Economics Important Question Bank 2018

1. Explain the Features of Micro Economics. (Any point can be asked to answer individually)

2. Explain the Features of Utility.

3. Explain the Types of utility.

4.Relationship between Total utility and Marginal utility.

5.Define Law of Diminishing Marginal utility. Explain the Assumptions of Law of Diminishing Marginal utility.

6.Define Law of Diminishing Marginal utility. Explain the Exceptions of Law of Diminishing Marginal utility.

7. State the Limitations of Law of Diminishing Marginal utility.

8.Importance of Law of Diminishing Marginal utility.

9. Explain the Factors affecting Demand.

10. Explain the different types of Demand.

11.Why does the demand curve slope downwards from left to right?

12. Define Law of Demand. Explain the Assumptions of Law of Demand.

13.Define Law of Demand. Explain the Exceptions of Law of Demand.

14.Differentiate between change in demand and variation in demand.

15. Explain the different types of Elasticity.

16.What is Price elasticity. (answer along with formula)

17. Types of Price elasticity.

18.Methods of calculating price elasticity.

19.What is Income elasticity. (answer along with formula)

20.What is Cross elasticity. (answer along with formula)

21.State the factors determining the elasticity of demand.

22.Differentiate between stock and supply.

23.Determinants of market supply.

24.Define law of supply. Explain the Assumptions of Law of Supply.

25.Define law of supply. Explain the Exceptions of Law of Supply.

26.Determinants of Elasticity of Market supply.

27.Explain the Features of Perfect competition.

28.How to determine the equilibrium price?

29. Explain the Features of Monopoly.

30. Explain the different Types of Monopoly.

31. Explain the Features of Monopolistic competition.

32. Explain the Features of Land.

33. Explain the Features of Labor.

34. Explain the Features of Capital.

35.State the different types of Capital.

36. Explain the Qualities of Entrepreneur.

37.What are the functions of Entrepreneur.

38. Explain the features of Macro Economics.

39.Elaborate on the Output Method to find national income.

40.What are the Practical difficulties for measuring National Income.

41. Explain what is Keynes Law along with an appropriate diagram.

42.What are the Difficulties of Money.

43.State the different types of Money. (difference between the two can be asked)

44.What are the Qualities of good money.

45. Explain the Primary functions of Commercial Banking.

46. Explain the Secondary functions of Commercial Banking.

47.How does Credit Creation work?

48.State the different types of budget.

49.Differentiate between Revenue receipts and Capital receipts.

50. Differentiate between Revenue Expenditure and Capital Expenditure.

51. Functions of Central Bank.