Note: Attempt any FIVE questions. Selecting TWO from Micro Economics. TWO from Macro Economics and ONE from Economic system.
1. (a) Distinguish between Micro and Macro Economics.
(b) “Economics is the Science of Scarcity and Choice”. Discuss
2. (a) Distinguish between Perfect Competition and Imperfect Competition.
(b) Explain with the help of diagram the Short-Run Equilibrium under Perfect Competition.
3. (a) Distinguish between a Firm and an Industry.
(b) How price and output is determined under Monopoly? Explain with the help of a diagram.
4. (a) Using indifference curve approach, explain the consumers Equilibrium.
(b) Discuss the effects on Consumer’s Equilibrium due to the change of income.
5. Write short note on any TWO of the following:
(i) Production Possibility Curve
(ii) Distinguish between ISO-Product curve and Indifference Curve
(iii) Point Elasticity of Demand and Arc Elasticity of Demand
(iv) Average and Marginal Cost
6. (a) Define National Income.
(b) Distinguish between:
(i) GNP and GDP
(ii) GNP and NNP
(iii) Personal income and Personal Disposable Income
7. Explain the concept of Acceleration Principle. Give a numerical explanation of the way Accelrator operates.
8. What is Effective Demand? How does it influence the level of out-put and Employment in an Economy? Explain with the help of diagram.
9. (a) Define National Income and explain its various concepts.
(b) Explain in detail any one method of measurement of National income.
10. (a) Differentiate between the following (any TWO):
i) Average propensity to save (APS) and Marginal propensity to save (MPS)
ii) National Income at Factor cost and National income at Market price
iii) Autonomous investment and Induced investment
iv) Multiplier and Acceleration principle
11. Write short notes on any TWO of the following
i) Concept of Multiplier
ii) Objectives of Fiscal Policy
iii) Phases of Trade Cycle
iv) Autonomous Investment and induced Investment
v) Determinants of saving
12. (a) What are the central problems of an economy?
(b) How are these problems resolved under capitalism?
13. Describe the objectives and silent features of Economic System of Islam.
14. What are the silent features of a capitalistic Economy? Describe its merits.
15. Describe in detail the different methods of Islamic Financing?
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