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Questions:

1. Explain the three basic economic problems an economy faces.
2. Explain the law of demand and its determinants.
3. What is the difference between Micro and Macro economics?
4. Discuss the law of supply.
5. What do you mean by expansion and contraction in demand?
6. What are the functions of WTO?
7. Explain the different phases of business cycle or trade cycle.
8. What is dumping?
9. Define MNCs and discuss advantages of MNCs.
10. Explain the determinants of price elasticity of demand and its types.
11. What is a dominant strategy? Explain in detail, using a suitable example.
12. How is price determined in the market? Diagrammatically show the equilibrium price for various changes in demand and supply.
13. What are the features of perfect competition? How does a firm attain equilibrium in the short-run under the above mentioned market structure?
14. Explain the concept of globalization. Discuss its advantages and disadvantages.
15. Illustrate the circular flow of income in a four-sector economy.
16. Illustrate the following situations graphically: Short-run equilibrium for a Monopoly where a Monopolist makes supernormal profit, normal profit, and loss.
17. Discuss Demand-pull inflation and cost-push inflation, along with their causes.