UNIVERSITY OF THE PUNJAB...-...

Roll No.
First Semester 2018
Examination: B.S.4 Years Proeramme ". \ '...
\ 4.,
\
PAPER: Principles of Micro Economics TIME ALLOWED: 30 minsl...
Course Code: ECON-101 MAX. MARtrG: 10
".
Atlempt this Paper on this Question Sheet only.

(Objective Part)
 LINTYERSITY OF THE PUNJAB
First Semester 2018

PAPER: Principles of Micro Economics TIME ALLOWED:2 hrs. & 30 mins.

Course Code: ECON-101 MAX. MARKS: 50
Attempt lhis Paper on Separate Answer Sheet provided

Q. No. 2 | Differentiate the following with examples $ xa:20)

i. Marginal Utility.

ii. Difference between inferior and normal commodity.

iii. Scale ofpro{uction.

iv. Difference between Total Fixed and Total Variable Cost.

v. Normal profit.

(10 x3:30)
Note: Attempt all questions.

a No.3 | What is meant by Indifference curve? Explain its properties.

a No. 4 | Explain the law of supply with the help of schedule and diagram.

Q. No. 5 | Explain how price and output is determined under monopoly.

 UNTVERSITY OF THE PUNJAB.... Roll No.
f irst Semester 2018

PAPER: X'undamentals of Economics TIME ALLOWED: 30 mrns.'.,

Course Code: ECON-lll MAX. MARKS: 10
Attempt this Poper on this Question Sheet only.

Q: I Choose correct answer Uo* ,o* pffilffi 1x10:10

i. How many factors of production are
a.3
b.4
c.5
d.6
ii. Reward of Labour is
a. Rent
b. Interest
c. Wages
d. Profit

iii. The ability and willingness to purchase a good is

a. Lawofsupply
b. Demand
c. Supply
d. Elasticity
iv. Human wants are
a) Few
b) finite
c) Unlimited
d) One Thousand

v. Milk is a commodity
a) Perishable
b) Durable
c) Expensive
d) Not for sale

vi. Father of Economics is

a. Smith
b. Robins
c. Marshall
d. Malthus
vii. The level of output for a perfectly competitive firm is determined where
a. MR:AC
b. MR:MC where slope of MC is greater than MR
c. MR exceed MC by the greatest amount
d. MR=MC and MC is rising

viii. Fiscal policy is made by

a) State Bank
b) Government
c) Businessmen
d) flouseholds
ix. Elasticity ofinferior goods is
a. E>1
b. E<1
c. E:l
d. E=co

Monetary policy is made by

a) State Bank
b) Government
c) Businessmen
d) Commercial banks
 T,NTVERSITY OF THE PT]NJAB
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First Semester 201S : :

Examination: B.S. 4 Years Prosramme i *:l'.u:'.';:;:;:'.':'.':'i:':'. i
PAPER: Fundamentals of Economics TIME ALLOWED:2 hrs. & 30 mins.
Course Code: ECON-lll MAX. MARKS: 50
Atlempt this Paper on Seporute Answer Sheet provided
Part II (Subiective)
Attempt any four questions

Q:2 briefly explain the following concepts (20)

L Law of diminishing Marginal utility

ii. Production possibility Frontier
iii. List the determinants of Demand
iv. What are measures of inflation
Business Cycle
vi. Cross elasticity of demand
vii. Characteristics of Monopoly
viii. What is GDP
ix. Fiscal Policy
x. Flexible Exchange Rate

Q:3
a. Define perfect competition. List its assumptions (04)
b. Discuss the equilibrium of a firm under perfect competition position (06)

Q: 4 Explain of the following

a. Price elasticity of Demand (0s)

b. Cross elasticity of demand (0s)

Q:5
a. What is Fiscal policy? (02)
b. Discuss the tool of Fisal policy briefly.
(08)

Part ll (Subjective) 3/)tr

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 UNTVERSITY OF THE PUNJAB ".. RoIl No.
First Semester 2018
Examination: B.S. 4 Years Proeramme
t
PAPER: Basic Economics-I TIME ALLOWED: 30 mins)..
Course Code: ECON-121 MA)L MARKS: 10 '''
Attempt this Paper on this Question Sheet only.

