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Here is the 2nd Economics Mains Marathon Optional Test.


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Economics Mains Marathon : Test-2


  1. Why is under-employment equilibrium possible in Keynesian economics, but not possible in Classical economics? Give reasons.
  2. Show that liquidity preference is neither necessary nor sufficient for the existence of involuntary unemployment in Keynesian system.
  3. What is ‘liquidity trap’? How does it occur? Illustrate.
  4. Do you subscribe to the view that ‘liquidity trap’ is a depression phenomenon? Elaborate your answer.
  5. Explain the IS-LM approach of interest rate determination. Why this approach is considered superior?
  6. “Monetarists are of the view that only money matters and Keynesians believe that money does not matter at all.” What is the reasoning behind these extreme views held by their protagonists?
  7. If the interest elasticity of demand for money is low, the monetarists could predict the real GNP simply by the use of money supply.” Explain this statement.
  8. Why does the point of intersection of IS and LM curves coincides with two markets?
  9. The marginal efficiency of capital together with the current rate of Interest determines the profitability of an investment project. How does it help in the selection of an investment project?
  10. Do you agree with the view that Keynes’ General Theory is a special case of the classical theory, obtained by imposing certain restrictive assumptions on the latter? Elaborate.
  11. Discuss the basic features of the Second Five Year Plan.
  12. Do you think the pursuit of wage goods model could have been more appropriate for post independence strategy of development? Give reasons
  13. Examine the role of land reforms on agriculture development in India. What policy measures can quicken the pace in land reforms?
  14. What were the shortages faced by the manufacturing sector in India at the dawn of independence?
  15. Discuss the contribution of D.R. Gadgil to Indian Economic Planning and Policy. Evaluate the key elements of the Gadgil Formula used by the Planning Commission.
  16. In a supply constrained economy, how was it argued in India in the 1950s that deficit financing would help raise the growth rate? In hindsight, analyse the validity of this view.
  17. Why socialist model of development could not bring about equitable distribution of income in India and the country remained on a slow growth trajectory of 3 to 3.5% for a long time?
  18. Examine the contribution of VKRV Rao in the estimation of National Income.
  19. Do you think Gandhian vision of development is still relevant in India? Explain with reasons.
  20. Explain the major factors that affected the growth rate of the economy in the post independence India till 1991.

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