Posted by : Ahsan Khan Wednesday, 28 December 2011


Model Paper 01
Principles of Economics (I. Com. 1)
(Objective)
Time: 20 Mint                       Roll No………………           Total Marks: 15
Note: Write your Roll Number in space provided. Over-writing, Cutting, Using lead Pencil will result into loss of marks.

Q. No. 1: Choose the correct answer and encircle it.
i. Who is the pioneer of economics?
(a) Robbins                                                          (b) Marshall
(c) Adam Smith                                                    (d) Keynes
ii. Elasticity of Demand for basic necessities is?
(a) More                                                                 (b) Less
(c) Perfect                                                             (d) All
iii. Slope of demand curve is?
(a) Negative                                                          (b) Positive
(c) Negative & Positive                                       (d) None
iv. When total utility is increasing then marginal utility is?
(a) Negative                                                          (b) Positive
(c) Decreases                                                      (d) Zero
v. Law of Diminishing Return easily applies on?
(a) Industry                                                            (b) Agriculture
(c) Trade                                                               (d) Construction
vi. Average cost curve in the long run is?
(a) ‘U’ Type                                                           (b) Constant
(c) ‘S’ Type                                                            (d) Envelope
vii. Control over price under monopoly is?
(a) Perfect                                                             (b) Government
(c) Consumers                                                    (d) Partial
viii. Major aim of a firm is?
(a) Profit earning                                                  (b) Employment provision
(c) Production                                                      (d) More National income
ix. Era of classical economist is?
(a) 1776                                                                 (b) 1990
(c) 1930                                                                 (d) 1945
x. Gross national product minus depreciation is equal to?
(a) Gross domestic product                              (b) Net national product
(c) National income                                            (d) Personal income
xi. Payment made without exchange of goods and services?
(a) Legal payment                                               (b) Transfer payment
(c) Monetary payment                                         (d) None
xii. In which phase of trade cycle crimes are more?
(a) Depression                                                    (b) Recovery
(c) Boom                                                               (d) Recession
xiii. Currency note of five thousand in Pakistan is?
(a) Metallic money                                               (b) Credit money
(c) Paper money                                                  (d) Near money
xiv. Who present the absolute advantage theory of international trade?
(a) Ricardo                                                            (b) Malthus
(c) Adam Smith                                                    (d) Pigou
xv. Policy to protect infant industry from foreign competition?
(a) Monetary policy                                              (b) Fiscal policy
(c) Commercial policy                                        (d) Protection Policy



Model Paper 01
Principles of Economics (I. Com. 1)
(Subjective)
Time: 2:10 Hours                                                                                Total Marks: 60

(Section - 1)
Q. No. 2: Write any EIGHTEEN short questions from the followings:

i. Describe the Marshall’s definition of economics?
ii. Write two demerits of Robbins’s definition?
iii. What is marginal utility?
iv. Write four limitations of law of diminishing marginal utility?
v. Define law of increasing return?
vi. Write the formula of income elasticity of demand?
vii. Why the slope of demand curve is negative?
viii. What is the difference between supply and stock?
ix. Write the formula of elasticity of supply?
x. What is equilibrium price?
xi. Write the formula of elasticity of supply?
xii. Describe the market equilibrium?
xiii. Define the marginal revenue?
xiv. Define the monopoly?
xv. Describe the three features of organization?
xvi. What is disposable personal income?
xvii. Define the gross domestic product?
xviii. What is transfer payment?
xix. Define quantity theory of money?
xx. Write four features of money?
xxi. What is boom?
xxii. Define deflation?
xxiii. What is comparative advantage theory?
xxiv. Define tax?
xxv. Write four sources of public finance?
xxvi. What is Khams?
xxvii. What is surplus budget?


(Section - 2)
Write any THREE questions from the followings:

Q. No. 3: Explain the law of diminishing marginal utility with the help of schedule and diagram?
Q. No. 4: What is elasticity of demand? How can be it measured?
Q. No. 5: Define monopoly? Explain firm’s equilibrium under it.
Q. No. 6: Discuss the various methods of measuring national income.
Q. No. 7: Describe the difference between tax and Zakat?

