33.

34.
35.
36.

4 D 11336

Part D (Essay Questions)
Answer any two questions.
Each question carries 12 marks.

Explain the relationship between national income and national welfare and state initiative of
national income as a measure of national income.

Critically analyse the classical model of output and employment determination.
What is multiplier ? Explain the fiscal multipliers.
Define Fiscal Policy. Explain the objectives and instruments of fiscal policy.
(2 x 12 = 24 marks)