Principles of Economics Long Guess Papers 2017
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Frequently Asked Questions (2012 to 2016)
Most Important Long Questions Variations 2017
Highlight scope of economics in detail.
Explain the law of diminishing marginal utility wiith table and diagram.
Explain the rise and fall of supply. OR Write different causes of change in supply. OR Explain contraction and extension of supply with the help of diagram. OR Define elasticity of supply. Elaborate the methods to measure elasticity of supply.
Write characteristics of land. OR Explain the characteristics of labour. OR Explain land and labour as a factor of production. OR Describe the meaning of labour and also describe the importance and characteristics of labour.
Define money. Explain its functions. OR What is meant by Quantity Theory of Money? Explain it.
Explain the difference between Zakat and Tax. OR Describe the “Canons of Taxation”.
Explain the law of equi marginal utility with the help of table and diagram.
Explain Law of Demand and also explain its exceptions. OR Describe the law of demand explain it with the help of table and diagram. Also describe the assumptions and exceptions of this law.
Define the Trade Cycle. Discuss its characteristics in detail. OR Describe the differences between national and trade. OR Criticise the classical theory of international trade. OR Describe the differences between national and international trade
What is meant by elasticity of demand? How is it measured? OR Measure elasticity of demand by using total expenditure method. Moreover draw its schedules and diagrams. OR Explain the expenditure method for measurement of elasticity of demand. OR Express arc elasticity of demand and point elasticity of demand. OR Explain the concepts of point and arc elasticity of demand. OR Describe only two methods of elasticity of demand.
Define national income. Explain circular flow of national income by diagram. OR Explain various concepts of national income. OR Discuss the resources of income of government. OR Explain the methods of measuring national income.
Is economics a science or an art? Prove with orgument. OR “Economics is the science of wealth” discuss. OR Economics is the science of unlimited wants and limited means. Discuss.
Explain firm’s equilibrium under monopoly. OR Discuss equilibrium of a Monopolist firm with the help of diagram. OR Explain the firm’s equilibrium in short-run under perfect competition. OR What is meant by market equilibrium? Explain it with the help of a table and a diagram.
Explain the nature and characteristics of economic laws.
Explain the law of decreasing return with the help of schedule and diagram.
Define inflation and write disadvantages of inflation. OR Write reasons of deflation. OR Describe reasons of inflation. OR Suggest measures to control deflation.
State sources of public revenue.
What is meant by monopoly? How is price and quanitity of output determined under monopoly?
Explain the law of constant return with the help of schedule and diagram.
Compare the definitions of Economics of Prof. Marshall and Prof. Robbins. OR Explain merits and demerits of Marshall’s definition of Economics.
Write the definition of economics by Robbins and explain its merits and demerits.
Describe the reasons of deficit in balance of payments. OR Describe causes of adverse balance of payments.
Derive the long run marginal cost curve.
What are differences and similarities between public finance and private finance?
Explain marginal productivity theory with schedule and diagram.
Describe the relationship between average cost and marginal cost of a firm.