IGNOU| ECONOMIC THEORY (ECO - 06)| QUESTION PAPER – (JUNE

IGNOU| ECONOMIC THEORY (ECO - 06)| QUESTION PAPER – (JUNE - 2023)| (BDP)| ENGLISH MEDIUM

Note: The paper contains three Sections A, B and C. Instructions are given in each Section along with marks.

Section-A

Note: Answer any two questions from this Section.

1. What do you mean by the term 'Economy'? Explain the fundamental problems of an economy. 4+8

2. Explain the Law of Diminishing Marginal Utility' with the help of a diagram. What are its limitations? 6+6

3. Explain the concept of price elasticity of demand. Also state its determinants. 7+5

4. Explain the concept of isoquant and isocost curves with the help of examples. 12

Section-B

Note: Answer any two questions from this Section.

5. What do you understand by the term 'Supply'? Explain its main determinants. 3+5

6. Explain the characteristics of the following: 4+4

(a) Perfect competition

(b) Monopolistic competition

7. Explain the meaning of the term 'oligopoly'. What are the basic characteristics of an oligopolistic market structure? 3+5

8. Discuss the 'Ricardian Theory of Rent'. What are its assumptions? 5+3

Section-C

9. Distinguish between any two of the following: 2x5=10

(a) Increasing and diminishing Returns to Scale.

(b) External and internal economies of scale.

(d) Cardinal and ordinal approach to utility analysis.

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