IMPORTANT QUESTIONS

ECONOMICS -I
LONG ANSWER QUESTIONS
1.Explain the Law of Diminishing marginal utility with its limitations
2.Explain the Law of Consumers equilibrium using Indifference curve analysis
3.Explain the Law of variable proportions
4.What are the features of Perfect market and Explain the price determination under
perfect market
5.How the price is determined under Imperfect market or Monopoly market
6.Describe the various methods for calculating National income
7.Explain the Keynesiaa theory of employment

ADDITIONAL QUESTIONS
1.Explain the Law of returns to scale
2.Explain the Law of Equi marginal utility

SHORT ANSWER QUESTIONS

1.Examine the Scarcity definition of economics
2.Explain the characteristics of Human wants
3.Define Utility with its types
4.Define Micro and Macro and Distinguish between Micro and Macro Economics
5.Explain the concept of Indifference curve with its properties
6.Explain the concept of Indifference curve with its assumptions
7.What are the factors that determine the demand
8.Explain the Law of Demand
9.Explain exceptions to the Law of Demand
10.Explain the reasons for negative sloping demand curve
11.Define Price elasticity of demand with its types
12.What are Internal economies of scale
13.Explain the factors that determine the Supply and Law of Supply
14.Define AC and MC Explain the relationship between AC and MC
15.Explain the classification of markets
16.What are the characteristics of Monopolistic market
17.Define Oligopoly with its features
18.Compare perfect market and monopoly
19.What are the factors that determine the Real wage
20.Explain the Ricardo theory of economic rent
21.Write the definition of National income
22.Explain the factors that determine the National income
23.Explain the sources of public revenue
24.List out the items of Public expenditure
25.What are the various of redemption public debt
26.Explain the criticism against classical theory of employment
27.”Supply creates its own demand” Discuss
28.Analyse the central and state financial relations in India
29.What is Barter system with its difficulties
30.Explain the primary and secondary functions money
31.Explain the types of Inflation
32.What are the causes and measures of Inflation
33.Explain the Effects of Inflation
34.Explain the functions of RBI
35.What is Statistics and explain its relationship with economics
36.Calculate Mean or Median for the following data

Wage 10 20 30 40 50 60 70 80 90
s

Worke 5 8 12 20 30 16 10 7 8
rs

ADDITIONAL QUESTIONS
1.Explain the Growth oriented definition of economics
2.Explain the importance of Price elasticity of demand
3.Explain the various types of costs
4.Explain the Revenue curves under different markets
5.Explain the concepts of Interest and Profit
6.Explain the difference between GNP at market price and GNP at factor price
7.Merits and demerits of Arithmetic mean

VERY SHORT ANSWERS

1.What is Price
2.What is Wealth
3.What is Micro or Macro economics
4.What is Positive and Normative economics
5.Explain the Consumer goods
6.Explain the Capital goods
7.What are Free and Economic goods
8.What is Income concept
9.Define Utility
10. Explain Cardinal and Ordinal utility
11.Draw the Indifference map
12.What is Price line or Budget line
13.Explain Marginal rate of substitution
14.What is demand function
15. What is Income demand
16.Explain Giffen's paradox
17.What is Cross demand
18.What are the types of Price elasticity of demand
19.Explain Cross elasticity of demand
20.Explain the characteristics of Land
21.What is Division of labour
22.Define the production function
23.Explain the classification of factors of production
24.Explain the External economies
25.Define the Supply function
26.What is an Opportunity cost?
27.Explain the AR and MR
28.Define Market
29.Define Oligopoly and Duopoly
30.What are the selling costs?
31.What is contract rent
32.What is Net interest
33.What is Gross profit
34.What is National income and Real per capita income
35.What is Personal income
36.What are transfer payments give examples
37.Expand CSO what is its responsibility
38.Explain the concept of GNP
39.What is Disposable income
40.What is Depreciation
41.What is Federal finance
42.What is Budget
43.Write in brief about GST
44.What do you mean by Wage cut policy
45.What is fiscal or Primary deficit
46.What are the uses of Overdraft
47.What is currency
48.What is Clearance house
49.What is Net banking Explain its merits
50.What is Demand pull and Cost push inflation
51.What is Pie diagram
52.Explain the concept of Mode
53.Compute the Median for the following data
5,7,7,8,9,10,12,15,and 21
54.Find the Mode from the following data
380,430,480,480,480,520,590,600,600
55.Compute the Mean for the following data
16,24,10,6,4