Economics

1. What is the difference between Microeconomics and

Macroeconomics?
2. Define Price Elasticity of Demand?
3. What is the difference between Cross Elasticity of Demand and
Income Elasticity of Demand?
4. Specify the Law of Demand and Law of Supply.
5. What is a Break-Even Point?
6. Is there any difference between Break-Even Point and Shut-Down
Point?
7. What is the difference between Economies of Scale and
Economies of Scope?
8. Specify the difference between Monopoly and Oligopoly Market
Structure.
9. Mention the difference between GDP and GNP.
10.
Is National Income a true indicator of Economic Welfare?
11.
How to enhance GDP of a country?
12.
Define Inflation.
13.
Specify different methods adopted to measure Inflation in
India.
14.
Why Food inflation is so high in India?
15.
Define Fiscal Policy.
16.
Is there any difference between Budget Deficit and Fiscal
Deficit?
17.
How to contain Fiscal Deficit of our country?
18.
Define Monetary Policy instruments used in India. Are they
effective enough to achieve the desired goals?
19.
What is a Trade Deficit? How can you minimize the trade
deficit?
20.
Define Balance of Payments? Do you think BOPs need to be
balanced always?