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IGNOU BECC 103 Solved Assignment 2022-23

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IGNOU BECC 103 Solved Assignment 2022-23

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Submission Date :

  • 31st March 2033 (if enrolled in the July 2033 Session)
  • 30th Sept, 2033 (if enrolled in the January 2033 session).

Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in case of numerical questions in Assignment One.

Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in case of numerical questions in Assignment Two.

Answer the following Short Category questions in about 100 words each. Each question carries 6 marks in Assignment Three.

Answer all the questions.

Assignment One


1) Define national income. How do you measure national income by product method? What precautions will you take while using this method? 

The national income of a country can be measured by three alternative methods: (i) Product Method (ii) Income Method, and (iii) Expenditure Method.

1. Product Method:

In this method, national income is measured as a flow of goods and services. We calculate money value of all final goods and services produced in an economy during a year. Final goods here refer to those goods which are directly consumed and not used in further production process.

Goods which are further used in production process are called intermediate goods. In the value of final goods, value of intermediate goods is already included therefore we do not count value of intermediate goods in national income otherwise there will be double counting of value of goods.

To avoid the problem of double counting we can use the value-addition method in which not the whole value of a commodity but value-addition (i.e. value of final good value of intermediate good) at each stage of production is calculated and these are summed up to arrive at GDP.

The money value is calculated at market prices so sum-total is the GDP at market prices. GDP at market price can be converted into by methods discussed earlier.

2. Income Method:

Under this method, national income is measured as a flow of factor incomes. There are generally four factors of production labour, capital, land and entrepreneurship. Labour gets wages and salaries, capital gets interest, land gets rent and entrepreneurship gets profit as their remuneration.

Besides, there are some self-employed persons who employ their own labour and capital such as doctors, advocates, CAs, etc. Their income is called mixed income. The sum-total of all these factor incomes is called NDP at factor costs.

3. Expenditure Method:

In this method, national income is measured as a flow of expenditure. GDP is sum-total of private consumption expenditure. Government consumption expenditure, gross capital formation (Government and private) and net exports (Export-Import).

Measurement of National Income – Income Method

Estimated by adding all the factors of production (rent, wages, interest, profit) and the mixed-income of self-employed.

  1. In India, one-third of people are self-employed.
  2. This is the ‘domestic’ income, related to the production within the borders of the country

Measurement of National Income – Production Method

Estimated by adding the value added by all the firms.

Value-added = Value of Output – Value of (non-factor) inputs

  1. This gives GDP at Market Price (MP) – because it includes depreciation (therefore ‘gross’) and taxes (therefore ‘market price’)
  2. To reach National Income (that is, NNP at FC)
    • Add Net Factor Income from Abroad: GNP at MP = GDP at MP + NFIA
    • Subtract Depreciation: NNP at MP = GNP at MP – Dep
    • Subtract Net Indirect Taxes: NNP at FC = NNP at MP – NIT

Measurement of National Income – Expenditure Method

The expenditure method to measure national income can be understood by the equation given below:

Y = C + I + G + (X-M),

where Y = GDP at MP, C = Private Sector’s Expenditure on final consumer goods, G = Govt’s expenditure on final consumer goods, I = Investment or Capital Formation, X = Exports, I = Imports, X-M = Net Exports

Any of these methods can be used in any of the sectors – the choice of the method depends on the convenience of using that method in a particular sector.


2) Derive the IS and LM curves. What do these curves imply? What do the points outside these curves imply? Use appropriate diagrams to substantiate your answer.

The Goods Market and the IS Curve:

The goods market equilibrium schedule is the IS curve (schedule). It shows combinations of interest rates and levels of output such that planned (desired) spending (expenditure) equals income.

The goods- market equilibrium schedule is a simple extension of income determination with a 45° line diagram. Now investment is no longer fully exogenous but is also determined by the rate of interest (which is a policy variable).

Fig. 38.2 shows a typical investment (demand) schedule. It shows the planned level of investment (spending) at each rate of interest. Since higher rates of interest reduce the profitability of additions to the capital stock, they imply lower planned rates of in­vestment spending. (Changes in autonomous invest­ment shift the investment schedule).

