Principles of Economics I.Com Part 1 Guess Paper 2014Important Questions for Principles of Economics I.Com Part 1 2014

 

Discuss the characteristics of economics laws

Write the definition of economics given by Professor Robbins. Also write down its merits and demerits

Make a comparative study of the definitions of economics as given by Prof. Robbins and Prof. Marshall

Define economics narrated by Marshall. Describe the merits of the definition also

Describe the law of Diminishing Marginal Utility with the help of table and diagram

Explain Law of Equi-Marginal Utility with the help of table and diagram

Express arc elasticity of demand and point elasticity of demand

Or

Explain the concepts of point and arc elasticity of demand

Describe only two methods of elasticity of demand

Or

Explain measurement of elasticity of supply

Explain elasticity of demand. Discuss the practical importance of elasticity of demand

Describe the Law of supply. Explain it with the help of table and diagram

What is meant by the elasticity of supply? Write two methods of measurement

Describe the law of increasing return and explain it by table and diagram

Explain law of diminishing return with the help of schedule and diagram

Explain the Equilibrium of the firm under perfect competition in the short run

Explain the balance of firm under monopoly

Explain firm’s equilibrium under monopoly

Explain the circular flow of national income with the help of model

Describe the importance of the study of national income

Or

What is meant by national income? Describe the various methods of measuring national income

Describe the causes of inflation and what steps are taken to control the inflation?

Or

What is meant by inflation? What are the effects of inflation on various groups of a society?

Write the reason of deflation

Explain the sources of public revenue

What is meant by tax? Explain the canons of taxation

Explain the law of demand with help of scheduler and diagram and also explain its exceptions

Explain the extension and contraction rise and fall of supply with the help of schedule and diagram

Or

Explain the concept of rise and fall in demand with the help of diagram

Explain Quantity theory of money

Write the advantages and disadvantages of international trade

Or

State importance of international trade

What is the difference between national and international trade?

Explain the barter system and its problem