Economics Question Bank
Very Short Questions Part I
Note : This part has fifteen (15) definitional questions of (5) marks each to be answered in upto (30) words.
(5×15=75 marks)
1) What is ‘price leadership’ ?
2) Distinguish between Marginal Rate of Transformation (MRT) in production and Marginal Rate of substitution in consumption.
3) What is the meaning of ‘Life-cycle hypothesis’?
4) Explain the concept of money multiplier.
5) What is Hicks-neutral technical progress
6) Why does capitalism decay in Schumpeter’s theory of economic development ?
7) Distinguish between merit good and public good.
Which internationally traded services are not covered under ‘General Agreement on Trade in Services (GATS)’ ?
9) What is meant by a ‘Restrictive Monetary Policy’? ‘
10) Write short note on Wage-goods approach.
11) Write short note on UNEP.*
12) Write short note on Tradable Pollution Permits.
13) Write short note on Urban Agglomeration.
14) Write short note on Urban Unemployment.
15) Write short note on BOP settlement and BOP Adjustment.
16) Distinguish between Balance of trade and Balance of Payment.
17) Write short note on Purchasing power parity.
18) Distinguish between ‘international trade’ and ‘inter-regional trade’.
19) How are foreign exchange reserves with the central bank classified in the BOP accounts ? Indicate the rationale behind such classification.
20) How is ‘industrial productivity’ measured in India ?
21) What is meant by ‘Sustainable development’ ?
List the main characteristics of Indian population as per 2001 census.
22) What are the bio-chemical components of the Green Revolution ?
Distinguish between Type-I and Type-II Error.
23) What are the applications of differentiation and integration techniques in economics ?
24) Define revealed preference axiom.
25) What is elasticity of substitution of factors?
26) What is consumption ratchet ?
27) What is asset demand for money ?
28) What is Harrod-neutral technical progress ?
29) Define organic composition of capital and its relation to rate of profit.
30) Distinguish between incidence and shifting of a tax
31) What are the measures of regional disparities in agriculture?
32) Distinguish between Open Model and Closed Models of Leontief Input-output analysis. When do you say the system is viable in an Open Model ?
33) Distinguish between Physical Quality of Life Index (PQLI) and Human Development Index (HDI).
34) State the conditions for ‘Take-off’.
35) Write short note on IRR.
36) What is the shadow price of capital ?
37) What is the vicious circle of poverty ?
38) Explain the concept of ‘Golden Age’.
39) What is Social Discount Factor ?
40) What is the value of a constraint in its shadow price ?
41) How is the multiplier different from super-multiplier ?
42) State the important features of neo-classical monetary theory.
43) What is Disposable Income ?
44) Briefly explain the term “Phillips Curve.”
45) Define High-powered money.
46) What is meant by ‘lump-of-labor’ hypothesis ?
47) Can money multiplier be manipulated ?
48) Discuss the Cambridge Equations of Quantity theory of Money.
49) What is ‘Ratchet Effect’ ?
50) Comment on the neutrality of money and elucidate the concept of money multiplier.
51) Stagflation.
52) What is value added approach ?
53) Explain Inflationary gap.
54) What is Cash Reserve Ratio (CRR) ? How does it affect liquidity in the economy ?
55) What is Financial Define MRS in Indifference Curve Analysis.
56) Briefly explain ‘expansion path’.
57) What is the ‘shut-down point’ of a firm ?
58) How does the Ricardian theory of rent differ from the modern theory of rent ?
59) What is the ‘social welfare function’?
60) Explain the basic limitations of Leontief’s input-output model.
61) Explain the term “Production Possibility Frontier.”
62) What do you understand by Pareto Optimality ?
63) What is “Peak-load pricing ?”. Explain with examples.
64) What is the meaning of “Economies of Scale ?”
65) Briefly explain the term ‘Corner Solution’.
66) What is meant by ’3rd degree price discrimination’ ? Give example.
67) What is Mark-up pricing ?
68) What is meant by Consumer surplus ?
69) Explain the term ‘Dead Weight Loss’.
70) Write short note on Gender Development Index (GDI)
71) Write short note on Montreal Protocol on CFC*
72) Write short note on Kyoto Protocol.*
73) Write short note on The Club of Rome Report.*
74) Write short note on Local Agenda 21 of UNCED.*
75) Write short note on Framework Convention on Climate Change.*
76) How are relative prices of factors related to opportunity cost ?
77) “Elasticity is a better measure of responsiveness than the slope of demand curve’. Explain with a suitable example.
78) Why does a firm’s Short run marginal cost curve eventually slopes up ?
79) Derive the result that a firm will shut-down if p is less than AVC
80) A firm making CD players finds that it can lower its average total costs if it also makes CD readers for computers. Is this an example of “Economies of Scale” or “Economies of Scope” ? Explain.
81) Briefly explain the term ‘Feasible Solution” in Linear Programming.
82) Briefly explain (using diagram) weak axiom of revealed preference theory.
83) Distinguish between linear production function and linear homogeneous production function.
84) Explain interdependence of sellers under oligopoly.
85) ‘A social welfare function is analogous to the individual consumers’ utility function’ – Explain.
86) What are Giffen Goods ?
87) Distinguish between Returns to a factor and Returns to Scale.
88) Define Price Discrimination and discuss the conditions for it.
89) Applications of Linear Programming in economics.
90) Explain the point of ‘constrained Bliss’.
91) Market meltdown ?
92) Define Gender Empowerment Measure (GEM).
93) What is meant by “capital deepening ?”
94) Explain the components of Human Development Index (HDI).
95) Define the Marxian concept of ‘organic composition of capital’.
96) Write short note on “Limits to Growth”.
97) State and briefly explain various stages in Rowstow’s growth theory.
98) Discuss the concept of sustainable development and explain its relevance.
99) What is Lorenz curve ? Explain its uses.
100) Write short note on “The Informal Sector”.




No Comments