1.      a) Economics is the science of wealth- Discuss.                                                   8

      b) Why is Economics central to an understanding of the problems of Development?                                        12

2.     Elaborate on the basic economic questions of ‘what’, ‘How’, and ‘For whom’. Give specific example of these questions with respect to the use of a country’s limited resource.                                                                                            20

3. a) Distinguish between price Elasticity of demand and income elasticity of demand.
    b) Calculate the price elasticityof demand when the price of a product rises from Tk. 10 to Tk 15, causing a fail in the quantity demanded of the product from 40 to 30.
10. Write short notes on any four of the following: