Posted by : Ahsan Khan Wednesday, 28 December 2011






PAPER 2006-08         LAHORE BOARD
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. 1: Possible answers are given to each statement. Tick (      ) the correct one.
i. “Wealth of Nations” was written by:
(a) Marshall                                                          (b) Robbins
(c) Adam Smith                                                    (d) Keynes
ii. Slope of demand curve is?
(a) Negative                                                          (b) Positive
(c) Zero                                                                  (d) Constant
iii. When price falls then supply:
(a) Extends                                                           (b) Contracts
(c) Zero                                                                  (d) Constant
iv. When marginal utility is zero then total utility is:
(a) Maximum                                                        (b) Minimum
(c) Zero                                                                  (d) Fixed
v. Average revenue is equal to:
(a) Price                                                                 (b) Total revenue
(c) Marginal revenue                                           (d) Average cost
vi. What is the other name of law of diminishing return?
(a) Diminishing cost                                           (b) Increasing cost
(c) Constant return                                              (d) Increasing return
vii. Number of firm in monopoly is:
(a) One                                                                  (b) Two
(c) Three                                                                (d) Unlimited
viii. Factors of production are:
(a) One                                                                  (b) Two
(c) Three                                                                (d) Four
ix. Time duration of national income is:
(a) One year                                                          (b) Two years
(c) Three years                                                     (d) Four years
x. Personal income means:
(a) Private income                                               (b) Govt. income
(c) Family income                                                 (d) Old income
xi. Living stander due to increase in national income:
(a) Increases                                                        (b) Falls
(c) No change                                                      (d) Old one
xii. Prices in inflation?
(a) Falls                                                                 (b) Increases
(c) Fixed                                                                 (d) Zero
xiii. Phases of trade cycle are:
(a) One                                                                  (b) Two
(c) Three                                                                (d) Four
xiv. Advantages of international trade are:
(a) One                                                                  (b) Two
(c) Three                                                                (d) Various
xv. Who describes the canons of taxation?
(a) Marshall                                                          (b) Robbins
(c) Keynes                                                             (d) Adam Smith




PAPER 2006-08         LAHORE BOARD
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. Write the definition of economics by Adam Smith.
ii. What is meant by scarce resources?                        
iii. Write the names of methods of measurement of elasticity of demand?
iv. On which goods law of demand is not applied?     
v. Write the formulas of point and arc elasticity?
vi. Give four assumptions of law of supply?  
vii. Write four limitation law of diminishing marginal utility.
viii. Define initial and marginal utility.                             
ix. What is opportunity cost?
x. Draw MR & AR under monopoly?                                
xi. Describe the assumptions of laws of return?
xii. What is difference between pure and perfect competition? 
xiii. What is law of increasing cost?
xiv. Draw diagram of abnormal profit under perfect competition.
xv. Define production of wealth.                       
xvi. What is difference between GNP and NNP?
xvii. Define national income?                                           
xviii. Write any four factors of national income?
xix. How many methods are of measuring national income?
xx. What is difference between real and nominal income.
xxi. Define deflation?                          
xxii. Define money.
xxiii. Define depression?  
xxiv. What is balance of payment?
xxv. What is difference between domestic and foreign trade.
xxvi. Write three canons of taxation?
xxvii. What is public finance?

(Section - 2)
(Part – II, Attempt any THREE questions, each question carries 08 marks)
Q. 3: Define Adam Smith definition of economics and discuss its demerits.
Q. 4: Describe the law of demand. Also discuss its assumption and limitations.
Q. 5: Explain the equilibrium of the firm under perfect competition in the long run.
Q. 6: What is inflation? Explain its effects on economy.
Q. 7: What is meant by trade cycle? Explain its phases.

