INTRODUCTION TO BUSINESS IMPORTANT QUESTIONS

Q1) Discuss the scope and objectives of business. Define business and differentiate it from trade.
Q2) What do you mean by business problems? List the usual problems of business.
Q3) What are the effects of privatization over economy of Pakistan?
Q4) Differentiate between capitalism and socialism. What economic system has been followed
in Pakistan? Write a note on mixed economy.
Q5) Name various environments influence business activities. Discuss social and cultural
environment.
Q6) What is partnership? Discuss partnership deed. Also discuss dissolution of partnership. What
are duties and liabilities of a partner? Under what circumstances is the sole proprietorship
business converted into partnership.
Q7) What are various types of business ownership? Differentiate between public and private
company. Define a joint stock company, its characteristics and incorporation procedure.
Q8) What role the stock exchange plays in the economy of a country.
Q9) Define insurance, what are various types of insurance? List and explain business risk.
Importance of insurance. Characteristics of insurable risk.
SHORT NOTES
a) Qualities of a good business man inventory control
b) Business combinations wage incentive plans
c) Transportation selection procedure of staff
d) Sales promotion services of a whole seller
e) Marketing (definition and importance) advertising
 ECONOMICS – IMPORTANT QUESTIONS MICRO ECONOMICS
1) How indifference curve technique helps a consumer to achieve equilibrium position?
Discuss properties of indifference curve.
2) Define perfect competition and explain its assumptions. Explain with help of a
diagram a firm’s equilibrium condition in the short run, under perfect competition.
3) Price effect is the combination of income effect and substitution effect. Explain and
illustrate.
4) Compare monopoly with monopolistic competition. Explain with the help of diagrams,
the short run equilibrium of a firm under monopolistic competition.
5) Explain law of diminishing returns to scale. Why this law is important for agricultural
sector?
6) Distinguish between micro and macro approach to economic analysis and also discuss
the need for combining the two approaches.
7) Explain the concept of elasticity of demand. Differentiate between (i) Income
elasticity of demand (ii) Price elasticity of demand (iii) Cross elasticity of demand
8) Write notes on
Law of diminishing marginal utility.
Internal & External Economies
Laws of increasing & constant return to scale.
Point & Arc elasticity of demand
Change in quantity demanded and change in demand
Price Discrimination
Marginal cost and Average cost
MACRO ECONOMICS
1) Differentiate between
a. GNP & GDP
b. National income at market price and National income at factor cost.
c. Personal income & Disposable income
2) Define National Income, what is the importance of study of national income?
3) Distinguish between consumption and consumption function. Explain the factors
which determine the propensity to consume.
4) Distinguish between APS and MPS. What are the factors that determine saving in
an economy?
5) Short notes
a) Autonomous and Induced Investment Marginal efficiency of capital
b) Multiplier Acceleration
c) Objectives of fiscal policy Objectives of monetary policy
d) Phases of trade cycle
ECONOMIC SYSTEMS
1) Give salient features of Islamic economic system and compare it with
capitalism and socialism.
2) Explain the importance of zakat in the process of distribution of wealth in
Islamic state.