Section - A
1. Answer the following questions in about 100 words each:
Marks: 6 × 5 = 30
(a) What is value-in-use and value-in-exchange according to the classical economists ? In this context, explain the diamond-water pardox as indicated by Adam Smith.
(Comment for solution.)
(b) From national income accounting find the value of investment if private savings is worth Rs. 200 crores, government savings is Rs. 50 crores and current account balance is Rs. 20 crores,
(Comment for solution.)
(c) Show and explain that the investment multiplier value is lower in an open economy compared to a closed economy.
(Comment for solution.)
(d) Describe Schumpeter's concept of innovation.
(Comment for solution.)
(e) Describe the merits of flexible exchange rate system.
(Comment for solution.)
(f) Why do financial intermediaries like banks exist in a modern money-using economy?
(Comment for solution.)
Section - B
Answer any SIX out of the following NINE questions in about 200 words each.
Marks: 15 × 6 = 90
2. How surplus and hence, welth is generated as per Physicorats ? Explain in terms of Quesnay's Tableau Economique.
(Comment for solution.)
3. Explain the role of financial sector especially commercail banks in modern economic development.
(Comment for solution.)
4. Discuss the knife-edge instability problem in Harrod-Domar growth model.
(Comment for solution.)
5. Show that monetary policy is effective in raising income of a nation if exchange rate is fixed, no matter whether capitl mobility is perfect or imperfect (show both the cases).
(Comment for solution.)
6. Discuss the main ingredients of clasticity approach for adjustment of disequilibrium in balance of payments.
(Comment for solution.)
7. Discuss the role of IMF in stabilizing the world economy.
(Comment for solution.)
8. Compare and contrast demand-pull and cost-push inflation.
(Comment for solution.)
9. What is the motivation for the new growth theory ? Describe main points of difference between Solow model of economic growth and basic endogenous growth model.
(Comment for solution.)
10. Discuss the main tenets of the theory of underdevelopment as propounded by dependency school.
(Comment for solution.)
Section - C
Answer any FOUR of the following SIX questions in about 300 words each:
Marks: 20 × 4 = 80
11.
(Comment for solution.)
12. When is it more effective to pursue a Hirschmanian strategy compared to Nurksian balanced growth model approach ? Discss after explaining the essence of both the models.
(Comment for solution.)
13. What are the basic static and dynamic arguments for economic integration in less developed countires ?
(Comment for solution.)
14. Differentiate between short run and long run Philips curve What implications they have for the conduct of macroeconomic policies ?
(Comment for solution.)
15. State the assumptions of Hecksher-Ohlin model and explain the role each assumption plays in the derivation of the main results model.
(Comment for solution.)
16. Critically discuss the following concepts related to growth and welfare and mention some of the modifications suggested :
(i) Human Development Index (HDI)
(ii) Human Poverty Index (HPI)
(iii) Physical Quality of Life Index (PQLI)
(Comment for solution.)
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