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FPSC · CSS 2019

Economics, Paper I

100 marks · 3 hours · 7 questions
This paper Economics · all yearsQ. 2 · Use the IS-LM model to…Q. 3 · What do you understand by…Q. 4 · What do the slopes of…Q. 5 · What are tariff and nontariff…Q. 6 · Extricate among fixed, flexible and…Q. 7 · Describe the underdevelopment trap. Highlight…Q. 8 · Distinguish between any FOUR.With this paper← 20172019 →
3 hours · questions hide until you reveal them

PART–II

Q. 2

Use the IS-LM model to discuss the Neutral effect of monetary expansion in the case of open economy. Distinguish between Keynesian and Classical Views on neutrality of money.

(20)
Q. 3

What do you understand by Monetary Transmission Mechanism (MTM)? Evaluate and explain at least three different channels of MTM.

(20)
Q. 4

What do the slopes of an isoquant line and iso-cost line measure? Describe theoretically and graphically the conditions that are satisfied when a firm has chosen a least cost technique for producing a given output.

(20)
Q. 5

What are tariff and nontariff barriers to international trade? Why do countries sometimes restrict international trade?

(20)
Q. 6

Extricate among fixed, flexible and managed floating exchange rate regimes.

(20)
Q. 7

Describe the underdevelopment trap. Highlight the main ways in which poor countries attempt to overcome their poverty.

(20)
Q. 8

Distinguish between any FOUR.

  1. (a)Comparative advantage and Absolute advantage. [5]
  2. (b)Consumer surplus and producer surplus [5]
  3. (c)Progressive and regressive taxes [5]
  4. (d)Economic growth and economic development [5]
  5. (e)Real GNP and nominal GNP [5]
  6. (f)Consumer price index and GDP deflator [5]
(20)

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About this paper

The 2019 CSS Economics paper set by the FPSC. Question wording only; questions marked “Not yet checked” have not been compared with the official paper yet.

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