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Questions:

1. What do you understand by microeconomics?
2. Explain the functions of money.
3. Differentiate between pure competition and perfect competition.
4. Illustrate the minimum support price policy using demand and supply curves.
5. Explain how the demand curve represents the law of demand.
6. Illustrate the circular flow of income in a two-sector economy.
7. Differentiate between gross national product at market prices and net national product at market prices.
8. Explain the differences between gross domestic product at factor cost and net domestic product at factor cost.
9. Draw demand curves for price elasticities ep = 0, ep > 1, ep < 1, and ep = infinity.
10. Differentiate between average propensity to consume and marginal propensity to consume.
11. What do you understand by the government budget?
12. Explain the primary functions of a central bank.
13. How is consumer equilibrium established using the indifference curve analysis?
14. Elaborate on the law of diminishing returns in the context of agriculture.
15. Discuss income and employment determination in a two-sector economy model.
16. Write a note on exchange rate management in India.
17. Describe the major functions of Indian commercial banks.
18. Explain the concepts of revenue deficit, fiscal deficit, and primary deficit in the Indian government budget.