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MEC-004

MASTER OF ARTS (ECONOMICS)


0 0 0 9 Et Term-End Examination
June, 2015
MEC-004 : ECONOMICS OF GROWTH AND
DEVELOPMENT
Time : 3 hours

Maximum Marks : 100

Note : Attempt questions from each section as per


instructions given.
SECTION A
(Long Answer Questions)
Answer any two questions from this section.

2x20=40

1.

Explain the salient features of the Solow model of


economic growth. How does the model change if
the savings rate is allowed to vary ?

2.

Analyse the Ramsey model of economic growth.


In what way does the Cass Koopmans model
extend and improve the Ramsey model ?

3.

Discuss the two-sector model of growth of Uzawa.


How does this model differ from Feldman's
two-sector model ?

4.

Explain endogenous growth theory. Discuss the


main issues involved in the endogenous growth
theory.

MEC-004

P.T.O.

SECTION B
(Medium-length Answer Questions)
Answer any five questions from this section.
5.

Discuss the concept of government failure. How


does it differ from market failure ?

6.

Critically examine the ow-level equilibrium trap


theory put forward by R.R. Nelson.

7.

Explain the concept of effective rate of protection.


How is it calculated ?

8.

Explain Adam Smith's theory of economic


development.

9.

Explain the Harris Todaro model and discuss


its relevance.

10. What is meant by technical change ? Discuss


Harrod's classification of technical change.
11. In the Mandan framework, explain hoW the rate
of profit has a tendency to decline. What are its
implications ?
12. Bring out the role of social norms and the
community in economic development.

MEC-004

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