CSS Economics Past Paper 2021

Instructions specific to this paper

• Attempt ONLY FOUR questions from PART-II. ALL questions carry EQUAL marks.
• Attempt ONLY FOUR questions from PART-II. ALL questions carry EQUAL marks.

Questions

1. Q. 220 marks

   Elaborate the own-price, cross-price and income elasticity theoretically and empirically. Also explain the relationship between own-price elasticity and the total revenue.

2. Q. 320 marks

   What are the three different approaches to measure the Gross Domestic Product (GDP)? Discuss. Why should the three approaches yield the same result? Do you think one approach can be preferred over the other? Justify your arguments.

3. Q. 420 marks

   What are the functions of the International Monetary Fund (IMF)? What practices IMF adopt in order to assist countries facing financial crisis? Evaluate the IMF lending to the developing countries with reference to Financial Action Task Force (FATF) status.

4. Q. 520 marks

   Explain the macroeconomic outlook of economy of Pakistan and suggest any policy framework for formulation of budget and reducing budget deficit.

5. Q. 620 marks

   Differentiate between the exchange rate systems vis-à-vis fixed, flexible and managed floating exchange rate system. Which regime is currently being pursued by Pakistan?

6. Q. 720 marks

   What is the Lewis turning point? How can it be attained? What happens if, within the framework of Two-Sector model, the transfer of labor from subsistence to modern sector continues beyond this point? Elaborate.

7. Q. 820 marks

   What were the major macroeconomic consequences of COVID-19 Pandemic for the economy of Pakistan? Suggest some realistic measures which can be adopted to tackle the issue.

Standard FPSC instructions

Printed on this and every CSS paper.

• Part-II is to be attempted on the separate Answer Book.
• All the parts (if any) of each question must be attempted at one place instead of at different places.
• Write Q. No. in the Answer Book in accordance with Q. No. in the question paper.
• No page/space be left blank between the answers. All the blank pages of the Answer Book must be crossed.
• Extra attempt of any question or any part of the attempted question will not be considered.