Economics Paper I Past Paper 2010

Equilibrium and income lead the Economics Paper I past paper 2010. Q.2 defines consumer equilibrium and shows how a consumer reaches it. Q.3 builds a firm’s demand curve for a variable factor input. Q.4 defines national income and explains its different concepts. Q.5 takes up the equation of exchange and the velocity of circulation. Q.6 sets balance of payments against balance of trade. Q.7 explains David Ricardo’s theory of comparative cost. Q.8 closes with deficit financing, its concept and its methods. 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 separate 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 — What is Consumer’s Equilibrium? How a consumer can be in equilibrium under Ordinal Approach? (20)

Q.3 — How is a firm’s demand curve for a particular variable factor input constructed when there is (20)
(i) only one variable input, (ii) two variable inputs in the productivity process?

Q.4 — What is National Income? Define and explain different concepts of National Income. (20)

Q.5 — What is the equation of exchange and the velocity of circulation? What assumptions are necessary to make the equation of exchange the quantity theory of money? (20)

Q.6 — Differentiate Balance of Payments and Balance of Trade. What are the transactions that are recorded in the current account and the capital account? (20)

Q.7 — Explain the theory of comparative cost by David Ricardo. (20)

Q.8 — Define the concept and methods of deficit financing. What are the reasons for deficit financing in Pakistan? (20)

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