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UGC NET JUN 2014 : ECONOMICS PAPER II

16 pages, 100 questions, 71 questions with responses, 83 total responses,

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PAPER-II ECONOMICS Signature and Name of Invigilator 1. (Signature) __________________________ OMR Sheet No. : ............................................... (To be filled by the Candidate) (Name) ____________________________ Roll No. 2. (Signature) __________________________ (In figures as per admission card) (Name) ____________________________ J 01 Roll No.________________________________ (In words) 1 4 Time : 1 1/4 hours] Number of Pages in this Booklet : 16 Instructions for the Candidates [Maximum Marks : 100 Number of Questions in this Booklet : 50 1. 2. - 3. , - - , : (i) - - (ii) - / - - (iii) OMR - 4. (A), (B), (C) (D) : (C) 5. I OMR OMR , 6. 7. (Rough Work) 8. OMR , , , , , 9. - OMR - OMR 10. / 11. ( ) 12. 13. , 1. Write your roll number in the space provided on the top of this page. 2. This paper consists of fifty multiple-choice type of questions. 3. At the commencement of examination, the question booklet will be given to you. In the first 5 minutes, you are requested to open the booklet and compulsorily examine it as below : (i) To have access to the Question Booklet, tear off the paper seal on the edge of this cover page. Do not accept a booklet without sticker-seal and do not accept an open booklet. (ii) Tally the number of pages and number of questions in the booklet with the information printed on the cover page. Faulty booklets due to pages/questions missing or duplicate or not in serial order or any other discrepancy should be got replaced immediately by a correct booklet from the invigilator within the period of 5 minutes. Afterwards, neither the Question Booklet will be replaced nor any extra time will be given. (iii) After this verification is over, the OMR Sheet Number should be entered on this Test Booklet. 4. Each item has four alternative responses marked (A), (B), (C) and (D). You have to darken the circle as indicated below on the correct response against each item. Example : where (C) is the correct response. 5. Your responses to the items are to be indicated in the OMR Sheet given inside the Paper I Booklet only. If you mark at any place other than in the circle in the OMR Sheet, it will not be evaluated. 6. Read instructions given inside carefully. 7. Rough Work is to be done in the end of this booklet. 8. If you write your Name, Roll Number, Phone Number or put any mark on any part of the OMR Sheet, except for the space allotted for the relevant entries, which may disclose your identity, or use abusive language or employ any other unfair means such as change of response by scratching or using white fluid, you will render yourself liable to disqualification. 9. You have to return the test question booklet and Original OMR Sheet to the invigilators at the end of the examination compulsorily and must not carry it with you outside the Examination Hall. You are, however, allowed to carry original question booklet and duplicate copy of OMR Sheet on conclusion of examination. 10. Use only Blue/Black Ball point pen. 11. Use of any calculator or log table etc., is prohibited. 12. There is no negative marks for incorrect answers. 13. In case of any discrepancy in the English and Hindi versions, English version will be taken as final. J-01-14 1 P.T.O. ECONOMICS Paper II Note : This paper contains fifty (50) objective type questions of two (2) marks each. All questions are compulsory. 1. 2. Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water ? (A) Adam Smith (B) David Ricardo (C) Alfred Marshall (D) Karl Marx 5. (A) drive competitors business (D) of maximise profits (C) encourage entrants into the market (D) attain least cost output 6. Match items in List I with items in List II and select the correct answer from the code given below : List I A MRSXY B = MRSXY MRTXY = MRS A = MRS B XY XY List II a. The Screening 1. George A. Hypothesis Akerlof b. Job Market Signalling 3. When income effect becomes stronger than substitution effect, the labour supply curve will (A) Slope positively (B) Negatively sloped (C) Bend backward (D) Slope upwards 4. Assertion (A) : The concept of supply curve is meaningless for the monopolist. Reason (R) : Monopolists are price setters; it does not make reuse to ask what output they will produce at various prices. Codes : (A) Both (A) and (R) are correct and (R) is the correct explanation of (A). (B) (A) is correct, but (R) is not correct. (C) Both (A) and (R) are correct, but (R) is not the correct explanation of (A). (D) (R) is correct, but (A) is incorrect. Paper-II out (B) In an economy of two individuals A and B and two commodities X and Y, general equilibrium of production and exchange occurs when PX (A) MRTXY = P Y PX (B) MRSXY for A and B = P Y (C) Predatory pricing policy is designed to 2. K.J. Arrow c. The problem 3. M. Spencer of moral hazard in the case of medical insurance d. The market 4. Paul W. for lemons Miller and Paul A. Volcker Codes : a c d (A) 3 2 4 1 (B) 2 3 4 1 (C) 4 3 2 1 (D) 2 b 2 4 3 1 J-01-14 II : (50) - (2) 1. 2. 5. ? (A) (B) (C) (D) 6. ? (A) (B) (C) (D) I II : I II a. 1. . (Screening) b. ( 2. . . ) c. 3. . d. 4. . . : A B X Y , : PX (A) MRTXY = P Y (B) MRSXY A B (C) PX A MRSXY (D) = P Y B = MRSXY A B MRTXY = MRSXY = MRSXY 3. , (A) (B) (C) (D) 4. (A) : (R) : , : (A) (A) (R) (R), (A) (B) (A) , (R) (C) (A) (R) , (R), (A) (D) (R) , (A) J-01-14 a c d (A) 3 2 4 1 (B) 2 3 4 1 (C) 4 3 2 1 (D) 3 b 2 4 3 1 Paper-II 7. 11. An industry whose long run supply curve is horizontal is called (A) Constant cost industry (B) Increasing Cost Industry (C) Decreasing Cost Industry = I G = G Y = C+I+G Where C = Consumption expenditure; Y = income; d Y = disposable income; T = taxes; T0 = Tan, when Y = 0; t1 = marginal tax rate; I = investment expenditure; G = Government expenditure; and bar as the variable indicates that these autonomous variables. Then the tax multiples with respect to T0 is : I (D) Efficient Industry 8. Assume a model of income determination of the following type : C = a + b Yd Yd = Y T T = T0 + t1 Y The practice of charging each consumer the reservation price is called (A) Peak load pricing (B) Inter-temporal discrimination price (C) First degree price discrimination (D) Third degree price discrimination (A) 9. (B) (C) Frictional unemployment is also known as 1 1 b + bt1 b 1 b + bt1 1 b 1 b bt1 1 (D) 1 b bt 1 (A) Disguised unemployment (B) Turnover unemployment (C) Cyclical unemployment 12. Which of the following components of aggregate demand is selfterminating and self-financing ? (A) Investment expenditure (B) Durable consumption expenditure (C) Non-durable consumption expenditure (D) Government expenditure 13. Arrange all the four concepts of money supply M1, M2, M3 and M4 in the ascending order in terms of their liquidity : (A) M3, M2, M1 and M4 (D) Structural unemployment 10. Arrange in ascending chronological order the following consumption hypotheses in which they appeared in the economics literature : (1) Absolute increase hypothesis (2) Permanent increase hypothesis (3) Life cycle hypothesis (4) Relative increase hypothesis (B) (A) 1, 3, 4, 2 (B) (C) (D) 1, 3, 2, 4 Paper-II 1, 4, 3, 2 1, 2, 4, 3 M1, M2, M3 and M4 (C) Codes : M4, M2, M3 and M1 (D) M4, M3, M2 and M1 4 J-01-14 7. 8. 9. 10. ? (A) (B) (C) (D) / 11. C = a + b Yd Yd = Y T T = T0 + t1 Y = I G = G Y = C+I+G I ( ) ? (A) (B) : (C) (D) C = ; Y = ; Yd = ; T = ; T0 = Tan Y = 0 ; t1 = ; I = ; G = ; T0 1 (A) 1 b + bt 1 ? (A) (B) ( ) (C) (D) (C) (B) (C) J-01-14 b 1 b + bt1 1 (D) 1 b bt 1 1, 2, 4, 3 5 - - ? (A) (B) (C) - (D) 13. (D) 1, 3, 2, 4 1, 4, 3, 2 1 b 1 b bt1 (B) 12. : 1. 