Part A: Basic Concepts of Economic
1. Nature of Economics
Long Answer Questions
- Critically explain Adam Smith’s definition of economics. [10]
- Critically explain the Marshall’s definition of economics. [10]
- Critically explain the Robbin’s definition of economics. [10]
- Distinguish between microeconomics and macroeconomics. Explain the importance of microeconomics. [5+5=10]
- Critically explain the Marshallian definition of Economics. [10]
- What is economic development? What are the characteristics of under-developed countries? [10]
- Compare Marshall’s definition of economics with that of Robbins.
- Define micro and macroeconomics. Discuss the importance of economic analysis in policy formulation. [5+5=10]
- Describe the subject matter of economics. [10]
- Distinguish between micro and macroeconomics. [10]
- Explain the Marshall’s definition of economics. [10]
Short Answer Questions
- Explain Marshall’s definition of Economics. [5]
- Discuss the main points of Marshall’s definition of economics. [5]
- What is micro economics and macro economics? [5]
- Explain about the subject matter of Economics. [5]
- Explain the concept of micro-economics. [5]
- Distinguish between positive and normative economics. [5]
Very Short Answer Questions
- What do you mean by Economics? [2]
- What is the definition of economics as given by Adam Smith? [2]
- What is definition of Economics as given by Marshall? [2]
- Name the economist who defined Economics in term of scarcity and choice. [2]
- What is the subject matter of economics as given by Robbins? [2]
- What is the definition of economics as given by Robbins? [2]
- What is the name of book written by Robbins? [2]
- Define Microeconomics. [2]
- Mention uses (importance) of microeconomics. [2]
- Define Macroeconomics. [2]
- Mention uses (importance) of macroeconomics. [2]
- Define normative and positive economics. [2]
2. Basic Concepts and Issues of Economics
Long Answer Questions
- What is production possibility curve? Explain it with the help of a table and diagram. [10]
- Explain the concept of production possibility curve. [10]
- Explain the concept of production curve. Why does it expand outwards? [10]
- What do you understand by allocation of resource? Describe the production possibility curve graphically. [10]
Short Answer Questions
- What is allocation of resources? [5]
- What is scarcity? [5]
- What are the characteristics of capital? [5]
- What is production possibility curve? [5]
- Define Gross Domestic Product and Gross National Product. [5]
- Explain the characteristics of land. [5]
- Write short note on scarcity and choice. [5]
- Distinguish between Gross Domestic Product (GDP) and Gross National Product (GNP). [5]
- Explain the concept of scarcity and choice. [5]
Note: Basic Concepts and Issues of Economics’s chapter’s all the questions are not written in this post for more questions of this chapter please visit another post. Thank You.