IEcoS (Economic Services) Economics Paper-2: Questions 28 - 36 of 82

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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 corresponds to the t

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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.

    • He assumes s

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Question number: 30

» Global Institutions » IMF and WTO

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Appeared in Year: 2017

Essay Question▾

Describe in Detail

Discuss the role of IMF on stabilizing the world economy.

Explanation

The IMF has played a very vital role in stabilization of economy. The IMF is an organization that seeks to promote international monetary cooperation and to facilitate the expansion of trade, and thus to contribute increased employment and improved economic conditions.

  • The system of exchange rate under the IMF combines the element of stability with

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Question number: 31

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

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Appeared in Year: 2010

Essay Question▾

Describe in Detail

When financial market is said to be perfect?

Explanation

Perfect financial markets are characterized by certain conditions:

  • Cost of trading is less and the access to such markets is free;

  • information about opportunities of borrowing and lending is freely available; and

  • There are large number of traders because of which no single trader can impact the market prices.

Question number: 32

» Economic Growth and Development » Human Development Index

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Appeared in Year: 2017

Essay Question▾

Describe in Detail

Critically discuss the concept of Human development index related to growth and welfare.

Explanation

  • Since 1990, the United Nations Development Programme (UNDP) has been publishing every year a Human Development Report.

    • The report, besides discussing various aspects of human development, has been ranking various countries according to the level of human development index. HDI is an equi-weighted average of:

    • Life Expectancy Index (LEI)

    • Educational att

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Question number: 33

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

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Appeared in Year: 2016

Essay Question▾

Describe in Detail

Explain the value added method of national income accounting.

Explanation

In this method, instead of taking market value of final product, the value added at different stages of production is counted for estimating national income.

  • Thus, according to this method, national income is the sum total of value added by different producing units of a country in their production process.

  • Value added means the addition to the value

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Question number: 34

» Economic Growth and Development » Theories of Economic Development

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Appeared in Year: 2017

Essay Question▾

Describe in Detail

Discuss the main tenets of the theory of underdeve1opment as propounded by dependency school.

Explanation

  • Dependency theory evolved around 1950 as a reaction to some of the earlier theories of development.

    • Dependency theory was popular in the 1960s and 1970s as a criticism of modernization theory.

    • The main profounder of dependency theory are: Prebisch, Singer, Gunnar Myrdal, A Gander Frank and Bill Warren. Many of these scholars focused their attention o

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Question number: 35

» 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 the merits of “Liquidity Adjustment Facility” (LAF).

Explanation

A liquidity adjustment facility (LAF) is a tool used in monetary policy that allows banks to borrow money through repurchase agreements.

  • This arrangement allows the banks to respond to liquidity pressures. It is used by governments for assuring basic stability in the financial markets.

  • It is the difference between the repo and reverse repo rate. Repo

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Question number: 36

» Economic Growth and Development » Theories of Growth » Classical Approach Adam Smith, Marx and Schumpeter

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Appeared in Year: 2010

Essay Question▾

Describe in Detail

The Physical Quality of Life Index is an instrument to measure development. Elaborate the statement.

Explanation

  • PQLI: David Morris tried to look for those indicators, which were the results of the development efforts.

    • Out of hundred and odd indicators, he could find only three which could have universal appeal as ends in themselves and meet the criteria laid down.

    • These are: Life Expectancy (LE), Infant Mortality (IM) and Basic literacy (BL). He called this co

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