Principles of Economics and Bangladesh Economy Suggestion JAIBB

Q1. Compare the definitions of Economics offered by Adam Smith and Lionel Robbins.

Q2. Discuss the subject-matter of Economics.

Q3. State and explain the definition of Economics provided by Alfred Marshall.

Q4. Discuss the importance of the study of Economics. (Nov’03,’10, May’09)

Q5. Briefly state the differences between micro-economics and macro-economics. (Nov’03,’12).

Q6. What are the main goals of macro-economic policy?

Q7. Explain the terms “Want” and “Scarcity” as understood in Economics. (Nov’08,’11)

Q8. Discuss the importance of multiplicity of wants and scarcity of resources in the study of Economics. (Nov’08,’11)

Q9. How does a private sector firm maximize its profits? (Nov’08, Nov’09, May’07 and May’08).

Q10. What are the practical difficulties with profit maximization (Nov’09)?

Q11. What are the main objectives of a firm in the private sector? (Nov’05,’06)

Q12. What do you mean by price Elasticity of demand? Distinguish between elastic and inelastic demand.

Q13. What is an indifference curve and what are its characteristics/properties? Use diagrams in your answer (Nov’03,’04,’07,’09,’10).

Q14. Explain with the help of an indifference curve analysis how a consumer reaches the highest level of satisfaction (May’06, Nov’07 and Nov’10)?

Q15. What is meant by production function? Describe a production indifference curve and its properties. Use diagram in your answer (Nov’11, 10).

Q16. Define production function. Show with the help of a diagram the relationship among ‘total product (TP)’, ‘marginal product (MP)’, and ‘average product (AP)’. (Nov’04,’08,’12)

Q17. Outline the differences between a perfectly competitive market and a monopoly market. (Nov’07, Nov’10)/ (Principal features of them.)

Q18. How equilibrium price and output are determined by a firm under perfect competition?

Q19. Analyse the short-run equilibrium of a firm under monopoly (Nov’04,’05, 07)?/How output and price are determined by a monopoly firm?

Q20. Is there a supply curve for a monopoly firm? Explain. (Nov’07,)

Q21. What is inflation and why does it occur? What can the govt. do to keep inflation under control in a country like Bangladesh?

Q22. Discuss the instruments of monetary policy. How monetary policy can be used to control inflation?

23. (Short Notes)

    a)      Cross Elasticity of Demand

    b)     Opportunity Cost

    c)      Basel-II Accord

    d)     Quasi-rent

    e)      Giffen goods

    f)        Inferior goods

    g)      Terms of Trade

    h)     Public goods

    i)        Gresham’s Law

    j)        Cash Reserve Requirement (CRR)

    k)      Floating exchange rate

    l)        Cost-push inflation

Q24. “Economics is the study of mankind in the ordinary business of life.”-Discuss the statement (Dec’12).

Or. “Economics is a science of wealth.”-Discuss (May’12).

Answer 24 Questions