2024-11-21 Azhar Rashid Teli JKSSB Subject Wise MCQs, Accounts Assistant Finance Syllabus, Kashmir University Latest Updates, JMI Latest Updates, JKSSB Latest Job Notifications, JKPSC Latest Job Notifications, Government Jobs, JKPSC, JKSSC, SSC, JMI, Kashmir University

KU PG Entrance

Approved Syllabus for PG Entrance in Economics for the session 2022 & onwards

Note: The syllabus prescribed for the entrance test has been devised into fifteen (15) units. Each unit carries a weightage of four (04) marks. Paper setters are requested to set (04) Multiple Choice Questions (MCQ’s) from the unit keeping in line with the references provided with this syllabus.

Unit-I:

Introduction to Microeconomics Problems of scarcity and choice: scarcity, choice and opportunity cost; production possibility frontier; economic system. demand and supply: law of demand, determinants of demand, shift of demand curve versus movements along a demand curve, market demand, law of supply, determinants of supply, shift of supply curve versus movements along a supply curve, market supply, and market equilibrium. Applications of demand and supply: consumer surplus, producer surplus. Elasticity of demand: price, income and cross, degree of elasticity, determinants of price elasticity.

Unit-II:

Consumer Theory Utility- concept, diminishing marginal utility, consumer choice: indifference curves, properties. Budget constraint, consumer’s equilibrium, derivation of demand curve from indifference curve and budget constraint.

Unit-III:

Production and Costs Production functions- properties; law of variable proportions, returns to scale, isoquant and iso-cost lines, cost minimizing equilibrium condition – single product firm. Costs: costs in the short run, costs in the long run, revenue-concept and relation, revenue and profit maximization, minimizing loses, economies and diseconomies of scale.

Unit-IV:

Market Structure Assumptions: Theory of a firm under perfect competition, demand and revenue; equilibrium of the firm in the short run and long run; long run industry supply curve: increasing, decreasing and constant cost industries.

Unit-V:

Imperfect Competition Market Structure-concept of imperfect competition; monopoly-characteristics; short run and long run price and output decisions of a monopoly firm; concept of a supply curve under monopoly; comparison of perfect competition and monopoly; types of monopoly; economic and social cost of monopoly; price discrimination-concept. Monopolistic competition: characteristics; short run and long run price and output determinations under monopolistic competition. Oligopoly: concept and characteristics of oligopolistic markets; oligopoly models: Cournot, Chamberlin and Kinked demand curve.

Unit-VI:

Consumer and Producer Theory Externalities, marginal costs pricing, internalizing externalities; public goods, imperfect information, moral hazard, social choice, government inefficiency; market adjustment to changes in demand; efficiency of perfect competition; sources of market failure.

Unit-VII:

Income Distribution and Factor pricing Distribution-concept, marginal productivity theory of distribution; wages-modern theory of wages; Rent-Ricardian theory of rent; profit-innovation theory; interest- Keynesian theory.

Unit-VIII:

International Trade Theories of absolute and comparative advantage, terms of trade-concept and types; sources of comparative advantage; trade barriers; free trade/protectionism.

Unit-IX:

Introduction to Macroeconomics Macroeconomics-concept; macroeconomic issues-an overview; concepts of GDP and national income; measurement of national income and related aggregates; nominal and real income; limitations of the GDP.

Unit-X: Determination of GDP Actual and potential GDP; aggregate expenditure; consumption function; investment function; equilibrium GDP; concepts of MPS, APS, MPC, APC; autonomous expenditure; concept of multiplier.

Unit-XI: National Income Determination in an Open Economy. Fiscal policy: impact of changes in government expenditure and taxes; net exports function; net exports and equilibrium of national income.

Unit-XII: Money in a Modern Economy Concept of money in a modern economy; monetary aggregates; demand for money; quantity theory of money; liquidity preference and rate of interest; money supply and credit creation; monetary policy.

Unit-XIII: IS-LM Analysis Derivations of the IS and LM functions; IS-LM and aggregate demand; shifts in the AD curve. Unit-XIV: GDP and Price Level in Short Run and Long Run Aggregate demand and aggregate supply; multiplier analysis with AD curve and changes in price levels; aggregate supply in SR and LR.

Unit-XV: Inflation, Unemployment and BoP Inflation-concept and types; determinants of inflation, relationship between inflation and unemployment: Phillips curve in short run and long run; balance of payments: current account and capital account; market for foreign exchange; determination of exchange rate.