1. What is the policy of import substitution? Has this policy worked for the developing countries? If not, what are the problems of this policy?

2. Mention any two benefits of export promotion policy.

3. Development economists consider the phenomenon of child labor as an example of ‘bad equilibrium'. Discuss briefly any two alternatives to a complete ban on child labor.

4. Distinguish between a tenant farmer and a sharecropper. Whose exposure to risk is greater and why?

5. Mention any two factors that determine the demand for education in less developed countries.

6. Briefly discuss any two policy options for the developing countries for dealing with the environmental problems.

7. Briefly discuss the Prebisch-Singer thesis related to the terms-of-trade problems faced by primary good exporting developing countries.