Business
Economics Important Questions
for
BCOM 3rd SEM NEP 2023 Syllabus
Unit 1 Part A: Nature and Scope of Business Economics
Q. Discuss the role and
responsibilities of a business manager in business economics. 2016
Unit 1 Part B: Microeconomics and Macroeconomics
Q. What is Macroeconomics? What
are its features, Merits and demerits?
Q. What is Microeconomics? What
are its features, Merits and demerits?
Q. Distinguish between
Microeconomics and Macroeconomics.
Q. What are various methods of
microeconomics analysis? Explain Static and dynamic analysis in detail.
Unit 2: Law of Demand and Law of Supply, Market Equilibrium
Q. Define demand for a commodity.
Explain the various factors which determine demand for a commodity.
Q. Define supply of a commodity.
What are the factors which determine supply of a commodity?
Q. Explain the relationship price
of a commodity and its quantity supplied. Discuss how market equilibrium is
determined at the intersection of market demand and market supply curves. 2021
Q. What is law supply? What are
the assumptions necessary for explanation of the law of supply? Explain the
individual supply curve and the market supply curve with diagram. 2018
Q. What is Elasticity of Demand?
What are various types of elasticity of demand? Mention various degrees of
elasticity with diagram. 2013, 2017, 2018
Q. Explain any one method of
measuring price elasticity of demand with the help of numerical
example. 2012, 2020
Q. What is price elasticity of
demand? What are its determinants (2013, 2016SN)? Explain the importance of
price elasticity of demand. 2012,
2014, 2015, 2016, 2019, 2021
Q. What is cross elasticity of
demand (2015SN)? Discuss the importance of cross elasticity of demand in
business decision making (2018SN). 2013,
2017
Q. What is Income elasticity of
demand? Discuss the importance of income elasticity of demand in business
decision making. 2015
Q. What is Elasticity of Supply?
Mention its determinants. 2014,
2016
Q. What is Market Equilibrium?
What are its determinants?
Unit
3 Part A: Consumer Theory
Q. What is a consumer preference?
What are the assumptions about consumer preferences?
Q. What
is consumer’s equilibrium? Explain with the indifference curve and budget
constraint how a consumer attains equilibrium. 2021
Q. What
is an indifference curve? Explain the main properties of an indifference
curve. What are the assumptions on which indifference curve analysis of a
demand is based? 2020
Q. Explain why consumer’s
difference curve have negative slope, do not intersect and are convex to the
origin.
Q. Define income effect and
substitution effect. Explain how price effect of a commodity is decomposed into
income effect and substitution effect. 2021,
2022
Q. What is price consumption
curve? What is the relationship between price consumption curve and price
elasticity of demand? Derive demand curve from price consumption curve.
Q. Explain the concept of revealed
preference theory. 2022
Unit 3 Part B: Production and Cost
Q. Explain with diagram the law of
variable proportion. In which stage output is decided? 2012, 2015, 2018, 2020
Q. What is an isoquant? Explain
its properties. Identify the economic region of production with the help of
isoquant curve. 2012,
2013(SN), 2014, 2015(SN), 2016, 2018, 2019
Q. Write the meaning of ‘optimal
combination’ of factor of production. Explain the equilibrium of a firm with
the help of isoquant and isocost lines. (Write both output maximization and
cost minimization.) 2017, 2020, 2021, 2022
Q. Discuss the laws of returns to
scale. Discuss the causes of increasing return to scale (2016SN, 2018SN) and
decreasing return to scale. How are laws of returns to scale different from
laws of variable proportions? 2013, 2019
Q. Explain marginal rate of technical
substitution and the expansion path.
Part C
Q. What do you mean by internal
(2012SN) and external economies (2017SN)? Explain the different factors
responsible for internal and external economics. 2013, 2015, 2019
Q. What do you mean by economies
and diseconomies of large-scale production? Discuss the different factors
influencing economies and diseconomies of large-scale production. 2017
Q. What is called production
expansion path (2017SN)? Discuss how it can be expressed with the help of
budget line and iso-product curve. 2014,
2016
Q. What are ‘envelop curves’ and
‘learning curves’? Explain why a long-run average cost (LAC) curve is flatter
than the short-run average cost (SAC) curve. (Within 500 words) 2021, 2022
Q. Discuss the relationship
between short-term and long-term average cost curves. Explain the L shape of
the LAC curve.
Unit 4 Part A: Market Structure - Perfect Competition
Q. What is perfectly competitive
market? What are its characteristics and Assumptions? Explain the process of
price-output determination, under perfect competition. 2012, 2014, 2015, 2017, 2018, 2021
Q. Analyse the short run and long
run equilibrium of a business firm and industry under perfect competition with
the help of suitable diagram. 2013,
2014, 2016, 2017, 2018, 2021
Q. Explain how a firm under
perfect competition attains equilibrium with normal profit, super-normal profit
and loss in the short run. 2021
Q. Define normal price.
Diagrammatically explain how normal price is determined. Why does a firm under
perfect competition make only normal profit in the long run?
Q. Distinguish between perfect
competitions, monopoly and imperfect competition.
Unit 4 Part B: Market Structure - Monopoly
Q. What is monopoly market? What
are its features? How does a monopolist determine the price of his commodity
under condition of price discrimination? Illustrate your answer with suitable
diagram. 2020
Q. Describe how a monopolist
determines his profit-maximizing output and price in the long-run. How can
monopoly power be measured? 2019
Q. Explain with diagram how price
and output are determined under monopoly. 2020
Q. What is price discrimination?
Discuss the types of price discrimination with examples. Discuss the conditions
of price
discrimination. 2019,
2021
Q. Under what conditions price
discrimination is profitable? Is price discrimination socially justified?
Unit 4 Part C: Factor of production, factor pricing, National income and International trade
Q. What is Factor of production?
Explain the four factors of production and their significance in the production
process.
Q. Explain the concept of factor
pricing and its importance in economics.
Q. Discuss the theories of factor
pricing with reference to wages, rent, interest, and profit.
Q. Explain the marginal
productivity theory of factor pricing.
Q. Define trade cycles and explain
the different phases of a trade cycle.
Q. Define national income and
discuss the different methods of measuring it.
Q. Discuss the significance of
national income statistics in economic planning and policy-making. What are the
difficulties in measuring national income in a developing country like India?
Q. Explain various methods of
measurement of national income.
Q. What is International trade?
What are its features? Mention various types of international trade.