GU Business Economics Important Questions [FYUGP BCom 2nd Sem Gauhati University]

Gauhati University FYUGP NEP BCom 2nd Sem Business Economics Important Questions: A Must-Read for Exam Preparation

Are you preparing for your Gauhati University FYUGP NEP BCom 2nd Sem Business Economics exam? If so, having a set of well-structured GU Business Economics important questions based on FYUGP NEP BCom Lastest Syllabus can make your preparation more effective. This blog provides a comprehensive list of important questions based on the latest syllabus prescribed by Gauhati University. Whether you’re focusing on microeconomic concepts, market structures, or business decision-making, these questions will help you strengthen your understanding and perform well in your exams. 

Here in this post we have provided GU 2nd Sem Business Economics important questions from past exams (2013, 2014, 2015, 2016, 2017, 2018, 2019, and 2024) and sorted them by Gauhati University FYUGP NEP BCom 2nd Sem New syllabus chapters (Units 1–5). These cover basics, demand, costs, markets, and the economy, all in the 2024 format (1, 2, 5, and 10 marks). Perfect for acing your Gauhati University FYUGP BCom 2nd Sem Business Economics exam Let’s explore the key topics and questions to ensure you’re fully prepared!

[Gauhati University Business Economics Important Questions FYUGP BCom 2nd Sem]

Unit 1: Business Economics

1 Mark Questions (Choose the correct answer)

Q. Which of the following is not a part of microeconomics? (GU BCom 2024)  

(i) Factor pricing 

(ii) National income 

(iii) Demand analysis 

(iv) Market analysis  

Q. What is Business Economics? (GU BCom 2013, 2016, 2019)  

Q. What is micro economics? (2015, 2019)  

Q. What are the two components of Business Economics? (2017)  

Q. Mention one characteristic of Business Economics. (2014)  

2 Mark Questions (Short Answer)

Q. State the use of economics in business. (GU BCom 2024)  

Q. Mention two characteristics of Business Economics. (2017, 2019)  

5 Mark Questions (Descriptive)

Q. Elucidate the various characteristics of business economics. (GU BCom 2024)  

Q. Explain the nature of business economics. (GU BCom 2013)  

Q. Explain the scope of Business Economics. (2014, 2016, 2017)  

Q. What are the characteristics of business economics? (2015)  

Q. What are the basic characteristics of Business Economics? (2019)  

10 Mark Questions (Detailed Answer)

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 Unit 2: Theory of Demand and Analysis

1 Mark Questions (Choose the correct answer)

Q. An inferior good is a commodity whose ___ with an increase in income. (GU BCom 2024)  

(i) demand falls 

(ii) demand rises 

(iii) supply falls 

(iv) supply rises  

Q. Mention one factor affecting the individual demand for a commodity. (GU BCom 2013, 2017)  

Q. Name a commodity which has inelastic demand. (GU BCom 2013, 2017)  

Q. What is demand function? (2015, 2019)  

Q. What is demand forecasting? (GU BCom 2016, 2019)  

Q. Draw a demand curve showing cross elasticity of demand for substitutes. (GU BCom 2014)  

Q. Define demand. (GU BCom 2016)  

2 Mark Questions (Short Answer)

Q. "Change in demand and change in quantity demanded are the same." Comment. (GU BCom 2024)  

Q. State any two exceptions to the law of demand. (GU BCom 2024)  

Q. Mention any two advantages of demand forecasting. (GU BCom 2024)  

Q. If X and Y are complimentary goods, how does rise in the price of Y affect the demand for X? (GU BCom 2024)  

Q. The demand curve slopes downwards. Why? (GU BCom 2013, 2017)  

Q. State the determinants of demand. (2016)  

Q. Mention one determinant of demand. (GU BCom 2014)  

Q. Define price elasticity of demand. (GU BCom 2017, 2019)  

Q. What is meant by demand forecasting? (GU Bcom 2015)  

5 Mark Questions (Descriptive)

Q. Explain the various types of price elasticity of demand. (GU BCom 2024)  

Q. A consumer spends 1,000 on a good at a price of 10. When its price falls by 20%, he spends 800. Calculate elasticity of demand (ED) using percentage method. (GU BCom 2024)  

