Principle of Economics 1st Year Guess Paper
Very important Multiple Choice Questions, short and long questions as a form of Principle of Economics 1st Year Guess Paper written by Mr. Adnan Haider Suib. These notes are very helpful in the preparation of Asool e Muashiyat I.Com Part 1 Guess Paper of Principle of Economics for the students of the intermediate and these are according to the paper patterns of all Punjab boards.
Summary and Contents:
Topics which are discussed in the notes are given below:
- By Reading Principle of Economics 1st Year Guess Paper explore detailed explanations and examples to enhance your understanding.
- Important Multiple Choice Questions of Principle of Economics in English and Urdu Medium class 11th from previous 20 years past papers of all Punjab Boards.
- Important Short Questions of Principle of Economics in English and Urdu Medium class 11th from previous 20 years past papers of all Punjab Boards.
- Important Long Questions of Principle of Economics in English and Urdu Medium class 11th from previous 20 years past papers of all Punjab Boards.
- Define Economics according to Adam Smith.
- Define Economics in the words of Prof Marshall.
- Define Economics in the words of Prof Robbins.
- Write four limitations of law of diminishing marginal utility.
- Write four determinants of utility.
- Differentiate between more elastic and less elastic demand.
- What is meant by complements or joint demanded goods?
- Differentiate between extension and contraction of supply.
- Write the methods of measurement of elasticity of supply.
- Differentiate between perishable goods and durable goods.
- Differentiate between perfect competition and pure competition.
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- Write equation of marginal product off factors regarding marginal productivity theory.
- Write four assumptions of Marginal Productivity Theory.
- Define National income in the words of Prof Marshall.
- Define National income in the words of Prof Ackley Gardener.
- Differentiate between real national income and nominal national income.
- What is meant by deficit or unfavourable balance of trade?
- What is meant by surplus or favourable balance of payments?
- Write four invisible items of balance of payments.
- What is meant by private finance?
- Differentiate between the incidence of tax and the impact of tax?
- What is meant by budget?
- What is meant by deficit budget?
- What is meant by balanced budget?
- Differentiate between Fee and tax.
- Write four main sources of public revenue.
- Describe Adam Smith’s definition of economics and evaluate it critically.
- Give the definition of Prof. Alferd Marshall and give a critical evaluation of it.
- Describe Prof. Robbin’s definition and also point out its merits and demerits.
- Compare the definitions of Prof. Robbins and Prof. Marshall.
- What are economic laws? Describe characteristics of economic laws. Also compare economic laws with state laws, moral laws and scientific laws.
- Describe the difference between the extension and contraction, and rise and fall in demand, describe the causes of changes in demand.
- How is price determined by the equilibrium of demand and supply or under perfect competition? Explain it with the help of schedule and diagram.
- Explain the equilibrium of firm and industry in long run under perfect competition.
- Describe the classical theory of distribution of wealth and evaluate it critically.
- Describe meaning of national income. Explain various concepts of national income.