NALANDA OPEN UNIVERSITY Micro Economic Analysis Question Paper



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NALANDA OPEN UNIVERSITY  M.A. (Economics)  PART–I, PAPER–I 
Micro Economic Analysis Question Paper
Full Marks : 80 
Annual Examination, 2010 
Time : 3 Hours 
Answer any Five Questions. All questions carry equal marks. 


1- 'Economics is a science of wealth'. Discuss. 


2- What is deductive method of economic study ? Explain its merits and demerits. 


3- Describe the uses and limitations of economic model. 


4- What do you mean by marginal utility and total utility ? Explain their mutual 
relationship. 


5- What is elasticity of demand ? Describe various methods of measuring elasticity of 
demand. 


6- Clearly draw a distinction between actual cost and opportunity cost. 


7- What do you understand by the equilibrium of an industry ? Discuss the equilibrium 
of an industry under perfect competition. 


8- Clearly underline the meaning of the following :– 
(i) (Perfect Competition) 
(ii) (Monopoly) 


9- What is oligopoly ? What are its Characteristics ? Mention the classification of 
oligopoly. 


10- Compare the definitions of Economics given by Marshall and Robbins. 
 

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