IEcoS (Economic Services) Economics Paper-2: Questions 20 - 29 of 82

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Question number: 20

» Concept of National Income and Social Accounting » Three Measures of National Income

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Appeared in Year: 2011

Essay Question▾

Describe in Detail

List three reasons for not regarding GDP as an appropriate measure of well-being?

Explanation

Gross Domestic Product (GDP) is defined as a measure of the total flow of goods and services produced by the economy over a specified period usually a year.

The following reason contributes to GDP not reflecting wellbeing of an economy:

  • Black money generation: Black money is not generated from the economic phenomenon only, but it has politi

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Question number: 21

» Economic Growth and Development » Concepts of Economic Growth and Development and Their Measurement

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Appeared in Year: 2011

Essay Question▾

Describe in Detail

Write a brief note on the doctrine of ‘big push’ in the theory of economic development.

Explanation

The theory of the big push is associated with the name of Professor Paul N. Rosenstein Rodan.

  • The thesis is that a big push or a large comprehensive programme is needed in the form of a high minimum amount investment to overcome the obstacles to development in an under developed economy and to launch it on the path to progress.

  • The theory

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Question number: 22

» Economic Growth and Development » Concepts of Economic Growth and Development and Their Measurement

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Appeared in Year: 2011

Essay Question▾

Describe in Detail

State and comment on the applicability of Say’s Law.

Explanation

Image of the Assumption of Says Law of Market

Image of the Assumption of Say’S Law of Market

Image of the Assumption of Say’s Law of Market

Say’s Law states that ‘Supply creates its own demand’. In a barter economy, a good produced with a purpose of exchanging it for another good.

  • Thus, additional supply represents additional demand. In a money economy, money serves as medium of exchan

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Question number: 23

» Theory of Employment, Output, Inflation, Money and Finance » Keynesian Theory of Employment and Output

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Appeared in Year: 2011

Essay Question▾

Describe in Detail

What are the implications of the Phillips curve for economic policy?

Explanation

The Phillips curve has important policy implications. It suggests the extent to which monetary and fiscal policies can be used to control inflation without high levels of unemployment.

  • In other words, it provides a guideline to the authorities about the rate of inflation which can be tolerated with a given level of unemployment.

  • For this

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Question number: 24

» Concept of National Income and Social Accounting » Measurement of National Income

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Appeared in Year: 2011

Essay Question▾

Describe in Detail

How does NDP at factor cost differ from GNP at market prices?

Explanation

In order to differentiate between NDP at factor cost and GNP at market prices, we can make use of the formula; we will use GDP at market prices as a base for both.

Indirect taxes

This will provide us with GDP at factor cost, then

– Depreciation

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Question number: 25

» Economic Growth and Development » Theories of Economic Development

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Appeared in Year: 2016

Essay Question▾

Describe in Detail

What is Marxian theory of Alienation?

Explanation

  • Marx’s theory of alienation is borrowed from Hegel’s idea of alienation. Marx alienation is related to the real existing objects and can be overcome in the real sphere of object-related activity.

    • Alienation has three dimensions:

      • Man’s alienation from nature

      • Alienation from humanity or fellow workers

      • Alienation from himself

    • Al

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Question number: 26

» Global Institutions » IMF and WTO

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Appeared in Year: 2010

Essay Question▾

Describe in Detail

Explain the objectives of IMF.

Explanation

Objectives:

The basic objective of IMF is to promote international monetary cooperation.

The IMF Charter prescribes its six objectives:

  • It helps to promote international monetary cooperation among members.

  • It helps to facilitate the balanced growth of international trade and to contribute to high levels of employment, real incentive, an

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Question number: 27

» Financial and Capital Market » Financial and Capital Market » Financial Markets

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Appeared in Year: 2010

Essay Question▾

Describe in Detail

Briefly discuss ‘Primary and Secondary Markets’.

Explanation

  • Primary market is a market in which newly issued credit instruments are sold and purchased.

    • This market is also called the new issues market. In many cases, the new issue is done in the form of an initial public offering (IPO).

    • When investors purchase securities in the primary market, the company offering the securities hires an underwr

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Question number: 28

» Economic Growth and Development » Theories of Economic Development

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Appeared in Year: 2016

Essay Question▾

Describe in Detail

Explain the Ranis Fei model of economic development. How does it improve upon the Lewis model of development?

Explanation

  • In Lewis model, an economy transits from the labour surplus stage to the labour scarce stage of development.

    • Later Fei and Ranis formalized the Lewis theory and defined 3 phases of dualistic economic development by sub dividing the first stage in the Lewis model into two phases.

    • Thus, the second labour scarce stage of Lewis model corres

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Question number: 29

» Economic Growth and Development » Concepts of Economic Growth and Development and Their Measurement

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Appeared in Year: 2016

Essay Question▾

Describe in Detail

“The need for balanced growth rests on the need for a balanced diet”-Nurkse. Explain this statement.

Explanation

  • Nurkse idea of balanced growth explains that a synchronized application of capital to a wide range of industries is necessary for the enlargement of market and for breaking the vicious circle of poverty in an underdeveloped country.

    • This idea rests on the balance in demand approach. He does not neglect the supply side of balanced growth.

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