Essentials of Economics — DU B.A. (Hons.) Economics Previous Year Question Papers

DO ANY FIVE QUESTIONS OUT OF SIX Q.1. (a) What do the following signify? (i) Movement from one point on the production possibility curve (PPC )to another. (i) Movement from a point within the frontier to a point on the frontier. Q2. (a) The quantity of wheat demanded in quintals in a market is given by the equation Don a a eat in a p. Demie to maid dealing pice and (b) Distinguish between price-floor and price-ceiling. Use appropriate diagrams. 23. (a) Explain the short run equilibrium in a perfectly competitive market. Show that : competitive firm always operates at its optimal capacity in the long run. Us appropriate diagram. (b) State the differences between a Monopoly firm and an oligopoly firm. Explain the theory of contestable markets. Q4. (a) What is the effect on the equilibrium wage when there is an increase in labour supply due to population growth? Use suitable diagram. Q5 (a) Explain the expenditure approach of measuring Gross Domestic Product. What are the limitations in measuring GDP? (b) Explain the macroeconomic equilibrium in the short-run and the long-run with the help of aggregate demand and aggregate supply curves. Show the effect of an increase in goverment expenditure on the equilibrium. Use suitable diagrams. Q6. Write short notes on any 2: (a) Comparative advantage and absolute advantage. (b) Demand-pull and Cost-push inflation. (c) Circular flow of income in a 4-sector economy (9+9) a) qu He (Perfect Competition) * 34Ie Fo (Short-Run Equilibrium) (a) 714& (Comparative Advantage) 3Ì Pr4aT A1a (Absolute Advantage) (4e Ecomy) Ě 31 ¿| {{ aE (Circular Flow of Income)