Economics O Level P-1 (MCQ’s) Topical/Yearly

730.00

Book Code : 141
Number of Pages : 320
Author : Imran Latif
Language : English
Publishers : Read and Write Publications

 

Categories: ,

Description

TABLE OF CONTENTS
UNIT-1 BASIC ECONOMIC IDEAS ……………………………………………………………………………………………. 8
1.1 FACTORS OF PRODUCTION …………………………………………………………………………………………………….. 8
1.2 OPPORTUNITY COST AND SCARCITY (BASIC ECONOMIC PROBLEM) ………………………………………………….. 11
1.3 PRODUCTION POSSIBILITY CURVE ………………………………………………………………………………………….. 15
1.4 LABOUR INTENSIVE AND CAPITAL INTENSIVE ……………………………………………………………………………… 19
Key ……………………………………………………………………………………………………………………………………… 20
Detailed Answers ………………………………………………………………………………………………………………. 21
UNIT-2 ECONOMIC SYSTEMS ……………………………………………………………………………………………….. 27
2.1 BASIC ECONOMIC QUESTIONS ……………………………………………………………………………………………….. 27
2.2 ECONOMIC SYSTEMS ………………………………………………………………………………………………………….. 27
Key ……………………………………………………………………………………………………………………………………… 31
Detailed Answers ………………………………………………………………………………………………………………. 32
UNIT-3 PRODUCTION AND COST ………………………………………………………………………………………….. 34
3.1 TYPES OF COSTS ………………………………………………………………………………………………………………. 34
3.2 PROFIT MAXIZATION …………………………………………………………………………………………………………… 40
3.3 DIVISION OF LABOUR ………………………………………………………………………………………………………….. 44
3.4 ECONOMICS & DISECONOMIES OF SCALE …………………………………………………………………………………. 45
3.5 SMALL FIRMS ……………………………………………………………………………………………………………………. 47
3.6 PRIMARY, SECONDARY & TERTIARY SECTORS …………………………………………………………………………… 48
Key ……………………………………………………………………………………………………………………………………… 51
Detailed Answers ………………………………………………………………………………………………………………. 52
UNIT-4 TYPES OF BUSINESS ORGANISATIONS …………………………………………………………………….. 60
4.1 TYPES OF BUSINESS ORGANIZATIONS ……………………………………………………………………………………… 60
4.2 MULTINATIONALS ………………………………………………………………………………………………………………. 61
Key ……………………………………………………………………………………………………………………………………… 64
Detailed Answers ………………………………………………………………………………………………………………. 65
UNIT-5 GROWTH AND FINANCE OF FIRMS ……………………………………………………………………………. 67
5.1 SOURCES OF GROWTH OF FIRMS …………………………………………………………………………………………… 67
5.2 INTEGRATION …………………………………………………………………………………………………………………… 67
5.3 STOCK EXCHANGE …………………………………………………………………………………………………………….. 68
Key ……………………………………………………………………………………………………………………………………… 70
Detailed Answers ………………………………………………………………………………………………………………. 71
UNIT-6 DEMAND SUPPLY AND EQUILIBRIUM ………………………………………………………………………… 73
6.1 DEMAND …………………………………………………………………………………………………………………………. 73
6.2 SUPPLY ………………………………………………………………………………………………………………………….. 74
6.3 MARKET EQUILIBRIUM & CHANGES …………………………………………………………………………………………. 75
6.4 PRICE CONTROLS ……………………………………………………………………………………………………………… 88
Key ……………………………………………………………………………………………………………………………………… 89
Detailed Answers ………………………………………………………………………………………………………………. 90
UNIT-7 ELASTICITY ………………………………………………………………………………………………………………. 96
7.1 PRICE ELASTICITY OF DEMAND (PED) …………………………………………………………………………………….. 96
7.2 PRICE ELASTICITY OF SUPPLY (PES) ……………………………………………………………………………………. 101
7.3 ELASTICITY AND TAX INCIDENCE ………………………………………………………………………………………….. 102
7.4 TOTAL REVENUE AND EQUILIBRIUM……………………………………………………………………………………….. 102
Key ……………………………………………………………………………………………………………………………………. 104
Detailed Answers …………………………………………………………………………………………………………….. 105
UNIT-8 SOCIAL COSTS AND BENEFITS ……………………………………………………………………………….. 110
