About I.Com Economics
I.Com Economics is examined by the Federal Board of Intermediate and Secondary Education (FBISE) in the annual examinations, for 11th and 12th class. Tayyari Karo has real questions from 2023 to 2026, covering topics such as Money and Banking, Public Finance, Economic Development, National Income and International Trade. Working through real papers is the fastest way to learn the paper pattern and the way questions are worded.
155 of the questions are multiple choice and marked instantly; the rest are short and long questions with a model answer. The answers are prepared by Tayyari Karo, since we could not find an official marking scheme.
Try 4 real questions
These are real past-paper questions. Think of your answer first, then open the explanation.
2023 Annual · 11th · Introduction to Economics
Which of the following issue is related to Macroeconomics?
- Consumer behavior
- International trade
- Firm behavior
- Determination of price
Show answer and explanation
Answer: B. International trade
Macroeconomics studies the economy as a whole — aggregates like international trade, national income, and general price level.
2023 Annual · 11th · Theory of Demand
A consumer is in equilibrium when:
- Marginal utility is greater than price
- Marginal utility is less than price
- Marginal utility is equal to price
- Total utility is equal to price
Show answer and explanation
Answer: C. Marginal utility is equal to price
A consumer maximizes satisfaction where the marginal utility of the last unit purchased equals its price (MU = P).
2023 Annual · 11th · Cost and Revenue
When average cost is at its minimum:
- Total cost is equal to average cost
- Average cost is equal to marginal cost
- Average cost is greater than marginal cost
- Average cost is less than marginal cost
Show answer and explanation
Answer: B. Average cost is equal to marginal cost
The marginal cost curve cuts the average cost curve exactly at the average cost curve's minimum point.
2023 Annual · 11th · Theory of Production
Differentiate between 'average product' and 'marginal product'.
Show model answer
Average product (AP): total output divided by the number of units of the variable input used, AP = TP/L — it shows output per unit of input on average.
Marginal product (MP): the additional output produced by employing one more unit of the variable input, MP = ΔTP/ΔL — it shows the extra output from the last unit of input. AP rises while MP is above it and falls once MP falls below it.