CHAPTER-1

NATURE AND SCOPE OF ECONOMICS

1. Compare and contrast the definitions of Economics as given by Marshall
and Robbins and state clearly the subject-matter of Economics.
2. Examine the following definitions:
(a) “Economics is the study of man in the ordinary business of life”.
(b) “Economics is the study of principles according to which limited
means are used for satisfaction of unlimited wants.”
3. what do you think Economics is an Art or Science or both? explain

CHAPTER-2
What is an Economy?
Explain clearly the central (basic) problems of an economy. How these are solved
in capitalist, socialist and mixed economy? Explain.

CHAPTER-3

CAPITALIST, SOCIALIST AND MIXED ECONOMIES

Explain the features of capitalism. Bring out its merits and defects.
Describe the characteristic features of a mixed economy.

Explain the features of socialism.

Write short notes on the followings:

a) Price Mechanism
b) Centralised planning

. Distinguished between Capitalist Economy and Socialist Economy

CHAPTER 4
HUMAN WANTS AND ECONOMIC ACTIVITIES

Discuss fully the nature of economic activities of man. How do they differ from
non-economic activities ?
Are the following economic activities ? Give reasons for your answer:
 (a) Mother preparing sweets at home.
(b) An amateur playing hockey.
(c) A doctor treating his patient.
(d) A teacher teaching in the class.
(e) The service of a nurse in a hospital.
(f) Singing by a musician to entertain his friends.
(g) Stamp collection by a student. (Ii) The work of a clerk in an office.
Will you regard the following articles as necessity, comfort luxury ? Give reason
in each case
(a) A motor car for a minister.
(b) A motor car for a busy doctor in Delhi.
(c) A motor car for a college student in Delhi.
(d) A motor car for a salesman
Write short note on Human Wants.
CHAPTER 5
The Law of Demand
Explain with the help of a diagram the law of demand. Are there any exceptions
to this law?

CHAPTER-6
UTILITY ANALYSIS OF DEMAND AND EQUILIBRIUM OF THE
CONSUMER
State and explain the law of diminishing marginal utility. What are its limitations?
Explain the law of equi-marginal utility. Point out its importance and limitations.
How the concept of marginal utility and equi-marginal utility are useful in
guiding the individual in the purchase if various commodities.

CHAPTER-7
ELASTICITY OF DEMAND
What do you understand by elasticity of demand? Explain factors which govern it.
Discuss the methods of the measurements of elasticity.
What do you understand by income elasticity and cross elasticity of demand.

CHAPTER 8
CONSUMER’S SURPLUS AND FAMILYBUDGETS
Explain clearly the concept of consumer’s surplus. What is its importance? Is this
law universally applicable?

What is family budget? What do you understand by Engel’s law of consumption.

Discuss its’ applicability.

CHAPTER 9
PRODUCTION AND FACTORS OF PRODUCTION
What is production? Explain the factors that influence it

CHAPTER 10
LAND AS A FACTOR OF PRODUCTION
Bring out clearly the, special features of land. Explain the factors which influence
the productivity of land.
Briefly describe the organisation of agriculture.

CHAPTER-11
LABOUR AS A FACTOR OF PRODUCTION
What do you understand by efficiency of labour? Explain the factors which govern
it.

What is the meaning of mobility ? What factors hinder the mobility of labour in
India ?
Explain critically the Malthusian theory of population.
Describe briefly the theory of optimum population. In what way is it an
improvement over the Malthusian theory of population?
Distinguished between Malthusian theory of population and Modern theory of
population.
Is Malthusian Theory of population is applicable in India?
CHAPTER-12
CAPITAL AS A FACTOR OF PRODUCTION
Define capital. Explain the factors on which capital formation depends.
Distinguish capital from wealth. Analyse the factors that influence the growth of
capital in a country.

CHAPTER 13
ORGANISATION OF BUSINESS
Describe the important functions of an entrepreneur.

Explain the advantages and disadvantages of individual (sole) proprietorship.

What is partnership? Distinguish it carefully from a joint-stock company.
How is a joint-stock company formed? Indicate the advantages of this type of
organisation.

Describe the features of the co-operative form of business organisation and discuss
its advantages.
In what respects do state enterprises differ from joint-stock companies ?
Describe briefly different types of Business organization. State briefly the Start up
and Make in India initiatives in increasing self-employment in India.

CHAPTER-14
LAW OF RETURNS AND RETURN TO SCALE
Explain and illustrate the law of diminishing marginal returns in production. What is
the practical importance of this law ?
Explain the law of increasing returns to scale. What factors that limit the operation
of this law.

CHAPTER 15
LAW OF SUPPLY AND ELASTICITY SUPPLY
Explain the law of the supply and also the assumptions on which, it is based. State
briefly the elasticity of supply.
 CHAPTER 18
MARKETS
What is a market? Discuss the factors which determine the size of a market.

