Macro Economics Question Paper 2022
[Gauhati University BCOM 2nd SEM Question Papers]
COMMERCE (Honours Generic)
Answer the Questions from any one Option.
The figures in the margin indicate full marks for the questions.
In this post you wil get Macro Economics Question Paper 2022 for Gauhati University BCOM 2nd SEM.
1. Answer any ten of the following questions: 1 x 10=10
(a) What is meant by ‘circular flow of income’?
(b) What do you mean by effective demand?
(c) What is static economic analysis?
(d) What is meant by aggregate demand?
(e) Draw a long-run aggregate supply curve.
(f) What does a vertical IS curve mean?
(g) State the condition of equilibrium in the money market.
(h) A contractionary fiscal policy is anti-inflationary/anti-recessionary/neutral. (Choose the correct answer)
(i) Define frictional unemployment.
(j) What is meant by sacrifice ratio?
(k) What is meant by open economy?
(l) Define exchange rate.
(m) According to Keynes, demand for money arises out of _______ motives. (Fill in the blank)
(n) What do you mean by liquidity preference?
(o) Name the economist who developed the concept ‘liquidity preference’.
2. Answer any five of the following questions: 2 x 5=10
(a) What are the determinants of effective demand?
(b) How is the LM curve derived from money market?
(c) Distinguish between demand-pull inflation and cost-push inflation.
(d) What is Philips curve? Draw a Philips curve.
(e) What is the natural rate of unemployment?
(f) Distinguish between fixed exchange rate and flexible exchange rate.
(g) What are the determinants of business fixed investment, according to Keynes?
(h) What is liquidity trap? State the relationship that exists between liquidity preference and rate of interest.
3. Answer any four of the following questions: 5 x 4=20
(a) Discuss briefly the circular flow of income in a two sector economy.
(b) What are the components of aggregate demand function?
(c) State the factors that determine the slope and position of the IS curve.
(d) Explain the effect of cut in taxes on the level of income, using the IS-LM curves.
(e) Explain the trade-off between inflation and unemployment.
(f) Briefly discuss the demand-pull theory of inflation.
(g) Write briefly notes on the different types of investment.
(h) Explain the relationship between speculative demand for money and rate of interest.
4. Answer any four of the following questions: 10 x 4=40
(a) State the conditions of equilibrium of an economy. Explain the short-run equilibrium of an economy using aggregate demand and aggregate supply approach. 2+8=10
(b) Discuss the features of IS and LM curves. Explain the determination of equilibrium rate of interest and level of income with the help of IS-LM curves. 4+6=10
(c) How is the LM curve affected by the change in the supply of money and the demand for money? Explain with a diagram.
(d) Explain the different measures to control inflation.
(e) Discuss the effects of inflation on production and distribution.
(f) What is inflationary gap? Explain inflationary gap with a diagram. How can the inflationary gap be wiped out? 2+5+3=10
(g) How is the IS curve derived from goods market in open economy? Explain with diagram.
(h) Discuss the cash balance approach of the quantity theory of money. How is it superior to the transactions approach of the quantity theory of money? Explain. 6+4=10
(i) Discuss Keynes’s reformulation of the quantity theory of money. How is it superior to the traditional quantity theory of money? 6+4=10
(j) Critically discuss Tobin’s portfolio balance approach to demand for money.
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