GUESS PAPER 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.
What is
elasticity of demand? Describes its degrees.
7.
Difference b/w
change in demand & change in quantity demanded.
8.
Difference b/w
stock & supply or demand & supply.
9.
Describe laws
of returns and laws of costs. Write their
names.
10.
Difference b/w
fixed cost & variable cost/marginal cost & total cost.
11. State the difference & properties of perfect completion or monopoly.
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.
Describe the
trade cycles and its phases. Describe any one.
4.
What are the
problems of barter system? How money solve these problems?
5.
What are the
causes of inflation (devaluation of money/ rise in price)?
6.
Difference b/w
public & private finance.
7.
What are the
sources of public finance/ government income/ federal income?
8.
Difference b/w
Zakat & tax.
9.
Describe the
advantages/ disadvantages of foreign trade (international trade).
10.
Describe the
canons of taxation. (Adam Smith).
11. What are the difference b/w national trade & foreign trade?
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?
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