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Economics (General)
Sample Question First Paper
Broad questions (10 marks each) ----- Micro Economics
1. Define utility. Differentiate between Cardinal and Ordinal utility. Derive Marshallian demand
curve from the from the Marshallian Utility approach. What are the main demerits of this
approach?
2. What is indifference curve? Discuss 3 of its major properties diagrammatically. Define budget
curve and discuss its properties with diagram.
3. How equilibrium of a consumer is achieved through indifference curve and budget line? (Discuss
the theory with diagram).
4. What is Income Consumption Curve (ICC)? How can it derive from the Engel curve?
5. What is Price Consumption curve (PCC)? Prove that price effect= income effect+ substitution
effect.
6. What are Giften goods? What are its properties? Discuss the effect of income & substitution
effect of Giften goods with proper diagram.
7. What is demand? Discuss the demand determine factors of a goods. How market demand curve
can be derived from the individual demand curve?
8. Define elasticity. How own price elasticity can be derived from the demand curve of a good?
9. What do you mean by substitute and complement product? Give example. Define own price,
cross price and income elasticity with proper example.
10. Diagrammatically differentiate the concept of elasticity and slope of a demand curve.
11. What is production function? By defining average product, marginal product and total product,
discuss the law of diminishing returns of a factor in the production process.
12. What is isoquant? Critically discuss its major properties. Define isocost curve and discuss its
major properties.
13. Diagrammatically discuss how equilibrium of a producer is achieved in the production process.
14. What is expansion path? Define it with diagram.
15. What is cost? What do you mean by short run and long run time period of a firm? Why short run
marginal cost curve (SMC) and short run average cost curve (SAC) are ‘u’ shaped? Discuss it with
proper diagram.
16. Prove with diagram that LAC is the envelope of SACs.
17. Is the LMC the envelope of SMCs? Discuss critically with diagram.
Broad questions (10 marks each) ----- Macro Economics
1. What is national income? Discuss different measurement process of national income. What is
the problem of double counting? Discuss it with proper example.
2. How disposable personal income can be estimated from national income of a country?
3. Compare GNP and GDP.
4. What is GNP deflator? Why it is used?
5. Draw circular flow of income and discuss it with example.
6. What do you mean by injection and rejection in the circular flow of diagram? Discuss with
proper example.
7. What is Keynesian consumption function? What are its properties? Define APC and MPC by
using Keynesian consumption function.
8. What is saving function? Define APS and MPS with diagram.
9. Prove that a) APC+MPC=1 b) APS+MPS=1.
10. What is investment? Diagrammatically explain the concept of induced and autonomous
investment.
11. Discuss diagrammatically the Keynesian theory of national income determination.
12. What is multiplier? What are its types? Discuss it with example.
13. Suppose government expenditure of a country is increased. Can it have an effect on the national
income of that country? Explain it with proper diagram.
14. Discuss diagrammatically the concept of balanced budget multiplier.
15. What is bank? Discuss different function of commercial banks.
16. What is reserve ratio? Discuss the concept of credit creation procedure of the commercial bank?
Economics (General)
Sample Question Second Paper
• Broad questions (10 marks each) ----- Micro Economics
1. What are the basic features of perfectly competitive market? How in the perfect
competition equilibrium of a firm is achieved in the short run? Discuss it with proper
diagram.
2. Diagrammatically explain the short the short run supply curve of a perfectly competitive
firm.
3. What are break even and shut down point? Discuss them with diagram.
4. What is the equilibrium condition of a perfectly competitive firm in the long run?
Discuss it with proper diagram.
5. Define monopoly market. State five properties of monopoly market. Diagrammatically
explain the short run equilibrium condition of a monopolist. Is the condition are the same
in long run? Justify your answer with proper diagram.
6. Why supply curve in the monopoly market is indeterminate. Prove it with
diagrammatically
7. What is price discrimination? Discuss different form of price discrimination. When price
discrimination is profitable for a monopolist?
8. What is product differentiation? Diagrammatically explain the process of product
differentiation of a monopolist under the condition of profit maximization.
9. Explain the basic features of perfectly competitive market. Explain the short run and long
run equilibrium conditions of firm and industry in this market.
10. What is oligopoly? What are the basic features of this market? How kinked demand curve
is achieved under oligopoly market condition.
11. Discuss diagrammatically the marginal productivity theory of distribution under perfect
competition?
12. Define Marginal physical product (MPP), Value of marginal product (VMP) and
Marginal revenue productivity (MRP)? Discuss the product exhaustion theorem
diagrammatically.
13. Why supply curve of labour is backward bending? Discuss it with proper diagram?
14. What is collective bargaining? Can collective bargaining always increase wage? Justify
your answer with diagram.
15. Discuss Ricardian theory of rent.
• Broad questions (10 marks each) ----- Macro Economics
1. Define value of money. Discuss various functions that money plays in an economy.
2. Discuss Cambridge and Fisher’s theory of money diagrammatically. What are the
limitations of these theories?
3. Diagrammatically explain the Kensian theory of money.
4. What is inflation? Critically explain different forms of inflation. What types of
correctives measures government can apply during the process of hyper inflation?
5. Diagrammatically explain the concept of inflationary gap.
6. What is central bank? Discuss its role in an economy.
7. Discuss various role that commercial bank plays in an economy.
8. What is I-S curve? What are its properties? How I-S curve is drawn?
9. What is L-M Curve? Write down its properties. How one can derive L-M curve?
10. Critically explain how equilibrium of an economy is achieved through I-S and L-M
framework?
Economics (General)
Sample Question Third Paper
1. Discuss the basic features of Indian economy. Critically explain the causes of
underdevelopment of Indian economy.
2. Discuss the various structural change that Indian economy face during the entire planning
period.
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