Business
Economics Important Questions
for
BCOM 3rd SEM NEP 2023 Syllabus
Unit 1 Part A: Nature and Scope of Business Economics
Q. What is business economics? Discuss the nature/Features (2012, 2014, 2016, 2018SN) and scope (2017SN) of business economics. 2015, 2018
Q. Discuss the application of economic concepts in taking different types of business decisions.
Q. Discuss the relationship between Business Economics and Traditional Economics. Also distinguish between business economics and traditional economics. 2012, 2013, 2018
Q. Explain the basic problems of an economic system. 2012, 2013(SN), 2014, 2015(SN), 2016, 2017, 2019SN
Q. Discuss the role and responsibilities of a business manager in business economics. 2016, 2024
Q. What is Price Mechanism? Explain its importance and Limitations. How price mechanism helps in solving basic economic problem? 2014, 2015, 2017, 2019
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: Part A - Law of Demand
Q. Define demand for a commodity.
Explain the various factors which determine demand for a commodity.
Q. State and explain the law of demand.
Discuss various determinants of law of demand.
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 demand analysis? Explain its
need. What are various types of demand analysis?
Part B: Law of supply
Q.
What is law supply? What are the assumptions necessary for explanation of the
law of supply? What are the exceptions to this law? 2018
Q.
Define supply of a commodity. What are the factors which determine supply of a
commodity?
Q.
What is Elasticity of Supply? Mention its determinants. 2014, 2016
Q.
What is Market Equilibrium? What are its determinants?
Unit 3 Part A: Theory
of Consumption
Q. Compare and contrast between
production function and production possibility.
Q. Explain the application of different
consumption theories to draw opinions about production possibility.
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. What is production function? Explain
with the help of appropriate example, the relation amongst total product,
average product and marginal product.
Q. What is consumer’s
equilibrium? Explain with the indifference curve and budget constraint how a
consumer attains
equilibrium. 2021
Unit 3 Part B: Production, Cost and Profits
Q.
Explain with diagram the law of variable proportion. In which stage output is
decided? 2012, 2015, 2018, 2020, 2024
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.
What do you mean by cost of production? Discuss about different cost concepts.
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
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. What are various types of market? Distinguish
between perfect competitions, monopoly and imperfect competition.
Unit 4 Part B: Market Structure - Monopoly
Q.
What is monopoly market? What are its features?
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 5: 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. 2024
Q. Explain various factors of
production in the context of national and international trade.
Q.
Define trade cycles and explain the different phases of a trade cycle. Short note
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. What is International trade? What are its features? Mention various types of international trade.