*Board of Intermediate Education Karachi* *Principal of Economics XI* – *Guess Paper* *SECTION B* – *MICRO ECONOMICS* Q#1: Differentiate between Fixed Costs and Variable Costs. Q#2: Define Production. Describe the factors of Production. Q#3: Discuss the main points of Marshall’s definition of Economics. Q#4: Differentiate between Microeconomics and Macroeconomics. Q#5: Explain the expansion and contraction in quantity and demand. Q#6: Write the characteristics of Perfect Competition. Q#7: State the Law of Supply. Q#8: Differentiate between Desire and Demand. *MACRO ECONOMICS* Q#1: Describe the canons of taxation. Q#2: Distinguish between Private Finance and Public Finance. Q#3: Name the different phases of the Trade Cycle and describe any one. Q#4: Describe the various types of money. Q#5: Enlist the characteristics of good money. Q#6: Describe the advantages of International Trade. Q#7: State the Quantity Theory of Money. Q#8: Distinguish between Balance of Trade and Balance of Payment. Q#9: Distinguish between Local Trade and International Trade. Q#10: Mention the difficulties in the measurement of National Income. *SECTION C* – *MICRO ECONOMICS* Q#1: State the definitions of Economics as stated by Prof. Marshall and Prof. Robbins and compare which of the two is better and why? Q#2: Explain with the help of diagrams, the equilibrium of a firm in perfect competition during the short run. Q#3: State the Law of Demand and explain it with the help of a schedule and diagram. Also, write its assumptions. *MACRO ECONOMICS* Q#1: Define National Income and explain its various concepts. Q#2: Differentiate between Direct Tax and Indirect Tax. Describe the advantages and disadvantages of Indirect Tax. Q#3: Define the term Money. Explain the functions of money and types of money.