MEC 004 Solved Assignment 2021-22

 

MEC 004

ECONOMICS OF GROWTH AND DEVELOPMENT

Course Code: MEC-004

Asst. Code: MEC-004 / AST-1/2021-2022

Total Marks: 100 Answer all the questions. Each question in Section A carried 20 marks while that in Section B carries 12 marks.

Section A

1) Discuss the main sources of economic growth. Discuss the main adverse repercussions on the economy that the process of economic growth can have.

2) What do you understand by technical progress? What is the relationship between technical progress and growth of total factor productivity? Discuss the various conceptions of neutral technical progress as put forward by Hicks, Harrod and Solow.

Section B

3). Describe the Mankiw-Romer-Weil extension to the neoclassical model to include human capital. Explain why diminishing returns to capital do not take place in the AK model.

4) What are the main propositions of the Real Business Cycle model? Describe the basic structure of a prototype Real Business Cycle model.

5) Compare and contrast Adam Smith’s theory of development with that of Ricardo’s.

6) Discuss the Harris-Todaro model of migration. What has been the impact of this model? What is its relevance for developing nations?

7) Explain the meaning of cost-benefit analysis. Describe briefly the usual steps taken in a typical costbenefit exercise

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