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DEPARTMENT OF MANAGEMENT STUDIES
QUESTION BANK
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I SEMESTER
1915101 - ECONOMIC ANALYSIS FOR
Regulation — 2019
Academic Year 2019 - 2020
Prepared by
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Dr. K. Sentamilselvan — Asst. Professor
Dr. L.Sujatha — Asst. Professor
DEPARTMENT OF MANAGEMENT STUDIES
QUESTION BANK
SUBJECT: 1915101 - ECONOMIC ANALYSIS FOR
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SEM / YEAR: I Semester / I Year
UNIT — I - INTRODUCTION
SYLLABUS: Definition of Economics - Micro Vs. Macroeconomics — Fundamental Economic Problem — Production Possibility Curve — Assumptions and Criticism. Economic Systems and Types — Social, Capital and Mixed Economies and its characteristics.
PART- A
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | How would you define Economics? | Level 1 | Remembering |
| 2 | Can you explain when scarcity arises? | Level 2 | Understanding |
| 3 | State the importance of understanding Economic Problem | Level 3 | Applying |
| 4 | Can you outline difference between Micro and Macro Economics? | Level 4 | Analysing |
| 5 | What is your opinion of Production-possibility frontier (PPF)? | Level 5 | Evaluating |
| 6 | In your opinion what are the differences between Productive and Economic Efficiency? | Level 6 | Creating |
| 7 | How would you explain Economic Growth? | Level 1 | Remembering |
| 8 | What is meant by ‘Efficiency’? | Level 2 | Understanding |
| 9 | Describe Economic Stability | Level 3 | Applying |
| 10 | Identify the role of Government in present Economic scenario | Level 4 | Analysing |
| 11 | Explain Transformation Curve. | Level 5 | Evaluating |
| 12 | Write short note on Economic Stability. | Level 6 | Creating |
| 13 | What are the elements of Economic Growth? | Level 1 | Remembering |
| 14 | State the reasons for Economic Problem? | Level 2 | Understanding |
| 15 | What is meant by Mixed Economy? | Level 3 | Applying |
| 16 | Identify the criticisms of Production Possibility Curve. | Level 4 | Analysing |
| 17 | Outline the role of Markets in today’s economic scenario. | Level 1 | Remembering |
| 18 | What are the various types of Economic Efficiency? | Level 2 | Understanding |
| 19 | What are the assumptions of Production Possibility Curve? | Level 1 | Remembering |
| 20 | How would you explain Productive efficiency? | Level 1 | Remembering |
PART- B
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| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | Write a detailed note on the nature of Macro Economics. | Level 1 | Remembering |
| 2 | 1) Explain Economic Efficiency. (5Marks) i1) Explain the various types of Economic Efficiency. (8Marks) | Level 2 | Understanding |
| 3 | How would you show your understanding of “Scarcity and Efficiency are the twin themes of Economics”? | Level 3 | Applying |
| 4 | 1) What is Production Possibility Frontier? (7Marks) i1) Explain the significance of PPF. (6Marks) | Level 4 | Analysing |
| 5 | Explain the importance of Macroeconomics. | Level 5 | Evaluating |
| 6 | Government plays a vital role in today’s economic scenario — Discuss | Level 6 | Creating |
| 7 | ‘The markets and government play a significant role for the economy development of a nation’ - Examine | Level 1 | Remembering |
| 8 | Outline a detailed role of Markets in today’s economy. | Level 2 | Understanding |
| 9 | 1) Explain the concept of Transformation Curve. (7Marks) i1) State the assumptions of the transformation curve. (6Marks) | Level 3 | Applying |
| 10 | 1) Explain the themes of Economics (7Marks) 1) Explain how stability in leads to economic growth (6Marks) | Level 4 | Analysing |
| 11 | Suggest measures to overcome fundamental economic problems. | Level 1 | Remembering |
| 12 | Can you explain the fundamental-economic problems? | Level 2 | Understanding |
| 13 | Compare Productive Efficiency Vs Economic Efficiency. | Level 4 | Analysing |
