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QUESTIONS
Chapter 1 : Introduction to Economics
1) What is the importance of scarcity and choice in economics?
2) Distinguish between micro and macro economics.
3) How are economic theory and policy related?
4) State the importance of the Production Possibility Curve.
Chapter 2 : Demand, Supply and Elasticity
1) What is demand schedule and demand curve?
2) Explain the law of demand.
3) Bring out the difference between change in quantity demanded and a change in demand?
4) Explain the various kinds of elasticity of supply.
Chapter 3 : Macro Aggregates, Unemployment and Inflation
1) How is national income measured?
2) Distinguish between
i) NNI-GNI
ii) National Income at Market Price and Factor Cost
iii) Personal and Disposable income.
3) Discuss the methods of calculating national income, pointing out the deficiencies of each method.
4) Discuss the various types of unemployment.
5) Explain what is inflation.
Chapter 4 : Aggregate Demand and Aggregate Supply
1) Explain the unusual nature of the aggregate demand curve and general price level.
2) What are the three effects resulting from a change in the price on the aggregate demand?
3) Explain the two phases in an Aggregate Supply curve.
4) Differentiate between long run and short run supply.
Chapter 5 : Output-Employment Theories
1) What is Say’s Law of markets?
2) Explain the role of effective demand in maintaining high level of employment.
3) Bring out importance of the multiplier.
Chapter 6 : Money and Banking
1) What is the advantage of holding money as a paper currency over other kinds of wealth?
2) Explain the functions of money.
3) Explain the process of credit creation with the help of a numeric example.
4) Discuss how a central bank plays the role of a banker’s bank?
Chapter 7 : Fiscal and Monetary Policy
1) What is the role of fiscal policy in the modern economy?
2) Explain balance, surplus and deficit budgets.
3) Bring out relative importance of fiscal and monetary policies.
Chapter 8 : Theory of the Consumer
1) Explain the terms Utility, Marginal Utility and Equimarginal Utility.
2) How does a consumer attain equilibrium?
3) Illustrate and explain Consumers’ surplus.
Chapter 9 : Equilibrium of a Firm
1) How do returns of a firm behave?
2) What are the different types of cost you have studied?
3) Distinguish between
i) Fixed and Variable factors
ii) Average and Marginal Cost
Chapter 10 : Perfect Competition
1) Explain the features of competition.
2) Discuss
i) Uniform price
ii) Normal profit
3) What is equilibrium? How do firms attain equilibrium?
4) What is the equilibrium of an industry?
5) What is the effect of shifts in the demand and supply curves?
6) Discuss the types of equilibrium.
7) How can one construct a market demand curve and a market supply curve?
Chapter 11 : Monopoly
1) Discuss the features and limits of monopoly.
2) Which are the factors that give rise to monopoly?
3) Explain the term Monopoly Equilibrium.
4) Can a monopolistic situation adversely affect the market? Give reasons for your opinion.
Chapter 12 : Oligopoly Market
1) What is Oligopoly?
2) Explain the nature and importance of the Kinked demand curve.
3) Discuss Oligopoly equilibrium.
4) A cartel exploits consumers. Elucidate.
Chapter 13 : Monopolistic Competition
1) To what extent can market imperfections reduce economic welfare?
2) Write a brief note on each of the features of monopolistic competition.
3) Chamberlin made certain assumptions to explain equilibrium under monopolistic competition. Which are these? Write a brief account of these assumptions?
4) Give an account of
i) Equilibrium and Profits
ii) Long run Normal Profits
Chapter 14 : Labor Market
1) Explain the marginal productivity theory of demand for labor.
2) What is the nature of labor supply?
3) What are the effects of monopsony?
4) Compare and differentiate between monopsony and monopoly.
Chapter 15 : Capital Market
1) Explain the nature of capital. How is capital formed?
2) How is the equilibrium rate of interest determined?
3) What is discounting or present valuation?
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