Principles of Economics Short Guess Papers 2017
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Frequently Asked Questions (2012 to 2016)
Most Important Short Questions Variations 2017
Define law of demand. OR Write four assumptions of law of demand.
Define micro economics.
Write down the definition of Economics accolrding to Adam Smith. OR In how many parts Adam Smith has divide his book wealth Of Nations. OR Write four important aspects of Adam Smith’s definition.
What is meant by accelerator?
Differentiate between Extension and Contraction of Supply.
What do you mean by Arc Elasticity?
Define the Equilibrium Price.
State law of supply. OR Write four assumptions of Law of Supply.
Define Average Revenue and write its formula. OR Why marginal revenue is equal to average revenue in situation of perfect competition. OR Why marginal revenue curve lies below the average revenue curve of a monopolist firm. OR Draw average revenue and marginal revenue curves under perfect competition. OR Draw average revenue curve under monopoly. OR Draw marginal revenue and average revenue curves under monopoly. OR State the relationship between average revenue and marginal revenue under perfect competition.
Define Law of Increasing Returns. OR Write assumptions of law of increasing returns.
What is meant by long/short run period? Differentiate between short-run and long-run marginal cost curves.
What is monopoly? OR Why the slope of demand curve under monopoly is negative? OR Make a diagram showing abnormal profit of a firm under monopoly. OR Write necessary and sufficient conditions f6r firm’s eqUiIibrium under monopoly. OR Draw AR and MR curves under monopoly.
When a firm is in equilibrium. OR What is meant by market equilibrium? OR What is meant by equilibrium of an industry? OR State condition of equilibrium of a firm under perfect competition in the short run. OR What is meant by equilibrium of industry under perfect competition? OR Write conditions of firm’s equilibrium under perfect competition.
Define marginal productivity theory. OR Who presented the marginal productivity theory? OR Write the four assumptions of marginal productivity theory
What is meant by marginal product?
State the meaning of labour. OR What is meant by the efficiency of labor? OR Write four obstacles to mobility of labour.
State four functions of entrepreneur.
Define gross national product:
What is meant by transfer payments?
What is meant by Barter System? OR Write four difficulties of barter system
Define token money.
What is trade cycle? OR Write names of phases of trade cycle. OR What is meant by Boom Phase of trade cycle? OR Describe any two characteristics of the phase of boom of a trade cycle. OR Write four characteristics of trade cycles. OR Describe Innovation theory of trade cycles.
Define Exchange Rate.
What is meant by public finance? OR Define private finance. OR Write two differences between public finance and private finance.
Describe the concept of Zakat. OR Write deservers of Zakat.
What is meant by indirect tax and direct tax? OR What is meant by progressive tax? OR Write four kinds of tax. OR What is meant by income tax? OR Define connon of convenience for taxation. OR What is meant by regressive tax?
State any two differences between Zakat and Tax.
Define deductive method of economic law making.
What is meant by Recovery or Revival?
Write four limitations of Law of Marginal Diminishing Utility.
Differentiate between stock and supply.
What is meant by cross elasticity?
Differentiate between rise and fall in demand.
What is meant by market price?
Define average product.
What is meant by law of decreasing return
What is meant by normal profit? OR When does a firm under perfect competition earns normal profit? OR Make a diagram showing normal profit under perfect competition.
Write the four conditions of perfect competition. OR Make a diagram showing abnormal profit of a firm under perfect competition. OR How firms enter under perfect competition. OR Differentiate between pure competition and perfect competition. OR Why slope of demand curve under perfect competition is zero? OR Write assumptions of perfect competition.
Define marginal revenue. OR Explain the concept of marginal revenue product.
Define national income in the words of Prof Marshall.
Define national income. OR Describe total expenditure method of measuring National Income. OR Write ways to measure the National Income. OR Describe income method of national income accounting. OR What is meant by circular flow of National Income? OR Differentiate between real National Income and Nominal National income.
Define inflation. OR Define deflation. OR Write two measures to control inflation. OR What is the effect of inflation on salaried persons? OR Write any four reasons of inflation. OR Write drawbacks of deflation. OR Describe the concept of inflation.
What is meant by balance of payments? OR What is meant by current account of balance of payments? OR Write four measures to correct balance of payments. OR Write any four steps to improve balance of payments.
State four sources of public revenue. OR Write four main sources of public revenue.