2. 3. 4. : (A) 1, 3, 4, 2 : M1, M2, M3 M4 : (A) M3, M2, M1 M4 (B) M1, M2, M3 M4 (C) M4, M2, M3 M1 (D) M4, M3, M2 M1 Paper-II 14. 15. 18. Who amongst the following economists imparted money demand of a portfolio theory approach ? (1) J.M. Keynes (2) Baumol (3) James Tobin (4) Milton Friedman Codes : (A) 1, 2 (B) 3, 4 (C) 1, 2, 3 (D) 2, 3, 4 The full capacity growth rate in Harrod-Domar Model is also known as (A) Actual growth rate (B) Warranted growth rate (C) Natural growth rate (D) Expected growth rate 19. Inventors of HDI are I. Harris-Todaro II. Megnad Desai III. Robert Solow IV. Which of the following is not a characteristic feature of the Phillips curve ? (A) The Price expectations are adaptive (B) The unemployment rate, when money wage stabilises, is 5 percent (C) The price expectations are static (D) there is a loop around Phillips curve Amartya Sen Codes : (A) I and II are correct. The crowding out effect is zero when (A) there is liquidity trap, or investment is perfectly interest inelastic (B) money demand is perfectly interest inelastic, or investment is perfectly interest elastic (C) IS curve is falling and LM curve is rising (D) None of the above III and IV are correct. (D) II and IV are correct. 20. Components of PQLI I. Morbidity II. Infant mortality III. Life expectancy at age one IV. Basic literacy at age 15 Codes : 17. Meeting the needs of present generation without compromising the needs of future generation is (A) Economic Development (B) Social Development (C) Sustainable Development (D) Economic Growth Paper-II I and III are correct. (C) 16. (B) (A) I, III and IV are correct. (B) III, II and IV are correct. (C) I, II and III are correct. (D) IV, I and II are correct. 6 J-01-14 14. ? 1. . . 2. 3. 4. : (A) 1, 2 (C) 1, 2, 3 18. - ( ) : (A) (B) (C) 19. (D) (B) 3, 4 (D) 2, 3, 4 . . . (H.D.I.) : I. 15. II. III. IV. ? (A) (B) 5 (C) (D) - - : II (B) I III (C) III (A) 16. (A) I (D) II (B) (C) (D) 17. , , . . . . 20. IV . . . . (PQLI) : I. II. III. IV. ? (A) (B) (C) (D) J-01-14 IV 15 : (A) I, III IV IV (B) (C) I, II III (D) IV, I II 7 III, II Paper-II 21. 22. 23. Assertion (A) : All historical events are the results of continuous economic struggle between different classes and groups in society. Reason (R) : The main cause of this struggle is the conflict between the mode of production and the relations of production . Codes : (A) (A) is correct, but (R) is wrong. (B) (A) is wrong, but (R) is correct. (C) Both (A) and (R) are wrong. (D) Both (A) and (R) are correct. 24. 25. Paper-II High growth of which industry provides a positive signal for industrial growth in future ? (A) Capital goods industries (B) Basic goods industries (C) Durable consumer goods industries (D) Intermediate goods industries 28. 8 Single out the activity that is not included in the Industrial Production Index of India : (A) Manufacturing (B) Construction (C) Mining (D) Electricity 27. Match the items given in List I with those in List II : List I List - II a. Low level 1. Simon equilibrium trap Kuznets b. Inverted V shaped 2. Nelson income distribution hypothesis c. Endogenous growth 3. Arthur theory Lewis d. Unlimited supplies 4. Robert of labour Solow Codes : a b c d (A) 2 1 4 3 (B) 3 2 1 4 (C) 4 3 2 1 (D) 1 4 3 2 Find out the incorrect statement about the success of economic reforms in India. (A) Benefits of demographic dividends (B) Increased share of the corporate sector in Gross Domestic Savings (C) Narrowing down of the current account deficit (D) Slow down of population growth rate 26. Match the items given in List I with those in List II : List I List II a. Swarm-like- 1. Brundtland clusters Report b. Organic 2. Ragner