| 14 | Explain the significance of economic growth and stability and discuss how to attain them. | Level 1 | Remembering |
PART - C
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| S.NO | QUESTIONS |
|---|---|
| 1 | The Government suddenly made a “U” turn in its economic policies in 1991, making a fundamental departure from “Nehruvian Policies of Socialism”, even without discussing the issue in the Parliament. Even Communist and Socialist members of the Parliament, and also pro-labor organizations kept quiet — Discuss about these in groups, regarding the significance and implications. |
| 2 | The City of Pune has a hundred identical petrol pumps, each independently owned by different owners. The total market demand is given by Q = 50000 — 20000p. The total supply function is given by: Q = 2500P. One of the Oil companies decided to take over all these pumps. There is no apparent cost advantage because the cost function remains the same, regardless of whether it is one large company or many small ones. The users of petrol are disturbed and annoyed at this because they anticipate exploitation. You are required to calculate the following: I. The price prior to the merger. II. The price post-merger. Note that the supply function is nothing but the rising part of the relevant cost function. Questions: --- Content provided by FirstRanker.com --- I. If the Government steps in and decides to regulate the price, would you recommend a marginal cost pricing regulation? Why or why not? (8 Marks)II. Discuss the ideal market structure, given the nature of the commodity.(7 Marks) |
| 3 | Explain as to how the study of Economics helps you in better decision making in scenario? |
| 4 | How is this going to help me? Ms. X wants to be a manager. She enjoyed her accounting, finance and marketing courses. Each of these provided her with some clear cut answer. Now the professor in her economics course is telling her that needs and wants and unlimited and the resource are limited. She comes to school to get an answer on how to be an effective manager, and meeting unlimited needs with limited resource is found to be difficult for her to concentrate. Questions: I. How would you relieve Ms. X’s anxiety? How is the course in going to help her?(8Marks) --- Content provided by FirstRanker.com --- II. How does a course in economics differ from other fields? (7Marks) |
UNIT - II - CONSUMER AND PRODUCER BEHAVIOUR
SYLLABUS: Law of Demand and Supply — Assumptions — Determinants — Exceptions — Elasticity of Demand and supply and its types. Consumer Behaviour — Approaches — Law of Diminishing Marginal Utility — Law of Equi Marginal Utility — Indifference Curve Analysis. Producer Behaviour — Production Function — Long run and Short run . Law of Diminishing Marginal returns — Returns to scale — Marginal Rate of Technical Substitution — Co Function — Concepts — Long and short run Cost curves — Economies and Diseconomies of Scale — Concept of Consumer Surplus and Producer Surplus.
PART- A
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | Define Law of Supply. | Level 1 | Remembering |
| 2 | What is Marginal Rate of Technical Substitution? | Level 2 | Understanding |
| 3 | List the determinants of Demand. | Level 3 | Applying |
| 4 | Can you explain Demand Analysis? | Level 4 | Analysing |
| 5 | List the various types of Demand. | Level 5 | Evaluating |
| 6 | Interpret “Law of Equi Marginal Utility”? | Level 6 | Creating |
| 7 | Explain consumer behaviour. | Level 1 | Remembering |
| 8 | Why does the demand curve slopes downwards? | Level 2 | Understanding |
| 9 | What is elasticity of Demand? | Level 3 | Applying |
| 10 | State the assumptions of Law of Demand. | Level 4 | Analysing |
| 11 | Explain what is meant by Diseconomies of Scale? | Level 5 | Evaluating |
| 12 | List the difference between Law of Demand and Elasticity of Demand | Level 6 | Creating |
| 13 | How would you define Consumer Surplus? | Level 1 | Remembering |
| 14 | Differentiate between a Price Elasticity and Income Elasticity of Demand. | Level 2 | Understanding |
