# Economics Papers PMT IB IBDP Edexel

## Guess Paper 1: E-Commerce Fall – 2020 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

SECTION – 1

Q1: Graphically explain the law of diminishing marginal utility. Also explain the limitations
of the law.

Q2: What is the difference between demand and supply? Explain the price elasticity and
income elasticity of demand in detail. Support your explanation with suitable examples.

Q3: Define Indifference Curve. Further explain the properties of Indifference Curve with the
help of graphs.

Q4: Define Market. Graphically explain the short run equilibrium of the firm under perfect competition.

Q5: Define production function. Write a detailed note on factors of production and their Earnings.

SECTION – 2

Q6: What is the difference between constant and variable? Further explain different types of
variables in detail. Give suitable examples.

Q7: Explain the concept of Derivatives. Further explain the various rules of derivatives in detail.

Q8: Attempt ANY TWO of the following;

a) Describe mean, median and mode.
b) Differentiate between Simple and Simultaneous equations.
c) Differentiate between Simple Index Number and Weighted Index Number.

SECTION – 1

Q1: Graphically explain the law of diminishing marginal utility. Also explain the limitations
of the law.

Q2: What is the difference between demand and supply? Explain the price elasticity and
income elasticity of demand in detail. Support your explanation with suitable examples.

Q3: Define Indifference Curve. Further explain the properties of Indifference Curve with the
help of graphs.

Q4: Define Market. Graphically explain the short run equilibrium of the firm under perfect competition.

Q5: Define production function. Write a detailed note on factors of production and their Earnings.

SECTION – 2

Q6: What is the difference between constant and variable? Further explain different types of
variables in detail. Give suitable examples.

Q7: Explain the concept of Derivatives. Further explain the various rules of derivatives in detail.

Q8: Attempt ANY TWO of the following;

a) Describe mean, median and mode.
b) Differentiate between Simple and Simultaneous equations.
c) Differentiate between Simple Index Number and Weighted Index Number.

## Guess Paper 2: E-Commerce Spring – 2020 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

SECTION – 1

Q1: Write a comprehensive note on the scope and importance of economics. Put examples.

Q2: What is the difference between Iso-quant Curve and Iso Cost Curve? Further explain the
properties of Iso-quant curve by making graph for each property.

Q3: What is meant by Cost of Production? Write a detailed note on different types of cost
with the help of suitable examples.

Q4: Explain the reason behind the negative slope of the demand line. Further explain that
how the price is determined in a market by market forces? Use graphs.

Q5: Explain the main characteristics of perfect competition. Further explain the difference
between monopoly and monopolistic competition. Put relevant examples.

SECTION – 2

Q6: What is meant by Index Number? There are various methods which are used to calculate
the index number. Discuss in detail.

Q7: Explain the difference between equations and identities. Further discuss different types of equations in detail.

Q8: Attempt ANY TWO of the following;

a) Write a short note on Price Discrimination.
a) Differentiate between dependent and independent variables. (Give examples)
b) Shortly describe the Quartiles, Deciles and Percentiles.

## Guess Paper 3: E-Commerce Spring – 2019 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

SECTION-1

Q1: National Income of a country is measured through various methods. Explain the
Expenditures Method in detail.

Q2: There are various tools/instruments of Monetary Policy which are used to control credit and money supply in economy. Explain.

Q3: Discuss the salient features of Keynes theory of Income and Employment. Explain that how the equilibrium level of national income and employment is determined in a two sector economy.

Q4: International Trade plays an important role in the economic development of a country.
Discuss.

Q5: What is the difference between Central Bank and Commercial Bank? Discuss the important functions of central bank in detail.

SECTION-2

Q6: Differentiate between economic growth and economic development. Explain the main characteristics of a developing country like Pakistan.

Q7: Discuss the main problems of agriculture sector of Pakistan. Suggest some possible solutions for the betterment of Agriculture sector of Pakistan.

Q8: Attempt ANY TWO of the following;

a) Differentiate between developmental and non-developmental expenditures.
b) Write a short note on the role of remittances in economic growth of Pakistan.
c) Define Inflation.

## Guess Paper 4: E-Commerce Spring – 2019 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

SECTION-1

Q1: Explain the Consumption Function graphically. Further show on graph and explain that
why the level of consumption is positive even when the level of income is zero.

Q2: Write a comprehensive note on Fiscal Policy and its main objectives.

Q3: What is meant by Balance of Payments? Explain the causes of deficit in the balance of
payments in Pakistan.

Q4: Money performs various important functions. Explain.

Q5: Differentiate between direct tax and indirect tax. Also explain the principles of taxation in detail.

SECTION-2

Q6: Discuss the main obstacles to Industrial development in Pakistan. What possible solutions you prefer to suggest for the betterment of Industrial sector of Pakistan?

Q7: Commercial Banks play a vital role in the economic development of Pakistan. Discuss.

Q8: Attempt ANY TWO of the following;

a) Define Monetary Policy.

b) Summarize the role of foreign aid in economic growth of Pakistan.

c) (GNP, GDP, NNP, IMF and IS-LM) …….. In Economics, these terms stand for?

## Guess Paper 5: E-Commerce Spring – 2018 Past Papers

Time Allowed: 3 hours

Total Marks:    70, Passing Marks (35)

Q1: Choose the Correct One.

I. By getting more and more units of a commodity, the marginal utility of that commodity will;
(a) Increase (b) Remain Unchanged. (c) Diminish
II. A market situation where few (3 to 13) Producers control the whole market is called;
(a) Duopoly (b) Oligopoly (c) Monopoly

III. A compulsory contribution made to Government by the people on whom it is imposed is
called;
(a) Zakaat (b) Tax (c) Ushar
IV. When prices Increase, demand will decrease, while supply will;

(a) Increase (b) Decrease (c) Remain the Same
V. In economics, G.N.P stands for;
(a) Gross Net Product (b) Gross New Product (c) Gross National Product
VI. The percentage change in the quantity demanded due to the percentage change in income is
called;

(a) Income Elasticity (b) Cross Elasticity (c) Price Elasticity

VII. Interest is the earning of;

(a) Capital (b) Land (c) Labor

Q2: Define Market. Explain the concepts of Monopoly, Oligopoly and Perfect Competition.

Q3: Define Utility. Further explain the “Law of Diminishing Marginal Utility” and its limitations. Use Graph.

Q4: What is the difference between demand and supply? Further explain the Price elasticity
of demand and Income elasticity of demand with the help of suitable examples.

Q5: What is meant by National Income of a country? Explain the concepts of GNP, GDP
and Personal Income in detail.

Q6: Define Public Finance. Explain the difference between Public Finance and Private Finance. Put suitable
examples.

Q7: Attempt ANY TWO of the following;
a) Write a short note on Balance of Payments.
b) Differentiate between direct tax and indirect tax.
c) What is meant by Deficit Financing?

PMT economics past papers.

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