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DEPARTMENT OF LAW “T3-Examination, May-2018” Semester:2nd Subject:Economics-II Branch: BA.LL.B Course Type:Core Time: 3 Hours Max.Marks: 100

Date of Exam:28/05/2018 Subject Code:LWH110 Session: II Course Nature:Hard Program: LAW Signature: HOD/Associate HOD: PART-A All questions are compulsory.

Q1(a). What is ‘Say’s Law of Market’? (b). Define Personal Income. (c). Distinguish between GDPMP and GDPFC. (d). State the various types of Inflation. (e). What is the difference between Stock Variables & Flow Variables. (f). Calculate MPC if k is 4. (g). What is the multiplier concept developed by Keynes? (h). Define ‘transfer payments’. (i). What is Net National Product at Factor Cost? (j). Distinguish between Stagflation and Reflation.

(10*2=20)

PART-B Attempt any two questions. (5*2=10) Q2(a).Discuss the circular flow of income in open economy. (b). ‘National Income is not a true reflector of economic welfare’. Discuss. (c). What do you mean by National Income? What are the limitations of measuring it? Attempt any two questions.

(5*2=10)

Q3(a).Explain ‘Paradox of Thrift’. (b). Discuss Ad-ASApproach in Classical Framework. (c). Discuss the various causes of unemployment in India. PART-C Attempt any two questions. Q4. Distinguish between ‘Cost Push’ and ‘Demand Pull’ inflation.

(15)

Q5. Discuss why inflation is caused and how it is controlled?

(15)

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Q6. Describe the various policies to deal with ‘Deflation’.

(15)

PART-D Attempt any two questions. Q7. Explain why and how the government controls the economy through Public Finance.

(15)

Q8. What do you understand by Taxation? Discuss the principles of a good tax system.

(15)

Q9. Elaborate the basic characteristics of Goods and Service Tax in India and its impact on Indian Economy. (15)

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