No.

of Printed Pages : 7 ECO-6

BACHELOR'S DEGREE PROGRAMME

C)
Term-End Examination
cr) December , 2012
CD
ELECTIVE COURSE : COMMERCE
ECO-6 : ECONOMIC THEORY

Time : 2 hours Maximum Marks : 50

Note : The paper contains THREE sections A, B, C. Instructions

are given in each section alongwith marks.

SECTION - A
Answer any two questions from this section : 2)(12=24

1. Explain clearly the meaning of the term

'Economy'. What are the fundamental problems
of an economy ? Explain.

2. Explain the 'Law of Diminishing Marginal Utility'.

What are its limitations ?

3. What is the concept of consumer's surplus ? And

show the manner it is measured with the help of
an indifference curve.

4. What do you mean by the term Economies of

scale' ? What are its different forms ? Explain the
advantages of economies of scale.

ECO-6 1 P.T.O.
 SECTION - B

Answer any two questions from this section : 2x8=16

5. Differentiate between 'Fixed' and 'Variable'

inputs. Explain their importance in theory of
production.

6. Explain different forms of market structure and

their main features.

7. Explain functional and personal distribution of

income. What factors are responsible for
functional distribution of income ?

8. What is the meaning of the term 'Monopoly'. In

what way does it differ from perfect
competition ?

ECO-6 2
 SECTION - C

Answer any one question from this section.

9. Explain the following concepts :

(a) 'Oligopoly' 5
(b) Mixed economy 5

10. Distinguish between the following :

(a) Rent and Quasi Rent 5
(b) Positive and normative economies 5

ECO-6 3 P.T.O.
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ECO-6 7