problem 1: Answer the given problems (any ten):

a) State Samuelson’s definition of revealed preference.
b) What is the Hicksian definition of marginal rate of substitution?
c) State Ragner Frisch’s definition of Dynamic Economics.
d) What is Lewi’s definition of the capitalist sector?
e) State any two suppositions of Ohlin’s theory of international trade.
f) State any two problems of Green Revolution describeed by Myrdal.
g) Define physical criteria of factor abundance.
h) What is Kantorovich’s definition of decentralization?
i) State any two suppositions of Solow’s model of economic growth.
j) Illustrate Kuznet’s definition of double counting?
k) Give any two drawbacks of regulations recommended by Stigler.
l) Illustrate Stone’s definition of National Income?
m) Illustrate Timbergen’s definition of static economics?

problem 2: Answer the given problems (any two):

a) Illustrate the properties of Hicksian indifference curve?

b) Describe the suppositions of input-output analysis.

c) Describe the characteristics of Hayek’s Neutral Money Policy.

d) Describe Arrow’s conditions of social choice.

problem 3: Answer the given problems (any two):

a) Describe Amartya Sen’s applied approach to trade and welfare.

b) Describe the Friedman’s theory of cash balance.

c) Describe Meade’s approach to trade and welfare.

d) Social ownership of the means of production is only an essential however not a sufficient condition for efficient allocation of resources. Describe.

problem 4: Answer the given problems (any two):

a) Describe in detail the Leontiefs Input-Output analysis.

b) Examine the portfolio theory of Tobin.

c) What are the properties of indifference curve? Describe the consumer’s equilibrium described by Hicks.

d) Describe in detail the Ohlin’s theory of international trade.