Economics Guess Paper Commerce

Class 1st Year Principles Of Economics Guess Paper Commerce

Important Questions:

2016 IMPORTANT QUESTION

Section B: (Short Answer Questions)

MICRO ECONOMICS

Important Short Questions from Micro Economics:
1.                             Differentiate between Demand and Desire?
2.                             Differentiate between Change un demand and Change in Quantity demand?
3.                             What is mean by individual demand? Explain with the help of shedule and diagram?
4.                             What is mean by Market supply? Explain with the help of shedule and diagram?
5.                             Define price elasticity of demand. State the methods of measuring Elasticity of demand?
6.                             State the law of Demand and also elucidate the assumptions of the law?
7.                             Evaluate the relationship between Total and Marginal Utility?
8.                             Discuss the characteristics of imperfect competition?
9.                             State the characteristics of Monopoly?
10.                         State the definition of Economics given by Alfred Marshall and Lionel Robbins?
11.                         What is mean by production in Economics? Discuss each factor briefly?
12.                         State the law of Diminishing Marginal Utility?
13.                         Differentiate between individual and market demand?
14.                         State the law of supply and also predict the differences between stock and supply?
15.                         Differentiate between change in supply and change in quantity supply?
16.                         Evaluate the reasons why demand curve is negative sloped?
17.                         What is mean by the term Equilibrium? Define equilibrium price and quantity?
18.                         Define the term market. Defferentiate between monopoly and perfect competition and also state the characteristics of perfect competition?
19.                         Name the laws of returns and laws of costs? State the law of increasing and decreasing return?
20.                         Diffrentitiate between: ( Fixed and Variable cost, Average and Marginal cost, Average and Marginal revenue)
21.                         What is mean by internal and external economics?
22.                         Differentiate between micro and macro economics?

MACRO ECONOMICS

Important Short Questions from Macro Economics:
1.                             What is mean by Barter System? State the difficulties of Barter System?
2.                             Name the different methods of Measuring National income?
3.                             Differentiate between Domestic and International trade?
4.                             Define the term Trade cycle. Name the phases of trade cycle?
5.                             What is mean by Balance of Trade and Balance of Payment? Differentiate between balance of trade and balance of payement?
6.                             Discuss the characteristics of Good Money?
7.                             What is mean by National Income? Differentiate between GDP and GNP?
8.                             Differentiate between National Income at Market Price and National Income at Factor Cost?
9.                             Defien the term money? State the Quantity theory of Money?
10.                         State the different sources of Public revenue/ different forms os Public Expenditure?
11.                         State the advantages and disadvantages of International trade?
12.                         State the Comparative theory of cost/ Advantage?
13.                         Define the following terms: (Tax, Direct Tax, Indirect Tax, Progressive Tax, Proportional Tax)

Section C: (Detailed Answer Questions)

MICRO ECONOMICS

Important Detailed Micro Economics Questions:
1.                             State and explain the law of Diminishing Marginal Utility with the help of schedule and diagram and also write down the assumptions of the law?
2.                             Define the term Elasticity of Demand. Name the different types of Elasticity of demand and also write down the methods of measuring Elasticity of demand?
3.                             What is mean by Perfect Competition? Explain the Short- run Equilibrium of a firm under perfect competetion?
4.                             State and explain the Marshall's definition of Economics and also write down the merits and demerits of definition?
5.                             State and explain the Robin's definition of Economics. Exoplain the importance of study of Economics?
6.                             State and explain the Law of Diminishing Marginal Return and also write down the assumptions of the law. What are the reasons which cause marginal Return to fall?
7.                             State and explain the law of Demand / Law of Supply with the help of Schedule and diagram. Explain the assumptions of the laws?

MACRO ECONOMICS

Important Detailed Macro Economics Questions:
1.                             What is mean by International Trade? State the advantages and deisadvantages of International trade. discuss the theory of Comparative Cost and explain with the help of example?
2.                             Explain the Quantity theory of Money. State the assumptions of the theory and also state the criticism made by Economists on this theory?
3.                             Explain the different concepts of National Income. Explain the importance of mesuring National Income?
4.                             Explain any one method of Measuring National Income. Explain the difficulties while measuring National Income?
5.                             Define the term Money? Discuss the functions of Money. Discuss the advantages of Paper Money?
6.                             Differentiate between Direct and Indirect Taxes. Discuss the advantages and disadvantages of Direct Tax. Explain the Canons of Taxation?
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