Description
MEC-004: ECONOMICS OF GROWTH AND DEVELOPMENT
Course Code: MEC-004
Asst. Code: MEC-004 / AST-1/2024-2025
Total Marks: 100
Answer all the questions.
Section A
Answer the following questions in about 700 words each. Each question carries 20 marks
2 × 20 = 40
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
Answer the following questions in about 400 words each. Each question carries
12marks 5X12=60
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 cost-benefit exercise
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