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1st year Economics Important Questions Paper

1st year Economics  Important Questions  Paper

According to Alfred Marshal Economics is the science of

* Wealth

* Material Welfare

* Scarcity

* All of the above
2. Which one of the following determines the scale of production?

* Financial resources

* Production techniques

* Extent of the market

* All of the above
3. Total Cost is equal to

* AFC + AVC

* FC + VC

* AC + MC

* VC + ATC
4. The Law of Equimarginal Utility is also known as

* The Law of Maximum Satisfaction

* The Law of Substitution

* The Law of Indifference

* All of the above
5. Which of the following is not an economic good?

* T.V set

* Sunshine

* Today’s newspaper

* Book

6. The Elasticity of Demand for Necessities is always

* More than one

* Less than one

* Equal to Left Upward

* Left to Right downward
7. A demand curve always slopes from

* Left to Right

* Right to Left

* Right to left Upward

* Left to Right Downward
8. A firm is in equilibrium when

* MC = MR

* MC cuts MR curve from below

* AR = AC

* Both MC = MR and MC = MR curve from below
9. Macroeconomics is the study of

* Individuals units of the economy

* Agregates and average of the economy

* Individual units, aggregates and average of the economy

* None of the above
10. In Inflation

* Price rises

* Purchasing power decrease

* Poor become poorer

* All of the above
11. Money performs the functions as

* Medium of exchange

* Store of Value

* Standard of deferred payments

* All of the above
12. GNP is the sum total of

* All goods produced

* All goods and services produced

* All goods and services consumed

* All final goods and services produced in a year
13. Balance of payments includes

* Visible goods only

* Invisible goods only

* Visible and invisible items both

* None of the above
14. Which one is not a direct tax?

* Income Tax

* Sales Tax

* Property Tax

* Wealth Tax
15. When the economic activities are at their peak, it is called

* Boom

* Recession

* Depression

* Recovery
Q.2 (a). Differentiate between theoritical and applied economics discuss the relationship between the two.

Q.2 (b). Economics is positive science discuss the special the special reference of Robbins point of views.
Q.3. What are the method of measuring the elasticity of demand, explain diagrammatically?
Q.4. Explain the characteristics of perfect competition and explain with the help of diagrams the equilibrium of a firm under perfect competition and explain with the help of diagrams the equilibrium of a firm under perfect competition in the short run?
Q.5. Explain the Law of Diminishing Marginal Utility with the help of a schedule and a diagram mention the main assumptions of the Laws of diminishing marginal utility?
Q.6. What are the merits and demerits of large scale production?
Q.7. What is meant by production of wealth? Explain the relative importance of the factor of production.
Q.8. Write notes on the following

* Differentiation stock and supply

* Fixed cost and Variable cost

* Factor of efficiency of capital

* Marginal Productivity theory of Distribution

Section “B” (Macro Economics)

Q.9. Explain the various concepts of national income and explain the advantages of the study of National Income?
Q.10. What do you understand by the value of money? And explain the quantity theory of money and critically examine the quantity theory of money?
Q.11. Differentiate between domestic trade and international trade, write down the advantages and disadvantages of international trade.
Q.12. Write notes on any two of the following.

* Phases of a Business Cycle

* Causes of Inflation

* Fishers equation of exchange

* Problem of Barter System

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