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December 29, 2023

Economics (402) – Assignment Questions

Economics (402) – Assignment Questions

Analyze different definition of economics on the basis of wealth, welfare and scarce resources. Which is the more appropriate definition in face of today’s modern world? Furnish a comparative discussion.

Is utility a relative concept? Discuss different characteristics of human wants. Also write a note on the practical importance of law of equi-marginal utility and its limitations.

Explain the division of price effect into substitution effect and income effect with help of indifference curves and budget line in case of inferior good. Also derive the demand curve for inferior good from the said diagram.

What is meant by supply curve of an industry? How can a supply curve of a market be derived from supply curves of firms? Explain with the help of An hypothetical supply schedule.

Economics (402) – Assignment Questions

Economics (402) – Assignment Questions

Write a note on the following:

  1. a) Income elasticity of demand.
  2. b) Relationship between quantity supplied and price.
  3. c) Sut-down point of a competitive firm.
  4. d) Positive utility and negative utility.

Differentiate among day-to-day market, short and long period markets. Give examples of some commodities and enumerate their type. Differentiate between oligopoly and monopoly with the help of diagrams. What is meant by monopolistic competition? Also compare the equilibrium of a firm working under monopolistic competition and perfect competition in the long run.

What is the relationship between the supply of factors of production and their marginal productivity. By drawing total average and marginal product curves, indicates steps showing law of increasing, constant and decreasing return therein.

Economics (402) – Assignment Questions

Write down an extensive discussion on the Ricardo’s theory of rent. What is meant by Gross and Real Domestic product? Also update the data in tables 3 and 4 of your book from 2018-19 to 2021-22 by using Pakistan Economics Survey (2021-22).

Hoarding of money can take up how many forms? What is meant by liquidity preference? Also show the effect on equilibrium interest rate in the following cases with the help of diagrams. Increase in the liquidity preference. Increase in the supply of money.

Why do we use money? What is the difference between money and other goods and services? Explain the relationship between quantity of money and price level determination in an economy.

How does the central bank use open market operations and discount rate too decrease the quantity of money in the economy? Also discuss the role of central bank in credit rationing, moral advice, publicity, direct, changing the marginal requirement and consumer credit regulations.

Economics (402) – Assignment Questions

Define exchange rate. Also write a detailed discussion on the determination of exchange rate under the gold standard system. Differentiate clearly between import duty and export quota. According to your view which of the above two is better for the development of economy of Pakistan? Explain by giving relevant facts and figures.

Indicate the name of the policy that comprise government expenditures and taxes. What is the volume of government expenditures in national income of Pakistan in the previous year? (Consult “Pakistan Economic Survey (2021-22)”. Can government expenditure be covered by government taxes easily? If the answer is no, suggest some suitable examples.

Write is the role of fiscal policy in making an economy stable? Also discuss the sources of income and expenditures heads of local bodies in detail. Compare between the real national income and per capita national income as a criteria for development of a country. Also write note on the resources available to Pakistan for the economic development in detail.

Explain the role of government in the economic planning. Also discuss those principles of planning that must be followed by the government to play its role properly for the economic development of Pakistan. Use APA referencing style.