Programme Code : MEC
Course Code : MEC-005
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Year : 2012 Views: 1203 Submitted By : Ijtaba Hussain On 23rd December, 2012

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Q.


Assignment Code: MEC-004/TMA/2012-13

Maximum Marks: 100

Note: Answer all the questions. While questions in Section A carry 20 marks each (to be answered in about

500 words each) those in Section B carry 12 marks each (to be answered in about 300 words each). In the

case of numerical questions word limits do not apply.

Section A

1) Distinguish between economic growth and economic development. Briefly explain the major

indicators on which economic development can be measured?

2) Discuss the concept of golden age equilibrium in Joan Robinson’s model. What are its main criticisms?

Section B

3) Explain any three of the following

a) The real business cycle model

b) Tragedy of the commons

c) Endogenous growth

d) Balanced vs. Unbalanced growth

4) Explain the concept and implications of globalization. Discuss its advantages and shortcomings.

5) What are the properties that a suitable measure of income inequality should possess? Evaluate Lorenz

curve and the Gini coefficient as these concepts.

6) Can we consider planning as an instrument of resource allocation? Why is there a need for planning in

the development process?

7) Differentiate between

a) Embodied technical progress and Disembodied technical progress

b) Harrod neutrality and Hicks neutrality

c) Capital augmenting and capital deepening.


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