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Questions:

1. Define Business Economics. Briefly explain the nature, scope, and significance of Business Economics.
2. Define Price Elasticity of Demand and explain its various degrees. How can it be measured?
3. What is the Law of Diminishing Return (Law of Return)? Why is it applicable? Explain its significance and limitations.
4. What is perfect competition? State its characteristics and discuss how the price of the industry is determined under perfect competition.
5. Differentiate between monopoly and monopolistic competition. Show with the help of diagrams how price and output are determined under conditions of monopolistic competition.
6. Bring out the salient features of oligopoly. How are price and output determined under oligopolistic competition?
7. What is the nature of the unemployment problem in India? State the causes of rural unemployment in India. What steps have been taken in recent years to solve it?
8. What are the objectives of fiscal policy? Discuss the features of fiscal policy in India.
9. Describe the essential characteristics of the business cycle (trade cycle) and explain the various phases of a business cycle.
10. Write notes on any two: (i) Total, Average, and Marginal Revenue, (ii) Economics of Scale, (iii) Causes for Inflation, (iv) Features of Monetary Policy of India.