List of practice Questions

What do you understand by Balance of Payments? Write the main items of Current account and Capital account related to it.
Write the definition of 'central bank'. Describe the various functions of a central bank.
Show the short-run equilibrium income of an economy with a diagram.
Explain the process of price determination of a commodity in a perfectly competitive market with the help of a diagram.
What do you mean by 'long-run' in production? Explain the laws of returns to scale.
Describe the items of Revenue Budget and Capital Budget of the Government.
Show the 'Circular flow of income' with diagram.
Describe the types of price elasticity of demand and describe the factors affecting elasticity of demand.
Write the Law of Diminishing Marginal Productivity.
Write the main characteristics of a market economy.
What do you mean by 'Gross Domestic Product at Factor Cost'?
What is the meaning of the 'Paradox of Thrift'?
Show the equilibrium of a consumer with the Indifference Curve Technique.
Full employment level of income of an economy is that level of income where:
The Average Propensity to Consume (APC) is measured by:
Which one of the following is a direct tax?
Explain the meaning of Microeconomics.
Draw an 'Indifference curve map'.
Differentiate between normal goods and inferior goods.
That amount of utility is called marginal utility, which we get from the consumption of:
With reference to production, short run is that situation where:
The supply curve of a firm in the short-run is generally:
In a planned economy, decisions related to production and distribution are taken by:
In the Government budget, 'transfer payments' are the payments made by the Government:
Who recommends demonetization of currency notes to the Government of India?