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2 D 73331

Section B (Short Essay Questions)

Maximum marks in this section is 35, Students can attempt all questions.
Each question carries a maximum of 5 marks.

Briefly explain the marginal productivity theory.

What are the important factors of production ?

Explain the law of demand and determinants of demand.

What are the important assumptions of classical economics.

Why national income estimation of a country is important ?

What is meant by Keynesian revolution ?

Distinguish between Microeconomics and Macroeconomics ?

What are the important measures of elasticity of demand ?
Section C (Long Essay Questions)

Answer any two questions.
Each question carries a maximum of 10 marks.

Critically examine the law of diminishing’ marginal utility.

Explain in details the basic problems of an economy.

What are the important methods or the estimation of national income ?
Discuss the major difficulties in the estimation of national income.

Compare and contrast different typesof market structures with its features.
(2 x 10 = 20 marks)