Answers
Question
Answer
Question
Answer
Question
Answer
Question
Answer
i
(c)
v
(b)
ix
(a)
xiii
(c)
ii
(b)
vi
(d)
x
(b)
xiv
(c)
iii
(a)
vii
(a)
xi
(b)
xv
(d)
iv
(c)
viii
(a)
xii
(a)






Model Paper 02
Principles of Economics (I. Com. 1)

 (Objective)
Time: 20 Mint                       Roll No………………           Total Marks: 15
Note: Write your Roll No. I space provided. Over-writing, Cutting, Using lead Pencil will result into loss of marks.

Q. No. 1: Each question has four possible answers. Choose the correct answer and encircle it.

i. Who wrote the “Principles of Economics”?
(a) Adam Smith                                                    (b) Robins
(c) Marshall                                                          (d) Keynes
ii. Who criticize the Marshall’s definition of economics?
(a) Robbins                                                          (b) Clark
(c) Beveridge                                                        (d) Piguo
iii. Which economist presented cardinal utility theory?
(a) Marshall                                                          (b) Malthus
(c) Canon                                                              (d) Say
iv. Change in the total cost due to next production?
(a) Average cost                                                   (b) Utility
(c) Marginal cost                                                  (d) None
v. Marginal return, according to the law of diminishing return?
(a) Increases                                                        (b) Decreases
(c) Constant                                                         (d) Negative
vi. Consumer’s goods are used by a consumer?
(a) Directly                                                             (b) Indirectly
(c) Now and then                                                 (d) Never
vii. Elasticity of demand for industrial goods?
(a) More                                                                 (b) Less
(c) Equal                                                               (d) Zero
viii. Who introduce the unity method for the elasticity of demand?
(a) Adam Smith                                                    (b) Marshall
(c) Hicks                                                                (d) Piguo
ix. Annual income of the population of a country is called?
(a) Net national income                                     (b) Net domestic income
(c) Disposable income                                      (d) Per capita income
x. Burden of tax can not transfer to any other?
(a) Proportion tax                                                 (b) Indirect tax
(c) Direct tax                                                         (d) Regressive tax
xi. Problem in barter system?
(a) Surplus goods                                              (b) Lack of coincidence
(c) Language       Problem                               (d) Shortage of goods
xii. Prices in deflation?
(a) Increase                                                          (b) Fall
(c) No change                                                      (d) Zero
xiii. Buy goods and services from other countries?
(a) Aid                                                                    (b) Exports
(c) Imports                                                            (d) Regressive
xiv. Economy suffers from backwardness?
(a) Recession                                                      (b) Depression
(c) Boom                                                               (d) Recovery
xv. Rate of tax is constant?
(a) Indirect tax                                                       (b) Proportionate tax
(c) Local tax                                                          (d) Degressive tax

Model Paper 02
Principles of Economics (I. Com. 1)
(Subjective)
Time: 2:10 Hours                                                                                Total Marks: 60

(Section - 1)
Q. No. 2: Write any EIGHTEEN short questions from the followings:

i. Describe the Adam Smith’s definition of economics?
ii. Write four points of importance of economics?
iii. Write the formula of point elasticity of demand?
iv. What is fall in demand?
v. State the law of demand?
vi. Write four limitations of law of supply?
vii. Define law of equi-marginal utility?
viii. What is average cost?
ix. What is law of constant return?
x. Define marginal revenue?
xi. What is marginal cost?
xii. Define short run?
xiii. What is normal profit?
xiv. Write an example of monopoly in Pakistan?
xv. What are the factors of production?
xvi. Write two functions of capital?
xvii. Write the names of method of measuring national income?
xviii. Define unpaid services?
xix. Define gross national product?
xx. Define depreciation?
xxi. Define inflation?
xxii. Define purchasing power?
xxiii. What is Recovery?
xxiv. Describe sunspot theory of trade cycle?
xxv. Define international trade?
xxvi. Write two disadvantages of international trade?
xxvii. Define Zakat?


(Section - 2)
Write any THREE questions from the followings:

Q. No. 3: Explain the law of equi-marginal utility with the help of schedule and diagram?
Q. No. 4: Define law of demand? Explain it with through schedule and diagram.
Q. No. 5: Criticize and explain the marginal productivity theory?
Q. No. 6: Define perfect competition and explain firm’s equilibrium under it.
Q. No. 7: Describe various types of taxes?

Answers
Question
Answer
Question
Answer
Question
Answer
Question
Answer
i
(c)
v
(b)
ix
(d)
xiii
(c)
ii
(a)
vi
(a)
x
(c)
xiv
(b)
iii
(a)
vii
(a)
xi
(b)
xv
(b)
iv
(c)
viii
(b)
xii
(b)







Model Paper 03
Principles of Economics (I. Com. 1)

(Objective)
Time: 20 Mint                       Roll No………………           Total Marks: 15
Note: Write your Roll No. in space provided. Over-writing, Cutting, Using lead Pencil will result into loss of marks.

