Jammu University Non CBCS
Economics Previous Year Question Paper
1st Semester
EC-101
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University Non CBCS Previous Year Question Paper of Economics 1st Semester.
1. Nature and Scope of Economics
- Overview: Define economics as the study of resource allocation, production, and consumption.
- Scope: Discuss microeconomics and macroeconomics, normative vs. positive economics, and economic methodologies.
- Practical Importance: Highlight real-world applications like policymaking and business strategies.
2. Market Price Determination: Demand and Supply
- Key Concepts: Explain demand, supply, and the equilibrium price.
- Real-Life Examples: Illustrate with examples like seasonal fruits or fuel prices.
- Interactive Features: Add a simple graph tool or interactive quiz.
3. Laws of Cardinal Marginal Utility Analysis
- Introduction: Introduce the law of diminishing marginal utility.
- Use Cases: Explain utility in consumption choices.
- Infographics: Use charts to show utility decline.
4. Indifference Curve Analysis
- Concept: Define indifference curves and the concept of marginal rate of substitution.
- Examples: Include diagrams with budget constraints.
- Relevance: Link to consumer behavior analysis.
5. Consumer's Equilibrium through an Indifference Curve
- Exploration: Define equilibrium and show its achievement via tangency of budget lines.
- Interactive Graphs: Allow users to manipulate curves to find equilibrium.
6. Elasticity of Demand: Price, Income, and Cross
- Explanation: Define and differentiate types of elasticity.
- Case Studies: Share examples like luxury vs. necessity goods.
- Practical Application: Show relevance in business pricing strategies.
7. Consumer's Surplus
- Concept: Define consumer surplus with a graphical representation.
- Applications: Discuss in auctions or discount pricing.
8. Production Decisions: Production Function; Isoquant
- Introduction: Define production function and isoquants.
- Real-World Scenarios: Apply to manufacturing or agriculture.
9. Equilibrium of the Firm and Expansion Path
- Concept: Discuss cost minimization and output maximization.
- Diagrams: Include step-by-step graph building.
10. Law of Variable Proportions
- Overview: Explain the phases of increasing, diminishing, and negative returns.
- Examples: Agricultural output under varied inputs.
11. The Law of Returns to Scale
- Definition: Differentiate from the law of variable proportions.
- Examples: Industrial scale production.
12. Economies of Scale of Production
- Concept: Discuss internal vs. external economies.
- Examples: Large-scale industries like automotive manufacturing.
13. Different Concepts of Cost and Their Inter-Relations
- Explanation: Define fixed, variable, average, marginal, and total costs.
- Graphs: Show relationships among these costs.
14. Market Forms: Perfect and Imperfect Markets
- Introduction: Define types of market structures.
- Examples: Real-world companies like tech monopolies or local farmer markets.
15. Equilibrium of the Firm: Perfect Competition
- Overview: Explain the firm's equilibrium in short and long runs.
- Interactive Content: Create a simulation of price changes.
16. Monopoly and Price Discrimination
- Concepts: Define monopoly and types of price discrimination.
- Case Studies: Use examples like movie tickets or airline pricing.
17. Monopolistic Competition
- Introduction: Explain features and examples (e.g., fast food chains).
- Graphs: Include diagrams for demand curves.
18. Oligopoly, Taxation, and Equilibrium of a Firm
- Concepts: Discuss interdependence in oligopolies and taxation effects.
- Examples: Highlight industries like telecom.
19. Marginal Productivity Theory of Distribution (Classical)
- Definition: Explain the theory and its criticisms.
- Relevance: Link to labor markets.
20. Theories of Wage Determination and Collective Bargaining
- Introduction: Cover wage differentials, objectives, and bargaining processes.
- Case Studies: Real-world examples like union negotiations.
21. Rent: Scarcity Rent, Differential Rent, Quasi-Rent
- Definitions: Discuss each type of rent.
- Examples: Land use in urban vs. rural areas.
22. Classical Theory of Interest
- Concept: Define and discuss limitations.
- Relevance: Apply to investment decisions.
23. Keynesian Theory of Interest
- Introduction: Explain liquidity preference theory.
- Graphs: Include IS-LM curve interactions.
24. Profits: Innovation, Risk, and Uncertainty Theories
- Concepts: Cover Schumpeter's innovation theory and Knight's risk theories.
- Case Studies: Highlight startups or tech giants.
25. Concept of Welfare Economics
- Overview: Discuss individual and social welfare.
- Applications: Include policy implications.
26. Pareto's Criteria; Value Judgement
- Definition: Explain Pareto efficiency and limitations of value judgments.
- Examples: Public goods allocation.