Download 1st Year (11th Class) Principles of Economics Guess Paper 2023

PakStudyPortal is a very important platform for Pakistani students in all aspects. In this post, we are sharing the Most Important Guess Paper for the students of I.Com. Here you can get 11th Class Principles of Economics Guess Paper 2023 online. This Guess work is based on suggested books or past papers. Every student who is studying in any Punjab Boards can prepare this Guess Paper of Principles of Economics to get good marks in board exams.

11th Class Principles of Economics Guess Paper 2023

We hope this Inter Part 1 Principles of Economics Guess Paper will be helpful to score high marks in board exams. We suggest you; please prepare only this guess work if you can't to do full syllabus. Practicing on this Important Questions of Principles of Economics 11^th Class will lead you in commerce filed if you got good scores in exams. Many commerce students should be aware that this level of your education is very important in whole career because in this level, you have to select your complete career. So, we advise you please do hard work in this level if you want to continue your career in commerce field. 

Check Also: Download I.Com Part 1, 2 All Subject Guess Papers 

You Can Download Intermediate 11th Class 1st Year Principles of Economics Guess Paper 2023 from this blog; it will be useful for the students of intermediate in commerce (I.Com) from All Punjab Boards like Gujranwala Board, Multan Board, Lahore Board Rawalpindi Board, Bahawalpur Board, D.G Khan Board, Sahiwal Board and Sargodha Board.

Download First Year Principles of Economics Complete Guess Paper 2020 or Check Important Long Questions of Principles of Economics for The Students of I.Com Part 1

Principles of Economics Important MCQ's Questions:

Possible answers are given to each statement. Tick ( ) the correct one.

i. “Wealth of Nations” was written by:

 (a) Marshall (b) Robbins

(c) Adam Smith (d) Keynes

ii. Slope of demand curve is?

(a) Negative (b) Positive

(c) Zero (d) Constant

iii. When price falls then supply:

(a) Extends (b) Contracts

(c) Zero (d) Constant

iv. When marginal utility is zero then total utility is:

(a) Maximum (b) Minimum

(c) Zero (d) Fixed

v. Average revenue is equal to:

(a) Price (b) Total revenue

(c) Marginal revenue (d) Average cost

vi. What is the other name of law of diminishing return?

(a) Diminishing cost (b) Increasing cost

(c) Constant return (d) Increasing return

vii. Number of firm in monopoly is:

(a) One (b) Two

(c) Three (d) Unlimited

viii. Factors of production are:

(a) One (b) Two

(c) Three (d) Four

ix. Time duration of national income is:

(a) One year (b) Two years

(c) Three years (d) Four years

x. Personal income means:

(a) Private income (b) Govt. income

(c) Family income (d) Old income

xi. Living stander due to increase in national income:

(a) Increases (b) Falls

(c) No change (d) Old one

xii. Prices in inflation?

(a) Falls (b) Increases

(c) Fixed (d) Zero

xiii. Phases of trade cycle are:

(a) One (b) Two

(c) Three (d) Four

xiv. Advantages of international trade are:

(a) One (b) Two

(c) Three (d) Various

xv. Who describes the canons of taxation?

(a) Marshall (b) Robbins

(c) Keynes (d) Adam Smith

i. Principles of Economics was written by:

(a) Malthus (b) Hicks

(c) Robbins (d) Marshall

ii. Which one is not economic want?

(a) Cloth (b) Watch

(c) Air (d) Car

iii. The relation between price and demand is called as:

(a) Law of supply (b) Law of demand

(c) Desired demand (d) Income elasticity

iv. The elasticity of supply of perishable goods is:

(a) Zero (b) Greater than unity

(c) Infinity (d) Less than unity

v. The other name of law of constant returns is:

(a) Decreasing costs (b) Increasing costs

(c) Diminishing marginal utility (d) Constant costs

vi. A market in which all firms are producing a homogeneous commodity is call:

(a) Perfect competition (b) Monopoly

(c) Duopoly (d) Oligopoly

vii. The entrepreneur has control on the supply in monopoly:

(a) Full (b) Minor

(c) Much (d) No control

viii. Marginal costs curve cuts average costs when average cost is

(a) At maximum (b) At minimum

(c) Increasing (d) Decreasing

ix. Factors of production are:

(a) 2 (b) 3

(c) 4 (d) 5

x. National income does not include:

(a) Profit (b) Wages

(c) Interest (d) Transfer payments

xi. Rent of building is included in:

(a) Marginal costs (b) Variable costs

(c) Fixed costs (d) Selling costs

xii. When he economy prosperous?

