(MOCK TEST PAPER)

TIME ALLOWED :THREE HOURS              MAXIMUM MARKS:100

NOTE: Attempt any five questions . Two questions must be attempted from each section.

SECTION A

1. What are the rules of returns to scale? Why do these operate?

2.Differentiate between monopoly and monopolistic competition. Show that a monopolist can maximise profit under all the three of returns.

3. What is trade cycle ? Explain the contribution of Prof. Hicks in this regard.

4. Write notes on any two of the following :

(a) Welfare  function

(b) Concept of full employment as propounded by classical economics and Keynes.

(c) Methods of measuring elasticity of demand given by Marshall and the Point method

(d) Properties of L-M curve

SECTION B

5. Explain the assumptions and limitations of Hecksher-Ohlin theory of trade .

6. Evaluate the role of public debt in the economic development of developing countries after 1991.

7. Mention the characteristics of the study economic development of classical economics. Also throw light on the reasons as to why economic development process is stalled.

8. Write note any two of the following:

(a) Balance of payment and exchange rate

(b) Public expenditure and economic stability

(c) Instability of equilibrium in Harrod’s model

(d) Achievements of IMF

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