Name of the University : Vardhman Mahaveer Open University
Degree : MA
Department : Economics
Subject Code/Name : MAEC-01 – Economic Theory-I
Year : II
Document Type : Question Bank
Website : vmou.ac.in
Download Model/Sample Question Paper : https://www.pdfquestion.in/uploads/vmou.ac.in/3567-MAEC-01_197.pdf
VMOU Economic Theory -I Question Paper
Time: 3 Hours
Max. Marks: 80
Note :
The question paper is divided into three sections A, B & C. Write Answers as per the given instructions.
Related : Vardhman Mahaveer Open University MAEC03 Public Economics MA Question Bank : www.pdfquestion.in/3568.html
Section – A
(i) What is the difference between utility and satisfaction-
(ii) Why do Indifference curves are convex to the origin-
(iii) What is substitution elasticity of demand-
(iv) Define variable. –
(v) What do you mean by diseconomies of scale-
(vi) What is equilibrium-
(vii) What is Residual claimant theory of wage-
(viii) What do you mean by externalities-
(ix) What is fallacy of composition-
(x) Who is the author of “An Introduction to Positive Economics”-
(xi) Why does two indifference curves cannot intersect each other-
(xii) What do you understand by Isoquants-
(xiii) What is Production function-
(xiv) What is Marginal Revenue Product-
(xv) What is Quasi Rent- – – – –
(xvi) What do you mean by Pareto Superior-
(xvii) What is a straight line function-
(xviii) What is the elasticity of demand if the curve is rectangular hyperbola-
(xix) What is the elasticity of substitution-
(xx) Define explicit cost.
(xxi) What do you mean by dumping-
(xxii) What is Marginal rate of product transformation-
Section – B
1) Discuss exceptions to the law of demand.
2) Discuss the three stages of the law of variable proportions with the help
3) Discuss the collective bargaining theory of wage determination
4) Discuss the „General theory of the second best-
5) Discuss price determination under discriminating monopoly
60 Differentiate between income effect and susbstitution effect caused
7) Distinguish between internal and external economics.
8) Define goods.
9) What is economic theory- Explain the various steps required
10) “The fundamental economic problem is of choice”. Discuss the statement.
11) Distinguish between static and dynamic equilibrium.
12) Define cross elasticity of demand. How do we measure it- Show the nature of cross
13) Discuss the criticism of Recardian theory of rent. –
14) Disucss the degrees of Price elasticity of demand. –
15) What do you mean by equilibrium- Discuss the types of equilibrium. –
16) Make a diagrammatic illustration of the law
17) What are Isoquants- Discuss the properties of Isoquants. –
18) What is the role of time element in Price analysis- Discuss. –
19) What is Quasi-rent- Give a diagrammatic illustration of Quasi-rent. –
20) Critically discuss the social choice theory of Arrow. –
21) Discuss shut-down point and break even point of a perfect-competitive
22) Discuss the market sharing cartel model and price leadership model.
Q.23 Critically discuss the social choice theory of Arrow.
Q.24 Discuss shut-down point and break even point of a perfect-competitive firm in a short run.
Q.25 Discuss the market sharing cartel model and price leadership model
Q.26 Discuss short run and long run objectives of demand forecasting.
Q.27 Discuss the properties of indifference curves.
Q.28 Discuss internal and external economies of scale.
Q.29 Discuss price output determination under discriminating monopoly.
Q.30 Explain the Kinked demand curve and price rigidity.
Q.31 Make difference between Recardian theory of rent and modern theory of rent.
Q.32 What are the assumptions of Pigou?s welfare economics. How Pigou?s welfare economics is criticized?
Q.33 Discuss the obstacles of pareto-optimum
Q.34 Distinguish between marginal and total utility with the help of a table. Show that total utility is maximum when marginal utility is zero.
Q.35 What is mean by scale of production? Discuss the limits of large scale production.
Q.36 What do you mean by market? Give the main features of monopolistic competitive market.
Q.37 Critically discuss Clark?s dynamic theory of profit.
Q.38 Explain the Marshallian welfare economics.
Q.39 Diagrammatically present substitution and income effect for a giffin good.
Q.40 Write a note on „Price system and efficiency?.
Q.41 Why is the long run cost curve flatter than the short run cost curve? Explain.
Section – C
2 x 16 = 32
Q.42 Differentiate between the „point? and „arc? elasticity of demand.
Or/
Discuss the assumption and importance of law of diminishing marginal utility. Derive a demand curve with ithe help of the law of diminishing marginal utility.
Q.43 Disucss the modern theory of costs.
Or/
Explain short run and long run cost functions.
Q.44 Critically discuss Ricardo?s theory of rent.
Or/
Explain the short run equilibrium of the firm and industry under perfect competition. How does it differ from the long run equilibrium.
Q.45 Discuss meaning and objectives of welfare economics. What is Pareto?s criterion of welfare?
Or/
What do you mean by micro and macro economics? Disucss the mutual dependence of micro and macro econimcs.
Q.46 Discuss diagrammatically the sepration of income and substitution effects from price effects by Slustky and Hicks.
Or/
What do you mean by profit? Discuss Schumpeter?s innovation theory of profit.
Q.47 Write notes on :
(i) Marshallian welfare economics.
(ii) Classical welfare economics.
Or
Write notes on :
(i) Measuring of monopoly power.
(ii) Dumping.
Q.48 Discuss time element in Price determination.
Or/
What is the difference between monopoly and monopolistic competition? Explain.
Q.49 Discuss the causes of the operation of the law of diminishing returns. What is the scope of operation of the law of diminishing returns? What is the significance and use of this law?
Or/
Discuss critically the “Liquidity Preference theory of interest” by Keynes.
Q.50 What is demand schedule? Why do demand curver slope downwards?
Or/
What is Engle curve? Derive Engle curve. Give explanation of derivation of Engle curve.