Preparing for the Madras School of Economics MA Economics Entrance Test? Understanding the syllabus is crucial for effective preparation. In this blog, we will provide you with a comprehensive overview of the syllabus for Part-A and Part-B of the entrance test, helping you streamline your study plan and increase your chances of success.
Part-A Syllabus: Part-A of the entrance test consists of 60 questions divided equally among three sub-sections: basic quantitative ability, data interpretation & logical reasoning, and reading comprehension. The syllabus for this section is similar to other standard aptitude tests like CAT, MAT, and XAT. Let’s explore the indicative topics covered in each sub-section:
- Basic Quantitative Ability:
- Number Systems
- Profit, loss, and discount
- LCM & HCF
- Speed, time, and distance
- Percentages
- Ratio & proportion
- Averages
- Linear & Quadratic equations
- Complex numbers
- Simple and compound interest
- Logarithm
- Sequences and series
- Inequalities
- Surds & Indices
- Permutation & Combination
- Probability
- Trigonometry
- Geometry
- Coordinate geometry
- Mensuration
- Data Interpretation & Logical Reasoning:
- Tables
- Graphs & Charts (Bar, Line, Column, Pie, Venn)
- Calendars
- Numbers and Letter Series
- Clocks
- Binary Logic
- Seating Arrangements
- Logical Sequence
- Logical Matching
- Logical Connectives
- Syllogism
- Verbal Ability & Reading Comprehension:
- English Usage and Grammar
- Synonyms & Antonyms
- Fill in the Blanks
- Sentence Correction
- Jumble Paragraph
- Analogies
- Verbal Reasoning
- Reading Comprehension
Part-B Syllabus: For Part-B, you need to choose between two streams: Mathematics/Statistics or Economics. Here’s an overview of the syllabus for each stream:
- Mathematics/Statistics Stream:
- The syllabus for this stream will be based on undergraduate-level courses in Mathematics/Statistics.
- Topics covered may include calculus, linear algebra, probability theory, statistical methods, mathematical economics, and econometrics.
Algebra: Groups, subgroups, Abelian groups, non-Abelian groups, cyclic groups, permutation groups; Normal subgroups; Lagrange’s Theorem for finite groups; Group homomorphism and quotient groups; Rings, Subrings, Ideal, prime ideal, maximal ideals; Fields, quotient field; Vector spaces, Linear dependence and Independence of vectors, basis, dimension, linear transformations, matrix representation with respect to an ordered basis; Range space and null space, rank-nullity theorem; Rank and inverse of a matrix; Determinant; Solutions of systems of linear equations; Consistency conditions; Eigenvalues and Eigenvectors; Cayley-Hamilton theorem; Symmetric, Skewsymmetric, Hermitian, Skew-Hermitian, Orthogonal and Unitary matrices.
Real Analysis: Sequences and series of real numbers; Convergent and divergent sequences; Bounded and monotone sequences; Convergence criteria for sequences of real numbers; Cauchy sequences; Absolute and conditional convergence; Tests of convergence for series of positive terms-comparison test, ratio test, root test, Leibnitz test for convergence of alternating series. Functions of one variable: Limit, continuity, differentiation; Rolle’s Theorem; Taylor’s theorem; Interior points, limit points; Open sets, closed sets, bounded sets, connected sets, compact sets; Completeness of R; Power series (of real variable) including Taylor’s and Maclaurin’s; Domain of convergence; Term-wise differentiation and integration of power series. Functions of two real variables: Limit, continuity, partial derivatives, differentiability, maxima and minima; Method of Lagrange multipliers; Homogeneous functions including Euler’s theorem.
Complex Analysis: Functions of a complex Variable; Differentiability and analyticity; Cauchy Riemann Equations; Power series as an analytic function; Properties of line integrals; Goursat Theorem; Cauchy theorem; Consequence of simply connectivity; Index of closed curves; Cauchy’s integral formula; Morera’s theorem; Liouville’s theorem; Fundamental theorem of Algebra; Harmonic functions.
Integral Calculus: Integration as the inverse process of differentiation; Definite integrals and their properties; Fundamental theorem of integral calculus; Double and triple integrals; Change of order of integration; Calculating surface areas using double integrals and applications; Calculating volumes using triple integrals and applications.
Differential Equations: Ordinary differential equations of the first order of the form y’ = f(x,y); Bernoulli’s equation; Exact differential equations; Integrating factor; Orthogonal trajectories; Homogeneous differential equations-separable solutions; Linear differential equations of second and higher order with constant coefficients; Method of variation of parameters; Cauchy-Euler equation.
Vector Calculus: Scalar and vector fields, gradient, divergence, curl and Laplacian; Scalar line integrals and vector line integrals; Scalar surface integrals and vector surface integrals; Green’s, Stokes and Gauss theorems and their applications.
Linear Programming: Convex sets, extreme points, convex hull, hyperplane & polyhedral sets; Convex function and concave functions; Concept of basis, basic feasible solutions; Formulation of Linear Programming Problem (LPP); Graphical method of LPP, Simplex Method.
Probability: Axiomatic definition of probability and properties; Conditional probability; Multiplication rule; Theorem of total probability; Bayes’ theorem and independence of events.
