Name of the University : Uttarakhand Open University
Degree : M.A
Department : Economics
Subject Code/Name : MAEC-01/ 02 Economic Theory-1 And II
Year : I
Document Type : Old Question Papers
Website : uou.ac.in
Download Model/Sample Question Paper :
MAEC-01 : https://www.pdfquestion.in/uploads/uou.ac.in/4424.-MAEC-01.pdf
MAEC-02 : https://www.pdfquestion.in/uploads/uou.ac.in/4424.-MAEC-02.pdf
Economic Theory-1 :
MAEC-10 (M. A. Economics)
First Year, Examination – 2012
Time : 3 Hours
Maximum Marks: 60
Related : Uttarakhand Open University MAEC04 Quantitative Method Question Bank : www.pdfquestion.in/4432.html
Note : This paper is of sixty (60) marks containing three (03) sections. Learners are required to attempt the questions contained in these sections according to the detailed instructions given therein.
SECTION – A
Note : Section ‘A’ contains four (04) long-answer-type questions of fifteen (15) marks each.
1. Define the concept of the elasticity of demand. Describe its different types.
2. What is meant by equilibrium is an industry? Discuss the conditions of short run and long run equilibrium of an industry under perfect competition.
3. Explain the ‘kinked’ curve theory of oligopoly. How far it is satisfactory explanation of price rigidity under oligopoly?
4. Explain clearly the marginal productivity theory of distribution and compare it with the modern theory of distribution.
Section – B : (Short – answer – type questions)
Note : Section ‘B’ contains eight (08) short- answer type questions of five (05) marks each. Learners are required to answer four (04) questions only. Answers of these questions must be restricted to two hundred fifty (250) words approximately. (4*5=20)
1. Define micro economics. Discuss its scope and importance ?
2. Explain the law of demand .
3. What do you understand by returns to scale ?
4. Why the U- shape age of long term average cost curve is lower as compared to short- term average cost curve? Explain.
5. What is meant by monopoly price ?
6. “Interest is a monetary phenomenon.” Discuss in this respect the liquidity theory of interest.
7. Critically examine the Ricardian theory of rent.
8. Discuss critically Kaldor Hicks compensation test.
Section – C : (Objective – type questions)
Note : Section ‘C’ contains ten (10) objective –type questions of one (01) mark each. All the questions of this section are compulsory. (10*1=10)
Indicate whether the following are true or false :
1. The name of the book written by Adam Smith is “ Wealth of nations”.
2. Raw materials and labour costs are variable cost .
3. Perfect competitive firm always gain profit.
4. Name the two main factors of production Labour&Capital.
5. Schumpter innovations theory of trade cycles.
Indicate the correct answer-option :
6. The slope of the indifference curve indicates
a.The price ratio
b.Changing price ratio
c. Different level of satisfaction
d. The diminishing marginal rate of substitution.
7. A monopolist will always select to produce where
a.Elasticity of demand is less than 1
b.Elasticity of demand is equal to 1
c. Elasticity of demand is greater than 1
d.Elasticity of demand is zero
8. The economic rent earned by any factor will be highest if its elasticity of Suppy is –
a. zero.
b. between zero and one
c. equal to one
d. infinite
9. Dumping is a particular case of following:
a.Monopoly
b. Monopolistic competition
c.Bilateral Monopoly
d. Discriminating Monopoly
10. In imperfect competition, demand curve slopes down left to right because ofa.
Imperfect knowledge
b. Government regulation
c. Substitute products
d. All the above
Maec – 02 Economic Theory – 2 :
Time : 3 Hours
Max. Marks : 60
Note : The Question Paper is divided into three Sections – A, B and C. Attempt each Section according to the instruction.
Answer any two questions. Each question carries 15 marks. 2 × 15 = 30
1. Discuss Keynesian Theory of Employment. Establish the relationship between Savings, Investment and Income.
2. What are the economic consequences of inflation ? Suggest measures to check inflationary pressure in a economy.
3. Discsuss Harrod-Domar model of economic growth. Explain ‘Knife Edge Equilibrium’ in this context.
4. What are the objectives of fiscal policy in a developing economy ? How can we achieve these objectives ?
Section – B : (Short Answer Questions)
Answer any four questions. Each question carries 5 marks. 5 × 4 = 20
1. Explain how micro and macro economic analysis are complementary to each other.
2. Explain the concept of Marginal Propensity of Consumption (MPC).
3. Distinguish between Balance of Trade and Balance of Payments.
4. Explain Maraxian concept of Surplus labour.
5. Demand pull and cost push inflation.
6. Hicksian view of business cycle.
7. Constituents of monetary policy.
8. ‘Stationary State’ as explained by Ricardo.
Section – C : Objective Questions (Compulsory)
Answer all questions. Each question carries 1 marks. 1 × 10 = 10
I. Mention True/False in front of the following statement :
1. GDP is a wider term than GNP. (True/False)
2. Fisher’s Equation of Quantity Theory of Money is also known as ‘Cash Transaction Approach’. (True/False)
3. The bigger marginal propensity to consume (MPC) is, the smaller will be Income Multiplier. (True/False)
4. Bank rate is a fiscal tool. (True/False)
5. Hawtrey’s Trade Cycle Theory is a monetary phenomenon. (True/False)
II. Choose the correct alternative :
6. In the computation of National Income which kind of goods are taken into account ?
(a) Intermediate goods
(b) Primary or raw products
(c) Final products
(d) Capital goods
7. ‘Liquidity Trap’ is the state where the interest relative demand for liquid cash is :
(a) Infinite
(b) Zero
(c) Unit
(d) None of the above