Q. Write a note on demand forecasting. (GU BCom 2013, 2017)  

Q. Explain the concept of cross elasticity of demand. (GU BCom 2013, 2015, 2017, 2019)  

Q. Explain the factors affecting price elasticity of demand. (GU BCom 2017, 2019)  

10 Mark Questions (Detailed Answer)

Q. State and explain the law of demand. (GU BCom 2024)  

Q. Explain 'total expenditure method' and 'geometric method' of measuring price elasticity of demand. (GU BCom 2024)  

Q. What is price elasticity of demand? Explain different methods of measurement of price elasticity of demand. (GU BCom 2013, 2016, 2017)  

Q. What is price elasticity of demand? Discuss different kinds of price elasticity of demand. (GU BCom 2015, 2019)  

Q. Explain the different types of elasticity of demand. State the importance of the study of elasticity of demand in Business Economics. (GU BCom 2014)  

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 Unit 3: Cost and Production Function

1 Mark Questions (Choose the correct answer)

Q. The shape of the TFC curve is ___ (GU BCom 2024)  

(i) UQ.shaped 

(ii) rectangular hyperbola 

(iii) straight line parallel to XQ.axis 

(iv) straight line parallel to YQ.axis  

Q. What is the slope of an average fixed cost curve? (GU BCom 2013)  

Q. What is isoquants? (GU BCom 2013, 2015, 2019)  

Q. What is marginal cost of production? (GU BCom 2014, 2016, 2019)  

Q. Law of variable proportions is relevant to ___ period. (2014)  

Q. What is selling cost? (GU BCom 2016, 2019)  

Q. Draw a total fixed cost curve. (GU BCom 2016)  

Q. What is equalQ.product curve? (GU BCom 2017)  

Q. What is cost function? (GU BCom 2017)  

Q. What is Marginal cost of product? (GU BCom 2017)  

Q. If 48 units of output are produced and the total fixed cost is Rs. 180/Q. along with a total variable cost Rs. 300/Q., what would be the average cost of production? (GU BCom 2015)  

2 Mark Questions (Short Answer)

Q. Differentiate between longQ.run production and shortQ.run production. (GU BCom 2024)  

Q. Define 'constant returns to scale'. (GU BCom 2024)  

Q. Define production function. (GU BCom 2013, 2016, 2019)  

Q. Mention two properties of Isoquants. (2014)  

Q. What is selling cost? (GU BCom 2014)  

Q. What is production possibility curve? (GU BCom 2016)  

5 Mark Questions (Descriptive)

Q. Discuss the various properties of an isoquant. (GU BCom 2024)  

Q. Discuss the shape of the MC curve with reference to the MP curve by showing the relationship between them. (GU BCom 2024)  

