CSS Economics Paper-I 2023

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CSS Economics Paper-I 2023

The following questions are given in the Economics Paper-I for CSS 2023:

Q2. Is the slope of an indifference curve at a particular point known as the marginal rate of substitution (MRS)? Justify your answer with a graph. If good 1 is a `neutral’, what is its MRS for good 2?

Q3. Define opportunity costs and explain why the economic definition of profit requires that we value all inputs and outputs at their opportunity cost.

Q4. Briefly describe the functions of the International Monetary Fund (IMF). How does the IMF help countries trapped in financial issues?

Q5. The central bank in a country is responsible for its monetary policy. What are the objectives and tools of monetary policy? Use diagrams to explain your answer.

Q6. What is the theory of liquidity preferences? How does it explain the downward slope of the aggregate demand curve? Use the theory of liquidity preference to explain how a decrease in the money supply affects the aggregate-demand curve in a closed economy.

Q7. Considering the current economic scenario of our economy, recommend an effective policy framework that can reduce the budget deficit and improve the developmental outlook.

Q8. Write short notes on any FOUR of the following:

  1. Public Goods
  2. Draw self-explanatory functions of MPC, Aggregate demand, Multiplier
  3. Cost minimization by a small firm.
  4. Two methods of national income accounting.
  5. Fuel poverty
  6. Welfare economics

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