PART-r (10 MARKS)

Encircle the Right Answer:
I -Economics tvas considered as a science of materiai *.elfare bv:
(a) Adam Smith (b)Marshall (c)Keynes (d) Robins
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2-The economic laws are: (a) Exact (b) permanent (c) conditional (d) euantitative
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3-Which is not study in Macro --economics: (a) National Income (b) Price Theory (c)Employment (d)lnflation
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4-rhe rate orchange'":,:lpr'", *,nt:,1,1";utiritv (c)Negati:3:r,**2y:;lT),i,,::,y
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5-The consurner is in equilibr.ium rvhen rnarginal utility of all goods

is:
(a) Declining (b) Equal (c) Rising (d) Zero
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6-'fhe slope of the indifference curve is: (a) Positive (b) Negative (c) Horizontal (d) Verticai
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7- Due to rise in demand, the demand curve shifts to: (a) Left (b) Right (c) Downwards (d) Both sides
i) Ultu; :,
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8-The demand of luxuries is: (a) More elastic (b) Less elastic (c) Zero elastic (d) lnfinite
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9-Decrease in supply due to cost ofproduction is called:

(a) Rise in supply (b) Fall in supply (c) Extension of supply (d) contractio, of
supply
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10-Quickly destroyable goods are called:

(a) Norrnal goods (b) Inferior goods (c) Giffen goods (d) perishable goods
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 UNIVERSITY OF THE PUNJAB
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First Semester 2018 :o rt tt- :

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Examination: B.S. 4 Years Proqramme i. *:1t.IJg:';:'.':'.':'.';'j: ;::'. .a

PAPER: Basic Economics-I TIME ALLOWED:2 hrs. & 30 mins.

Course Code: ECON-121 MAX. MARKS: 50
Attempt this Paper on Seporate Answer Sheet provided

Part - II Questions with short Answers (4x5--20 Marks)

l -Delrne human rvants. \\'rite at least m'o characteristics oi human rvants.

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2-Explain the point elasticity of demand.
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3-Differentiate between the extension and contraction of demand'
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4-Define Macro economics. Write any two issues of Macro economics' ,
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5-What is the difference between supply and stock?
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Part - III Questions with brief answers (10x3=30 Marks)

l-Define economic laws and describe their characteristics'

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help of schedule and diagram'
2-Define elasticity of supply. How is it measured? Explain with the

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3- Explain the law of Equi-Marginal utility with the help of schedule diagram'

-
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 UNIYERSITY OF' TIIE PUNJAB . RollNo.
Second Semester - 2018

\\
I
PAPER: Principles of Macro Economics TIME ALLOWED: 15 Mints, '.
Course Code: ECON-L0D I E,CO-12318 Part - I (Compulsory) MAXMARKS:10

Attemot this Paper on this

back after explry of time limit mentioned above.

Encircle the Right Answer: (1()xI=10)

i-A ter.nporary unernployment rvirich exists during the peliod of transfer of labour frotn one ocoupatiort to
another is called:

(n)VoI Lrntary Unernployment (b)InvoIuntaly Unemployrnent

(c)Cyclical U ncrnployr nent (d)Frictional Uneniploymer.rt

,
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2-The investrnent which trndeltal<en independently of the le vel of incoile is kLtown as:
')
(a)ALrklnonrous Investttent (b)Inducedlnvestment (c)Publiclnvestrnent (d)PLivate lrrvesttrrettt

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i-The consurlption expenditure shows the relationship between consumption and:

