IGNOU MEC 002 SOLVED ASSIGNMENT 2021-22
MEC-002: MACROECONOMIC ANALYSIS
SOLVED ASSIGNMENT 2021-22
Course Code: MEC-002 Assignment
Code:
MEC-002/2021-22
Total 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. What is
meant by steady state in the Solow model? Explain how Golden Rule is different
from steady state.
2. Explain how the permanent income hypothesis
reconciles the difference between short-run and long-run consumption behavior.
Section B
3. Policy
makers should stick to rules instead of pursuing discretionary polices. Do you
agree with the above statement? Substantiate your answer.
4. Explain in
brief the salient features of real business cycle theory. In what respects is
it different from other theories of business cycle?
5. Explain why firms may offer a higher wage
to workers than the equilibrium wage rate.
6. Bring out
the important issues on which Lucas criticizes Keynesian macroeconomics. To
what extent the New-Keynesian economists have accepted these criticisms?
7. Write
short notes on the following.
i) Rational
expectations and adaptive expectations
ii)
Non-accelerating Inflation Rate of Unemployment
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