Very Important Questions of Economics || HSEB (grade 12)

  Unit 1:  Market Economy, Demand, Supply, Equilibrium of Demand Supply

Long Question

1. Explain the law of demand.Give its exception?
2. What is shift in demand curve? what are its causes?
3. Explain causes of rightward shift in demand curve and causes of rightward shift in supply curve?

Short Question

1. Explain law of supply and shift in supply curve?
2. Explain market economy?

Unit 2: Elasticity of Demand and its measurement.

Long Question

1. What is price elasticity of demand? what are its determinants and types?
2. How price elasticity of demand can be measured with the help of total outlay method?

Short Question

1. Define cross elasticity of demand?

Unit 3: Theory of Consumers Behavior  

Long Question 

1. Explain law of substitution with help of table and diagram.What are its assumptions?
2. What is law of diminishing marginal utility.Explain it with the help of a table and diagram and write its limitation?
3. State and explain the law of equi-marginal utility?

Short Question 

1. Explain the law of consumer's surplus?

Unit 4: Factors of Production

  
Long Question 

1. Explain the Malthusian theory of population?
2. What is division of labour? what are its advantage and disadvantage?
3. What is efficiency of labour? what are its advantage and disadvantage and what are its determinants?

Short Question 

1. Explain characteristics of land, partnership and labour?

 Unit 5: Theory of Production

Long Question 

1. Explain the law of variable proportions?

Short Question

1.  Explain increasing returns to scale and constant return to scale?
2. Relationship between marginal production and total production?

Unit 6: Revenue and Cost Curves

Long Question 

1. Explain short run average cost curves and total cost curves?
2. Explain average revenue(AR), marginal revenue(MR) and total revenue(TR) and its relationship among them?

Unit 7: Theory of Price and Output Determination

  
Long Question 

1. What is perfect competition?How are price and output determined under it?
2. What is monopoly?How price and output determined under it?

Short Question 

1. Explain characteristics of monopoly and perfect competition?

Unit 8: Theory of Factor Pricing

 Long Question 

1. Critically explain Recardian theory of rent?
2. Critically explain the classical theory of interest?

 
Short Question 

1. Explain the subsistence theory of wages?
2. Explain wage fund theory?

Unit 9: Money

Long Question 

1. Critically explain the quantity theory of money or fisher's quantity theory of money?

Short Question 

1. What are function of money?
2. Explain the concept of inflation and deflation?

Unit 10: Banking

Long Question 

1. Explain the function of commercial banks and central bank?

Short Question 

1. Define money and capital market?

Unit 11: Government Finance

  
Long Question 

1. What is direct tax and indirect tax?Explain its merits and demerits of both?
2. What is budget?what are the process of budget formulation?

Short Question 

1. What is important of government expenditure?
2. Write characteristics of good tax system?
3. What are source of government revenue?

Unit 12: International Trade

  
Long Question 

1. Explain the comparative cost theory of international trade?

  Short Question 

1. What is free trade?What are advantage and disadvantage of free trade?