Guess Paper, Economics, Inter Part: 1

GUESS PAPER        Inter Part: I        Economics            2021

Short Answer Question

MICROECONOMICS

1.       Write the definition of economics as given by Adam Smith, Marshall or Robbins.

2.       Advantages of study of economics.

3.       Define factors of production & Write the names of factors of production.

4.       Define consumption & relative importance of factors of production.

5.       Describe law of demand/supply. (rise & fall or expansion & contraction of demand.

6.       Difference b/w arc elasticity & point elasticity

7.       What is elasticity of demand? Describes its degrees.

8.       Difference b/w change in demand & change in quantity demanded.

9.       Difference b/w stock & supply or demand & supply.

10.   Difference b/w Microeconomics & Macroeconomics.

11.   Describe laws of returns and laws of costs. Write their names.

12.   What are the advantages of large scale of production?

13.   Difference b/w fixed cost & variable cost/marginal cost & total cost.

14.   State the difference & properties of perfect completion or monopoly.

15.   Describe the law of diminishing marginal return. Why it is especially applied on agriculture.

MACROECONOMICS

1.       Describe any one method of measurement of N.I. (total production method)

2.       Define national Income & its concepts with table. (Differences of two)

3.       Characteristics/ properties/ conditions of good money.

4.       Describe the trade cycles and its phases. Describe any one.

5.       Describe quantity theory of money.

6.       What are the problems of barter system? How money solve these problems?

7.       What are the causes of inflation (devaluation of money/ rise in price)?

8.       Difference b/w public & private finance.

9.       What are the sources of public finance/ government income/ federal income?

10.   Difference b/w Zakat & tax.

11.   Describe the advantages/ disadvantages of foreign trade (international trade).

12.   Describe the canons of taxation. (Adam Smith).

13.   What are the difference b/w national trade & foreign trade?

14.   What are the difficulties of measurement of N.I?

15.   What are the effects/consequences/demerits of inflation on different classes of people?

Long Answer Question

MICROECONOMICS

                     1.       Describe the law of diminishing marginal utility & assumptions & limitations.

2.       Describe law of demand/ supply with assumptions & limitations.

3.       Explain market price. ( equilibrium of demand & supply)

4.       Describe law of decreasing return / increasing return.

5.       Explain the equilibrium of firm under perfect completion or monopoly.

MACROECONOMICS

                      1.       Explain various concepts of national Income.

2.       What is money? Explain the functions of money?

3.       Explain the advantages/ disadvantages of foreign trade (international trade).

4.       Describe advantages & disadvantages of direct /indirect tax.

                 5.       Differentiate b/w balance of trade & balance of payment? How can we improve the                                  deficit balance of payment? 

                         Thanks for Visiting