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Questions:

1. Differentiate between Gross National Product and Net National Product.
2. What do you understand by social accounting?
3. Distinguish between average and marginal propensity to consume.
4. Explain clearly the meaning of accelerator.
5. What do you understand by a trade cycle?
6. Explain circular flow of income in two and three-sector economics.
7. Enumerate problems in the measurement of national income in a developing economy.
8. Write a note on acceleration principle.
9. What do you understand by marginal efficiency of capital? Enumerate the factors which influence it.
10. Explain clearly the absolute income hypothesis of the relationship between consumption and income.
11. Write a critical note on the concept of investment multiplier.
12. Discuss clearly the classical theory of employment.
13. What is effective demand? Explain its role in Keynesian theory of employment.
14. Explain clearly the liquidity preference theory of interest propounded by J. M. Keynes.
15. Enumerate briefly the characteristics of trade cycle. Also briefly explain Samuelson's approach to trade cycle.