Economics Paper I Past Paper 2025
Core theory fills the Economics Paper I Past Paper 2025 from end to end. Q.2 builds consumer equilibrium under the ordinal approach and traces income and price changes for normal and inferior goods. Q.3 lists the stages of production through the law of variable proportions, with schedule and diagrams. Q.4 traces the circular flow of national income through two, three and four sectors and compares the methods that measure it. Q.5 explains the quantity theory of money and lists what makes monetary policy work for growth in developing countries. Q.6 lists the canons of taxation and asks how they can raise revenue in a country like Pakistan. Q.7 separates economic growth from economic development through old and new measures. Q.8 closes with short notes on four listed topics. The file on this page holds both parts of the paper, the MCQ sheet and the Part-II sheet.
What this paper contains
- This file carries both parts of the paper: the Part-I MCQ sheet and the Part-II sheet.
- Part-I (Q.1) — 20 MCQs on the OMR Answer Sheet (20 marks)
- Part-II — attempt any FOUR questions from Q.2–Q.8; each question carries 20 marks
Part-II questions
Q.2 — How can a consumer attain equilibrium under ordinal approach? Also explain the effects of changing income and prices on consumer’s equilibrium in case of normal and inferior commodities. (20)
Q.3 — What are the different stages of production? Explain in the light of law of variable proportions using schedule and diagrams. (20)
Q.4 — Explain circular flow of national income in two sector, three sector & four sector economy. Discuss the methods by which national income can be measured. Also explain advantages & shortcomings of each method. (20)
Q.5 — Explain quantity theory of money (QTM) and elaborate significant ingredients for effective monetary policy to accelerate economic growth in developing countries. (20)
Q.6 — Elaborate different canons of taxation. How these canons can be used optimally? Suggest some policy options to maximize tax revenue in a developing country like Pakistan. (20)
Q.7 — Differentiate between economic growth and economic development by discussing traditional and modern measures of growth/development. (20)
Q.8 — Write short notes on any FOUR of the following: (5 each) (20)
a. Accelerator Principle
b. Price Discrimination
c. Balance of Payments
d. Human Development Index
e. Public VS Private Goods
Economics Paper I Past Paper 2024 · All Economics Past Papers