Nalanda Open University
Annual Examination 2017
B.A. Economics (Honours), Part-I
Paper-I (Micro Economics)
Time: 3.00 Hrs. Full Marks: 80
Answer any Five questions. All questions carry equal marks.
1. Critically discuss the definition of economics given by Adam Smith.
2. Differentiate between micro economics and macro economics. Are they interrelated
3. Discuss Marshall's view regarding consumer's equilibrium.
4. Evaluate critically Marshallian concept of Consumer's surplus.
5. Explain law of diminishing returns with the help of a diagram. Do you agree that it
applies only in agriculture
6. Discuss the determination of price under monopoly.
7. Critically discuss Ricardian Theory of rent.
8. Explain innovation theory of profit.
9. Discuss the divergence between private social rent product.
10. Write notes on any two of the following:-
Features of indifference curve
Elasticity of demand
Collective Bargaining
Basis of investment decision