Economics Paper I Past Paper 2022

Elasticity opens and inflation closes the Economics Paper I past paper 2022. Q.2 separates own-price, cross-price and income elasticity. Q.3 asks what happens to the interest rate when prices move along an aggregate demand schedule, with IS-LM in view. Q.4 argues the case for human capital investment in development. Q.5 separates tax, fee and price and asks for views on Pakistan’s tax effort. Q.6 lists the functions of a central bank and judges the State Bank of Pakistan against them. Q.7 names the types of inflation and asks which type troubles Pakistan. Q.8 closes with short notes on two 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 — Differentiate among the own price elasticity, cross-price elasticity and income elasticity of demand. Explain the practical significance/uses of own price elasticity and income elasticity of demand. (20)

Q.3 — What happens to interest rate if prices change along a given Aggregate Demand Schedule? Explain with the help of IS-LM model. (20)

Q.4 — Discuss the significance of investment in human capital for economic development in Pakistan. How the brain drain from a developing country retards the process of economic development? (20)

Q.5 — Differentiate among the tax, fee and price. Express your views about tax collection to GDP ratio in Pakistan. Suggest measures to enhance and rationalize tax revenue in Pakistan. (20)

Q.6 — State and explain the functions of a central bank. How successful the State bank of Pakistan has been in achieving its objectives over time? Discuss. (20)

Q.7 — Specifically describe the types of inflation. Which type of inflation is the most disturbing in Pakistan? Suggest measures to address the identified inflation problem. (20)

Q.8 — Write short notes on any two of the followings. (10 each) (20)
(i) Size distribution vs. functional distribution of income
(ii) Privatization
(iii) International trade and cartels

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Economics Paper I Past Paper 2023 · All Economics Past Papers · Economics Paper I Past Paper 2021