(a)L.rterest Rate (b)Saving (c)Price Level Clianges (d ) Ilisposable inconte

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4-f he latio bet'uveen consr-rmptiorr and incorle is cailed:

(a)Avelage Propensity to Consume (b)MaLginal PL'opensity to Consttute

(c)Consumption Function (d)Saving Function

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5-Maclo Economics does not discuss: :

(a)Unen-rployment (b)Price Theory (c')lnflation (d)Banking

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(P.T.O.)
6-l'he basic function ofthe central bank is:

(a)To control credit (b) To Earn Profit (c)To Collect Deposits (d) To Create Credit

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7-The policy adopted by the central bank to control credit is called:

(a)Fiscal Poticy (b)Industrial Policy (c)MonetaryPolicy (d)Commerciat Policy

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S-When general price level increases due to increase in aggregate demand, it is known as:

(a)Stagflation (b)Hyper Ini'latiorr (c)l)emand Pull Inflation (d)Cost Push Inflation

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9--l'[ie relation between qr-rantity of r.noney and price is:

(a)Positive (b)Negative (c)Direct

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1 O-One is not the cause of adversc balance of paymcnts:

(a) increase in imports (b)Declease in expolts (c) Population Control (d)lnflatiou

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Examination: B.S. 4 Years Proqramme
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PAPER: Principles of Macro Economics TIME ALLOWEDT 2IIrs. & 45 Mints.

.- Course Code: ECON-102 I ECO-12318 Part - II MAXMARKS:50
Attempt this Paper on Separate Answer Sheet provided.

Q-2 Explain the following with examples: (10x2=20)

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i-Boonr
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ii-Seasonal Unemployrnent
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iii-Gross Domestic Product
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iv-Per Capita Income
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v-Marginal Propensity to Consume
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vi-Token Money
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vii-Stagllation
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viii-l)ilect I'ax
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ix-Cr.rrrent Account
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x-Plotection
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Q-3- Explain the total procluct n-retliod of rneasuring national income and write precautions. (10 marks)
t
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Q-4-Dclinc l1lolley. What are the inrportant functions of money?(10 marks)
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Q-5-Dcscribc the sources olpublic rcvcnue. (10 nrarks)
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PAPER: X'undamentals of Economics TIME ALLOWED: 2 Hrs. & 45 Mints.

Course Code: ECON-I 11 / ECO-12109 Part - II MAX. MARKS:50

Attempt this Paper on Separate Answer Sheet provided.

(r0x2=20)
Q:2 llrietly explain the following conccpt.
l: Write the Robbin's det'inition of F.ctrnomics.
It. What is oPPorttrnitY cost?
llt. Diff'erentiate between supply ancl stock.
lV. Write any tbut'oauscs oflshi[1irrg o{'sttpply ctrrvc'
V. Write consumer eqirilibriunr eqtratiorl utrcler Law ol Eclui-Marginat Utility.
Vl. Wlite the trames of lactors of ploduction attd rheir rcwarcls'
vlt. Dellne the total Product, Marginat Proch-rct and Average Pt'odttct.
vlll. write short-run equilibriLrnr ola firnr irncler Prel'ect conrpetition,
lX. Diff'erentiate betwcen CDP ancl GNP-
X. I'ixplain the phase ol'business cycles.

(02)
Q:3 (a) Definc tlre law of Dirninishing Marginat Utility.
(04)
(b) Explain the law' ol Diministring Mirrginal Utitity with hetp oltable and diagram.
(04)
(c) Write the assttnrptions ol larv ol'Dinrinishing lvlarginal l'ttility'
(02)
Q: 4 (a) Defrne the laws oi'returll.
(04)
(b) Explain the Law of Diminishing [{etulns rvitlr the help of Tabte anti Diagram.
(04)
(c)'l-o whioh sector of econorny, it is more applictrble and why'?
(02)
Q:5 (a) What is monetarY PolicY
(08)
(b) Explain in detailthe instrttments ol'monetary policy'

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