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No.

of Printed Pages : 4 I EEC 011 I


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00 BACHELOR'S DEGREE PROGRAMME


O Term-End Examination
0 June, 2018
ELECTIVE COURSE : ECONOMICS
EEC-011 : FUNDAMENTALS OF ECONOMICS

Time : 3 hours Maximum Marks : 100


Note : Answer questions from all sections as per instructions.

SECTION - A
Attempt any two questions from this section in
about 500 words each. 2x20=40
1. Explain different forms of market. How does a
perfectly competitive firm achieve short-term
equilibrium ? Will the firm invariably earn
maximum profit in such a situation ?

2. Define an indifference curve. What are the


important properties of indifference curves ?
Explain consumer's equilibrium with the help of
indifference curves.

3. The principle of effective demand forms the basis


of the Keynesian theory of employment. How is
it determined ? Also explain the chain of events
if AD increases.

4. Why do nations trade ? Discuss the Ricardian


theory of comparative cost of international trade.

EEC-011 1 P.T.O.
SECTION - B
Answer any four questions from this section in
about 250 words each. 4x12=48
5. Define inflation. Distinguish between demand-
pull inflation and cost - push inflation.

6. Explain the relationship between average cost and


marginal cost. Use suitable diagrams for your
answer.

7. Explain with the help of diagram the law of


variable proportions.

8. What is Consumer's Surplus ? How is it


measured ? Explain with the help of a diagram.

9. What do you mean by a public good ? Why


government intervention is required for their
efficient supply ?

10. Distinguish between transfer earnings and actual


earnings. Under what conditions the difference
between the two will be the maximum ?

SECTION - C
11. Distinguish between any two of the following :
2x6=12
(a) Autonomous Investment and Induced
Investment
(b) Stock Variable and flow variable
(c) Partial Versus General Equilibrium

EEC-011 2
tt.-4-03111
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EEC-011 3 P.T.O.
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EEC-011 4

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