Economics-1Very Long Questions:-1. Define National income. Explain the various methods of computation of national income.2. Explain the law of variable proportion with a suitable diagram.3. State and explain the law of equi- marginal utility. How does it explain the cusmers equilibrium.4. Explain the law of diminishing marginal utility with the help of a diagram.5. Explain the law of returns to scale. Mention the reasons for different kinds of returns.6. Explain how price is determined under perfect competition market.7. Explain the short run costs, fixed, variable and total costs of a firm. How they are related tooutput.8. Explain the three forms of demand with suitable diagram.9. Draw an indifference curve with the help of an indiffernce schedule.10. Explain the short run and long run equilibrium of a firm under perfect competition with suitablediagram.Long Questions:-1.Define supply and explain the determinants of supply.2. Explain the functions of central bank.3. Discuss the static and dynamic analysis of econmic theory.4. Explain the different types of inflation.5. Explain the law of demand. What are the exceptions to the law of demand.6. What is monopoly. Explain the different types of monopoly.7. Robbins scarcity defination of economics.8. Define average and marginal cost. Explain the relation between average and marginal costcurve.9. Describe the functions of comercial banks.10. What is the meaning the micro and macro economics and explain the importance of them.11. What are the important functions of an entrepreneur.12. Explain the three methods of measuring price elastics of demand.
13. What is price discrimination. What are the methods of price discrimination.14. Describe the role played by the reserve bank of india (RBI).15. Wants Efforts Satisfaction . Explain them briefly.16. Distinguish between balance of trade and balance of payment.17. What are the factors that determine real wages.18. Define rent and explain Riardian theory of rent.19. Explain various methods of debt redemptions.20. Distinguish between demand pull and cost push inflations.Short Questions:-1. Favaurable and unfavaurable.(overdraft).2. Disposable Income.3. Real wage.4. Devaluation.5. Deductive method and induductive method.6. Net interest.7. Per capital inicome.8. Gross profit.9. Opporitunity cost.10. Economics agents.11. Wealth.12. Quasi Rent.13. Ordinal and Cardinal utility.14. Budget line.15. Legal tender money.16. Intermediary goods.17. Revenue and capital.18. Oligopoly.19. Duopoly.