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Questions:

1. What is the meaning of scarcity in Robbins' definition of Economics?
2. What do you understand by micro economics and how is it different from macro economics?
3. Explain the basic economic problems with the help of production possibility curve (PPC).
4. Discuss the difference between change in demand and shift in demand.
5. Discuss the properties of an isoquant.
6. Write the characteristic features of a perfectly competitive market.
7. Discuss seasonal unemployment in the context of agriculture in India.
8. What do you understand by outsourcing?
9. Distinguish between product approach and income approach as measurement of national income.
10. Discuss price elasticity of demand and its determinants.
11. Explain the U shape of LAC in the context of economies and diseconomies of scale.
12. Explain the law of variable proportion with the help of a suitable diagram.
13. Discuss the monopolistic market as a combination of pure monopoly and perfect competition.
14. Define inflation and distinguish between demand-pull and cost-push inflation.
15. What do you understand by Multi National Corporations (MNCs)? Discuss their role in Indian economy.
16. Discuss circular flow of income in the context of a four-sector economic model.
17. Write short notes on WTO and Prisoner's dilemma.