Q. Distinguish between accounting cost and economic cost. (GU BCom 2013, 2015)  

Q. Explain the law of diminishing marginal rate of technical substitution. (GU BCom 2013)  

Q. Write a note on Opportunity Cost. (2014)  

Q. Explain the marginal uses of cost function. (2014)  

Q. Discuss the different types of production function. (2015, 2019)  

Q. Explain the costQ.output relation in short run. (2016)  

Q. Explain the relationship between shortQ.run average costs and shortQ.run marginal costs. (2017)  

Q. Mention the assumptions of the Law of Diminishing Returns. (2017)  

Q. Find out the relationship between Marginal Cost (MC) and Average Cost (AC). (2019)  

10 Mark Questions (Detailed Answer)

Q. Explain producer's equilibrium through the use of isoquants and isocosts. (GU BCom 2024)  

Q. Explain the laws of returns to scale with the help of isoquants. (GU BCom 2013)  

Q. Explain the laws of returns to scale. (2015, 2016, 2019)  

Q. Explain the Laws of Returns to scale with the help of diagrams. (2017)  

Q. State and explain the law of variable proportion with the help of diagram. (2014)  

Q. Discuss the modern approach of Cost. (2014, 2016, 2019)  

Q. What is cost function? Explain the cost output relation in short run. (2015)  

Q. How can LAC curve be derived from the SAC curve? Why is LAC curve UQ.shaped? (2017)  

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 Unit 4: Market Structure

1 Mark Questions (Choose the correct answer)

Q. Which of the following is an example of market form where the firms are priceQ.makers? (GU BCom 2024)  

(i) Perfect competition 

(ii) Monopoly 

(iii) Oligopoly 

(iv) Monopolistic competition  

Q. If supply is fixed, market price is determined by ___. (GU BCom 2013)  

Q. Total revenue is maximum, when marginal revenue is ___. (GU BCom 2013)  

Q. What is excess capacity of a firm? (2014)  

Q. The optimum size of a firm can exist only under ___. (2014)  

Q. What is meant by equilibrium quantity? (2015)  

Q. What do you mean by dumping? (2016)  

Q. What is shutQ.down point of a firm? (2016)  

Q. Mention one characteristic of Monopoly Market which is not available in the Perfect Competition. (2017)  

2 Mark Questions (Short Answer)

Q. Define an oligopoly form of market. (GU BCom 2024)  

Q. What is normal price? (GU BCom 2013, 2017)  

Q. What is dumping? (GU BCom 2013)  

Q. What is discrimination monopoly? (2014)  

Q. What is excess capacity of a firm? (2016)  

Q. What happens to the price of the commodity when quantity demanded of a commodity is greater than its quantity supplied at a given price? (2015)  

5 Mark Questions (Descriptive)

Q. Describe the features of monopoly. (GU BCom 2024)  

Q. Explain the procedure of price determination under perfect competition. (GU BCom 2024)  

Q. What are the possibilities of price discrimination? (GU BCom 2013)  

Q. Discuss the differences between monopoly and perfect competition. (2014)  

Q. Discuss the main features of monopolistic competition. (2016, 2019)  

Q. Write a note on dumping. (2015)  

Q.What is marginal revenue productivity of a factor? What does it play in determination of price of a factor of production? Explain. (GU BCom 2013)

10 Mark Questions (Detailed Answer)

Q. Define perfect competition. Explain the characteristics of perfect competition. Give any one example that is close to perfect competition in the real world. (GU BCom 2024)  

Q. What are the characteristics of monopolistic competition? Discuss the price and output determination process under monopolistic competition. (GU BCom 2013)  

Q. “The problem before a firm under conditions of perfect competition is to determine its output only.” – Explain. (GU BCom 2013)  

Q. What is Oligopoly? Explain the price and output determination process under oligopoly with the help of a model. (2014)  

Q. How is an equilibrium price determined in a perfectly competitive market? Explain with the help of diagram. (2014)  

Q. What is monopolistic competition? Explain the price and output determination process under monopolistic competition. (2015)  

Q. Discuss the differences between perfect competition and monopoly. (2015)  

Q. What is perfect competition? Discuss price and output determination process under different market periods in perfectly competitive market. (2016)  

Q. What are the characteristics of oligopoly? Determine price and output under oligopoly with the help of kinked demand curve model. (2016)  

Q. What is Monopoly? Discuss the price and output determination under monopoly market. (2017, 2019)  

Q. What are the characteristics of Perfect Competition? How price and output is determined under perfect competition? (2017, 2019)  

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Must Visit: GU Business Economics Important Notes, Solution Main Page

