IGNOU ECO 06 ECONOMIC THEORY IMPORTANT QUESTIONS

IMPORTANT QUESTIONS

ECO 06

1. What do you understand by 'Monopoly'? Explain its characteristics. How are output and price determine  under monopoly? Explain graphically. In what way does it differ from perfect competition.




2. a) What is long run cost curve? Explain the factors responsible for Long Run Average Cost Curve being U- shaped.



b) How is the long run average cost curve related to short run average cost curve?



3.  Define Production. Distinguish between fixed and variable inputs. Explain their importance in theory of production.


4. What do you mean by elasticity of demand ? How would you measure the price elasticity of demand ? 



5. Explain the concept of consumer's surplus. Does this concept have any utility in Practice? What are its limitations.





6. What is an economic system? Explain the fundamentals problem of an economy. 




7. Critically examine the Marginal Productivity Theory of Distribution. Is it a satisfactory theory Distribution.? Explain.




8. Discuss the law of variable proportions. What are the causes of diminishing return?




9. Describe the law of Equi-Marginal Utility. Explain with the help of a diagram, how does a consumer attain equilibrium.



10. Discuss the Recardian Theory Of Rent. What are its assumptions? Explain.





11. Show how short period equilibrium of a firm under perfect competition would be determined.





12. "Economics is a science of choice making". Explain this statement with the help of Production Possibility Curve.




13. Explain the Circular Flow of Income. Explain the roles of the household, firm and government in the circular flow of income.





14. Write short notes on the following:


  1. Monopolistic competition
  2. Socialism
  3. Capitalism
  4. Profit
  5. Market Equilibrium of a commodity
  6. Cartel
  7. Mixed economy
  8. Indifference curve
  9. Oligopoly
  10. Rent and Quasi Rent
  11. Law of supply 
  12. Law of demand
  13. Price leadership
  14. Micro economics and macro economics
  15. Lorenz Curve





15. Differentiate between:


  • Positive and Normative economics
  • Nominal and real rates of interest
  • Money wage and Real wage
  • Cardinal and Ordinal Approach to utility analysis
  • Extension of Demand and Increase (shift) in demand
  • Returns to scale and Returns to a factor





THANK YOU

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