Economics Paper I Past Paper 2017

Models do the heavy work in the Economics Paper I past paper 2017. Q.2 asks how the indifference approach studies demand without measuring utility. Q.3 explains the Lewis model of modern-sector growth in a two-sector surplus-labour economy. Q.4 separates demand-side inflation from supply-side inflation. Q.5 shows equilibrium in the goods market and the money market together through IS-LM. Q.6 defines public debt and lists the dimensions of debt problems in developing countries like Pakistan. Q.7 examines the balance of payments problem under a fixed exchange rate. Q.8 closes with brief explanations of four listed topics. This file holds the Part-II sheet only.

What this paper contains

  • This file carries Part-II (the descriptive part) of the paper.
  • Part-II — attempt any FOUR questions from Q.2–Q.8; each question carries 20 marks (Part-I holds the 20 MCQs, per the printed header)

Part-II questions

Q.2 — How does the Indifference Approach to analyzing consumer demand avoid having to measure utility? Explain. (20)

Q.3 — Explain the Lewis Model of Modern-Sector Growth in a Two-Sector Surplus-Labour Economy with graphical analysis. (20)

Q.4 — What do you know about ‘Demand-Side’ Inflation and ‘Supply-Side’ Inflation? Explain with the help of graphs and briefly explicate the policies to tackle both sides Inflation. (20)

Q.5 — How does the IS-LM model allow equilibrium to be shown in both Goods and Money Markets simultaneously? Elucidate with graphs. (20)

Q.6 — What is the concept of Public debt? Explain the dimensions for tackling the debt problems of developing countries like Pakistan. (20)

Q.7 — Examine the causes of Balance of Payments problem under Fixed Exchange Rate in short-run keeping in view the New Classical and Keynesian Analyses. (20)

Q.8 — Explicate the following briefly: (5 each) (20)
(a) Difference between Development and Human Development
(b) Difference between Income Inequality and Poverty
(c) Sources of Government Revenue
(d) Functions of Central Bank

Download Economics Paper I Past Paper 2017 (PDF)

Economics Paper I Past Paper 2018 · All Economics Past Papers · Economics Paper I Past Paper 2016