University of Lucknow 2006 B.A Economics ,First - Question Paper

B.A ( Part I) exam 2006

Economics
1st Paper

Time Allowed : 3 Hours
Maximum Marks:50

Note: Total Number of ques. to be answered is Five. ques. no. one is compulsory.Attempt 1 ques. fom every unit.Each ques. of the unit carries 7.5 marks.


1.Explain the subsequent in brief: 20
(i) Micro Economics
(ii) An inferior good
(iii) Price line
(iv) Income consumption curves
(v) Fixed and variable costs
(vi) Normal profit
(vii) Concept of'Ridge Lines'
(viii)Equilibrium conditions of a firm
(ix) Liquidity trap
(x) Unknown risks



UNIT I
2.How is the definition of Economics of Robbins various from that of Marshall?Which 1 is more scientific and why?
3.What are indifference curves?Discuss the income and substitution effects with the help of indifference curves.

UNIT II
4.Define Iso-product curves and explain their use in determining the optimum combination of factors employed by a firm.
5.Explain the phenomenon of diminishing returns to scale.Also compare it with the laws of a variable proportions.

UNIT III
6.Define perfect competition .Show how a firm reaches the equilibrium position under perfect competition in the short-run.
7.Compare price and output determination under monopolistic competition and monopoly.Is monopoly price always higher than competitive price?

UNIT IV
8.Examine the Liquidity Preferance Theory of Interest.
9.Compare the main features of Capitalism with those of Socialism.

Earning:   Approval pending.