composition Nurkse of capital 3. Schumpeter c. Sustainable Development d. Vicious circle 4. Karl Marx of poverty Codes : a b c d (A) 4 2 3 1 (B) 3 4 1 2 (C) 1 3 2 4 (D) 2 1 4 3 Which of the following is correct about the Hindu Growth Rate ? (A) This is about economic growth of the Hindu population. (B) Shows economic disparities among different social groups in India. (C) Reflects low growth performance of the Indian economy during 1950-80. (D) Hints at accelerated growth in India since 1980 Identify the method not being used for unemployment estimation by the NSSO in India. (A) Current monthly status (B) Current daily status (C) Current weekly status (D) Usual principal and subsidiary status J-01-14 21. (A) : , (R) : : (A) (A) , (R) (B) (A) , (R) (C) (A) (R) (D) (A) (R) 22. I II : I II a. 1. 2. b. c. 3. d. 4. : (A) (B) (C) (D) 23. a 4 3 1 2 b 2 4 3 1 c 3 1 2 4 24. 25. (A) (B) (C) (D) J-01-14 a 2 3 4 1 b 1 2 3 4 c 4 1 2 3 9 ? (A) (B) (C) (D) 28. d 3 4 1 2 (A) (B) (C) (D) 27. I II : I II a. 1. b. V 2. c. 3. d. 4. : (A) (B) (C) (D) 26. d 1 2 4 3 ? (A) (B) (C) 1950-80 (D) 1980 . . . . ? (A) (B) (C) (D) Paper-II 29. 34. The process of budget making after reevaluating every item of expenditure in every financial year is known as (A) Performance Budgeting (B) Fresh Budgeting (C) Debit Budgeting (D) Zero Based Budgeting A deficit or surplus in the India s balance of payments is measured by the net balance of (A) the current account (B) the capital account (C) allocation of SDRs and the statistical discrepancy (D) All of the above 30. 31. 32. 33. Rank the states in terms of ascending Human Development Index (HDI) as per India Human Development Report 2011 : I. Bihar II. Gujarat III. Odisha IV. Tamil Nadu Codes : (A) I, II, III, IV (B) III, I, II, IV (C) I, III, IV, II (D) III, II, I, IV 35. (A) be paid by consumers the domestic (B) be paid by the foreign producer (C) A difference in relative commodity prices between two nations can be based upon a difference in (A) factor endowment (B) technology (C) tastes (D) All of the above be equally shared by the domestic consumers and the foreign producer (D) yield neither revenue nor protection to either of them 36. Which type of trade is not explained by the Heckscher-Ohlin model ? (A) Trade based on economies of scale (B) Intra industry trade (C) Trade based on imitation gaps and product cycles (D) All of the above The RBI made Indian Rupee fully convertible in current account transactions related to goods and services in the year (A) 1985 37. (B) (C) (D) 2011 1994 2002 According to the monetary approach, a revaluation of a nation s currency (A) increases the nation s demand for money An example of a Euro currency is (A) a dollar deposit outside the U.S. (B) a pound sterling deposit within UK (C) a mark deposit with Germany (D) All of the above Paper-II If the demand of the domestic consumers is infinitely elastic and the supply of the foreign producer is perfectly inelastic, then the whole of the tariff will (B) increases the nation s supply of money (C) reduces the nation s demand for money (D) reduces the nation s supply of money 10 J-01-14 29. (A) (B) (C) ( ) (D) 30. 2011 : I. II. III. IV. : (A) I, II, III, IV (C) I, III, IV, II 31. 32. 33. 34. 35. , (A) (B) (C) - (D) 36. ? (B) III, I, II, IV (D) III, II, I, IV : (A) (B) (C) (D) ? (A) (B) (C) (D) (A) 1985 37. 11 (B) (C) (A) . . (B) . . (C) (D) J-01-14 : (A) (B) (C) . . (D) (D) 2011 1994 2002 , (A) (B) (C) (D) Paper-II 38. 41. 39. 