ALLAMA IQBAL OPEN UNIVERSITY
Level: Bachelor: Spring 2007
Paper: Micro Economics (Code 131) Maximum marks: 100
Time allowed: 3 Hours Pass marks: 40
Note: ATTEMPT ANY FIVE QUESTIONS. ALL QUESTIONS CARRY EQUAL MARKS
Discuss marginal utility and law of diminishing marginal utility along with schedule & graph.
What is importance of international trade? What is its impact on economy of any country? Discuss briefly.
What is indifference curve also describe law of substitution?
Discuss economies and diseconomies of scale.
Discuss wage rate determination under perfect competition.
Describe socialism and its characteristics.
Describe price elasticity of demand and its categories.
Write note on any two of the following:
1. Mixed economy
2. Flexible exchange rate
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