Economics Paper I Past Paper 2015

Firms and money anchor the Economics Paper I past paper 2015. Q.2 fixes equilibrium and price under duopoly. Q.3 compares firm equilibrium under perfect competition and monopolistic competition. Q.4 traces new investment through the multiplier into national income. Q.5 explains how credit money is created. Q.6 defines monetary policy and lists the tools that control inflation and deflation. Q.7 asks why micro and macro economics both serve a full economic analysis. Q.8 closes with short notes. 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 — Explain the equilibrium of firm and price fixation in Duopoly when both firms have different elastic Average Revenue and Marginal Revenue curves. (20)

Q.3 — Compare and contrast the equilibrium of the firm under Perfect Competition and Monopolistic Competition. (20)

Q.4 — Explain as how new investment impact on national income under Multiplier Effect. Illustrate with table and graph. (20)

Q.5 — Explain as how the process of Creation of Credit Money is adopted by the banks? (20)

Q.6 — Define Monetary Policy and explain its instruments which control the inflation and deflation in the economy. (20)

Q.7 — Why Micro and Macro Economics is prerequisite for complete Economic analysis? Explain. (20)

Q.8 — Write notes on the following: (10 each) (20)
(a) How would you identify the Supply Curve of the firm under Perfect Competition in the long Term? Explain with graph.
(b) Do you think that a Monopolistic firm can earn unlimited profit by maximizing the price?

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