UPSC IES/ ISS Exam for General Economics I is being scheduled as one of the papers of Indian Economics Services Exam as is conducted by UPSC. UPSC IES Economics I Previous papers are provided below on the page practicing which it will be easier for you to crack the exam. Attaining practical knowledge is much more important and for this the practice of questions are to be done in right way.
The UPSC IES GENERAL ECONOMICS I sample questions are given below which have come in the last years.
Q1) What is adverse selection in insurance markets? How the problem can be solved?
Q2) What is meant by “Internalizing” an externality? How can a negative externality be internalized?
Q3) Define Complements and substitutes. In 2 commodity case, can the commodities be complements? Explain. Is your answer valid in the case of gross substitutes and complements? Explain.
Q4) What is optimization problem in economics? How does linear programming technique help in assigning optimal solution in given resource use? Explain
Q5) Consider the production function Q= (K0.5 + L0.5)2
- What is name of this type of production function?
- What is elasticity of substitution for this production function?
- Does this production function exhibit increasing, decreasing or constant returns to scale?
- Suppose that the production function took the form Q= (100 + K5 + L0.5)2 . Does this production function exhibit increasing, decreasing or constant returns to scale?
Q6) Define elasticity of goods substitution and distinguish it from cross price elasticity of demand. Which one is a better measure of substitution and why?
Q7) “In the long run competitive equilibrium rewarding each input according to its marginal physical product precisely exhausts the total physical product.” Critically examine above statement.
Q8) Can the threat of price war deter entry by potential competitors? What actions might a firm take to make this threat credible? Give Example
Download the Previous year papers of General Economics I of UPSC IES exam which can be practiced so as to get the best practice for the exam this year.
UPSC IES GENERAL ECONOMICS I Previous year question papers PDF
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