Thursday , 31 July 2014

Short Answer Questions for Principle of Economics I.Com Part 1

Short Answer Questions for Principle of Economics I.Com Part 1

Write any four characteristics of economic laws
What is meant by saturation point?
Define point elasticity
What is meant by long-period supply?
What is meant by equilibrium price?
Define the law of increasing returns
What is meant by internal economies of scale?
Define the variable cost
What is meant by the short period?
Difference between margin utility and margin benefit
What is market price? Explain
What is deflation?
Define the concept of monopoly
Define pure competition
Elaborate Gross National product
Write methods of measurement of National Income
What is meant by per capita income?
What is meant by terms of trade (TOT)?
What is meant by balance of trade (BOT)?
Distinguish between public and private finance
What do you mean by organization
What is the difference between national and international trade?
What is meant by balance of payments (BOP)?
What is the difference between nominal and real wages?
What is meant by depression?
Define Economic Laws
Which are the four sectors of economy, according to Adam Smith?
What is the consumer’s equilibrium under the utility approach?
Explain the negative scope of demand curve
What is meant by stock?
Define the long-run
What are opportunity costs?
Define average revenues
Explain total cost and marginal cost
Explain law of diminishing cost (return)
Average revenue = marginal revenue in perfect competition, explain
Explain marginal revenue under monopoly
Describe the assumptions of law of diminishing return
What is land?
What is wage?
Define marginal productivity theory
Write definition of money
Defile trade cycle
What is meant by international trade?
Define inflation
Write four effects of inflation
What is meant by deficit budget?
What is meant by tax?
Define Economics according to Adam Smith
Write the four characteristics of Robbin’s definition of Economics
Differentiate between the positive science and normative science
Write the definition of Law of Supply
On which goods the law of demand is not applicable
Write down the definition of Law of Diminishing Marginal Utility
Define the Marginal Revenue
What is meant by law of decreasing cost?
Define labor
What is meant by total revenue?
What is meant by net national product?
Define disposable personal income
Write two factors of national income
What is meant by inflation and deflation?
Write drawbacks of Barter System
Explain personal income
Explain psychological theory of trade cycle
Explain Bill of Exchange
Explain International Specialization
Define paper money
What is meant by Science?
Define consumer goods
What is meant by Law of Demand?
Write three assumptions of Law of Supply
What is Scarcity?
What is Total Utility?
Write four characteristics of labor
Define point elasticity of demand
Write two causes of rise and fall in demand
Define gross domestic product
What is meant by Macro Economics?
Explain cost push inflation
Write two assumptions of the quantity theory of money
What is meant by Zakat?
Define progressive tax
Write four limitations of law of equi-marginal utility.
Differentiate between Supply and Stock
Write two limitations (exceptions) of Law of Supply
What is mean by elasticity of supply less than unity?
What is meant by market equilibrium?
When a firm is in equilibrium
What is meant by derived demand?
What is meant by marginal revenue product?
What is meant by transfer payments?
What is meant by multiplier?
Write two characteristics of trade cycle
Write four points for the importance of Zakat
Write the four parts of Adam Smith’s book “Wealth of Nation”
What is meant by demand?
State the meaning of supply
Differentiate between utility and usefulness
What is meant by factors of production?
What is meant by productivity of labor?
What is meant by firm?
State the meaning of fixed cost
What is meant by normal profit?
What is meant by metallic money?
Explain limited legal tender money
Write Adam Smith’s definition of Economics
Write four causes of change in demand curve
What is joint supply?
What is meant by Equilibrium Quantity?
Define law of constant return
Write two assumptions of marginal productivity theory.
What is meant by in-convertible paper money?
Define accelerator.
What do you mean by Arc Elasticity?
Define average revenue and write its formula.
Define equilibrium of industry under perfect competition.
State four functions of entrepreneur.
What is meant by Barter System?
What is meant by Boom Phase of trade cycle?
Define imports.
Define exchange rate.
Explain deductive method.
Define average product.
Define perfect competition.
Define capital.
State Prof. Marshall’s definition of National Income
Describe total expenditure method of measuring National Income.
Define draft
What is the effect of inflation on salaried persons?
Short Answer Questions for Principle of Economics I.Com Part 1 Write any four characteristics of economic laws View What is meant by saturation point? View Define point elasticity View What is meant by long-period supply? View What is meant by equilibrium price? View Define the law of increasing returns View What is meant by internal economies of scale? View Define the variable cost View What is meant by the short period? View Difference between margin utility and margin benefit View What is market price? Explain View What is deflation? View Define the concept of monopoly View Define pure competition View…

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