Micro Economics 131 Spring 2007

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

 

Q.No.1

Discuss marginal utility and law of diminishing marginal utility along with schedule & graph.                                                                                                                                          

Q.No.2                                   

What is importance of international trade? What is its impact on economy of any country? Discuss briefly.                                                                                                                                 

 

Q.No.3                                   

What is indifference curve also describe law of substitution?                                                                                                                                                                                                                      

Q.No.4                                   

Discuss economies and diseconomies of scale.                                                                                                                                                                                                                     

Q.No.5

Discuss wage rate determination under perfect competition.                                                            

 

Q.No.6

Describe socialism and its characteristics.                                                                                                                                                                                                                 

 

Q.No.7                                                                                                                                               

Describe price elasticity of demand and its categories.                                                                                                                                                                                                                     

Q.No.8

Write note on any two of the following:

1. Mixed economy

2. Flexible exchange rate

3. IMF

 



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