IGNOU BECC-131 Important Question English

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IGNOU BECC-131 Principles of Microeconomics-I Important Question & Exam Note Download

Top 20 Question of BECC-131

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S.No	Answer the following in about 500 words each.
1	Using appropriate diagrams discuss the rationale behind rationing system for allocation of scarce resources? What are the consequences associated with the rationing system?
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S.No	Answer the following questions in about 250 words each.
1	(a) Draw a concave Production Possibility curve. What does the downward slope andthe concavity of the curve imply? (b)Mark in the same figure, a production combination which is: (i) feasible and not efficient, and (ii) both feasible and efficient. (c) What could bring a leftward shift in the production possibility curve?
2	(a) With respect to the demand and supply analysis, discuss the Walrasian equilibrium and the Walrasian stability condition. (b)The income elasticities of demand of two goods, X and Y are + 3.0 and − 0.2, respectively. Assuming income rises by 5 per cent. What will be the respective change in the quantities demanded of good X and good Y? (c) How can the cross-price elasticity of demand be used to identify the relationship between any two goods?
3	What is meant by a firm’s expansion path? Illustrate and distinguish between the Expansion path in case of a non-linear production function and a linear homogeneous production function.
4	A rent ceiling prohibits charging rent that exceeds the ceiling amount. Suppose government decides to put a rent ceiling. (a) With the help of a diagram show the effect of a rent ceiling on the supply and demand of a rented house if the ceiling is set below the market equilibrium rent. (b) What will be the resultant effects on supply and demand of a rented house if the ceiling is set above the market equilibrium rent?
S.No	Answer the following questions in about 100 words each.
1	Explain the Law of diminishing marginal utility. In what case(s) this law may not apply?
2	Scarcity is the root cause for all Economic problems. Do you agree? Elaborate.
3	What are the reasons behind varying returns viz., increasing, constant and decreasing returns to a factor in production?
4	Discuss the shape of Input-output Isoquants
5	Differentiate between (i) Internal Economies and Internal Diseconomies of Scale. (ii) Public good and Merit good
6	Given that the two factors of production are used in fixed proportion in the production process, what will be the shape of the corresponding isoquants? Illustrate. Also, is it possible to increase the output by increasing only one factor keeping constant the other factor of production? Give reason for your answer.
7	Differentiate between Static Economics and Dynamic Economics. (i) External Economies and External Diseconomies (ii) Explicit Cost and Implicit Cost
8	What causes diminishing returns to a variable factor in the production process?
9	Law of Variable Proportion is not a long-run concept. Do you agree? Elaborate.

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