File Details:

Questions:

1. Discuss the three basic economic problems with the help of production possibility curve.
2. Explain the law of supply with the help of a suitable diagram.
3. Discuss various types of unemployment.
4. Explain the different phases of a business cycle.
5. Differentiate between WTO and GATT.
6. Differentiate between cross elasticity and income elasticity.
7. Illustrate the circular flow of income in a four-sector economy with the help of a suitable diagram.
8. What is meant by outsourcing? State the reasons for outsourcing.
9. Define Multi-National Corporations (MNCs). What are the advantages of MNCs?
10. Explain the determinants of price elasticity and types of price elasticity of demand.
11. Explain why marginal cost, average variable cost, and average cost curves are U-shaped in the short run.
12. Discuss the properties of an Isoquant and show the producer's equilibrium using Isoquant.
13. Explain the short-run equilibrium for a perfectly competitive firm where the firm earns supra-normal profit, normal profit, and loss.
14. Explain economies and diseconomies of scale.
15. Explain the concept of a dominant strategy using the example of a Prisoner's Dilemma game.
16. Discuss the various approaches for measuring national income.
17. Explain demand-pull and cost-push inflation with the help of a suitable diagram.