1. What is money illusion? Why is the existence of money illusion important to the derivation of the short run Phillips curve? 

2. Analyse the consumption-income relationship and explain the terms APC, MPC, APS and MPS.

3. What are the major concepts and concerns of macroeconomics? Explain. 

4. Define managerial economics. Discuss the significance of managerial economics in modern times. 

5. Briefly explain the multiple products pricing and joint product pricing? 

6. Explain price determination under conditions of price leadership in an oligopolistic market. 

7. What do you mean by a production function? Explain the nature and managerial uses of production function.

8. Explain briefly what would happen in the situations of disequilibrium of demand and supply?