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ECONOMICS- IMPORTANT QUESTION BANK
A consumer wants to consume 2 goods. The price of Bananas is `4 and the price of Mangoes is `’5. The consumer income is `20. (a) How much bananas can she consume, if entire income is spent on this good? (b) How much mangoes can she consume, if entire income is spent on this good? (c) Is the slope of the budget line downward or upward?
Briefly explain the functions of RBI.
What are the differences between cardinal and ordinal approaches to utility analysis?
Explain consumption and investment function with the help of graphs.
Explain the short run equilibrium of a monopolist firm, when the cost of production is positive by using TR & TC curves with the help of a diagram.
Write a note on balance of payment.
Explain the circular flow of income of an economy.
Briefly explain in what way Macro Economics is different from Micro Economics
Explain the Laws of Returns to scale.
‘Scarcity is the root of all economic problems.’ Explain the statement.
Explain the isoquant with the help of the diagram
What is monopolistic and perfect competition? Explain the features of perfect competition.
Briefly explain the central problems of an economy.
Explain the role of public expenditure as an instrument of fiscal policy.
Suppose demand and supply curves of wheat are as follows: qd = 200 – p and qs = 120 + p.(a) Find the equilibrium price.(b) Find the equilibrium quantity of demand and supply.(c) Find the quantity of demand and supply when p > equilibrium price.(d) Find the quantity of demand and supply when p < equilibrium price.
Explain the LDMU with the help of a table and diagram.
Explain the derivation of slope of the budget line.
Define microeconomic? Explain the various limitations of micro economics.
Explain the monetary policy of RBI.
Explain the classification of Price Elasticity of Supply with the help of diagrams.
What is Income Elasticity of Demand? Calculate the income elasticity of demand when income of a consumer increases from Rs. 10,000 to 12,000 and demand for rice increases from 30 to 40 kgs.
Explain the law of diminishing marginal utility.
Describe the instruments of fiscal policy.
Write any 5 properties of indifference curves.
Discuss various methods of measurement of national income.
Explain the theories of determination of exchange rate