The investment function is expressed as: I = I̅ — cr, c > 0, where r is the rate of interest and measures the interest response of investment. I̅ denotes autonomous in­vestment, that is, investment spending which is inde­pendent of both income and the rate of interest.

IGNOU BECC 103 Solved Assignment 2022-23

The investment function above states that the lower the interest rate, the higher is planned investment, with the coefficient c measuring the responsiveness of in­vestment spending to the interest rate.

IGNOU BECC 103 Solved Assignment 2022-23

Derivation of the IS curveFig. 38.3 shows how the IS curve is derived. At an interest rate, r1 equilibrium in the goods market is at point E in the upper part of the figure, with an income level of Y1. In the lower part of this diagram we show point E’. Now a fall in the interest rate to r2 raises aggregate demand, increasing the level of spending at each income level.

The new equilibrium income is Y2. In the lower part, point F shows the new equilibrium in the goods market corresponding to an interest rate r2. The IS curve is a locus of points showing alternative combinations of interest rates and income (output) at which the commodity market clears. That is why the IS curve is called the commodity market equilibrium schedule.

We can gain further insight into the IS curve by raising and answering the following questions:

1. What determines the slope of the IS curve?

2. What determines the position of the IS curve, given its slope, and what causes the curve to shift?

3. What happens when the interest rate and income are at levels such that we are off the IS curve?

Properties of the IS Curve:

1. The Slope of the IS Curve:

The IS curve is negatively sloped because a high­er level of the interest rate reduces investment spend­ing, thereby reducing aggregate demand and thus the equilibrium level of income. The steepness of the curve depends on the interest elasticity of investment (i.e., how sensitive investment spending is to changes in the interest rate) as also on the (investment) multi­plier.

2. The Position of the IS Curve:

The position of the IS curve depends on the level of autonomous spending. If autonomous spending increases, the IS curve will shift to the right (with or without a change in slope, depending on interest elasticity of investment).

3. The Positions off the IS Curve:

Fig. 38.4 is just a reproduction of Fig. 38.3(b), along with two additional points—the disequilibrium points G and H. At point G national income is the same as at E, but the rate of interest is lower (r2).

Consequently the demand for investment is higher than that at E, and the demand for commodities is higher than that of E. This simply means that the de­mand for goods must exceed the level of output, and so there is an excess demand for goods (EDG). Likewise, at point H, the rate of interest is higher than at F. and there is excess supply of goods (ESG).

Thus Fig. 38.4 clearly shows that points above and to the right of the IS curve like H, are points of excess supply of goods (ESG). By contrast points below and to the left of the IS curve are points of excess demand for goods (EDG). At a point like G, for instance, the interest rate is too low and aggregate demand is too high relative to output.

IGNOU BECC 103 Solved Assignment 2022-23


Assignment Two


3) Why does an economy move towards equilibrium if it is in disequilibrium? Explain. Use appropriate diagram to substantiate your answer.

4) Describe the salient features of Keynesian economic system.

5) Give a brief account of the various qualitative instruments of monetary policy.


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Assignment Three


6) Describe the impact of inflation on various segments of society.

7) For a three sector economy the following is given: 𝐶 = 40 + 0.6𝑌, I = 30, G = 50 where C = consumption, I = investment, and G = government expenditure. Find out the equilibrium output level.

8) Define investment multiplier. What are its limitations?

9) Write a short note on speculative demand for money.

10) Write a short note on the causes of inflation in an economy.


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IGNOU BECC 103 Solved Assignment 2022-2023 Download Free  Before attempting the assignment, please read the following instructions carefully.

  1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
  2. Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
  3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
  4. Use only foolscap size paperfor your response and tag all the pages carefully
  5. Write the relevant question number with each answer.
  6. You should write in your own handwriting.



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IGNOU BECC 103 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:

  1. Planning: Read the questions carefully. IGNOU BECC 103 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
  2. Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU BECC 103 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
  3. Presentation: IGNOU BECC 103 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

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