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i) An enquiry into the nature and causes of the wealth of Nations was written by
a) J.S.Mill b) Adam smith
c) Robert Malthus d) L. Robbins
ii) According to Adam smith. Economics is the science of
a) Wealth b) scarcity
c) chairs d) durability
iii) National income does not include
a) Profit and rent b) wages and salaries
c) Interest and capital d) transfer payments
iv) When total utility is maximum the marginal utility is ___________
a) Positive b) Negative
c) zero d) hundred
v) Demand is a function of
a) Income b) price c) money d) all of these
vi) In Inflation
a) Price rises b) purchasing power decreases
c) left to right downward d) right to left upward
vii) When even fixed cost rat achieving it is called ______________
a) Shut down b) clearing point c) bad point d) good point
viii) Macro is a ____________ term
a) Single
b) individual based
c) good
d) collective
ix) Reward for land is ____________
a) Interest b) rent c) profit d) income
x) G.D.P means
a) Get demand of product b) gross demand product
c) gross domestic product d) gross domestic party
xi) Following are not kinds of tax
a) Direct b) indirect c) commercial d) progressive
xii) Related to economic receipts and economic
a) Balance of payment b) Balance of trade
c) balance of business d) expenditure of business
xiii) Land is a _____________ of production
a) canons b) service c) factor d) condition
xiv) Reward for land is ____________
a) Interest b) rent c) profit d) income
xv) When total utility is -2 the marginal utility is ___________
a) Positive b) Negative c) zero d) hundred

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Long Questions:
1. Economics is the science of scarcity and choice? Explain the scope and importance of economics?
2. Explain law of diminishing marginal utility? What are the assumptions to this law explain in detail.
3. Explain law of equi marginal utility with examples, table and diagram.
4. Explain Adam Smith, Alfered Marshal and Robbins definition of economics with criticism and
assumptions?
5. Explain law of demand, law of supply and assumptions with the help of table and diagram.
6. Explain in detail laws of returns with table and diagram? Also explain its assumption.
7. Explain factor of production in detail?
8. Explain in detail perfect competition? The characteristics of perfect competition.
9. Explain equilibrium of a firm under perfect competition in the short run and in the long run?


Short Questions:
1. Explain economics is a science or an Art?
2. Explain whether economics is a positive science on normative science?
3. Explain whether we use inductive methods on deductive method in economics?
4. Explain degrees of elasticity of demand.
5. distinguish between Micro and Macro Economics?
i) Change in demand and change in quantity demanded
ii) Fixed cost and variable cost
iii) Stock and supply
6. Explain price elasticity, cross elasticity and Arc elasticity of demand?
7. Explain the following.
Fixed cost Marginal cost Monopoly
Variable cost opportunity cost land
Total cost marginal revenue labour
Average cost perfect competition capital
Organization


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Long Questions:
1. Explain the various concepts of National Income? Explain in detail the methods of measuring National
Income?
2. Define Money? Describe the functions of money in detail?
3. State the difficulties in measuring National Income
4. Describe the characteristics of good money?
5. Differentiate Direct tax and Indirect tax? Explain adv and disadvantages?
6. Explain the Concave of taxation.
7. Write notes on
Private Finance, Public finance, Balance of Trade and Balance of Payment, causes of inflation,
economics significance of Zakat
8. Explain and differentiate between home trade and foreign trade?
Short Question:
1. Differentiate between G.N.P. and N.N.P
2. Explain the characteristics of Money?
3. Write dawn the canons of taxation?
4. Explain Balance of Trade and Balance of Payment?
5. Differentiate between Private Finance and Public Finance
6. Define Trade cycle and Name the phases of trade cycle?
7. What is Barter system? Explain the difficulties of Barter system.
8. Explain different causes of Inflation.
9. Explain Marginal Productivity theory.
10. Explain Business Cycle and Capital Formation. Also explain phases of Business Cycle


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