Show that the original quantity theory of money is the theory of price level, while Friedman's restatement of the quantity theory is the reformulation of demand for money.
(Comment for solution.)
4. What is liquidity trap ? Describe the policies which bring the economy out of liquidity trap in IS-LM model.
(Comment for solution.)
5. Compare between the two main adjustment policies for balance of payments disequilibrium in an economy.
(Comment for solution.)
6. Show the importance of income distribution in kaldor's model of growth.
(Comment for solution.)
7. Differentiate between Stabilization Policy of the IMF and Structural Adjustment Policy of the World Bank.
(Comment for solution.)
8. Distinguish between primary and secondary market, and discuss the different forms of market efficiency.
(Comment for solution.)
9. Show that Stolper-Samuelson theorem follows Heckscher-Ohlin theorem of international trade.
(Comment for solution.)
10. Explain in what way environmental accounting is taken care of in National Income measurement.
(Comment for solution.)
Section - C
Answer any FOUR out of the following SIX questions in about 300 words each:
Marks: 20 × 4 = 80
11. Using Keynesian AD-AS diagram, show that money wage rigidity is the only reason for an equilibrium below full employment.
(Comment for solution.)
12. Show that under imperfect capital mobility, even if exchange rate is fixed, monetary policy is completely ineffective.
(Comment for solution.)
13. Unbalanced growth theory of Hirschman places great importance to social overhead capital. Elucidate.
(Comment for solution.)
14. Analyze whether there is any difference between the optimum tariff for a small country and a large country (as defined in international trade theory).
(Comment for solution.)
15. Explain the interconnections between inequality and development in the process of economic growth.
(Comment for solution.)
16. Discuss some of the critical issuses in respect of (i) agriculture, (ii) labour, (iii) environment and (iv) culture in the WTO.
(Comment for solution.)
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