Section - A
1. Answer the following questions in about 100 words each:
Marks: 6 × 5 = 30
(a) What are the basic characteristics of the monetarist school of thought ?
(Comment for solution.)
(b) What is Marxian Theory of Alienation ?
(Comment for solution.)
(c) Explain Kaldor's technical progress functio.
(Comment for solution.)
(d) What is GDP deflator ? How is it used to measure inflation ?
(Comment for solution.)
(e) Describe Quesnay's Tableau Economique. What effect did it have on modern economic thought ?
(Comment for solution.)
(f) Distinguish between inside money and outside money.
(Comment for solution.)
Section - B
Answer any SIX out of the following SEVEN questions in about 200 words each.
Marks: 15 × 6 = 90
2. What is a 'well-behaved' production function ? Explain its role in neo-classical theory of growth.
(Comment for solution.)
3. Explain the inevitability of Stationary state in the Classical theory of growth.
(Comment for solution.)
4. Explain and derive foreign trade multiplier with foreign repercussion.
(Comment for solution.)
5. Distinguish between autonomous and accommodating transactions. What role do the accommodating transactions play in balance of payments ?
(Comment for solution.)
6. "The need for balanced growth rests on the need for a balanced diet." - Nurkse. Explain this statement.
(Comment for solution.)
7. Explain the value added method of national income accounting. Illustrate the calculation of national income of a hypothetical closed economy with no government sector.
(Comment for solution.)
8. How does inflation redistribute wealth from creditors to debtors ? Under what circumstaces can wealth ever be redistributed from debtors to creditors ?
(Comment for solution.)
Section - C
Answer any FOUR of the following SIX questions in about 300 words each:
Marks: 20 × 4 = 80
9. Critically examine the steady-state equilibrium growth paths of the Swan-Solow and Harrod-Domar models. What is the role of State in correcting disequilibrium in these models ?
(Comment for solution.)
10. Derive the simultaneous equilibrium of the product and money markets in a closed economy. Show how expansionary monetary policy changes the equilibrium sitution.
(Comment for solution.)
11. Explain how the presence of Non Banking Financial Intermediaries (NBFI) make monetary policy ineffective. Suggest some measures to solve the problem.
(Comment for solution.)
12. Explain the Ranis-Fei model of economic development. How does it improve upon the Lewis model of development ?
(Comment for solution.)
13. The globalisation of capital markets has resulted in volatile and unrealistic exchange rates, unstabel financial conditions and decline in efffectiveness of government's domestic monetary policy. Explain this phenomenon and suggest suitable measures.
(Comment for solution.)
14. "The best strategy of development is the creation of imbalances" Discuss the statement in the ligt of Indian experience.
(Comment for solution.)
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