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State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
Concept: Law of Variable Proportions
Explain the conditions of consumer’s equilibrium using indifference curve analysis.
Concept: Indifference Curve
Explain "Banker to the Government" function of the Central Bank.
Concept: Central Bank Function - Goverment Bank
What is government budget?
Concept: Meaning of Government Budget
Explain the three properties of the indifference curves.
Concept: Indifference Curve
Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter?
Concept: Standard of Deferred Payment
Answer the following question.
Explain the central problem for whom to produce.
Concept: Central Problems of an Economy
Explain the ‘store of value’ function of money. How has solved the related problem created by barter?
Concept: Money - Store of Value
Explain bankers bank function of a Central bank.
Concept: Central Bank Function - Banker's Bank
What is maximum price ceiling? Explain its implications.
Concept: Price Ceiling
A consumer consumes only two goods. Explain consumer's equilibrium with the help of utility analysis.
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Given consumption curve, derive saving curve and state the steps taken in the process of derivation. Use Diagram.
Concept: Concept of Aggregate Demand and Aggregate Supply
What is primary deficit?
Concept: Deficit Budget - Primary Deficit
Define fiscal deficit
Concept: Measures of Government Deficit Or Surpluses
Answer the following question.
Explain the role of government budget in influencing the allocation of resources.
Concept: Government Budget - Allocation of Resources
What is aggregate demand?
Concept: Concept of Aggregate Demand and Aggregate Supply
What is meant by inflationary gap?
Concept: Concept of Aggregate Demand and Aggregate Supply
Define externalities. Give an example of negative externality. What is its impact on welfare?
Concept: GDP and Welfare
Define an indifference curve.
Concept: Indifference Curve
Distinguish between final goods and intermediate goods. Give an example of each.
Concept: Basic Concepts - Intermediate Goods