Q. No. 1: Each question has four possible answers. Choose the correct answer.
i. When the “Principles of Economics” was wrote?
(a) 1870                                                                 (b) 1880
(c) 1890                                                                 (d) 1990
ii. Who wrote the “Wealth of Nations”?
(a) Robbins                                                          (b) Clark
(c) Adam Smith                                                    (d) Piguo
iii. At point of saturation total utility is maximum but marginal utility is?
(a) Less                                                                 (b) Negative
(c) Zero                                                                  (d) Very much
iv. Qs = f (P) is the function of?
(a) Supply                                                              (b) Utility
(c) Marginal cost                                                  (d) Price
v. Total production divided by labour is?
(a) Marginal production                                      (b) Total production
(c) Average production                                       (d) None
vi. Consumer’s aim for utility is?
(a) More                                                                 (b) Less
(c) Maximization                                                   (d) Constant
vii. Elasticity of demand in the short run is?
(a) More                                                                 (b) Less
(c) Equal                                                               (d) Zero
viii. Behaviour of average fixed cost is?
(a) Falls                                                                 (b) Increases
(c) Constant                                                         (d) Positive
ix. Per capita income of Pakistan according to ESP (2007- 08)?
(a) $657                                                                 (b) $794
(c) $911                                                                 (d) $1085
x. Burden of tax can not transfer to any other?
(a) Proportion tax                                                 (b) Indirect tax
(c) Direct tax                                                         (d) Regressive tax
xi. Of which type of cost is not faced in the long run?
(a) Total                                                                 (b) Variable
(c) Fixed                                                                (d) Marginal
xii. No substitute of the product?
(a) Vegetable market                                          (b) Grain market
(c) Perfect competition                                       (d) Monopoly
xiii. Sell goods and services to other country?
(a) Aid                                                                    (b) Exports
(c) Imports                                                            (d) Balance of trade
xiv. Rate of Usher on minerals is?
(a) 5%                                                                    (b) 10%
(c) 15%                                                                  (d) 20%
xv. Imposition of Zakat system in Pakistan?
(a) 1970                                                                 (b) 1980
(c) 1990                                                                 (d) 2000



Model Paper 03
Principles of Economics (I. Com. 1)
(Subjective)
Time: 2:10 Hours                                                                                Total Marks: 60

(Section - 1)
Q. No. 2: Write any EIGHTEEN short questions from the followings:

i. Describe the difference between Micro and Macro economics?
ii. What is difference between consumer and producer goods?
iii. Define income elasticity of demand?
iv. Describe equilibrium quantity?
v. What is equilibrium price?
vi. Write four advantages of economies of large scale?
vii. State law of increasing return?
viii. Draw the curve of fixed cost?
ix. Define marginal production?
x. State the law of diminishing return?
xi. What is elasticity of supply?
xii. Define perfect competition?
xiii. Define monopoly?
xiv. Differentiate between long run and short run?
xv. Define the land?
xvi. What is personal income?
xvii. Write two examples of transfer payment?
xviii. Define national income?
xix. Describe the deflation?
xx. What is balance of payment?
xxi. What is subsidy?
xxii. Write two points of difference between tax and Zakat?
xxiii. What is Recession?
xxiv. Write two advantages of international trade?
xxv. What is difference between public and private finance?
xxvi. Define invisible goods?
xxvii. What is the Usher of Barani Land?


(Section - 2)
Write any THREE questions from the followings:

Q. No. 3: Describe the importance of the study of economics?
Q. No. 4: Explain the law of diminishing marginal utility.
Q. No. 5: Describe the law of diminishing return?
Q. No. 6: Explain the various phases of trade cycle?
Q. No. 7: Describe the cannon or principles of taxation?

Answers
Question
Answer
Question
Answer
Question
Answer
Question
Answer
i
(b)
v
(c)
ix
(d)
xiii
(b)
ii
(c)
vi
(c)
x
(b)
xiv
(d)
iii
(c)
vii
(b)
xi
(c)
xv
(b)
iv
(a)
viii
(a)
xii
(d)







Model Paper 04
Principles of Economics (I. Com. 1)


(Objective)
Time: 20 Mint                       Roll No………………           Total Marks: 15
Note: Write your Roll No. in space provided. Over-writing, Cutting, Using lead Pencil will result into loss of marks.

