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Answer all the problems described below:

Section A: Long Answer problems. (Answer in around 500 words each)

problem 1: Give a short outline of National Income associated concepts. Describe three methods for measurement of National income.

problem 2: What are the benefits of International trade? Describe Heckscher-Ohlin’s (version) approach of international trade.

Section B: Medium Answer problems. (Answer in around 250 words each)

problem 3: Briefly describe the cardinal utility approach to consumer behavior. Describe how diminishing marginal utility is inter-linked to Marshallian law of demand?

problem 4: Describe with diagram the behavior of the short-run cost and long run cost of a firm.  Give illustration in support of your answer.

problem 5: Compile a chart for different forms of market structure. prepare their suppositions and equilibrium conditions in short (diagrams).

problem 6: Critically examine the different theories of demand for money.

Section C: Short Answer problems. (Answer in around 100 words each)

problem 7: Define the given terms:

a) Phillips Curve
b) Externality
c) Income elasticity of demand

problem 8: Distinguish between the given:

a) Homogenous and Non-homogenous production function.
b) Balance of payments and Balance of trade.
c) Goods market and money market.
d) Real and Nominal rate of interest.
e) Stock and flow variables.      

International Economics, Economics

  • Category:- International Economics
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