HSC ECONOMICS IMPORTANT EXPLANATORY ANSWERS FOR BOARD EXAM

HSC ECONOMICS IMPORTANT EXPLANATORY ANSWERS FOR BOARD EXAM 2018

Q6. Write explanatory answers. (Any Two):  (16)  

Explain any ‘two methods’ of measuring price elasticity of demand.

Explain the practical difficulties involved in the measurement of national income.

State and explain the law of demand with assumptions.

What is elasticity of demand? Explain the types of price elasticity of demand.

Explain Keynesian psychological law of consumption.

Explain in detail ‘saving function’ with schedule and diagram.

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

What is ‘national income’ ? Explain the theoretical difficulties involved in the measurement of national income.

Explain the various methods of measuring national income.

What is aggregate supply? Explain the determinants of aggregate supply.

State and explain in detail the Law of Diminishing Marginal Utility.

Assumption to the Law of Diminishing Marginal Utility.

Exception to the Law of Diminishing Marginal Utility.

Define perfect competition and explain price determination under perfect competition.

What is Aggregate demand? Explain the determinants of Aggregate demand.

Exception to the Law of Demand

What is perfect competition? Explain price determination under perfect competition.

What is national income. Explain how national income is measured by output method.

Explain Ratio method and Geometric method of measuring price elasticity of demand.

Explain the subjective and objective factors determining consumption function.