Random Variables: Probability mass function; Probability density function, Cumulative distribution functions; Distribution of a function of a random variable; Mathematical expectation; Moments and moment generating function; Chebyshev’s inequality.
Standard Distributions: Binomial, negative binomial, geometric, Poisson, hypergeometric, uniform, exponential, gamma, beta and normal distributions; Poisson and normal approximations of a binomial distribution.
Joint Distributions: Joint, marginal and conditional distributions; Distribution of functions of random variables; Product moments, correlation, simple linear regression; Independence of random variables.
Sampling Distributions: Chi‐square, t and F distributions, and their properties; Limit Theorems: Weak law of large numbers; Central limit theorem (i.i.d. with finite variance case only).
Statistical Inference: Estimation (unbiasedness, consistency, efficiency of estimators, uniformly minimum variance unbiased estimators, Rao‐Cramer inequality, sufficiency, factorization theorem); Method of moments and method of maximum likelihood; Confidence intervals for the parameters of univariate normal, two independent normal, and one parameter exponential distributions.
Testing of Hypotheses: Basic concepts; Applications of Neyman‐Pearson Lemma for testing simple and composite hypotheses; Likelihood ratio tests for parameters of univariate normal distribution.
2. Syllabus for Part-B: Economics Stream
Micro Economics:
Consumer Theory or Behaviour: Demand; Utility; Indifference Curve; Revealed Preference Theory;
Consumer Surplus Production Theory: Production Function; Law of Variable Proportions; Returns to Scale; Cost Function – types and concepts
Price and Output Determination in Market: Perfect and Imperfect Competition (Monopoly, Price Discrimination, Monopolistic, Duopoly and Oligopoly models)
General Equilibrium, Efficiency and Welfare: Equilibrium and efficiency under pure exchange and production; Overall efficiency and welfare economics; Externality
Macro Economics
National Income Accounting Income and Output Determination: Aggregate Demand and Aggregate Supply; Effective Demand Principle;
Classical and Keynesian Theory Money and Inflation: Demand and Supply of Money; Money Multiplier and High Powered Money; Credit Creation; Role of Central Bank and Commercial Banks; Quantitative Theories of Money;
Philip’s Curve Consumption and Investment Function: Permanent, Relative and Life Cycle Hypothesis; Determinants of business fixed investment; Residential investment and inventory investment;
Multiplier and accelerator Open Economy Models: Mundell and Fleming Model (IS, LM and BP curve); Balance of payments; Exchange rate determination;
Purchasing Power Parity Economic Growth: Harrod-Domar model; Solow model
Indian Economy
Overview of colonial economy: The imperial priorities and the Indian economy; Drain of wealth; International trade; capital flows and the colonial economy – changes and continuities Macro Trends: National Income; Population; Occupational structure Poverty in India: Magnitude and determinants; Concepts of Poverty and Poverty Line; Trends and pattern of Urban and Rural Poverty; Committees on poverty estimation; Poverty eradication programmes; Pattern of income distribution and the question of inequality in India Agriculture: Agrarian structure and land relations; Agricultural markets and institutions – credit, commerce and technology; Trends in performance and productivity; famines
Economic Crisis of early 1990s: Macro economic reforms since 1991; Structural Adjustment Programmes; Globalisation; Liberalisation and Privatisation; Impact of 25 years of reforms on various sectors of the economy; Planning to markets – NITI Aayog and discontinuation of Central Planning; Demonetisation and its macro-economic impact; Growth and inequality from regional perspective in India; Agriculture during the reform period – New Agricultural Policy; WTO and Indian Agriculture; Current Issues in Indian agriculture; Investments and subsidies in Indian agriculture; Agrarian distress and related issues; The de-industrialisation debate; Evolution of entrepreneurial and industrial structure; Nature of industrialisation in the interwar period; Constraints to industrial breakthrough; Labour relations; New Industrial Policy 1991; Public enterprises; Micro, Small and Medium Scale Industries (MSMEs) – Role, problems and remedies; Role of FDI in industrialization process; ICT based industrial development strategy; Make in India.
Service Sector – as the engine of growth in India; Trade in services; Global technological change and Indian IT boom; Challenges of India’s Service sector; External Sector; Foreign Trade – Salient features, Composition and Direction; Trade reforms – Balance of Payment; Exchange rate- India and WTO; Money and Banking- Organisation of India’s money market and capital market; Changing role of Reserve Bank of India, Commercial banks, Development finance institutions, foreign banks and Non-banking financial institutions.
Issues in Indian Public Finance – Fiscal reforms in India post-1991; Tax reforms and reforms in public expenditure management; Goods and Services Tax; Public Debt and Sustainability issues; Implementation of FRBM Act; Fiscal and Monetary Policy dynamics in India; Centre-State Fiscal relationship; Cooperative and competitive federalism in India; Role of Finance Commission, Local Bodies in India.
Understanding the syllabus for the Madras School of Economics MA Economics Entrance Test is essential for focused and effective preparation. For Part-A, enhance your quantitative ability, logical reasoning, and reading comprehension skills. Part-B offers two streams: Mathematics/Statistics and Economics. Choose the stream that aligns with your academic background and delve deep into the relevant topics. With diligent study and practice, you can excel in the entrance test and pave the way for your MA in Economics journey.
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