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National Institute of Business Management
Chennai - 020
FIRST SEMESTER EMBA/ MBA
Subject : Principles of Economics
Attend
any 4 questions. Each question carries
25 marks
(Each answer should be of minimum 2 pages / of 300 words)
1. Write an
essay on the main purposes of how economics work, and the relations between the
main economic players and institutions.
Answer:
2. Describe
developed, undeveloped and developing Economies.
Answer: The main difference between developed
developing and underdeveloped countries is their economic status and quality of
life. Developed countries have a high quality of life, developed economy, and
technological infrastructure. Meanwhile, developing countries have a less
developed economy and a comparatively lower quality of life. Underdeveloped
countries, on the other hand, have the lowest indicators of socioeconomic
development and the lowest quality of life.
Although we use the
terms developed, developing, and underdeveloped to describe countries in the
world, it’s quite difficult to quantify between these criteria. Even experts
have not yet agreed on a single definition and criteria. However, GDP (gross
domestic product) or (GNI) gross national income per capita are
3. All
economies face three fundamental or basic central economic problems. What are
they. Explain.
Answer: Production,
Distribution, and Exchange of goods and services are among the basic economic
activities of life. During the period of these economic activities, every
society has to suffer from scarcity of resources and it is the scarcity of
resources that arises the problem of choice. The scarce resource of an economy
has several usages. In other words, every society decides how to use scarce
resources optimally?
Three Central Problems of an Economy?
The three Central
Problems of an Economy are?
1.
What
to Produce and in What Quantity?
2.
How
to Produce?
3.
For
Whom to Produce?
4. Define
price elasticity of demand and explain the formula for calculating price
elasticity?
Answer:
5. Describe
the advantages of a Socialist Economy.
Answer: Socialist Economy
In a socialist
economy, the setup is exactly opposite to that of a capitalist economy. In such
an economy the factors of production are all state-owned. So all the factories,
machinery, plants, capital, etc. is owned by a community in control of the
State.
All citizens get
the benefits from the production of goods and services on the basis of equal
rights. Hence this type of economy is also known as the Command Economy.
6. Explain
the defects of Capitalism.
Answer: Capitalism is an economic system based on free
markets and limited government intervention. Proponents argue that capitalism
is the most efficient economic system, enabling improved living standards.
However, despite its ubiquity, many economists criticise aspects of capitalism
and point out is many flaws and problems. In short, capitalism can cause – inequality,
market failure, damage to the environment, short-termism, excess materialism
and boom and bust economic cycles.
Problems of Capitalism
Dear students, get latest
Solved assignments by professionals.
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25
x 4=100 marks
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