8.1 SOCIAL COSTS & BENEFITS ………………………………………………………………………………………………… 110
8.2 GOVT. POLICIES AND THEIR LIMITATIONS / PRIVATE VS GOVT. PRODUCTION…………………………………….. 113
8.3 CAUSES OF MARKET FAILURE ……………………………………………………………………………………………… 114
Key ……………………………………………………………………………………………………………………………………. 116
6
Detailed Answers …………………………………………………………………………………………………………….. 117
UNIT-9 LABOR MARKET ……………………………………………………………………………………………………. 120
9.1 FACTORS DETERMINING WAGE RATE …………………………………………………………………………………….. 120
9.2 WAGE DIFFERENTIALS ………………………………………………………………………………………………………. 121
9.3 TRADE UNIONS ……………………………………………………………………………………………………………….. 125
9.4 FACTORS AFFECTING CHOICE OF OCCUPATION ………………………………………………………………………… 128
9.5 TYPES OF PAYMENTS ……………………………………………………………………………………………………….. 129
9.6 CHANGES IN EARNING IN LIFETIME ………………………………………………………………………………………… 129
9.7 MONEY WAGES AND REAL WAGES ………………………………………………………………………………………… 130
Key ……………………………………………………………………………………………………………………………………. 132
Detailed Answers …………………………………………………………………………………………………………….. 133
UNIT-10 NATIONAL INCOME …………………………………………………………………………………………………. 139
10.1 NATIONAL INCOME CONCEPTS………………………………………………………………………………………….. 139
10.2 CONSUMPTION AND SAVINGS AND SPENDING PATTERNS …………………………………………………………. 139
10.3 AGGREGATE DEMAND AND AGGREGATE SUPPLY …………………………………………………………………… 144
10.4 STANDARD OF LIVING …………………………………………………………………………………………………….. 144
Key ……………………………………………………………………………………………………………………………………. 150
Detailed Answers …………………………………………………………………………………………………………….. 151
UNIT-11 UNEMPLOYMENT …………………………………………………………………………………………………….. 157
11.1 MEANING OF UNEMPLOYMENT ………………………………………………………………………………………….. 157
11.2 TYPES AND CAUSES OF UNEMPLOYMENT …………………………………………………………………………….. 157
11.3 EFFECTS OF UNEMPLOYMENT ………………………………………………………………………………………….. 159
11.4 MOBILITY OF LABOUR …………………………………………………………………………………………………….. 159
Key ……………………………………………………………………………………………………………………………………. 160
Detailed Answers …………………………………………………………………………………………………………….. 161
UNIT-12 MACROECONOMIC POLICIES ………………………………………………………………………………….. 163
12.1 MACROECONOMIC AIMS, CONFLICTS & POLICIES …………………………………………………………………… 163
Key ……………………………………………………………………………………………………………………………………. 171
Detailed Answers …………………………………………………………………………………………………………….. 172
UNIT-13 ECONOMIC GROWTH ………………………………………………………………………………………………. 177
13.1 MEANING, CAUSES AND EFFECTS OF ECONOMIC GROWTH ……………………………………………………….. 177
Key ……………………………………………………………………………………………………………………………………. 180
UNIT-14 INFLATION ………………………………………………………………………………………………………………. 183
14.1 MEANING OF INFLATION ………………………………………………………………………………………………….. 183
14.2 CAUSES OF INFLATION …………………………………………………………………………………………………… 183
14.3 MEASUREMENT OF INFLATION ………………………………………………………………………………………….. 183
14.4 EFFECTS OF INFLATION ………………………………………………………………………………………………….. 185
14.5 ACTUAL VALUE AND PERCENTAGE VALUE ……………………………………………………………………………. 187
Key ……………………………………………………………………………………………………………………………………. 192
Detailed Answers …………………………………………………………………………………………………………….. 193
UNIT-15 TAXES AND GOVERNMENT SPENDING ……………………………………………………………………. 196
15.1 TYPES OF TAX SYSTEMS …………………………………………………………………………………………………. 196
15.2 DIRECT & INDIRECT TAXES ……………………………………………………………………………………………… 198
15.3 REASONS FOR TAXATION ………………………………………………………………………………………………… 200
15.4 SOURCES OF FINANCE OF GOVERNMENT …………………………………………………………………………….. 200
