File Details:

Questions:

1. Explain the subject matter of economics.
2. Explain marginal utility.
3. Describe any two factors that affect price elasticity of demand.
4. What is meant by the law of increasing returns?
5. Where is the equilibrium price determined?
6. Differentiate between Micro Economics and Macro Economics.
7. Define National Income.
8. State the qualities of good money.
9. State the merits and demerits of Direct Taxes.
10. What is meant by Balance of Trade?
11. Distinguish between Market Economy and Planned Economy.
12. What is Price Elasticity of Demand? How is it measured?
13. Define supply. Mention the causes which determine the supply of a commodity.
14. How is National Income estimated by the value-added method?
15. Define central bank and explain its functions.