Section - A
1. Answer the following questions in about 100 words each:
Marks: 6 × 5 = 30
(a) Is inflation better measured by CPI or WPI ?
(Comment for solution.)
(b) Differentiate between primary poverty and secondary poverty.
(Comment for solution.)
(c) Mention five stages of Rostow's Growth theory.
(Comment for solution.)
(d) The efficiency market hypothesis implies that abnormal returns are expected to be zero. Yet, in order for markets to be efficient, arbitrageurs must be able to force prices back into equilibrium If they earn profits in doing SO, is this fact inconsistent with market efficiency ?
(Comment for solution.)
(e) Why the 'Gross Domestic Product' is sometimes referred to as a 'Grossly Deceptive Product' ?
(Comment for solution.)
(f) State the World Bank affiliates in the present times.
(Comment for solution.)
(g) Why is the Keynesian Range referred to as teh 'Liquidity Trap' ?
(Comment for solution.)
(h) Explain briefly the multiplier accelerator model.
(Comment for solution.)
Section - B
Answer any EIGHT out of the following NINE questions in about 150 words each.
Marks: 15 × 8 = 120
2. How is Expectations augmented Phillips Curve different from the original Phillips Curve ?
(Comment for solution.)
3. Prepare a hypothetical sectoral account for Gross National Product and Social Account. Thereafter, examine the differences between the two approaches.
(Comment for solution.)
4. Examine the effect of international trade on the difference in the factor prices 'between nations' and the effect of international trade on the relative factor prices and income 'within' each nation.
(Comment for solution.)
5. The following function are estimated for an economy :
(Comment for solution.)
6. Examine Life Insurance as an investment in relationship management.
(Comment for solution.)
7. Comment on Agreement on Agriculture (AoA) under WTO with reference to agricultural subsidies.
(Comment for solution.)
8. Analyze the Harrod-Domar Model of Growth with reference to Knife Edge Balance.
(Comment for solution.)
9. How is innovation different from invention ? Examine Schumpeter's theory of innovation in the present times.
(Comment for solution.)
10. Examine how inequalities in income and wealth depend on institutions and policies that societies choose to adopt. Illstrate using examples from developed and developing countries.
(Comment for solution.)
Section - C
Answer any TWO of the following THREE questions in about 300 words each:
Marks: 20 × 2 = 40
11. In addressing operational challenges such as poverty, many researchers wish to build insights raised by Sen's Capabiltiy Approach and related writings. In this context :
(a) Provide a sketch of the core concepts of the capability approach, and
(b) Trace some important avenues along which the Human Development Reports have opera-tionalized certain aspects of Sen's capability approach.
(Comment for solution.)
12. An economy is suffering from Balance of Payments deficit. Assuming fixed exchange rates and flexible prices, explain the automatic adjustment process by which the deficit can be corrected. Is a policy action, such as, devaluuation equally desirable ?
(Comment for solution.)
13. What are market and non-market failures? In light of these, comment on the rational of good governance from a macro-economic perspective.
(Comment for solution.)
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