Guess Paper Economics ICS / Arts English Medium 2021

GUESS PAPER                        Economics        ICS / Arts                     2021

Short Answer Question

MICROECONOMICS

1.       Define economic efforts and differentiate between economic and non-economic wants.

2.       Write the definition of economics as given by Adam Smith, Marshall or Robbins with properties.

3.       Differentiate between micro & macro economics

4.       Explain utility & its kinds / properties.

5.       What are the kinds of demand? Difference b/w change in demand & change in quantity demanded.

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

7.       Define production theory or Explain Malthusian Theory.

8.       What are the properties of land or labour?

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

10.   Describe costs of production of firm.

11.   Describe revenues of the firm in perfect competition.

12.   Describe kinds of market. Describe essentials & extension of market.

13.   Describe rent & interest with their kinds.

14.   Describe liquidity preference theory.

Stat / Math

1.       Define variables and their kinds. Also constant & parameters.

2.       Define linear & quadratic equations with graphic presentation.

3.       What is primary & secondary data? How can we collect them?

Long Answer Question

MICROECONOMICS

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

OR explain law of equi-marginal utility

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

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

3.       Describe law of decreasing return / increasing return.

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

Stat / Math

1.       Define Function. Explain its types with examples.

2.       Explain solution of simultaneous equations.

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