UPSC Mains 2017 Economics Optional Paper I questions

28 questions from the Civil Services (Main) Examination 2017. Official UPSC paper (PDF) · All Economics Optional PYQs

Derive the expansion path for a firm operating with the Cobb-Douglas Production Function.
10 marks
"Under monopolistic competition a firm enjoys monopoly power without enjoying monopoly profit." — Explain.
10 marks
Show that in the complete Keynesian model only fiscal policy is effective during a period of depression.
10 marks
Explain the difference between the assumptions of New Classical and the New Keynesian approaches in managing individuals and markets.
10 marks
Show that full employment is the logical conclusion of the Classical macro model.
"Pareto optimality conditions are necessary but not sufficient conditions for social
Discuss briefly the circumstances where fiscal expansion leads to full crowding out.
Explain how the equilibrium employment and real wage would change in a typically classical model if, in the event of increase in supply of labour, money wage becomes rigid.
20 marks
How Chamberlin uses planned sales curve to explain equilibrium of a firm and group when the entry of firms is permitted?
15 marks
Demonetisation is expected to result in a fall in the ratio of currency to deposit. Using the money multiplier theory explain its possible impact on supply of money..
15 marks
Why do you expect a high correlation between the money supply and aggregate expenditure? Does this resolve the monetarist-fiscalist debate?
20 marks
What is financial repression? Mention some of its consequences.
15 marks
"Transaction demand for money is not always interest rate inelastic." Discuss.
15 marks
Explain the Keynesian. and classical extreme monetary assumptions for showing their effects on the slope of the LM curve.
20 marks
Distinguish between effective and differential tax incidence.
10 marks
Write a short note on gravity model of trade.
10 marks
Determine optimum tariff of a country with the help of offer curve.
10 marks
What is 'solow-residual'? What are its implications?
10 marks
What are the implications of trade in higher education under GATS for India?
10 marks
"The consumption and production effects of a tariff for a commodity depend on the elasticities of demand and supply respectively." Discuss.
15 marks
"Monetary Contraction is a better option than devaluation to improve balance of payments position of a developing economy under fixed exchange rate system." Discuss.
15 marks
Do you agree with the view that the honeymoon with free trade under W.T.O. is at an end? Give reasons for your answer.
20 marks
Petroleum is sold in the world market and priced in US dollars. RISCO in India must import petroleum to use it in its manufacturing. How are its profit affected when Indian rupee depreciates against the US dollar?
15 marks
State and discuss Arrow Impossibility theorem. How does Sen modify it for social
Show that Cobb-Douglas Production Function exhibits both Hicks and Harrod neutral technical progress..
20 marks
"In view of economic uncertainties, Hirschman approach to economic development makes more sense." Discuss.
15 marks
"The trade-off between environment and development remains unresolved." Comment in view of the United States exiting from Paris Climate Agreement.
15 marks
Discuss the problem of intergenerational inequity arising out of internal public debt.
20 marks

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