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Thursday, April 27, 2017

Dibrugarh University (BA - 2nd Semester) Question Papers - Economics Major (May'2014)

2014
(May)
ECONOMICS
(Major)
Course: 201
(Macroeconomics)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions

1. Answer/Choose the correct one: 1x8=8
  1. National Income is measured as
  1. NI = GNP – Indirect taxes + Subsidies.
  2. NI = NNP – Indirect taxes + Subsidies.
  3. Ni = NNP – Indirect taxes – Subsidies.
  4. NI = NNP – Subsidies + Direct taxes.
  1. Which of the following statements accurately describes disposable income?
  1. The income which a person saves after all expenditures.
  2. The income which a person spends.
  3. The difference between personal income and personal direct taxes.
  4. The total income a family earns.
  1. Keynesian theory of income determination is
  1. Short period analysis.
  2. Long-term analysis.
  3. Short-run as well as long-run analysis.
  4. None of the above.
  1. Marginal propensity to consume can be expressed symbolically as
  1. None of the above
  1. Permanent income hypothesis was given by
  1. Adam Smith.
  2. Milton Friedman.
  3. J. M. Keynes.
  4. Alfred Marshall.
  1. State the formula used to determine the size of the investment multiplier.
  2. IS-LM analysis is related to the
  1. Classical economists.
  2. New classical economics.
  3. Keynes.
  4. Hicks.
  1. Balance of payments (Bop) is an accounting record of
  1. All monetary transactions between a country and rest of the world.
  2. All transactions within the country.
  3. All informal transactions between a country and rest of the world.
  4. All external transactions of a country.
2. Write short notes on any four of the following (within 150 words each): 4x4=16
  1. Circular flow of National Income.
  2. Life cycle hypothesis.
  3. Aggregate demand function.
  4. Marginal efficiency of capital.
  5. Economic openness.
Answer the following questions (within 500 words each):
3. (a) How is National Income calculated? Explain the difficulties in its correct measurement. 4+8=12
Or
(b) Distinguish between the following: 4x3=12
  1. Gross value addition and Net value addition.
  2. NNP at market price and NNP at factor price.
  3. Nominal and Real GDP.
4. (a) Explain Say’s law of markets. Evaluate its relevance in a monetary economy. 6+5=11
Or
(b) Explain the determinants of aggregate demand and aggregate supply. How do they determine equilibrium income? 7+4=14
5. (a) (i) Illustrate the concept of investment function. 5
(ii) Define marginal efficiency of capital. Discuss the factors that determine the marginal efficiency of capital. 2+4=6 Or
(b) Explain the working of investment multiplier. What are the leakages of investment multiplier?     8+3=11
6. (a) Compare the liquidity preference theory with classical theory and neoclassical theory of interest. 11
Or
(b) Examine the comparative effectiveness of monetary and fiscal policies in IS-LM framework.
7. (a) Define closed economy. Make a comparative analysis on the advantages and disadvantages of closed economy. 3+8=11
Or
(b) (i) Distinguish between the current and capital account of the balance of payments. 4


(ii) Explain the measures adapted to remove the deficits in the balance of payments. 7