| 15 | Explain Law of Diminishing Marginal Utility. | Level 3 | Applying |
| 16 | State the factors influencing Market Demand | Level 4 | Analysing |
| 17 | What are Isoquant Curves? | Level 1 | Remembering |
| 18 | Write a brief note on ‘Market Equilibrium’. | Level 2 | Understanding |
| 19 | What is meant by Indifference Curve? List the properties of Indifference Curve. | Level 1 | Remembering |
| 20 | Define Cost Function. | Level 1 | Remembering |
PART- B
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | How would you classify Demand and discuss the determinants of demand? | Level 1 | Remembering |
| 2 | i) Explain the Law of Demand and the assumptions.(7Marks) --- Content provided by FirstRanker.com --- i1) Explain why the demand curve slopes downwards?(6Marks) | Level 2 | Understanding |
| 3 | Explain the different types of elasticity of demand and list out the various factors determining the elasticity of demand. | Level 3 | Applying |
| 4 | Explain the Law of Supply and state the assumptions of Law of Supply. | Level 4 | Analysing |
| 5 | 1) What does consumer behaviour deal with? (7Marks) i1) Discuss the various approaches to Consumer Behaviour. (6Marks) | Level 5 | Evaluating |
| 6 | 1) What is Supply Elasticity and explain its types? (7Marks) i1) Explain the determinants of Elasticity of Supply. (6Marks) | Level 6 | Creating |
| 7 | i) Briefly explain Market Equilibrium. (5Marks) i) Explain the types of Equilibrium. (8Marks) | Level 1 | Remembering |
| 8 | Compile the assumptions and properties of Indifference Curve. | Level 2 | Understanding |
| 9 | 1) Describe Marginal Analysis and list its assumptions. (7Marks) i1) Outline the approaches to Marginal Analysis. (6Marks) | Level 3 | Applying |
| 10 | Describe the relations between production and costs in the short run and long run. | Level 4 | Analysing |
| 11 | Explain Production Function and the applications of Production Function in Managerial decisions. | Level 1 | Remembering |
| 12 | What are economies and diseconomies of scale? Explain in detail with suitable examples. | Level 2 | Understanding |
| 13 | 1) What are Isoquant Curves? State its assumptions. (5 Marks) --- Content provided by FirstRanker.com --- i1) State the various properties of Isoquants. (8 Marks) | Level 4 | Analysing |
| 14 | i) Discuss the nature of Short-Run and Long- Run Average cost curves (7Marks) i1)) Why is the Long-Run cost curve flatter than Short-Run cost curve? (6Marks) | Level 1 | Remembering |
PART - C
| S.NO | QUESTIONS |
|---|---|
| 1 | Which of the following commodities have most inelastic demand? Give reasons for your answer: I. Soap (5Marks) II. Salt (5Marks) --- Content provided by FirstRanker.com --- III. Penicillin (5Marks) |
| 2 | Suppose you are a sales manager of an organization. Explain how the analysis of demand contributes to decision making in the light of the responsibilities of a sales manager. |
| 3 | How to determine the demand for FMCG products? Explain your answer with suitable illustration. |
| 4 | A controlled economy has a market clearance equations built over years. The policy makers looked at the domestic markets and found that product marketers are almost perfect and that technical rate of substitution has been advantageous. The economic fundamentals were strong enough to open up the economy. There was opposition attributing to inconsistency from outside. The debates were on the following questions: I. What is macro - economic fundamentals? (5Marks) II. Write short notes on each factor. (5Marks) III. What if the economy is closed for some time? (5Marks) |
UNIT - III - PRODUCT AND FACTOR MARKET
SYLLABUS: Markets — Definition, types and the role of markets, Market Structure — Characteristics — Perfect and Imperfect Competition — Monopoly — Monopolistic and Oligopoly Markets — Price Fixation. Factor Markets — Factors of Production — Characteristics — Factor market Equilibrium — Determination of Factor price — Theory of Marginal Productivity.
