Economics minor 3rd

 Eco-Minor1 Questions from Unit-1

1. What do you mean by welfare and society in economics term?

2. What is Positive Economics?

3. What is Normative Economics?

4. What do you mean by Micro Economics and Macro Economics?

5. What is Demand and supply?

6. What do you mean by Law of Demand? And Law of Supply?

7. Define Elasticity?

Eco-Minor1 Questions from Unit-1

 1. What is Returns to a Factor?

 2. Write short note on i) Total Product ii) Average Product iii) Marginal product

 3. What is the Law of Variable proportion and Discuss the three stages of Law of variable proportion

(i) increasing returns (ii) Diminishing returns iii) Negative returns

 4. Write short note on Total cost(TC), Average cost(AC), and Marginal cost(MC)

 5. Write short note on Total revenue (TR), Average revenue(AR), and Marginal Revenue(MR)

 6. What do you mean by ‘Market’ in Economics?

 7. Discuss the different types of market?

Eco-Minor1 Questions from Unit-2

1. Define: National Income(NI), GDP-gross domestic product, GNP-gross national product, NNP-net

national product.

2. Define NNP at Factor cost and NNP at market price.

3. What is Personal Income(PI)?

4. What is Disposable personal Income(DPI)?

5. Discuss the measurement of National Income?

6. What is circular flow of income? Discuss the circular flow of income in two sector model?

7. What is circular flow of income? Discuss the circular flow of income in three sector model?

8. What are the different types of Economy?

9. What is socialist & mixed economy?

10. What do you mean by capitalist economy?

11. What is closed and open economy?

UNIT-3

12. Define Money? What are the function of Money?

13. What is demand for and supply of money?

14. Discuss the function of commercial bank?

15. Discuss the function of central bank?

16. What is inflation and stagflation?

17. What do you mean by deficit budget and surplus budget?

18. What is monetary policy? And fiscal policy?

19. Explain what is direct tax and indirect tax with an example?

20. What is burden of tax?

21. What Goods and service tax(GST)?

Unit 4

1. Discuss the difference between Growth and Development?

2. What are the measures of Development? And Discuss.

3. Discuss the Lewis theory of unlimited supply of labour.

4. What do you mean by Balanced growth and Unbalanced growth?

5. What is sustainable development?

6. What is free trade?

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