ECONOMICS
Part A
Group A1
Attempt ALL questions: 2 x 10 = 20
- What is price elasticity of demand? Explain its types.
- How is price elasticity measured by total outlay method? Explain.
- Explain critically the law of diminishing marginal utility.
- What is income elasticity of demand? Explain its types.
- How is price elasticity measured by point method? Explain.
- Explain critically the law of substitution.
Group A2
Attempt ALL questions: 4 x 5 = 20
- Define and derive supply curve.
- Explain the types of cross elasticity of demand.
- What are the determinants of elasticity of demand? Explain any five.
- Explain the assumptions of cardinal utility analysis?
- Explain the relationship between total utility and marginal utility.
- Define and derive demand curve.
- Explain the types of price elasticity of demand.
- What are the determinants of price elasticity of demand? Explain any five.
- Explain the relationship between total utility and marginal utility?
- Explain the concept of consumer’s surplus.
Group A3
Attempt all questions: 5 x 2=10
- What is meant by income elasticity of demand?
- When price of a commodity increases from Rs. 10 to Rs.15, its demand decreases from 80 units to 60 units. Calculate price elasticity of demand.
- Define elasticity of supply.
- What do you mean by utility?
- What is consumer’s surplus?
- What is meant by cross elasticity of demand?
- When price of a commodity decreases from Rs. 20 to Rs.15, its demand increases from 80 units to 100 units. Calculate price elasticity of demand.
- Define elasticity of demand.
- What do you mean by cardinal utility analysis?
- What does the law of diminishing marginal utility state?
Part B
Group B1
Attempt ALL questions: 2 x 10=20
- What is National income? How is national income measured by product method?
- What are the difficulties in measuring national income?
- Explain the functions of money.
- What is National income? How is national income measured by income method?
- Explain the circular flow of income and expenditure in two sector economy?
- Explain the various forms or kinds of money.
Group B2
Attempt ALL questions: 4 x 5=20
- Describe the scope of macroeconomics.
- Differentiate between GDP and GNP.
- Define nominal GDP, real GDP and GDP deflator.
- What are the difficulties of barter system?
- Explain the importance of money?
- Differentiate between open economy and closed economy.
- Define and differentiate between nominal GDP and Real GDP.
- What are the difficulties of measuring national income?
- What is barter system? What are its difficulties?
- Explain the characteristics of good money?
Group B3
Attempt all questions: 5 x 2= 10
- What is macroeconomics?
- Define closed and open economy.
- What is per capita income?
- What is meant by problem of double counting?
- What is fiat money?
- What do you mean by macroeconomic variables?
- Point out any four scopes of macroeconomics. What is disposable income?
- What is meant by GDP deflator?
- What is value of money?
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