BCOG-171 · June 2022 · English
IGNOU BCOG-171 June 2022 Previous Year Question Paper
Principles Of Micro Economics
Structured previous year question paper for BCOG-171, June 2022 session.
Max marks: 100 · Questions: 8
Verified: 29 Jul 2026
BACHELOR OF COMMERCE (GENERAL)
(B.Com.G) (CBCS)
Term-End Examination
June, 2022
BCOG-171:PRINCIPLES OF MICRO ECONOMICS
Time : 3 hours Maximum Marks : 100
Note: Attempt any five questions. All questions carry
equal marks.
Q1.What is an economic system ? Explain the fundamental problems of an economy. 5+15=
(20)
Q2.(a) What do you understand by Micro Economics and Macro Economics ? Discuss the scope of Micro Economics. 44+6=10
(b) Discuss the determinants of demand for a consumer.
Q3.Explain the concept of price elasticity of demand, income elasticity of demand and price cross-elasticity of demand.
Q4.State the Law of Diminishing Marginal Utility and its limitations. Is the Law of Diminishing Marginal Utility applicable to money ? Justify your answer. 14+6=
(20)
Q5.(a) What are the main determinants of Elasticity of Supply of a commodity ? Explain with examples. 10
(b) Explain the application of Elasticity of Supply with suitable examples in business decision-making.
Q6.Explain in detail the Liquidity Preference theory.
Q7.Explain the characteristics of a perfect competition market. Discuss short period equilibrium of a firm’ under perfect competition. 10+10=
(20)
Q8.Write short notes on any four of the following : 4x5=20
(a) Loanable Funds Theory
(b) Characteristics of Oligopoly
(c) Quasi Rent
(d) Trade Unions and Collective Bargaining
(e) Backward Bending Supply Curve