31.
32.

33.
34.

35.
36.

4 C 81866

Explain the Keynesian concept of Effective Demand:

Briefly explain the Cobb Douglas and CES production function.
(6 x 5 = 30 marks)
Section D (Very Short Answer Questions)
Answer any one question from Part I and any one question from Part II.
ParrI
Write an essay on economies of scale faced by a plant.
Detail the basic economic problem faced by all economies and how they find solutions to it.
Part I
What are the difficulties faced in the estimation of National Income ?

Elaborate the major Classical postulates.
(2 x 12 = 24 marks)