15.5 GOVERNMENT BUDGET ………………………………………………………………………………………………….. 200
15.6 OTHERS …………………………………………………………………………………………………………………….. 201
Key ……………………………………………………………………………………………………………………………………. 204
Detailed Answers …………………………………………………………………………………………………………….. 205
UNIT-16 MONEY AND BANKING …………………………………………………………………………………………….. 209
16.1 MONEY ……………………………………………………………………………………………………………………… 209
16.2 BANKING ……………………………………………………………………………………………………………………. 210
Key ……………………………………………………………………………………………………………………………………. 212
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Detailed Answers …………………………………………………………………………………………………………….. 213
UNIT-17 POPULATION …………………………………………………………………………………………………………… 215
17.1 FACTORS OF GROWTH IN POPULATION ……………………………………………………………………………….. 215
17.2 LESS DEVELOPED AND DEVELOPED COUNTRIES ……………………………………………………………………. 219
17.3 AGING POPULATION ………………………………………………………………………………………………………. 226
17.4 ABSOLUTE AND RELATIVE POVERTY …………………………………………………………………………………… 227
17.5 TYPES OF POPULATION AND EFFECTS OF GROWTH IN POPULATION …………………………………………….. 227
Key ……………………………………………………………………………………………………………………………………. 229
Detailed Answers …………………………………………………………………………………………………………….. 230
UNIT-18 INTERNATIONAL TRADE ………………………………………………………………………………………….. 236
18.1 ABSOLUTE AND COMPARATIVE ADVANTAGE …………………………………………………………………………. 236
18.2 METHODS OF PROTECTIONISM OR POLICIES ………………………………………………………………………… 237
18.3 EFFECTS OF FREE TRADE AND PROTECTIONISM ……………………………………………………………………. 238
Key ……………………………………………………………………………………………………………………………………. 242
Detailed Answers …………………………………………………………………………………………………………….. 243
UNIT-19 EXCHANGE RATE ……………………………………………………………………………………………………. 247
19.1 MEANING OF EXCHANGE RATE …………………………………………………………………………………………. 247
19.2 EFFECTS OF EXCHANGE RATE DEPRECIATION AND APPRECIATION ……………………………………………… 247
19.3 CAUSES OF EXCHANGE RATE DEPRECIATION AND APPRECIATION ………………………………………………. 248
Key ……………………………………………………………………………………………………………………………………. 250
Detailed Answer ………………………………………………………………………………………………………………. 251
UNIT-20 BALANCE OF PAYMENT ………………………………………………………………………………………….. 253
20.1 BALANCE OF PAYMENTS ACCOUNTS …………………………………………………………………………………… 253
20.2 CAUSES OF BALANCE OF PAYMENTS DEFICIT OR SURPLUS ……………………………………………………….. 256
20.3 MIXED QUESTIONS………………………………………………………………………………………………………… 258
Key ……………………………………………………………………………………………………………………………………. 259
Detailed Answers …………………………………………………………………………………………………………….. 260
UNIT-21 ADVERTISING, MONOPOLY AND COMPETITION ………………………………………………………. 263
21.1 CHARACTERISTICS OF PERFECT COMPETITION AND MONOPOLY ………………………………………………… 263
21.2 PRICING AND OUTPUT OF PERFECT COMPETITION AND MONOPOLY …………………………………………….. 264
21.3 ADVANTAGES AND DISADVANTAGES OF MONOPOLY ……………………………………………………………….. 264
21.4 ADVERTISING ………………………………………………………………………………………………………………. 265
Key ……………………………………………………………………………………………………………………………………. 266
Detailed Answers …………………………………………………………………………………………………………….. 267
UNIT-22 OTHERS ………………………………………………………………………………………………………………….. 269
22.1 OTHERS …………………………………………………………………………………………………………………….. 269
Key ……………………………………………………………………………………………………………………………………. 277
Detailed Answers …………………………………………………………………………………………………………….. 278
UNIT-23 NOVEMBER 2015 TO NOVEMBER 2017………………………………….…………….……….. 245
KEY ALL YEARS……………………………………………………………………………………………………LAST PAGE

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