Q. No. 1: Each question has four possible answers. Choose the correct answer and encircle it.
i. Who introduce the economics as a science?
(a) Marshall                                                          (b) Robbins
(c) Adam Smith                                                    (d) Keynes
ii. Slope of marginal utility curve is?
(a) Negative                                                          (b) Positive
(c) Zero                                                                  (d) Fixed
iii. When price decreases then demand?
(a) Increases                                                        (b) Decreases
(c) Zero                                                                  (d) Constant
iv. When marginal utility is zero then total utility is?
(a) Maximum                                                        (b) Minimum
(c) Zero                                                                  (d) Constant
v. Average revenue, marginal revenue and price are equal in?
(a) Perfect competition                                       (b) Monopoly
(c) Consumer’s equilibrium                                             (d) Firm’s equilibrium
vi. Other name of law of increasing return is?
(a) Law of diminishing cost                                               (b) Law of increasing cost
(c) Law of constant return                                  (d) None
vii. Number of firms in monopoly?
(a) 1                                                                        (b) 2
(c) 3                                                                        (d) Unlimited
viii. Control over price under perfect competition?
(a) Perfect                                                             (b) Imperfect
(c) Normal                                                            (d) None
ix. Period for national income is?
(a) One year                                                          (b) Two year
(c) Three year                                                       (d) Four year
x. Private income means?
(a) Personal income                                           (b) Govt. income
(c) Family income                                                (d) Old income
xi. Level of living due to increase in national income?
(a) Increases                                                        (b) Decreases
(c) No change                                                      (d) Bad one
xii. There is positive relationship between price and quantity of money?
(a) Inflation                                                            (b) Quantity theory of money
(c) Deflation                                                          (d) Purchasing power
xiii. Zakat is compulsory in Islam in?
(a) One Higri                                                         (b) Two Higri
(c) Three Higri                                                      (d) Four Higri       
xiv. Advantages of international trade?
(a) 1                                                                        (b) 2
(c) 3                                                                        (d) Various
xv. Who described the principles of taxation?
(a) Marshall                                                          (b) Robbins
(c) Keynes                                                            (d) Adam Smith

Model Paper 04
Principles of Economics (I. Com. 1)
(Subjective)
Time: 2:10 Hours                                                                                Total Marks: 60

(Section - 1)
Q. No. 2: Write any EIGHTEEN short questions from the followings:

i. Describe the positive science?
ii. What do you mean by unlimited wants?
iii. Write the names of method of measurement of elasticity of demand?
iv. Write the four assumptions of law of demand?
v. What is point of saturation?
vi. Write the formulas of Point and Arc elasticity of demand?
vii. What is extension and rise in demand?
viii. Define positive and zero utility?
ix. What is opportunity cost?
x. Give four assumptions of monopoly?
xi. Describe four assumptions of laws of return?
xii. Define perfect competition?
xiii. Draw the diagram of firm’s equilibrium under perfect competition?
xiv. State the law of increasing cost?
xv. What is consumption of wealth?
xvi. What is difference between gross national product and net national product?
xvii. Write the names of factors of production their rewards?
xviii. Write four problems in measuring national income?
xix. How many methods are used in measuring national income?
xx. What is the difference between real and nominal income?
xxi. Define deflation?
xxii. Define paper money?
xxiii. Define depression according to trade cycle?
xxiv. What is difference between balance to trade and balance of payment?
xxv. Define invisible goods?
xxvi. Which type of tax is levied in Pakistan?
xxvii. Define private finance?


(Section - 2)
Write any THREE questions from the followings:

Q. No. 3: Explain in detail the comparison of Marshall’s and Robbins definitions?
Q. No. 4: Explain the market equilibrium with the help of demand and supply.
Q. No. 5: Explain the law of increasing return?
Q. No. 6: Describe the quantity theory of money with its assumptions?
Q. No. 7: Describe various theories of trade cycle?

Answers
Question
Answer
Question
Answer
Question
Answer
Question
Answer
i
(b)
v
(a)
ix
(a)
xiii
(b)
ii
(a)
vi
(a)
x
(a)
xiv
(d)
iii
(a)
vii
(a)
xi
(a)
xv
(d)
iv
(a)
viii
(d)
xii
(b)







Model Paper 05
Principles of Economics (I. Com. 1)

(Objective)
Time: 20 Mint                       Roll No………………           Total Marks: 15
Note: Write your Roll No. in space provided. Over-writing, Cutting, Using lead Pencil will result into loss of marks.

