Subjective / Written Questions (25)
1. Explain the nature and importance of studying the history of economic doctrines and compare mercantilist and physiocratic perspectives.
2. Critically compare Adam Smith, Ricardo, Malthus and J.S. Mill on value, distribution, population and economic progress.
3. Discuss Utopian Socialism and distinguish its reformist orientation from Marxian scientific socialism.
4. Explain the marginalist revolution and compare Jevons, Menger and Walras in broad analytical terms.
5. Discuss Marshall, Wicksell, Pigou and Wieser as representatives of neo-classical development and compare their analytical emphases.
6. Critically discuss Keynes’s critique of classical economics and the significance of effective demand.
7. Explain Kautilya’s economic ideas and their institutional context.
8. Compare Naoroji and R.C. Dutt on colonial economic exploitation and the drain of wealth.
9. Discuss Gandhi, Nehru, J.K. Mehta, Vinoba Bhave and B.R. Ambedkar on development, social justice and economic organisation.
10. Explain partial and general market equilibrium and the role of mathematical representation in economic analysis.
11. Explain difference equations and lagged economic relationships using the cobweb model.
12. Explain matrices and determinants and their elementary use in input-output analysis.
13. Discuss first and higher-order differentiation and interpret derivatives economically.
14. Explain maxima and minima and the second-order condition using profit, cost and revenue examples.
15. Explain convexity, concavity and point of inflexion and their relevance to economic functions.
16. Discuss partial and total differentials and their economic interpretation in multivariable functions.
17. Explain homogeneous functions and the Cobb-Douglas production function.
18. Analyse constrained maxima and minima in economic optimisation.
19. Explain probability addition and multiplication theorems and distinguish mutually exclusive from independent events.
20. Discuss the normal distribution and its basic properties relevant to economic statistics.
21. Explain simple integration and its economic use, including recovery of total functions from marginal functions.
22. Discuss elementary differential equations and their use in simple growth models.
23. Derive the conceptual relationship between consumer surplus and the area under a demand curve.
24. Explain producer surplus and compare it with consumer surplus.
25. Discuss the role of mathematical models in economics and the danger of accepting formal solutions without economic restrictions.