Understanding Economics A2 Level Book

900.00

Book Code : 156
Number of Pages : 394
Author : Muhammad Kamran Malik
Language : English
Publishers : Read and Write Publications

 

Categories: ,

Description

TABLE OF CONTENTS
Section: 1 Utility …………………………………………………………………………………………………………… 8
Law of Diminishing Marginal Utility …………………………………………………………………………………. 8
Law of Equi Marginal Utility ………………………………………………………………………………………….. 11
Indifference Analysis …………………………………………………………………………………………………… 13
Multiple Choice Questions …………………………………………………………………………………………… 16
Section: 2 Budget Line ……………………………………………………………………………………………….. 26
Shifts In Budget Line …………………………………………………………………………………………………… 27
Multiple Choice Questions …………………………………………………………………………………………… 32
Section: 3 Normal, Inferior and Giffen Goods ………………………………………………………………. 44
Real Income and Substitution Effects of a Price Change …………………………………………………. 44
Consumer’s Equilibrium ………………………………………………………………………………………………. 45
Income Consumption Curve (ICC) ………………………………………………………………………………… 47
Impacts of Changes in Price ………………………………………………………………………………………… 48
Multiple Choice Questions …………………………………………………………………………………………… 50
Section: 4 Costs of the businesses …………………………………………………………………………….. 52
Laws of Variable Proportion …………………………………………………………………………………………. 53
Multiple Choice Questions …………………………………………………………………………………………… 65
Section: 5 Cost Curves in the Long Run ……………………………………………………………………… 75
Economies of Scale ……………………………………………………………………………………………………. 75
Least Cost Combination ………………………………………………………………………………………………. 77
Isoquant and Isocost Approach ……………………………………………………………………………………. 77
Minimum Efficient Scale (MES) ……………………………………………………………………………………. 81
Minimum Efficient Scale (MES) And The Size Of Firms …………………………………………………… 81
Natural Monopoly ……………………………………………………………………………………………………….. 82
Reasons For The Existence Of Small Firms …………………………………………………………………… 83
Section: 6 Economist’s Versus Accountant’s Definition of Costs ………………………………… 97
Decisions to Continue or Shutdown Businesses …………………………………………………………… 100
Multiple Choice Questions …………………………………………………………………………………………. 102
Section: 7 Market Structures …………………………………………………………………………………….. 108
Perfect Competition ………………………………………………………………………………………………….. 108
Multiple Choice Questions …………………………………………………………………………………………. 117
Section: 8 Monopoly …………………………………………………………………………………………………. 121
Multiple Choice Questions …………………………………………………………………………………………. 126
Section: 9 Externalities …………………………………………………………………………………………….. 136
Negative Externalities ……………………………………………………………………………………………….. 136
Positive Externalities …………………………………………………………………………………………………. 138
Multiple Choice Questions …………………………………………………………………………………………. 141
Section: 10 Cost Benefit Analysis ……………………………………………………………………………….. 150
Multiple Choice Questions …………………………………………………………………………………………. 151
Section: 11 Comparison between Perfect Competition and Monopoly …………………………. 157
Efficiency: Productive and Allocative Efficiency …………………………………………………………….. 159
Remedies to Monopoly Abuse ……………………………………………………………………………………. 161
Multiple Choice Questions …………………………………………………………………………………………. 163
Section: 12 Objectives of Firms ………………………………………………………………………………….. 185
Multiple Choice Questions …………………………………………………………………………………………. 187
Section: 13 Price Discrimination …………………………………………………………………………………. 196
Multiple Choice Questions …………………………………………………………………………………………. 200
Section: 14 Monopolistic Competition…………………………………………………………………………. 203
Oligopoly …………………………………………………………………………………………………………………. 206
Price rigidness in Oligopoly ………………………………………………………………………………………… 207
Cartels …………………………………………………………………………………………………………………….. 208
Non-Collusive Oligopoly: Game Theory ………………………………………………………………………. 209
Prisoner’s Dilemma …………………………………………………………………………………………………… 209
Concentration Ratio (Lorenz Curve & Gini Coefficient) ………………………………………………….. 210
Growth of Firms………………………………………………………………………………………………………… 211
Multiple Choice Questions …………………………………………………………………………………………. 213
Section: 15 Contestable Market …………………………………………………………………………………… 223
Multiple Choice Questions …………………………………………………………………………………………. 224
Section: 16 Factor Market …………………………………………………………………………………………… 228
Marginal Revenue Productivity Theory ………………………………………………………………………… 228