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






PAPER 2009               FAISALABAD BOARD
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. 1: Possible answers are given to each statement. Tick (      ) the correct one.
i. Principles of Economics was written by:
(a) Malthus                                                            (b) Hicks
(c) Robbins                                                           (d) Marshall
ii. Which one is not economic want?
(a) Cloth                                                                                (b) Watch
(c) Air                                                                      (d) Car
iii. The relation between price and demand is called as:
(a) Law of supply                                                 (b) Law of demand
(c) Desired demand                                           (d) Income elasticity
iv. The elasticity of supply of perishable goods is:
(a) Zero                                                                  (b) Greater than unity
(c) Infinity                                                               (d) Less than unity
v. The other name of law of constant returns is:
(a) Decreasing costs                                          (b) Increasing costs
(c) Diminishing marginal utility                         (d) Constant costs
vi. A market in which all firms are producing a homogeneous commodity is call:
(a) Perfect competition                                       (b) Monopoly
(c) Duopoly                                                           (d) Oligopoly
vii. The entrepreneur has control on the supply in monopoly:
(a) Full                                                                   (b) Minor
(c) Much                                                                 (d) No control
viii. Marginal costs curve cuts average costs when average cost is
(a) At maximum                                                   (b) At minimum
(c) Increasing                                                       (d) Decreasing
ix. Factors of production are:
(a) 2                                                                        (b) 3
(c) 4                                                                        (d) 5
x. National income does not include:
(a) Profit                                                                 (b) Wages
(c) Interest                                                             (d) Transfer payments
xi. Rent of building is included in:
(a) Marginal costs                                                (b) Variable costs
(c) Fixed costs                                                      (d) Selling costs
xii. When he economy prosperous?
(a) Recession period                                         (b) In depression
(c) In boom                                                           (d) In recovery
xiii. The rising of prices is called:
(a) Deflation                                                          (b) Inflation
(c) Trade cycle                                                      (d) Balance of trade
xiv. ZAKAT means:
(a) Growth                                                             (b) Purification
(c) Tax                                                                    (d) Growth & purification
xv. Canon of taxation explained by:
(a) Adam Smith                                                    (b) Ricardo
(c) Robbins                                                           (d) Marshall




Paper 2009 Faisalabad Board
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. Write the definition of economics put forth by Robbins.
ii. Is economics science or art?                      
iii. What is util?
iv. What do you mean by saturation point?    
v. What is meant by rise in demand?
vi. Define cross elasticity of demand?           
vii. Differential between supply and stock.
viii. Define market equilibrium.                        
ix. Write down the law of variable proportions.
x. What is meant by land?                                 
xi. What is abnormal profit?
xii. What is meant by mobility of labour?        
xiii. What is meant derived demand?
xiv. Write four assumptions of marginal productivity theory.
xv. Define national income.                              
xvi. What is meant by transfer payment?
xvii. Define money?                                            
xviii. What is meant by demand-pull inflation?
xix. Define Usher?                                              
xx. Define deflation.
xxi. What is meant by indirect tax?                   
xxii. State the concept of depression.
xxiii. What is meant by visible goods?            
xxiv. What is double counting of national income?
xxv. Define international trade.                         
xxvi. What is meant by real wages?
xxvii. Distinguish between public and private finance.

(Section - 2)
(Part – II, Attempt any THREE questions, each question carries 08 marks)
Q. 3: Define Adam Smith definition of economics and discuss its demerits.
Q. 4: Describe the law of demand. Also discuss its assumption and limitations.
Q. 5: Explain the equilibrium of the firm under perfect competition in the long run.
Q. 6: What is inflation? Explain its effects on economy.
Q. 7: What is meant by trade cycle? Explain its phases.

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






{ 1 comments... read them below or add one }

  1. Its been a general opinion that students always remain keen in getting the stuff which would they face in their examination. So it would be a good guide for them to proceed around. career objective for mba finance

    ReplyDelete

Followers

Popular Post

Powered by Blogger.

- Copyright © Economics and Education- Powered by IdeasSchool - Designed by Strange Thinker -