1. Answer any three of the following questions. Each answer should not exceed 200 words.
(a) What is the backward rising input supply curve? Illustrate with the help of suitable example.
(b) With the help of suitable diagram, elaborate Cournot Model. What is the significant of reaction curve in the
(c) What are the different kinds of disequilibrium in balance of payment? Suggest some measures to solve the
problem of structural disequilibrium in balance of payments.
(d) What are the desired structural changes required for achieving the objective of economic development.
2. “Welfare Economic is a branch of economic theory which provides a theoretical framework for optimum use of
resources”. In the Light of above statement, examine the main areas of welfare economics.
3. Outline the Keynesian theory of money and interest. What is the role of expectation in the theory of
determination of rate of interest?
4.” The adjustment to a tax imposition not only affects the distribution of tax burden but also bears upon the
efficiency of resource use in the private sector”. Substantiate the statement highlighting the role of taxation policy in
improving allocation efficiency in economy.
5. Answer any three of the following questions. Each answer should not exceed 200 words.
(a) “The Ministerial Declaration adopted at Hon Kong addresses some of the concerns of developing countries
related to agriculture”. Comment upon the statement. What were the time frames and targets in specific areas
decided in the declaration?
(b) Discuss the Lewis Model of economic growth. Do you think the model is applicable to the Indian Development
(c) “Under the flexible foreign exchange rate scenario devaluation has become redundant”. Comment upon the