W.B.C.S Main 2005 Optional Question Paper Economics.

W.B.C.S Main 2005 Optional Question Paper Economics paper 1

Group – A.Continue Reading W.B.C.S Main 2005 Optional Question Paper Economics.

1.  (a) Clearly differentiate between the Hicksian substitution effect and the Slutsky substitution effect.  Hence explain the difference between the Hicksian compensated and the Slutsky compensated demand curves.    3+3+3+3=12

(b)  Using the notion of income and substitution effects establish the truth of the following proposition : More of a commodity will be purchased by a consumer when its price falls (when income is constant) if more is purchased when income falls (when prices are constant).    8

2.  (a)  Explain the process of long-run equilibrium adjustments for a single-plant monopolist,

(b)  Will an monopolist be inclined to produce if the demand for his product is always unitary elastic ?

(c)  Why there is no supply curve of a monopolist ?

(d)  Discuss and compare the effects of imposition of price control on a competitive industry and a monopolist.      6+4+4+6=20

3.  Explain the Quantity Theory of Money. Will this theory be valid if you introduce Keynesian liquidity preference function (in place of each-balance equation) in an otherwise classical model.     10+10=20

4.  (a)  How do you defferentiate between a demand-pull from cost- push inflation ?  Is it possible to separate out demand-pull from costpush inflation in practice ?

(b)  Why is cost-inflation more difficult to control than demand-inflation ?

(c)   Briefly explain the trade-off between inflation and unemploment.     8+6+6=20

Group – B

5.  Discuss the advantage and disadvantages of expenditure tax compared to these of income tax.    10+10=20′

6.  (a)  Establish the Hecksher Ohlin theory of trade in terms of price definition of factor abundance under fixed coefficient technology.

(b)  In what respect does it represent an advance over the Ricardian theory of trade ?

(c)  Show that factor intensity reversal in neither necessary nor sufficient for Factor price equalisation theorem to held.     6+4+10=20

7.  (a)  Distinguish between economic development.

(b)  How far is it advisable to use per capita income as an index of development of under-development.

(c)  Elucidate Lewis model of growth with unlimited supply of labour.

8.  Write short notes on any two of the following :

(a) Leontief paradox.

(b) Monetarism and crowding-out effect.

(c) Law level equilibrium trap

(d) Warranted rate of growth and natural rate of growth.      10+10=20

W.B.C.S Main 2005 Optional Question Paper Economics paper 2

Group – A

Answer any three questions.

1.  Discuss the different components of economic drain from India that took place during the British rule. What were the consequences of such drain ?     12+8

2.  Distinguish between the Old Guarantee System and the New Guarantee System of railway construction of India in the pre-independence period.      10+10

3.  Trace the development of the cotton textile industry in India during the British period.      20

4.  What role was the public sector expected to play in the initial years of planning ?   Do you agree to the view that the public sector gradually became a net drain on the Indian society as a whole ?   Give reasons for your answer.     10+10

5.  Analyse the reforms in the banking sector since 1991.     20

Group – B

Answer any two questions.

6.   How do you distinguish between marketable and marketed surplus in agriculture ?  In this context, examine the empirical findings relating to the price response of marked surplus that researchers discussed till the 1970s, on Indian economy.    8+12

7.  Discuss the causes of India’s balance of payment problem on the eve of the initiation of the new economic reforms measure in 1991.     20

8.  Comment on the changes in the relative emphasis on the different objectives in India’s five-years Plans.  Have these objectives always been mutually consistent ?     10+10

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