Economics Past Papers & Guess

B.A. Part One 3rd Year
Paper:Economics___________________________________Time Allowed:3 hours max.Marks:75
Note:Attempt any five questions at least two questions from each part.
PART A
Q.1:What is ment by the elasticity of demand? How do we measure use it?
Q.2:Critically evaluate Robbins definition of Economics?
Q.3:Write a detailed note on the classification of taxes.
Q.4:Define and illustrate graphically Income Consumption Curve and Price Consumption Curve.
Q.5:Explain consumer equilibrium in ordinal approach.
Q.6:Economics is broadly divided into Micro and Macro branch. Define and explain both the branches giving examples
Q.7:Define monopolistic comprtition? Show the difference betweeen competitive and monopoly price.
Q.8:What is law of diminishing marinal ytility? Explain what is the practical importance of this law?
Q.9:Define and explain Ricardian theory of rent?
PART B
Q.10:What are the important natural and mineral resources of pakistan? How they are important for a developing economy like pakistan?
Q.11:What are the implications of growing trends of population in pakistan ?
Q.12:Agriculture plays an important role in the economic development of agrarian societies.Explain.
Q.13:How can pakistan improve its trade-gape? Suggest long term policies.
Q.14:What is the significance of the use of mathematics and statistics in Economics? Support your
arguments by giving example.
Q.15:What policies would you suggest to achieve maximum targets in our five years plans?

Economics Best Guess Papers

Introduction to Economics Definition of Economics

* 1 MICRO ECONOMICS
* 2 ECONOMICS
* 3 SCARCITY
* 4 OPPORTUNITY COST

MICRO ECONOMICS

ECONOMICS

Uses of scare resources in order to get maximum satisfaction is said to be Economics.

OR

An Economics is a mechanism that allocates scare resources among competing uses.
SCARCITY

Scarcity is defined as we looking for more as the resources available now.

Economics is arise when we have following things.

1. What

2. How

3. Whom

What goods and services will produce and what quantity to produce.

How will be various good and services be produce.

for Whom will the various goods and services be produce.

Distribution of Economics benefit depends on the distribution of income and wealth.

Economics has two type.

A. Decision Maker.

B. Coordination Mechanism.

Any Person or organization of person that make choices are deals in decision market.

Decision Maker fall in to three group.

i. House

ii. Firms

iii. Government

Economy is change country to country. Advance countries go for capital but some have limitation of qualified labour.
OPPORTUNITY COST

Economist use the term opportunity cost of emphasis that making choice in the fact of Scarcity implies a cost OR We go for best in order to forgone other upon them.

Economics other divided into two parts.

1. Micro Economics

2. Macro Economics

Micro Economics

Micro Economics deals with single, individual or a particular firm, consumer or producer.

Macro Economics

Macro Economics deals as whole or over all performance of economy like national income.

According to the Adam Smith

Economics is the study of wealth and according to him wealth is for man but not man is for wealth.

According to Robbins

Economics is the study of human behaviors as a relation between ends and scare moons which have alternate uses.

CONSUMER

1. To get the maximum satisfaction from producer (House Hold Sector) supplier of loan.

2. They are lender of loan. They purchases their bonds.

PRODUCER

1. To get profit from consumer pockets. (Business Sector) Desire the borrowed the loan.

2. Demand the loan. They print new loan to borrow the loan.
Important Question

Economics Elasticity of Supply

Elasticity of Supply

Price elasticity of supply is a measure of the degree to which the quantity supplied in the responds to changes in price.

Mathematically:

Es = % change in Quantity supplied / % change in price.

Elasticity of supply represents the amount of change of the supply voltage in response to a change in theprice.

If the amount of inventories rise, rise in price as competing supply to be elastic.

If the quantity is not as composing supplies increase but will rise in price as the offer said to be inelastic.
Categories of Price Elasticity of Supply

There are five degrees of price elasticity of supply.

1 Infinitely elastic or perfectly elastic.

2 Elastic

3 Unitary elastic

4 inelastic

5 perfectly inelastic
1 perfectly inelastic

Supplied in perfectly elastic supply amount at the prevailing price is infinite.
2 Elastic supply

If the% change in the amount of a good supplied is greater than% change in the price that we offer is elastic.
3 Unitary elasticity

If the change is exactly equal to the quantity supplied%% change in the price elasticity of supply is as uniform.
4 inelastic supply

Is supplied with% change in the amount of less than% price change as inelastic.
5 Perfectly inelastic supply

If there is no change in the quantity supplied in response, the change in the price we offer is perfectly inelastic.
Measurement of the elasticity of supply

Like demand elasticity of supply three types.

1 equal to one

2 Greater than unity

3 Less than unity

1 equal to unity

If change is supplied in% in the amount equal to% change in price elasticity is equal to 1 or unity.
2 Greater than unity

If change is supplied in% in the crowd as large% change in price elasticity be great as the unit
3 Less than Unity

If the change is to be supplied is in% in% change in amount less than the offer price than elasticity less than unity.