 Unit 5: Economic Environment of Business Decision Making

1 Mark Questions (Choose the correct answer)

Q. Which of the following can be used to control credit creation in the economy? (GU BCom 2024)  

(i) Bank Rate 

(ii) Statutory Liquidity Ratio 

(iii) Both (i) and (ii) 

(iv) None of the above  

Q. What is per capita income? (GU BCom 2013)  

Q. Define gross domestic product of a country. (2014)  

Q. Define GDP at factor cost. (2016)  

Q. What is disposable income? (2017, 2019)  

Q. What is Net National Product (NNP)? (2019)  

Q. What is an Interim Budget? (2019)  

2 Mark Questions (Short Answer)

Q. Define money supply. (GU BCom 2024)  

Q. How does increase in GDP help in capital formation? (GU BCom 2024)  

Q. Mention two importance of national income in Business Economics. (GU BCom 2013, 2015)  

5 Mark Questions (Descriptive)

Q. Describe the various tools used for monetary policy in India. (GU BCom 2024)  

10 Mark Questions (Detailed Answer)

Q. What do you mean by ‘national income’? Discuss its importance in business economics. (GU BCom 2013)  

Q. What do you mean by national income? How is it computed? (2016)  

Q. Define national income. Discuss its importance in Business Economics. (2017)  

Q. What is National Income? Discuss the methods of Computing National Income of a country. Mention its difficulties at the time of Computing National Income. (2019)  

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Miscellaneous questions

1 Mark Questions

1. Give one reason for the need of a separate theory of distribution. (GU BCom 2013)

2.  Any individual production unit of a commodity is called ___. (2015)

3.  The resources used in production are called ___. (2015)

4.  What is rent? (2015)

5. What do you mean by marginal physical productivity of a factor? (2016)

6.  Define Profit. (GU BCom 2013, 2017)

2 Mark Questions

1. Give two reasons for the need of a separate theory of factor pricing. (2014)

2.  Distinguish between gross profit and net profit. (2014)

3.  Give two differences between normal profit and supernormal profit. (2016)

4.  What is Quasi Rent? (2019)

5 Mark Questions

1. What is marginal revenue productivity of a factor? Explain. (2014)

2.  Analyse the different profit policies followed by public enterprises. (2016)

10 Mark Questions

1. What is marginal revenue productivity of a factor? What does it play in determination of price of a factor of production? Explain. (GU BCom 2013)

2.  Discuss the dynamic theory of profit. (GU BCom 2013, 2016)

3.  Discuss the marginal productivity theory of factor pricing. (2015)

4.  Explain Innovations theory of profit. (2015)

5.  Explain Hawley’s theory of profit. (2014)

6.  What is profit? Discuss the different profit policies to be followed by the public enterprises. (2014)

7.  Profit is the reward for taking risk and bearing uncertainty. Explain. (2016)

8.  Critically discuss the Marginal Productivity Theory of Distribution. (2017)

9.  Critically discuss Schumpeter’s Innovation Theory of Profit. (2017, 2019)

10.  How does Modern Theory of Rent differ from the Ricardian Theory of Rent? Discuss. (2019)

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Must Visit: Gauhati University FYUGP BCom 2nd Sem Main Page 

Benefits of These Business Economics Important Questions

1. Study What Matters: Questions are split by chapters, so you can focus on one topic at a time.
2. Know the Exam: See how questions are asked (1-mark MCQs, 10-mark big ones) to feel ready.
3. Spot Favorites: Some topics repeat a lot—like elasticity or markets—so you know what’s important.
4. Learn Better: From short answers to long ones, you’ll understand concepts clearly.
5. Save Time: Practice helps you finish the exam on time.
6. Test Yourself: Try these to see what you’re good at and what needs work.

Last Words

These Business Economics questions are your secret weapon for exams! We have mix old papers with your new syllabus to help you study smart and score big. Use them, practice hard, and you’ll do great. Got ideas or need help? Tell us on thetreasurenotes@gmail.com Good luck!

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