BACHELOR'S DEGREE PROGRAMME Term-End Examination June, 2010 ELECTIVE COURSE: COMMERCE ECO-6: ECONOMIC THEORY Time: 2 hours Maximum Marks : 50 (Weightage 70%) Note : T he paper contains three sections, A, B, and C. Instructions are given in each section along with marks. SECTION- A (Long Answer Question) Attempt any two questions from this section : What do you understand by Production Possibility Curve ? Illustrate it with the help of a suitable example. What are its assumptions ? What is meant by income inequality ? Distinguish between personal and functional distribution of income. Suggest measures to reduce inequality of income and wealth. Why should equilibrium between marginal cost and marginal revenue be a necessary condition for equilibrium of a firm ? Explain with the help o...
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