Bachelor of Arts (B.A.) SEM I 2017 2018 Nov 2017 ECONOMICS I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Attempt ANY TWO of the following: 20 marks
   • a. Give five examples of trade- off in your day to day life
   • b. ‘People think at the margin’- Explain this principle and illustrate its application
   • c. It is more efficient to organize economic activity through markets- Examine
2. Q2 Attempt ANY TWO of the following: 20 marks
   • a. Economics uses scientific method - Comment
   • b. Discuss causes of disagreements among economists
   • c. Consider a function: Y = 10 + any 5 values of x, find Y and plot a graph for the
3. Q3 Attempt ANY TWO of the following: 20 marks
   • a. Following Schedule shows the prices of entry passes to a music concert which is determined by market forces
4. Q1 Draw Demand and supply curve on the basis of the above schedule. Tell the difference in the usual supply curve and this supply curve
   • Q. P. Code: 24675 li) What is the equilibrium price as per the schedule?
   • b. Explain the law of demand in detail
   • c. What is price elasticity of demand? Explain the degrees of price elasticity of demand
5. Q4 Attempt ANY TWO of the following: 20 marks
   • a. Explain absolute cost advantage with the help of examples
   • b. Explain arguments in favour of free trade policy
   • c. Given the two countries A and B producing two goods P and Q the schedule of the cost of production is given below Countries Hours needed to produce one unit of the
6. Q1 How many units of P and Q can the countries produce in 500 Hours? li) Draw Production Possibility Curves for both these countries
7. Q5 Attempt ANY TWO of the following: 20 marks
   • a. standard of living depends on its ability to produce goods and services- Justify
   • b. Positive and Normative Economics
   • c. Write a note on price ceiling
   • d. Explain Comparative Cost Advantage principle, with the help of an illustration
   • Q. P. Code: 24675
8. Q3 waer act
   • Q. P. Code: 24675 ii)
   • Q. P. Code: 24675
   • ii) Goo P
9. Q3 FAT

Read from the scan above, so a character or two may differ. The scan is the original.