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Odisha State Open University, Sambalpur
ASSIGNMENTS Bachelor Degree (UG) Programmes
Course Code : GEEC- 04 (Theory) Semester-4
ASSIGNMENTS-I
INTRODUCTORY MACRO ECONOMICS (GEEC-4)
Full Mark – 100
(Answer all the questions, which is Compulsory)
Group- ‘A’
Q. No. 1 Answer within one word or one sentence each Marks: 1X 10 =10
a) What is marginal utility?
b) What is positive economics?
c) Give an example of deductive logic.
d) What is meant by exchange value?
e) What does ceteris paribus mean?
f) Define national income.
g) Give an example of tertiary sector.
h) What is GNP?
i) What is the name of official agency for estimation of national income.
j) All govt. expenditure on transfer payments are included in national income. (True/false)
Group- ‘B’
Q. No 2. Short answer-type Questions (Word Limit: 50 Words) Marks:2×10 = 20
a) What is inductive reasoning?
b) What do you mean by equilibrium?
c) What do you mean by mixed income of self-employed.
d) What is personal disposable income?
e) What is NNP at market price?
f) What do you mean by double counting in national income accounts.
g) What is transfer income?
h) What are intermediate inputs?
i)What do you mean by factor incomes?
j) Define direct tax.
GROUP- ‘C
Q. No 3. Medium answer-type Questions (Word Limit: 200 Words) Marks: 3 × 10= 30
a) Explain opportunity cost.
b) Distinguish between static economics and dynamic economics.
c) Distinguish between stock variables and flow variables.
d) Find the difference between money flows and real flows.
e) Define economic agents with examples.
f) What are the components of net factor incomes from abroad?
g) Write a note on conceptual difficulties faced in measuring national income.
h) What do you understand by economic welfare?
i) What is meant by production of ‘bads’?
j) Write a note on CSO.
GROUP- ‘D
Q. No 4. Long answer-type Questions (Word Limit: 500 Words) Marks: 10 × 4=40
a) State the reasons on account of which almost every modern economy is a dynamic one.
b) Distinguish between micro and macroeconomics. Explain complementarity of micro and macroeconomics.
c) Describe the limitations of per capita income as an index of economic welfare.
d) Describe income method of estimating national income.
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ASSIGNMENTS-II
INTRODUCTORY MACRO ECONOMICS (GEEC-4)
Full Mark – 100
(Answer all the questions, which is Compulsory)
Group- ‘A’
Q. No. 1 Answer within one word or one sentence each Marks: 1X 10
a) Why barter system was compatible only with simple and primitive economies?
b) State whether money is a stock variable or a flow variable.
c) What do you mean by transaction demand for money?
d) Define income velocity of money.
f) According to Keynes what is the root cause of deflation.
g) Say’s law is applicable in both barter as well as money economy. (True/ False)
h) As per Keynesian view, there exist an automatic adjustment mechanism in the economy. (True/False)
i) According Keynes investment expenditure depends on the size of income. (True/False)
j) What does effective demand mean?
Group- ‘B’
Q. No 2. Short answer-type Questions (Word Limit: 50 Words) Marks:2×10 = 20
a) What is meant by standard of deferred payment? Give an example.
b) What is supressed inflation?
c) In case of Phillips curve what do horizontal and vertical axis represent?
d) Define stagflation.
e) How do inflation and deflation affect the economy? Which one is the worst?
f) Mention two facts of the Say’s Law of Market.
g) What is aggregate production function according to the Classical economists?
h) What is meant by Marginal Efficiency of Capital?
i) What is investment Multiplier?
j) Explain the employment multiplier as introduced by R F Khan?
Group- ‘C’
Q. No 3. Medium answer-type Questions (Word Limit: 200 Words) Marks: 3 × 10= 30
a) Distinguish between Money economy and barter economy.
b) Write a note on speculative demand for money.
c) Distinguish between inflation and deflation.
d) Explain how deflation affects wage earners.
e) Write a note on wage push inflation.
f) Write the assumptions of the classical theory of income and employment.
g) Write a short note on Keynesian Aggregate Demand Function.
h) Briefly mention three assumption Keynesian Multiplier Theory.
i) Write a short note on dynamic multiplier.
j) Briefly Mention the nature of unemployment in a capitalist economy.
Group- ‘D’
Q. No 4. Long answer-type Questions (Word Limit: 500 Words) Marks: 10 × 4 = 40
a) With the help of Philips Curve explain the relation between inflation and unemployment.
b) Discuss the effects of deflation in an economy.
c) The interaction of Aggregate Demand and Aggregate Supply function determines the equilibrium level of output and employment-Discuss.
d) Critically discuss the concept of Keynesian Multiplier.
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