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Important Long Questions

I.Com Part 1
Principle Of Economics
1. “Economics is the science of wealth”, discuss.

2. Explain the nature and characteristics of economic laws.

3. Describe the meaning of labor and also describe the importance and
characteristics of labor.

4. Define inflation and write disadvantages of inflation.

5. Write cannons of taxation.

6. Explain merits and demerits of Marshall’s definition of Economics.

7. Define elasticity of supply. Elaborate the methods to measure

elasticity of supply.

8. What is meant by monopoly? How is price and quantity of output

determined under monopoly?

9. Describe reasons of inflation.

10. Describe the reasons of deficit in balance of payments.

11. Explain the concepts of point and arc elasticity of demand.

12. What is meant by market equilibrium? Explain it of a table and a

diagram.

13. Derive the long run marginal cost curve.

14. Define national income. Explain circular flow income by diagram.

15. Describe the differences between national and trade.

16. Write the definition of economics by Robbins and explain its merits
and demerits.

17. Describe the law of demand, explain it with the help of table and
diagram. Also describe the assumptions and exceptions of this law.

18. Explain the law of constant return with the help of schedule and
diagram.

19. Explain the circular flow of national income with the help of model.

20. Explain the causes of deficit in balance of payment.

21. Is economics a science or an art? Prove with argument.

22. Write different causes of change in supply.

23. What is meant by monopoly? How is price and quantity of output

determined under monopoly?

24. Explain the quantity theory of money.

25. State sources of public revenue.

26. Compare the definitions of Economics of Prof. Marshall and Prof.

Robbins.

27. Explain the expenditure method for measurement of elasticity of

demand.

28. Write characteristics of land.

29. Explain The functions of money.

30. What are differences and similarities between public finance and
private finance?