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Section B (Short Essay Questions)

Answer at least five questions.

Each question carries 6 marks.

All questions can be attended.
Overall Ceiling 30.

Distinguish GDP and GNP.

What are the advantages of state intervention in the economy ?
Write a note on Keynesian economics.

What are the important assumptions of Classical economics ?
Distinguish between Perfect Competition and Monopoly.

What do you mean by Wage - Price flexibility ?

Explain the difference between nominal GDP and Real GDP.

Write the importance of national income estimation.

D 93976

(5 x 6 = 30 marks)

Section C (Long Essay Questions)

Answer any two questions.
Each question carries 10 marks.

Explain the marginal productivity theory of distribution.

What are the factors of production ? Explain each of its importance in the production process.

Explain the methods and problems in estimating national income.

Explain the short run and long run Production functions.

(2 x 10 = 20 marks)