1(ADS)3

General Economics

[III-C]

Time Allowed: 3 Hours                                               Max. Marks: 100                  

Instructions:

1. Answers must be written in English.
2. The number of marks carried by each question is indicated at the end of the question.
3. The answer to each question or part thereof should begin on a fresh page.
4. Your answer should be precise and coherent.
5. The part/parts of the same question must be answered together and should not be interposed between answers to other questions.
6. Candidates should attempt any five questions.
7. If you encounter any typographical error, please read it as it appears in the textbook.
8. Candidates are in their own interest advised to go through the General Instructions on the back side of the title page of the Answer Script for strict adherence.
9. No continuation sheets shall be provided to any candidate under any circumstances.
10. Candidates shall put a cross (X) on blank pages of the Answer Script.
11. No blank page should be left in between answers to various questions.
12. No programmable calculator is allowed.
13. No stencil (with different markings) is allowed.

Q1. Define the theory of consumers’ demand. How do changes in price and income affect the demand curve?
[20 Marks]

Q2.  How do government policies affect the pricing of factors and production? Provide recent examples of policy changes impacting factor markets.
[20 Marks]

Q3. Describe the classical and Keynesian theories of interest. What are the primary differences between these theories?
[20 Marks]

Q4. Evaluate different theories of wages. How do these theories explain wage determination in competitive and non-competitive markets?
[20 Marks]

Q5. Examine the impact of government intervention on social welfare. Provide examples of policies aimed at enhancing welfare and discuss their effectiveness.
[20 Marks]

Q6.  Define welfare economics and explain its scope. How does welfare economics contribute to policy making?
[20 Marks]

Q7. What are the main indicators used to measure economic growth, and what are their limitations? [20 Marks]

Q8. Analyze the successes and limitations of the Five-Year Plans in India, with specific examples from different plan periods. How does the Planning Commission’s role differ from that of the NITI Aayog in India’s planning process? [20 Marks]