IGNOU| ECONOMIC THEORY (ECO - 06)| QUESTION PAPER – (DEC - 2022)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
(BDP)
Term-End Examination
December - 2022
(Elective Course: Commerce)
ECO-06
ECONOMIC THEORY
Time: 2 Hours
Maximum Marks: 50
Note: This paper contains three Sections A, B and C.
Instructions are given in each Section along with marks.
Section-A
Note: Answer any two of the following questions from
this Section.
1. (a) What are the various forms of economic system? 6
(b) Describe the
features of a mixed economy in detail. 6
2. Explain the concept of consumer's surplus with the help
of a diagram. What are its limitations? 8+4
3. Describe the laws of variable proportions. Elaborate with
the help of an example the areas in which the laws of diminishing marginal
returns are applicable. 7+5
4. Explain the marginal and average revenues of a firm in
both perfect and imperfect competition. Give suitable examples. 12
Section-B
Note: Answer any two of the following questions from
this Section.
5. Differentiate between 'Fixed' and 'Variable' inputs.
Explain their importance in theory of production. 4+4
6. Briefly explain different forms of market structure and
their main features. 8
7. Explain functional and personal distribution of income.
What factors are responsible for functional distribution of income? 8
8. Discuss the concept of profit. Describe various sources
of profits. 3+5
Section-C
9. Write short notes on any two the following: 5+5
(a) Price
Elasticity of Demand
(b) Collective
Bargaining
(c) Quasi Rent
(d) Competitive
Wages
***
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