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PART- A
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | Define labor. | Level 1 | Remembering |
| 2 | What are the different types of markets? | Level 2 | Understanding |
| 3 | Explain the term Market Structure. | Level 3 | Applying |
| 4 | List the difference between Perfect Competition and Monopolistic Competition | Level 4 | Analysing |
| 5 | Can you assess the significance of market efficiency? | Level 5 | Evaluating |
| 6 | Differentiate between Monopolistic Competition and Monopoly | Level 6 | Creating |
| 7 | What is meant by Factor Market? | Level 1 | Remembering |
| 8 | How would you explain Factors of Production? | Level 2 | Understanding |
| 9 | Explain the Competitive Market | Level 3 | Applying |
| 10 | How do you define Market? | Level 4 | Analysing |
| 11 | Outline the concept of Competitive Equilibrium | Level 5 | Evaluating |
| 12 | How is the demand for Factors of Production determined? | Level 6 | Creating |
| 13 | What are the determinants of Supply of Factors of Production? | Level 1 | Remembering |
| 14 | What are the features of a Monopolistic Competition? | Level 2 | Understanding |
| 15 | How would you show your understanding of firm’s equilibrium? | Level 3 | Applying |
| 16 | What are the factors of market? | Level 4 | Analysing |
| 17 | How would you explain Marginal Productivity Theory? | Level 1 | Remembering |
| 18 | Explain Consumer Equilibrium and Producer Equilibrium | Level 2 | Understanding |
| 19 | How would you explain Market Failure? | Level 1 | Remembering |
| 20 | What do you mean by Price Leadership? | Level 1 | Remembering |
PART- B
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | What are the various methods of improving the efficiency of Competitive market? | Level 1 | Remembering |
| 2 | 1) Differentiate perfect & imperfect market. (6marks) i) Explain the technique of managing equilibrium. (7marks) | Level 2 | Understanding |
| 3 | How would you show your understanding of the different types of Market Structure? | Level 3 | Applying |
| 4 | ‘Market Structures depends on relative cost and demand factors’. Comment. Substantiate your view with valid reasons. | Level 4 | Analysing |
| 5 | 1) Discuss about the interaction of product and market factor? (7marks) i) Explain about the producer who will be determining the pricing factors (6marks) | Level 5 | Evaluating |
| 6 | What is your opinion of General equilibrium? Explain in detail. | Level 6 | Creating |
| 7 | 1) Discuss about the factors influencing the price in a perfect market. (6marks) --- Content provided by FirstRanker.com --- i1) Discuss about the efficiency of competitive market. (7marks) | Level 1 | Remembering |
| 8 | How would you summarize the essential characteristics of competitive market? Explain how to make such market more efficient. | Level 2 | Understanding |
| 9 | 1) Discuss the determinants of factor price. (7marks) i1) Explain characteristics of Monopolistic & Oligopolistic Competition. (6marks) | Level 3 | Applying |
| 10 | Narrate how the market and product factor is synchronized to maintain the economic efficiency? | Level 4 | Analysing |
| 11 | Explain the kinked demand curve. What are the assumptions and criticism of kinked demand curve? | Level 1 | Remembering |
| 12 | What is imperfect competition? Examine the costs and consequences of'it. | Level 2 | Understanding |
| 13 | 1) Define oligopoly. Explain how price & output decisions are taken under oligopoly. (7marks) i1) Compare price and output equilibrium under monopolistic competition with that under perfect:competition. (6marks) | Level 4 | Analysing |
| 14 | Briefly explain the marginal productivity theory of factor pricing. What are its main short comings? | Level 1 | Remembering |
PART - C
| S.NO | QUESTIONS |
|---|---|
| 1 | Perfect competition, monopoly, monopolistic competition and oligopoly are the types of market structures considered in economic analysis. Which of these types would you relate to the following markets? I. Food grains: Rice and Wheat (3Marks) --- Content provided by FirstRanker.com --- II. Stock market (3Marks)III. Market for bus transport in New Delhi (3Marks) IV. Passenger cars (3Marks) V. Confectionary (3Marks) |
| 2 | Consider your two favorite soft drinks. Suppose the price of a two-liter bottle of your first choice falls. How much of a price decrease would it take to induce you to substitute the second for your first choice? Estimate the cross elasticity of demand for the drinks. Are they part of the same market? |
