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Questions:

1. What is the difference between micro and macro economics?
2. Discuss the interrelationship between micro and macro economics.
3. State and explain the law of variable proportion with the help of a suitable diagram.
4. Distinguish between Demand-Pull and Cost-Push inflation.
5. Discuss the various factors responsible for causing demand-pull inflation.
6. Define Production Possibility curve and discuss its uses.
7. What is the law of demand?
8. Why does the demand curve slope downwards from left to right?
9. What is the difference between income elasticity of demand and cross elasticity of demand?
10. What do you understand by positive and negative cross elasticity of demand?
11. Discuss the laws of returns to scale with the help of suitable diagrams.
12. Diagrammatically explain the short-run equilibrium of a firm operating in a perfectly competitive market.
13. Define 'monopoly' market.
14. What are the characteristics of a monopoly market?
15. What do you understand by product differentiation?
16. In which type of market is it possible to differentiate the products and make profit?
17. Define 'unemployment.'
18. Suggest measures to eradicate unemployment in India.
19. What are the features of the business cycle?
20. Discuss the objectives of fiscal policy.
21. What are the objectives and functions of WTO?
22. Distinguish between perfectly competitive market and monopoly market.
23. Make a comparison of price and output determination in perfectly competitive and monopoly markets.
24. Support your answer with suitable diagrams.