IGNOU BECC-132 Important Question English

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IGNOU BECC-132 Principles of Microeconomics-II Important Question & Exam Note Download

Top 20 Question of BECC-132

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S.No	Answer the following in about 500 words each.
1	(a) Distinguish between perfect competition and monopolistic competition with illustration of examples. (b) How does a monopolistic firm attain equilibrium by promoting its sale through spending on advertisement and publicity?
2	(a) State the features of labour market. How is value of marginal product and marginal revenue product curve relevant in the derivation of labour demand ? (b) Why do you find variations in the wage rates across different professions ?
3	(a) What is Oligopoly? Explain with a few examples. (b) Discuss in brief the price-output models to explain the behavior of oligopolistic firms.
4	What is WTO ? How has the major agreement of WTO affected the Indian economy?
5	What is the production possibilities frontier ? How does marginal rate of transformation relate to the production possibilities frontier ?
6	What do you mean by the term ‘Efficiency’ ? Explain the various factors that distort the ability of competitive markets to achieve efficiency.
7	(a) Discuss characteristic features of an Oligopolistic market structure. What are the various reasons that have led to the emergence of this market structure? (b) With regards to the Kinked demand curve theory given by Paul Sweezy, answer the following: (i) The demand curve facing an oligopolist is relatively more elastic above the kink and less elastic below the kink. Discuss. (ii) Comment on the shape of the Marginal revenue curve of this model.
8	(a) Compare and contrast the Cournot model with the Stackelberg model of Duopoly. (b) With regards the Kinked demand curve theory given by Paul Sweezy, answer the following: (i) The demand curve facing an oligopolist has a kink at the level of the prevailing price. Discuss. (ii) Why does the slope of the demand curve vary on the both sides of the kink? Give reason.
S.No	Answer the following questions in about 250 words each.
1	Discuss Joseph Schumpeter’s theory of profit. How is it different from the theory of profit given by Frank Night ?
2	Do you agree that ‘The concept of quasi-rent is extension of the Ricardian concept of rent to other factors of production.’ Give reasons.
3	How is a public monopolist firm different from a private monopolist firm ? How does public monopoly firm make its price and output decision ?
4	A country can have a comparative advantage in producing a good even if it is absolutely less efficient at producing that good. Do you agree? Explain using an example.
5	(a) Compare and contrast the Marshall’s concept of rent with that given by the Ricardian. (b) Draw a backward bending labour supply curve. Explain why does this curve bend backwards?
6	Using appropriate diagrams compare the level of production when there is a positive production externality with the production level when there is a negative production externality. How can the resulting inefficient production levels be corrected?
7	(a) A firm in a perfect competitive market structure faces a marginal cost function given by MC(Q) = 4Q + 5 where Q represents quantity of output produced. This firm earns marginal revenue of Rs 25 on each unit sale of its output. Suppose this firm decides to produce 3 units of output, is this a profit maximisingdecision by the firm? If not, how much should this firm produce to earn maximum profits? In the long-run will this firm earn negative economic profits, positive economic profits, or zero economic profits?
8	Using appropriate diagram, show how interaction of demand and supply curve in land market leads to determination of equilibrium rent.
9	(a) What are the various causes of a market failure? (b) Explain various ways to internalize externalities
S.No	Answer the following questions in about 100 words each.
1	(i) TRIMS (ii) Transfer earnings (iii) Public goods (iv) Isoquant (v) Externalities (vi) Cartel
2	Discuss the theory of Excess capacity associated with the long-run equilibrium under Monopolistic competition.
3	Explain the First Fundamental Theorem of Welfare Economics.
4	How is equilibrium achieved when labour market is imperfectly competitive?
5	What is a Cartel? Comment upon the stability of a cartel.
6	What are the major agreements of the WTO?
7	Compare and contrast the elasticities of demand curves under Monopoly and Monopolistic competition.
8	Draw a backward bending labour supply curve. Explain why does this curve bend backwards?
9	What is the impact of the WTO on Indian economy?
10	What is a Moral Hazard problem?
11	Discuss the Loanable Funds theory of interest rate determination.

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