Q. No. 1: Each question has four possible answers. Choose the correct answer and encircle it.
i. Problem of scarcity and choice is called?
(a) Economic problem                                       (b) Social problem
(c) Political problem                                           (d) Ethical problem
ii. Slope of supply curve is?
(a) Negative                                                          (b) Positive
(c) Zero                                                                  (d) Fixed
iii. Due to change in price the demand for salt and water?
(a) Increases                                                        (b) Decreases
(c) Zero                                                                  (d) Constant
iv. Reward of labour is called?
(a) Wages                                                             (b) Rent
(c) Interest                                                            (d) Profit
v. Change in total revenue is called?
(a) Price                                                                 (b) Average revenue
(c) Marginal revenue                                           (d) Average cost
vi. In which time period all four factors of production are variable?
(a) Short run                                                         (b) 10 years
(c) 20 years                                                          (d) Long run
vii. Those wants which do not required money?
(a) Economic                                                        (b) Basic
(c) Uneconomic                                                   (d) Material
viii. Qd = 12 – 2P related to?
(a) Supply                                                              (b) Utility
(c) Production                                                      (d) Demand
ix. If exports are more than of imports then situation named as?
(a) Surplus balance                                            (b) Deficit balance
(c) Equilibrium                                                     (d) Foreign trade
x. Personal income minus direct taxes is equal to?
(a) Personal income                                           (b) Govt. income
(c) National income                                            (d) Disposable income
xi. Living standard in depression?
(a) Increases                                                        (b) Decreases
(c) No change                                                      (d) Fixed
xii. Relationship between quantity of money and value of money is?
(a) Negative                                                          (b) Positive
(c) Constant                                                         (d) Horizontal
xiii. Laws of return are?
(a) One                                                                 b) Two
(c) Three                                                               (d) Four 
xiv. Exchange of goods against goods is called?
(a) Business                                                        (b) Commerce
(c) Trade                                                               (d) Barter system
xv. Zakat compulsory on which amount of gold?
(a) 5.5 tolas                                                          (b) 2.5 tolas
(c) 7.5 tolas                                                          (d) 8.5 tolas


Model Paper 05
Principles of Economics (I. Com. 1)
(Subjective)
Time: 2:10 Hours                                                                                Total Marks: 60

(Section - 1)
Q. No. 2: Write any EIGHTEEN short questions from the followings:

i. What is an economic law?
ii. Write four features of economic wants?
iii. What is perfect elastic supply?
iv. Define normative science?
v. Give the formula of cross elasticity of demand?
vi. Write any four assumption of law of supply?
vii. Write four assumptions of law of equi. marginal utility?
viii. Define negative marginal utility?
ix. What is opportunity cost?
x. Draw revenue curves under monopoly?
xi. Define law of variable proportion?
xii. What is difference between monopoly and perfect competition?
xiii. Draw the diagram of firm’s equilibrium under perfect competition?
xiv. State the law of increasing cost?
xv. What do you mean by final shape?
xvi. What is difference between gross national product and net national product?
xvii. What is difference between open and close economy?
xviii. Write any four factors of national income?
xix. How many methods are used to measure the national income?
xx. What is the difference between real and nominal income?
xxi. Define budget?
xxii. Define marginal requirement?
xxiii. Write two features of trade cycle?
xxiv. State over investment theory of trade cycle?
xxv. Define comparative advantage theory?
xxvi. Write three canons of taxation?
xxvii. Give four sources of public finance?


(Section - 2)
Write any THREE questions from the followings:

Q. No. 3: Explain the Prof. Robbins definition of economics?
Q. No. 4: Describe the law of demand with its assumption.
Q. No. 5: What is deflation? Discuss its causes and effects.
Q. No. 6: Explain the quantity theory of money with the help of assumptions?
Q. No. 7: Explain the role of international trade in detail?

Answers
Question
Answer
Question
Answer
Question
Answer
Question
Answer
i
(a)
v
(c)
ix
(a)
xiii
(c)
ii
(b)
vi
(d)
x
(d)
xiv
(d)
iii
(d)
vii
(c)
xi
(b)
xv
(c)
iv
(a)
viii
(d)
xii
(a)




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