(a) Recession period (b) In depression

(c) In boom (d) In recovery

xiii. The rising of prices is called:

(a) Deflation (b) Inflation

(c) Trade cycle (d) Balance of trade

xiv. ZAKAT means:

(a) Growth (b) Purification

(c) Tax (d) Growth & purification

xv. Canon of taxation explained by:

(a) Adam Smith (b) Ricardo

(c) Robbins (d) Marshall

Principles of Economics Important Short Questions:

Write the definition of economics by Adam Smith.

What is meant by scarce resources?

Write the names of methods of measurement of elasticity of demand?

On which goods law of demand is not applied?

Write the formulas of point and arc elasticity?

Give four assumptions of law of supply?

Write four limitation law of diminishing marginal utility.

Define initial and marginal utility.

What is opportunity cost?

Draw MR & AR under monopoly?

Describe the assumptions of laws of return?

What is difference between pure and perfect competition?

What is law of increasing cost?

Draw diagram of abnormal profit under perfect competition.

Define production of wealth.

What is difference between GNP and NNP?

Define national income?

Write any four factors of national income?

How many methods are of measuring national income?

What is difference between real and nominal income.

Define deflation?

Define money.

Define depression?

What is balance of payment?

What is difference between domestic and foreign trade.

Write three canons of taxation?

What is public finance?

Write the definition of economics put forth by Robbins.

Is economics science or art?

What is util?

What do you mean by saturation point?

What is meant by rise in demand?

Define cross elasticity of demand?

Differential between supply and stock.

Define market equilibrium.

Write down the law of variable proportions.

What is meant by land?

What is abnormal profit?

What is meant by mobility of labour?

What is meant derived demand?

Write four assumptions of marginal productivity theory.

Define national income.

What is meant by transfer payment?

Define money?

What is meant by demand-pull inflation?

Define Usher?

Define deflation.

What is meant by indirect tax?

State the concept of depression.

What is meant by visible goods?

What is double counting of national income?

Define international trade.

What is meant by real wages?

Distinguish between public and private finance.

Principles of Economics Most Important Long Questions:

Define Adam Smith definition of economics and discuss its demerits.

Describe the law of demand. Also discuss its assumption and limitations.

Explain the equilibrium of the firm under perfect competition in the long run.

What is inflation? Explain its effects on economy.

What is meant by trade cycle? Explain its phases.

What is meant by monopoly? How is price and quantity of output determined under monopoly?

Explain the nature and characteristics of economic laws.

Explain the concepts of point and arc elasticity of demand.

What is meant by labour and also describe the importance and characteristics of labour.

Write in detail cannons of taxation.

Explain merits and demerits of Marshall’s definition of Economics.

Define elasticity of supply. Elaborate the methods to measure elasticity of supply.

What is meant by market equilibrium? Explain it of a table and a diagram.

Derive the long run marginal cost curve.

Define national income. Explain circular flow income by diagram.

Describe the differences between national and trade.

Write the definition of economics by Robbins and explain its merits and demerits.

Describe the law of demand, explain it with the help of diagram and table.

Explain the assumptions and exceptions of law of demand.

Explain the circular flow of national income with the help of model.

Explain the causes of deficit in balance of payment.

Is economics a science or an art? Prove with arguments.

Write different causes of change in supply.

Explain the quantity theory of money.

State sources of public revenue.

Explain the functions of money.

What are differences and similarities between public finance and private finance?

Answers of MCQ's:

i (c) V (a) Ix (a) Xiii (d)

ii (a) Vi (b) X (a) Xiv (d)

iii (b) Vii (a) Xi (a) Xv (d)

iv (a) Viii (d) Xii (b)

i (d) V (d) Ix (c) Xiii (b)

ii (c) Vi (a) X (d) Xiv (d)

iii (b) Vii (a) Xi (c) Xv (a)

iv (a) Viii (b) Xii (c)

Dear I.Com Students you have to prepare your syllabus as well to get really good passing marks in the intermediate level so that you could continue your further education in the same commerce field. I.Com students can continue their further education in B.Com, BBA, B.Sc, BS Accounting, BS Commerce and other programs. This Guess Paper of Inter Part 1 Principles of Economics is shared just for information/model paper. We are not guaranteed you for the outcomes of this but our objective is to provide best and effective educational material to the students. Keep visiting our blog to get latest educational stuff.