Principles of Economics I.

Com Part 1 Guess Paper 2014

Important 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 firms 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