Date of submission: 5 June 2015
1. Distinguish between market economy and planned economy.
2. What are the central problems of an economy?
3. Define the following: i) Consumer’s Equilibrium.
iii) Budget Line.
iv) Marginal Utility.
4. What is diminishing marginal utility? Explain with schedule and diagram.
5. What is indifference curve? Write four features of indifference curve.
6. What is budget line? When does budget line shift?
7. What is demand? Name and explain 9 different types of demand.
8. Which are the exceptions to the law of demand?
9. Distinguish between: i) Normal goods and Inferior goods
ii) Extension of demand and Increase in demand.
iii) Contraction of demand and Decrease in demand.
10. Which are the factors affecting demand?