| 3 | Retail sales at the airports had been growing fast and the sales touched $27.1 billion in 2007. Such impressive growth made the airport the fastest growing retail channel behind the internet. The increased passenger traffic growth along with the soaring tourists' movements among countries was fueling the growth of airport retailing. But the global economic downturn with increasing oil prices etc. resulted in a rise in air fares, adversely affecting air travel and retail spending at the airports. Whether the airports retailing remain a prominent source of revenue in the global economic downturn remains to be seen. Pedagogical Objectives: --- Content provided by FirstRanker.com --- To the dynamics of airport revenues (acronautical vs. non- acronautical).To CSFs (critical success factor) of airport retailing. To impacts of the global economic downturn on airport retailing. Questions: I. What is airport retailing? (8Marks) --- Content provided by FirstRanker.com --- II. Discuss the impact of global economic downturn on airport retailing.(7Marks) |
| 4 | What is the solution to avoid black marketing of essential goods in short supply? |
UNIT - IV - PERFORMANCE OF AN ECONOMY — MACRO ECONOMICS
SYLLABUS: Macro-Economic Components — Household — Firms — Government — Circular Flow of Money in economy. Concept of Macroeconomic Equilibrium. Aggregate Demand and Supply — National Income — Components — Determination and Methods of computing National Income — Multiplier Effect — Fiscal Policy — Role of Government in Macro Economic Equilibrium.
PART- A
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | What is Gross National Income? | Level 1 | Remembering |
| 2 | Explain circular flow of income. | Level 2 | Understanding |
| 3 | Identify the various components of Aggregate Demand. | Level 3 | Applying |
| 4 | Differentiate between GNP and GDP | Level 4 | Analysing |
| 5 | State the components of National Income | Level 5 | Evaluating |
| 6 | Give an account of Multiplier Effect. | Level 6 | Creating |
| 7 | Define Aggregate Demand. | Level 1 | Remembering |
| 8 | What are the components of GDP? | Level 2 | Understanding |
| 9 | How is Fiscal policy effectiveness measured? | Level 3 | Applying |
| 10 | Classify the various approaches to National Income? | Level 4 | Analysing |
| 11 | Outline the concept of aggregate supply. | Level 5 | Evaluating |
| 12 | Explain the term fiscal policy? | Level 6 | Creating |
| 13 | What does multiplier refer to? | Level 1 | Remembering |
| 14 | What do you mean by accelerator? | Level 2 | Understanding |
| 15 | How would you define Effective Demand? | Level 3 | Applying |
| 16 | Explain about the circular flow of economic | Level 4 | Analysing |
| 17 | Define National income. | Level 1 | Remembering |
| 18 | What is meant by derived demand? | Level 2 | Understanding |
| 19 | What is Pump Priming? | Level 1 | Remembering |
| 20 | Explain Compensatory Spending. | Level 1 | Remembering |
PART- B
| S.NO | QUESTIONS | BT LEVEL | COMPETENCE |
|---|---|---|---|
| 1 | Discuss the theories of Fiscal Policy. | Level 1 | Remembering |
| 2 | Discuss the methods, factors in determination of national income. | Level 2 | Understanding |
| 3 | What facts would you select to show the causes of unemployment? Discuss the policy measures to solve the unemployment problem. | Level 3 | Applying |
| 4 | How do different forces interact to determine over all macroeconomics activity? Illustrate. | Level 4 | Analysing |
| 5 | 1) What is expenditure multiplier? (6Marks) --- Content provided by FirstRanker.com --- i1)) What is the role of budget in National Income? (7Marks) | Level 5 | Evaluating |
| 6 | 1) Narrate in detail about macro-economic aggregate and the performance of economy. (6Marks) i1)) How do different forces interact to determine over all macro-economic activity? (7Marks) | Level 6 | Creating |
| 7 | Discuss the compensatory fiscal policy as a device for controlling cyclical fluctuation. | Level 1 | Remembering |
| 8 | Explain in aggregate demand leads to an economic downturn? | Level 2 | Understanding |
| 9 | 1) Give an account of Fiscal Policy. (6Marks) This download link is referred from the post: OU Pharm D Question Papers Last 10 Years 2010-2020 || Osmania University |
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