BCOG-171 · December 2024 · English
IGNOU BCOG-171 December 2024 Previous Year Question Paper
Principles Of Micro Economics
Structured previous year question paper for BCOG-171, December 2024 session.
Max marks: 100 · Questions: 8
Verified: 29 Jul 2026
BACHELOR OF COMMERCE
(GENERAL)
[B. COM.
(G)] (CBCS)
Term-End Examination
December, 2024
BCOG-171 : PRINCIPLES OF MICRO ECONOMICS
Time : 3 Hours Maximum Marks : 100
Note: Attempt any five questions. All questions
carry equal marks.
Q1.(a) What are the fundamentals of central problems of an economy ? 10
(b) What is inductive and _ deductive reasoning ? Explain in detail.
Q2.(a) Explain the concept of consumer’s surplus. What are its limitations ? 8+7
(b) What is meant by return to scale ?
Q3.State the law of diminishing marginal utility and also give its limitations.
Q4.(a) What is ‘backward bending of supply curve’ ? Explain with an example. 8
(b) What are the assumptions of indifference curve ?
Q5.(a) Explain how the value of marginal product determines the demand for a factor of production. 15
(b) Explain the properties of an Isoquant.
Q6.(a) What is the meaning of market ? State its characteristics to be considered while identifying a market structure. 5+10
(b) Differentiate between monopolistic competition and monopoly.
Q7.(a) What is the difference between short period and long period equilibrium of an industry under perfect competition. 15
(b) What do you mean by collective bargaining ?
Q8.Write short notes on any four of the following : 4x5=20
(a) Giffen goods
(b) Opportunity cost
(c) Equimarginal utility
(d) Distinguish between rent and interest
(e) Difference between Micro and Macro Economics
(f) Resource waste