M.A.(Semester II) (CBCS) Examination, 2017
ECONOMICS (Paper
Micro Economic Analysis
Day Date: Thursday, 27-04-2017 Max. Marks: 70
Time: 02.30 PM to 05.00 PM
N.B. All questions are compulsory.
Figures to the right indicate full marks.
Q.1 Answer the following questions by choosing correct option: 14
In sales maximization model Baumol assumes firm.
Oligopolistic Perfectly competitive Monopoly all
The managerial utility maximization model is developed by
Robin Marris O.E.Williamson
J.S.Bain Herbert Simon
According to limit pricing theory limit price acts as barrier to
Entry of new firms Entry of government
Managerial skill Lower price
According to neo-classical theory the reward of a factor equals its
Average product Total product
Marginal product Marginal cost
Full cost pricing rule is propounded by
F.B.Hawely Herbert Simon
Cyert and March Hall and Hitch
Ricardo's theory of distributions is based on the principle of
Increasing returns Differential rent
Fixed rent Monopoly
The Marxian theory of distribution is based on the analysis of
Surplus Value Capital Value
Land value National Value
Prof. N. Kaldor in his theory of distribution assumes
Perfect Competition Capital Value
Full employment Zero income
According to Alfred Marshall the wage rates are determined by
Demand for labour Supply of labour
Inefficiency of labour Demand and supply of labour
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SLR-P 62
10) The first standard work on welfare economics "Economics of
Welfare" is written by
Scitovsky A.C.Pigou I.M.D Little Marshall
11) is the first economist to find out an objective test of
maximum social welfare.
Pigou Pareto Arrow Amartya Sen
12) The concept of social welfare function was first introduced by
Prof.Bergson
Scitovsky
Pareto Pigou
13) The constraints on Pareto optimality include
Monopoly
Externalities
Public goods all
14) Innovation theory of profit is propounded by
Hawley Knight Schumpeter Hobson
Q.2 Write short answer on any seven of the following: 14
Define Williamson's concept of expense preferences.
What is sales maximization?
What is full cost pricing?
What is distribution?
Define rent.
What is profit?
Define welfare economics.
What is social welfare function?
What is risk spreading?
10)What is compensation principle?
Q.3 Write short answers (any 14
Bain's limit pricing theory.
Ricardian theory of distribution
Theory of second best
Economics of information
Q.4 Critically evaluate marginal productivity theory of distribution. 14
OR
Explain Williamson's model of managerial discretion.
Q.5 Discuss the wage determination. 14