Ques 1.

Distinguish (with graphical illustration) between price elasticity of Demand and cross elasticity of demand. How can you measure the elasticity of demand? Explain with example how the concept of elasticity of demand is useful for an industry in its decision making process?

Ques 2.

What are the advantages of International trade? Explain Heckscher-Ohlin’s (version) approach of international trade.

Ques 3.

What do you mean by ‘National Income’? Explain how production flow, income flow and expenditure flow in an economy are related to each other?

Ques 4.

What is the distinction between law of returns and returns to scale? Explain why the law of diminishing returns operates?

Ques 5.

State the relationship between Average Cost and Marginal Cost

Ques 6.

From a given cost function

Find out Fixed Cost, Average Variable Cost and Marginal Cost

Ques 7.

Inferior goods and Giffin goods

Ques 8.

. Economic law and economic theory

Ques 9.

Multiplier and Accelerator

Ques 10.

Perfect Competition and Monopolistic Competition

Ques 11.

External Economies and Internal Economies

Ques 12.

Crowding-out Effect

Ques 13.

Real Cash Balances

Ques 14.

Investment Multiplier

Ques 15.

Economic Welfare

Ques 16.

Personal Disposable Income

Ques 17.

Stagflation

Ques 18.

Positive Economics