Micro Economics 131 Spring 2008

ALLAMA IQBAL OPEN UNIVERSITY

Level: Bachelor: Spring 2008

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           

What are the distinguishing economic characteristics of centrally planned and market economics? Why most governments are now relying on market system?

 

Q.No.2           

Distinguish marginal utility and Law of diminishing marginal utility.

 

Q.No.3           

Discuss utility of internal trade.

 

Q.No.4           

Differentiate among:

            (i) Inferior goods

            (ii) Geffen goods

            (iii) Complementary goods

 

Q.No.5           

Why cost curves are always U shaped both in the short and long run?

 

Q.No.6           

What are the distinguishing characteristics of socialism and capitalism? Describe.

 

Q.No.7           

Describe price elasticity of demand and its categories.

 

Q.No.8           

Write short notes on the following:

            (i) Price discrimination

            (ii) Opportunity Cost

 



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