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The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?
Concept: Elasticity of Demand
Giving reason explain how should the following be treated in the estimation of national income:
Payment of corporate tax by a firm
Concept: Concept of National Income
Explain the ‘unit of accounts’ function of money. How has it solved the related problem created by barter?
Concept: Functions of Money > Primary Function
Answer the following question.
Why are the firms said to be interdependent in an oligopoly market? Explain.
Concept: Features of Oligopoly
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
Concept: Forms of Market
Define aggregate supply?
Concept: Concept of Aggregate Demand and Aggregate Supply
Given the meaning of market demand.
Concept: Market Demand
What is the behaviour of average fixed cost as output is increased? Why is it so?
Concept: Cost - Average Fixed Cost
What are demand deposits?
Concept: Currency Held by the Public and Net Demand Deposits Held by Commercial Banks
Define fixed cost. Give an example.
Concept: Cost - Fixed Cost
Given saving curve, derive consumption curve and state the steps in doing so. Use diagram.
Concept: Supply Curve and Schedule
Features of Monopolistic Competition.
Concept: Forms of Market
Explain the concept of 'deficient demand' in macroeconomics.
Concept: Concept of Aggregate Demand and Aggregate Supply
Explain the implications of the following in a perfectly competitive market :
Large number of sellers
Concept: Forms of Market
Explain the role of Government budget in allocation of resources.
Concept: Government Budget - Allocation of Resources
Explain 'Revenue Deficit in a Government budget? What does it indicate?
Concept: Measures of Government Deficit Or Surpluses
What are revenue receipts in a government budget?
Concept: Classification of Receipts
Given the price of a good, how does a consumer decide as to how much of the good to buy?
Concept: Consumer's Equilibrium
Explain the meaning of Budget line.
Concept: Consumer's Budget
Distinguish between stock and flow variables with suitable examples.
Concept: Basic Concepts - Stocks and Flows