CHAPTER-19
REVENUES AND COSTS OF A FIRM
Explain the concepts of marginal cost and marginal revenue indicate their role in the
determination of the profit-maximising output of a firm.
Write short notes on followings:
(i) AC
(ii) MC
(iii) TC
(iv) AR
(v) MR
(vi) TR

CHAPTER-20
PRICING UNDER PERFECT
COMPETITION

What are the features of perfect competition? How is the price of a commodity
determined under conditions of perfect competition?

What is meant by market price ? How is it determined ?

CHAPTER 21
MONOPOLY, OLIGOPOLY AND MONOPOLISTIC COMPETITION
Define monopoly. How are price and output determined under monopoly?
Distinguish between monopoly, perfect competition and monopolistic- competition.
What do you understand by monopolistic competition? How is the price determined
under it?
What do you mean by oligopoly? How does a firm determine its price under
oligopoly conditions?
Explain in about 100 words, each one of the following
(a) Wastes of competition.
(b) Price leadership.
(c) Collusive pricing.
(d) Full-cost pricing.
(e) Cross transport.

CHAPTER 27
MONEY IN A MODERN ECONOMY
“Money is what money does”. Explain what are the different types of money in use
in modern times. Discuss India’s current monetary policy.
What is barter system and what are the difficulties of barter system how money is
able to remove it?
Explain the various functions of money. How do these remove the difficulties of
the barter system?

What are the importance of money in modern economy?

“Money is a good servant but a bad master” Do you think this statement is correct?
If yes why?

In a ancient society, sea-shells are used to buy goods. What function of money is
this? Which functions of modern money will this system not satisfy?

CHAPTER -28
BANKS IN A MODERN ECONOMY

What is a Central Bank ? What are its functions ? Which of the functions are more
important in a country like India ?
Explain the role of central bank as the regulator of the supply of money.

What is a Commercial Bank ? What are its functions ?

 Write briefly the difference between Commercial bank and Central bank.

What measures the central bank can adopt to enhance the investment in the country?

CHAPTER 29
VALUE OF MONEY : QUANTITY THEORY OF MONEY
What are index numbers? Explain with the help of a some example how they are
prepared?
Explain briefly the Quantity theory of money.
Explain the functions of money in detail.
If you compare inflation and deflation, which among the two is worse and why?

CHAPTER 30
NATIONAL INCOME

Explain the different methods used for calculating national income. What are the
difficulties in estimating national income in a country such as India.

CHAPTER 32
INTERNATIONAL TRADE AND FOREIGN EXCHANGE
Distinguish between balance of trade and balance of payments. Indicate the items that
enter into each.
How the rate of exchange between two countries is determined. Explain.

Explain briefly the strengths and weaknesses of keeping international trade relations
with other countries.

CHAPTER 33
FINANCES OF THE GOVERNMENT
What is a tax? State and explain the important canons of taxation.
Distinguish between progressive, proportionate and regressive taxation.
Distinguish between direct and indirect taxes. Discuss their relative merits and
demerits.

Indian Economics

Explain briefly Governments’ new GST policy?

How the Government is helping the pandemic striking agriculture Sector of the
country?

Do you think India is a developing country. Give evidences.

What are the different methods used for calculating national income and also
discuss the difficulties in estimating national income in a country like India.

Do you support Mr Modi’s emphasis on the importance of local products? Why?

“The current situation of lockdown explains the importance of digital tools and what
are the problems related to those?

Critically explain the Indian government’s policy measures to deal with the problem
of economic slowdown or recession.

In our current budget what measures have been adopted to enhance the incomes of
the farmers?

Explain how the startups and Make in India initiatives are important for increasing
employment in India.

Briefly discuss PM Kussum Yojana.

Explain how the agriculture sector is given importance in the union budget 2021.

What are the features of developing economy? explain

Discuss with reference to the pandemic the Jan Arogya Yojana.

What possible measures the Reserve Bank of India can take to stimulate
investments in India?

Write short notes on the following:

1. Sansad Adarsh Gram Yojana

2. Skill India Mission
3. National Water mission
4. Make in India
5. Sansad Adarsh Gram Yojana
6. Pradhan Mantri Shram Yogi Maan-Dhan
7. Samarth Scheme
8. Operation Greens Scheme
9. Prime Minister’s Ujala Yojna
10. Van Dhan Yojana
11. Atal Pension Yojana
12. eSanjeevani Programme (Online OPD)
13. PM Garib Kalyan Yojana (PMGKY)
14. National Mission for Clean Ganga (NMCG)
15. Prime Minister Jeevan Jyoti Bima Yojana
16. Gold Monetization Scheme
17. Mission Karmayogi
18. Startup India seed fund scheme (SISFS)
19. Pradhan Mantri Swasthya Suraksha Yojana
20. Rashtriya Gokul Mission