Labour Supply Curve ………………………………………………………………………………………………… 230
Multiple Choice Questions …………………………………………………………………………………………. 232
Section: 17 Monopsony ………………………………………………………………………………………………. 244
Trade Unions ……………………………………………………………………………………………………………. 245
Wage Differentials …………………………………………………………………………………………………….. 247
Economic Rent …………………………………………………………………………………………………………. 248
Multiple Choice Questions …………………………………………………………………………………………. 251
Section: 18 National Income Accounting …………………………………………………………………….. 264
Multiple Choice Questions …………………………………………………………………………………………. 269
Section: 19 Per Capita Income and Standard of Living ………………………………………………… 277
Poverty Trap …………………………………………………………………………………………………………….. 278
Intergenerational Equity …………………………………………………………………………………………….. 278
Net Economic Welfare (NEW) ……………………………………………………………………………………. 279
An Introduction of BRICS …………………………………………………………………………………………… 279
Human Poverty Index ……………………………………………………………………………………………….. 279
Multidimensional Poverty Index (MPI) …………………………………………………………………………. 279
Kuznets Curve………………………………………………………………………………………………………….. 280
Multiple Choice Questions …………………………………………………………………………………………. 281
Section: 20 Equilibrium National Income …………………………………………………………………….. 286
Squaring The Economic Cycle ……………………………………………………………………………………. 290
Equilibrium Income (a Graphical Treatment) ………………………………………………………………… 291
Close Economy without Government…………………………………………………………………………… 293
Investment Expenditures …………………………………………………………………………………………… 301
Equilibrium National Income ………………………………………………………………………………………. 303
A Situation of Disequilibrium ………………………………………………………………………………………. 306
Multiple Choice Questions …………………………………………………………………………………………. 310
Section: 21 Close Economy with Government …………………………………………………………….. 317
Equilibrium Income in a Close Economy with Government …………………………………………….. 317
Equilibrium National Income (Three Sectoral Economy)- Graphical Analysis ……………………. 320
Transfer Payment Multiplier ……………………………………………………………………………………….. 324
Induced Taxes………………………………………………………………………………………………………….. 325
Inflationary and Deflationary Gaps………………………………………………………………………………. 327
Systems of Taxation …………………………………………………………………………………………………. 333
Laffer Curve …………………………………………………………………………………………………………….. 336
Nudge Theory ………………………………………………………………………………………………………….. 336
Means-Tested Benefit ……………………………………………………………………………………………….. 337
Negative Income Tax ………………………………………………………………………………………………… 337
Multiple Choice Questions …………………………………………………………………………………………. 338
Section: 22 Open Economy ………………………………………………………………………………………… 351
Equilibrium Income in an Open Economy …………………………………………………………………….. 351
Multiple Choice Questions …………………………………………………………………………………………. 354
Section: 23 Principle of Accelerator ……………………………………………………………………………. 359
Multiple Choice Questions …………………………………………………………………………………………. 361
Section: 24 Aggregate Demand (AD) …………………………………………………………………………… 365
Comparison: Classicals, Monetarists and Keynesians …………………………………………………… 367
Aggregate Supply (AS) ……………………………………………………………………………………………… 368
Multiple Choice Questions …………………………………………………………………………………………. 370
Section: 25 Liquidity Preference Theory ……………………………………………………………………… 378
Loanable Fund Theory ………………………………………………………………………………………………. 382
Multiple Choice Questions …………………………………………………………………………………………. 383
Section: 26 Quantity Theory of Money ………………………………………………………………………… 393
Credit Creation Process …………………………………………………………………………………………….. 394
Multiple Choice Questions …………………………………………………………………………………………. 396
Section: 27 Unemployment …………………………………………………………………………………………. 406
Philips Curve ……………………………………………………………………………………………………………. 408
Supply Side Policies And Natural Rate Of Unemployment …………………………………………….. 409
Multiple Choice Questions …………………………………………………………………………………………. 412
Section: 28 Interdependence of Economic Policies……………………………………………………… 435
Multiple Choice Questions …………………………………………………………………………………………. 439
Section: 29 Developing Economies …………………………………………………………………………….. 452
Multiple Choice Questions …………………………………………………………………………………………. 453
Answer Key ……………………………………………………………………………………………………………….. 460

Reviews

There are no reviews yet.

Be the first to review “Understanding Economics A2 Level Book”

Your email address will not be published. Required fields are marked *