Nalanda Open University
Annual Exam 2017
Intermediate of Arts Part-I
Economics, Paper-I
Time: 3.00 Hrs. Full Marks: 80
Answer any Five Questions. Question No.1 is compulsory. All questions carry equal marks.
2. Critically discuss difinition of economics given by Marshall.
3. Explain law of demand. Are there exptions to the law.
4. Discuss the law of equi-merginal utility with the help of a diagram.
5. Describe characteristics of mixed economy with reference to India.
6. Discuss the shape of average cost and marginal cost curve.
7. Explain the process of determination of market price and normal price.
8. Define national income. Discuss different methods of measurement of
national income.
9. Discuss the characteristics of a good tax system.
10. Define statistics. Discuss its importance.