43. A tax imposed on a commodity according to its weight, size or measurement is called (A) Advalorem tax (B) Specific tax (C) Single tax (D) Double taxation 44. Match the items given in List I with those in List II : List I List II a. Theory of 1. Anthony Clubs Downs b. Impossibility 2. Charles theorem Tiebout c. Political of 3. James Decision Buchanan Making Model 4. Kenneth d. Optimum provision of Arrow local public goods Codes : a b c d (A) 3 1 2 4 (B) 3 4 2 1 (C) 2 3 4 1 (D) 3 4 1 2 Which of the following tax is within the jurisdiction of Union or Central Government as enumerated in List I of Schedule VII of the India Constitution ? (A) Taxes on the consumption and sale of electricity. (B) Taxes on goods and passengers carried by road. (C) Taxes on luxuries, including entertainments. (D) Taxes on Sales and purchase of newspapers and on advertisement therein. Which of the following is Musgrave s views on incidence of taxation ? (A) Settlement of tax on ultimate tax payer. (B) Formal and effective incidence of taxation. (C) Changes in the distribution of income for private use arising from changes in budget policy. (D) The final direct money burden of a tax. In which of the following, Zero Based Budgeting is difficult to introduce ? I. Establishment charges II. Public works III. Irrigation Projects IV. Federal fiscal transfers Codes : (A) I, III and IV are correct. (B) II, III and IV are correct. (C) I and IV are correct. (D) II and III are correct. 40. Which of the following tax has announcement effect ? (A) Income tax (B) Property tax (C) Excise Duties (D) Capital gains taxation 42. Arrange the following in chronological order : I. Sarkar Award II. Niemeyer Award III. Deshmukh Award IV. Meston Award Codes : (A) II, IV, III, I (B) IV, III, II, I (C) III, II, IV, I (D) IV, II, I, III Paper-II 12 J-01-14 : I. II. III. IV. : (A) II, IV, III, I (C) III, II, IV, I 41. ? (A) (B) (C) (D) 42. 38. VII I ? (A) (B) (C) (D) 43. , ? (A) (B) (C) (D) 44. ? (A) (B) (C) (D) (B) IV, III, II, I (D) IV, II, I, III 39. ? I. II. III. IV. : (A) I, III IV (B) II, III IV (C) I IV (D) II III 40. I II : I II a. 1. b. 2. c. 3. d. 4. : (A) (B) (C) (D) J-01-14 a 3 3 2 3 b 1 4 3 4 c 2 2 4 1 d 4 1 1 2 13 Paper-II 45. Given arithmetic mean mode = 48, then median = = 49. 45, Given the following information match the item in List I with List II : (A) 46 (B) 45 (C) List I 48 a. Rejecting H0, if it is true P(A) + P(B) + P(AB) P(A) + P(B) Standard error error d. Measuring sampling variability due to random force (A) P(A) + P(B) P(AB) (C) 1 error 4. Codes : (D) P(A) P(B) a b c d (A) 3 1 2 4 The analysis of variance is carried out by using (B) 2 1 4 3 (C) 2 4 1 3 (A) t-test 47. (D) 3 1 4 2 (B) Z-test (C) 2-test 50. (D) F-test 48. error c. Probability of 3. rejecting H0, when it is false If two events A and B are mutually inclusive, then P(A or B) is (B) 1. b. Accepting H0, if it 2. is false (D) 49 46. List II Reason (R) : Geometric mean is used if the range of observations is extremely large. Systematic sampling implies that the first item is selected randomly and Codes : (A) the other items are selected by lottery method (B) (C) (A) Both (A) and (R) are true and (R) is the correct explanation of (A). the other items are selected purposively (B) Both (A) and (R) are true, but (R) is not the correct explanation of (A). (C) (A) is true, but (R) is false. then every kth item is selected (D) the other items are selected at the will of the investigator Paper-II Assertion (A) : Geometric mean is theoretically considered as the best average to construct index numbers. (D) (A) is false, but (R) is true. 14 J-01-14 45. = 45, = 48, (A) 46 (C) 46. (B) 49. (D) 49 48 45 A B ( ) , P (A B) (A) P(A) + P(B) P(AB) (B) P(A) + P(B) + P(AB) (C) P(A) + P(B) (D) P(A) P(B) I II : I II a. H0 , 1. b. H0 , 2. c. H0 3. d. 4. 1 : a 47. (A) t- (C) 2 - (B) 1 2 4 2 1 4 3 2 4 1 3 (D) 3 1 4 2 (D) F- (A) (B) (C) k (D) J-01-14 3 (C) 50. 48. d (B) Z- c (A) : b 15 (A) : (R) : ( ) : (A) (A) (R) , (R), (A) (B) (A) (R) , (R), (A) (C) (A) , (R) (D) (A) , (R) Paper-II Space For Rough Work Paper-II 16 J-01-14

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