National Income (Concepts and Measurement), Determination of Output and Employment (Classical and Keynesian Approaches), Consumption Function, Investment Function, Multiplier and Accelerator, Demand for Money, Supply of Money, IS–LM Model, Inflation and Phillips Curve Analysis, Business Cycles, Monetary and Fiscal Policy, Rational Expectations Hypothesis and its Critique
Probability Theory (Concepts of Probability, Distributions, Moments, Central Limit Theorem), Descriptive Statistics (Measures of Central Tendency and Dispersion, Correlation, Index Numbers), Sampling Methods and Sampling Distribution, Statistical Inference and Hypothesis Testing, Linear Regression Models and their Properties (BLUE), Identification Problem, Simultaneous Equation Models (Recursive and Non-Recursive), Discrete Choice Models, Time Series Analysis
Market Failure and Remedial Measures (Asymmetric Information, Public Goods, Externalities), Regulation of Markets (Collusion and Consumer Welfare), Public Revenue (Tax and Non-Tax Revenue, Direct and Indirect Taxes, Progressive and Non-Progressive Taxation, Incidence and Effects of Taxation), Public Expenditure, Public Debt and its Management, Public Budget and Budget Multiplier, Fiscal Policy and its Implications



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