Write definition of Economics as given by Robbins. OR Which four facts of life has tell Robbins made basis of his definition of economics. OR Write Bobbin’s definition of economics.
Define law of diminishing returns. OR Write four assumptions of law of diminishing marginal utility. OR Write two limitations of law of diminishing Marginal Utility.
Define complementary goods.
Why has demand curve negative slope? OR Why demand curve has negative slope Give two reasons.
Define elasticity of demand. OR What is meant by infinite elasticity of demand? OR What is meant by zero elasticity of demand? OR What is meant by income elasitcity of demand? OR Write two determinants of elasticity of demand. OR OR Define point elasticity of demand.
Describe four determinants of the changes in supply.
What are perishable goods?
What is meant by Capital? OR What is meant by per capita income?
Write four characteristics of land. OR Enumerate factors that increase productivity of land.
What is meant by law of constant cost?
What is meant by total revenue?
What is meant by implicit cost?
What is derived demand?
What is meant by per capita income?
What is meant by money? OR Write four functions of money. OR Define money in the words of Prof Walker. OR What is meant by Paper Money? OR What is meant by convertible paper money? OR What is meant by metallic money? OR Explain standard metallic money. OR Write four merits of paper money. OR What is meant by near money?
Write four main items of public expenditure. OR Write four heads of public expenditures.
What is meant by positive science? OR Differentiate between positive and normative science.
Writ four characteristics of economic laws, OR Economic laws are conditional, why.
What are economic wants?
What is market supply?
Distinguish between fall and contraction of demand.
What is meant by law of decreasing cost?
What is meant by average fixed cost?
Explain the Meaning of Net National Product. OR Define Gross Domestic Product (GDP)
What is subsidy?
What is meant by multiplier?
What is meant by surplus budget?
Define positive economics with an example.
What is meant by zero utility?
Write four limitations of law of equi-marginal utility.
Differentiate between supply and stock.
Define elasticity of supply. OR What is meant by infinite elasticity of supply? OR Write the formula of measurement of elasticity of supply. OR What is meant by elasticity of supply less than unity? OR Express practical importance of the elasticity of supply.
What is meant by joint supply?
Differentiate between fixed and variable costs.
Define marginal costs.
Write assumptions of monopolist firm. OR When a Monopolist Firm lower down the price of its commodity?
Write the difference between personal income and disposable personal income.
What is meant by International Trade? OR Write any four draw backs of International Trade. OR What !is the difference between domestic and international trade? OR Write four benefits of international trade. OR Differentiate between national and international trade.
What is meant by economic problems?
What is total utility? OR State the relationship between total utility and marginal utility. OR What is difference between utility and satisfaction?
What is meant by consumer’s point of satiation?
Write four assumptions of law of dealand.
What is the tendency of supply curve?
State the meaning of normal price.
What is meant by a firm? OR What is meant by the costs of production of a firm?
What are variable cost of production?
What is meant by short run period?
What is meant by depreciation expenditures? OR What is meant by depreciation allowance?
What is meant by consumer’s point of satiation? OR What is meant by Consumer Behaviour?
What is meant by demand? OR What is meant by composite demand? OR What is meant by the term Change in Demand?
What is meant by the law of increasing costs?
Write down the types of supply in view of time period.
What is meant by abnormal profit?
Write four advantages of the study of Economics.
Define giffen goods.
Define long period supply.
Define supply. OR What is meant by fall in supply? OR Write four reasons of change in supply. OR Express practical importance of the idasticity of supply. OR What is extension and contraction of supply?
Enumerate two assumptions of competitive market.
What is meant by total product?
What is meant by Short period? OR What is short period price? OR What is meant by short period?
Explain the meaning of Gross Domestic Product (GDP).
What is meant by the balance of trade?
What are the obiectives of the establishment of International Monetary Fund?
What is difference between utility and satisfaction?
What is meant by marginal utility? OR What is meant by law of equal marginal utility?
What is meant by reserve price?
What is the relationship between average cost and marginal cost?
Write conditions of pure competition.
What is meant by macro economics?
State meaning of variable costs.
What is meant by variable factor of production? OR Write the names of two kinds of costs of production.
What is meant by bank rate?
What is meant by protection policy?
What is meant by custom duty?
What is point of satiety.
What are visible goods?
What is meant by initial utility?
What is meant by entrepreneur?
What is meant by bill of exchange?