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Important Questions for "Microeconomic":

[1]

  1. Economic forecasting is a process of:
  2. Slope of a curve is presented as:
  3. The economist who was concerned with Chicago school of economics:

[2]

  1. Explain the essential differences between macroeconomic and microeconomic approaches and their significance for economic theory.
  2. Show how in perfect competitive equilibrium the price of a commodity is equal to its average and marginal cost of production.
  3. Trace the relationships between GNP and NNP.

[3]

  1. Differentiate between Microeconomics and Macroeconomics.
  2. What do you understand by Perfect Competition? How is price determined in this market?
  3. What is monopolistic competition? How are price and output determined under it?

[4]

  1. What do you understand by microeconomics?
  2. Draw demand curves for price elasticities ep = 0, ep > 1, ep < 1, and ep = infinity.
  3. Explain the concepts of revenue deficit, fiscal deficit, and primary deficit in the Indian government budget.

[5]

  1. When does total utility decrease?
  2. What is the shape of a perfectly elastic demand curve?
  3. What are the main features of a perfectly competitive market?

[6]

  1. What do you understand by ridge lines?
  2. Describe the indifference curve analysis of consumer behavior.
  3. What are the main determinants of the elasticity of demand?

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