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ECONOMICS MAJOR-1 PRINCIPLES OF ECONOMICS. MOST IMPORTANT QUESTIONS FOR EXAMINATION. 16 MARKS.

  1. Critically explain the wealth definition of economics.
  2. Critically examine the welfare definition of economics.
  3. Critically examine the scarcity definition of economics.
  4. Explain the nature and scope of economics.
  5. What is capitalism? explain the merits and defects of Capitalism.
  6. Explain features, merits and defects of mixed economy.
  7. Define Cost? explain its concepts.
  8. Explain the Law of diminishing marginal utility.
  9. What is an Indifference Curve? Explain the Properties of Indifference Curves.
  10. Explain the Consumer’s equilibrium with the help of indifference curve.
  11. Explain the law of Equi- Marginal utility.
  12. Explain the law of variable proportion.
  13. Explain the features of perfect competition.
  14. What is Monopolistic competition?
  15. Critically examine the Ricardian theory of rent.
  16. Analyse Loanable fund theory of interest.
  17. Explain the Innovation theory of Profit.

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