AURA EDUCATION SYSTEM B.COM PART 1 (ECONOMICS) GUESS PAPER SECTION –A ( MICROECONOMICS) Q # 1. (a) Distinguish between Micro and Macro Economics. (b) “Economics Is the science of scarcity of choices”. Discuss. Q # 2. (a) Using Indifference curve approach, explain the consumer’s equilibrium. (b) Discuss the effects on consumer’s equilibrium due to the change of income. Q # 3. (a) Distinguish between Firm and Industry. (b) How price and output is determined under Monopoly? Explain with the help of diagram. Q # 4. (a) Distinguish between Perfect Competition and Imperfect Competition. (b) Explain with the help of diagrams the short-run equilibrium under Perfect Competition. Q # 5. Write short notes on any two of the following: (a) Production Possibility Cure. (b) Distinction between Iso-product and Indifference curve. (c) Point Elasticity of demand and Arc elasticity of demand. (d) Average and Marginal cost. SECTION B (MACROECONOMICS) Q # 6. (a) Define National Income and Its various concepts.(GDP, GNP, NNP, Personal Income and Disposable Income). (b) Explain in detail any one method of measurement of National Income. Q # 7. What is effective demand? How does it influence the level of output and employment in an economy. Explain with the help of a diagram.

B.com 1 ( Economics) Guess Paper

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5 questions are to attempted in all, 2 out of 4 from Sec A, 2 out of 4 from Sec B, and 1 out of 2 from Section C.

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AURA EDUCATION SYSTEM B.COM PART 1 (ECONOMICS)

GUESS PAPER

SECTION –A ( MICROECONOMICS)

Q # 1. (a) Distinguish between Micro and Macro Economics. (b) “Economics Is the science of scarcity of choices”. Discuss. Q # 2. (a) Using Indifference curve approach, explain the consumer’s equilibrium. (b) Discuss the effects on consumer’s equilibrium due to the change of income. Q # 3. (a) Distinguish between Firm and Industry. (b) How price and output is determined under Monopoly? Explain with the help of diagram. Q # 4. (a) Distinguish between Perfect Competition and Imperfect Competition. (b) Explain with the help of diagrams the short-run equilibrium under Perfect Competition. Q # 5. Write short notes on any two of the following: (a) Production Possibility Cure. (b) Distinction between Iso-product and Indifference curve. (c) Point Elasticity of demand and Arc elasticity of demand. (d) Average and Marginal cost.

SECTION B (MACROECONOMICS)

Q # 6.

(a) Define National Income and Its various concepts.(GDP, GNP, NNP, Personal Income and Disposable Income). (b) Explain in detail any one method of measurement of National Income. Q # 7. What is effective demand? How does it influence the level of output and employment in an economy. Explain with the help of a diagram.

Page 2: B.com 1 ( Economics) Guess Paper

Q # 8.

Explain the concept of accelerator principle. Give a numerical explaination of the way accelerator operates. Q # 9. Differentiate between any two:

(a) National Income at factor cost and national income at market price. (b) Autonomous Investment and Induced Investment (c) Average propensity to save and Marginal propensity to save.

Q # 10. Write short notes on any two of the following:

(a) Concept of Multiplier. (b) Objectives of fiscal Policy. (c) Phases of trade cycles. (d) Determinants of saving. (e) Unemployment and its types.

SECTION C (Economic System)

Q # 11. (a) What are the central problems of an economy? (b) How Capitalism resolves the problems face by an economy?

Q # 12. Describe the salient features of an Islamic economic system. Q # 13. Discuss the merits and demerits of capitalistic economic system. Q # 14. Discuss in details the different methods of Islamic Financing. Note : You will be given 10 questions out of which only 5 are to attempted. 2 out of 4 from Section A, 2 out of 4 from Section B, and 1 out of 2 from Section C.