intermediate economics first year important questions prepared by Mr. Harish Sharma
JUNIOR INTERMEDIATE ECONOMICS IMPORTANT QUESTIONS
1. What is Micro and Macro Economics? Distinguish between Micro and Macro economics.
2. Explain the law of diminishing Marginal utility with the help of table and diagram.
3. What is consumer’s equilibrium? Explain the law of equi-marginal utility with the help of diagram.
4. Explain the law of demand and give some exceptions to law.
5. What are the methods of measure price elasticity of demand?
6. Explain the Consumer’s equilibrium with the indifference curves.
7. Explain the law of diminishing returns / variable proportions with the help of table and diagram.
8. Explain the law of returns to scale and mention the reasons for different returns.
9. What is perfect competition? How the price is determined under perfect completion?
10. What is Monopoly? How does a monopolist fix price for his product?
11. What is National Income. Explain the various methods of calculating National Income.
12. Explain the various concepts of National Income.
13. Explain Keynesian Theory of Employment.
14. What are the functions of Central bank / RBI?
15. Explain the long run and short run equilibrium of a film under perfect completion with help of diagram.
1. Robbins Scarcity Definition.
2. Samuelson Growth Definition
3. Consumer goods and capital goods.
4. Charactristic features of wants.
5. Curcular flow of Income.
6. Kinds of Utility.
7. Mehtods of economic investigation (Inductive, Deductive)
8. Partial equilibrium and General Equilibrium.
9. Factors determine demand.
10. Why demand curve slopes downwards from left to right?
11. Income demand, cross demand.
12. Kinds in price elasticity of demand
13. Factors determine elasticity of demand.
14. Importance of Elasticity of demand.
15. Properties of Indifference curves.
16. Large scale economies (Internal, external)
17. Factors determine supply and explain law of supply.
18. Fixed costs, variable costs
19. Relation between average cost and Marginal cost with the help of diagram.
20. Classification of Market
21. Importance of Time element in price.
22. Price discrimination.
23. Differences between perfect competition and monopoly.
24. Features of Monopolistic competition.
25. Oligopoly and methods of Oligopoly.
26. Classification of Rent
27. Factors determine Real wage
28. Marginal productivity theory
29. Gross Interest, Net Interest
30. Components of Net Profits
31. Factors determine National income.
32. Components of National income.
33. Wage cut Policy.
34. ‘Supply creates its own Demand’. Comment on this statement.
35. Sources of Public Revenue.
36. Methods of the redemption of public debt.
37. Difference between Balance of Trade and Balance of payments.
38. Difficulties of barter system.
39. Reasons or importance of International trade.
40. Functions of money
41. Functions of Commercial Banks
42. Causes of Inflation
1. Intermediary goods 2. Wealth
3. Value in Exchange 4. Price
5. Choice problem 6. Alternative uses
7. Cardinal utility 8. Ordinal utility
9. Consumers equilibrium 10. Demand function
11. Income and cross elasticity of demand
12. ISO utility curve 13. Marginal rate of substitution
14. Production function
15. Fixed and variable factor 16. Average and marginal revenue
17. Dis- economies
18. Supply function 19. Real cost
20. Opportunity cost
21. Average and marginal cost 22. Duopoly
23. Selling cost 24. Price Discrimination
25. Contract Rent 26. Quasi Rent
27. Scarcity rent 28. Transfer earnings
29. GNP and MNP 30. Per capital income
31. Disposable income 32. Laissez faire
33. Market Mechanism 34. Revenue account
35. Capital account 36. Deficit budget
37. Fiscal deficit budget 38. Invisible item
39. Visible items 40. Liquidity
41. Near Money 42. Legal tender money
43. Cash credit 44. Overdraft
45. Inflation rate 46. Hyper Inflation