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UGC NET DEC 2005 : ECONOMICS PAPER II

16 pages, 100 questions, 2 questions with responses, 2 total responses,

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Signature and Name of Invigilator Answer Sheet No. : ................................................ (To be filled by the Candidate) 1. (Signature) Roll No. (Name) (In figures as per admission card) Roll No. 2. (Signature) (In words) (Name) Test Booklet No. D 0 1 0 5 PAPER II ECONOMICS Time : 1 hours] Number of Pages in this Booklet : 16 [Maximum Marks : 100 Number of Questions in this Booklet : 50 U Instructions for the Candidates 1. Write your roll number in the space provided on the top of this page. 1. U DU U S U U U U 2. This paper consists of fifty multiple-choice type of questions. 3. U U U, - S U U U 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) 2. - - S U (i) - S U U U U S U U- U S S U U (ii) 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. U DU U U U - S DU U U U U U U S DU / U U U U U S S U U U U U S U U - S U U - S U UQ (ii) (iii) 4. 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. After this verification is over, the Serial No. of the booklet should be entered in the Answer-sheets and the Serial No. of Answer Sheet should be entered on this Booklet. (iii) - S R U- U Each item has four alternative responses marked (A), (B), (C) and (D). You have to darken the oval as indicated below on the correct response against each item. 4. U U (A), (B), (C) (D) Example : A B C U U U U- R - S U U U U U U U D where (C) is the correct response. 5. Read instructions given inside carefully. 7. Rough Work is to be done in the end of this booklet. 8. If you write your name or put any mark on any part of the test booklet, except for the space allotted for the relevant entries, which may disclose your identity, you will render yourself liable to disqualification. 9. C D U U U S U U U , U 6. U U 7. (Rough Work) S DU U U 8. U- S U , U U U U 9. U # U U- S U U U U U # U U U You have to return the test question booklet to the invigilators at the end of the examination compulsorily and must not carry it with you outside the Examination Hall. / U Z U S U U ( U U) U U 12. U U 10. 10. Use only Blue/Black Ball point pen. 11. 11. Use of any calculator or log table etc., is prohibited. 12. There is NO negative marking. D 0105 B 5. U U I U U- U Your responses to the items are to be indicated in the Answer Sheet given inside the Paper I booklet only. If you mark at any place other than in the ovals in the Answer Sheet, it will not be evaluated. 6. A ( C) U 1 P.T.O. ECONOMICS PAPER II Note : 1. This paper contains fifty (50) multiple-choice questions, each question carrying two (2) marks. Attempt all of them. Match the following : List I (a) Revealed Preference Theory (b) Surplus Value (c) Kinked Demand Curve (d) Point of Constrained Bliss (A) (B) (C) (D) Code (a) (i) (iv) (v) (iii) : (b) (iv) (i) (ii) (i) (c) (iii) (ii) (iv) (ii) (i) (ii) (iii) (iv) (v) List II Karl Marx Paul Sweezy P.A. Samuelson Adam Smith A. Bergson (d) (ii) (iii) (i) (v) 2. The goods which are non-rival in consumption are called : (A) Private goods (B) Free goods (C) Public goods (D) Non-economic goods 3. A competitive firm achieves long-run equilibrium in the product market when : (A) AR 5 MR (B) MR 5 AC (C) MR 5 MC (D) Price 5 AR 4. In the Sweezy model of Oligopoly, an increase in demand will make upper portion of the demand curve : (A) More elastic (B) Less elastic (C) Unitary elastic (D) None of the above 5. The statement that the compensation principle of welfare economics is capable of giving contradictory results is associated with the name of : (A) T. Scitovsky (B) A. Pareto (C) A. Bergson (D) P.A. Samuelson 6. Which of the following factors does not stall the entry of other firms in an Oligopolistic industry : (A) huge advertising expenditure incurred by existing firms (B) economies of scale (C) technology (D) increase in demand D 0105 2 S II U (50) - (2) U 1. II I (a) h (i) (b) (ii) S (c) ( ) (iii) . . (d) (iv) S (v) . (A) (B) (C) (D) 2. (a) (i) (iv) (v) (iii) (b) (iv) (i) (ii) (i) (c) (iii) (ii) (iv) (ii) (d) (ii) (iii) (i) (v) m S (A) (B) S (C) 3. S S (D) S , # (A) 4. AR 5 MR (B) MR 5 AC (C) MR 5 MC (B) (C) (D) Q h c , (A) 6. 5 AR S , h , (A) 5. (D) . S (B) . (C) . (D) . . , l , Z (A) Z m (B) (C) (D) h D 0105 3 P.T.O. 7. A rational consumer choosing between uncertain events will make a choice on the basis of : (A) expected monetary benefits (B) expected utility (C) expected prices (D) expected incomes in future 8. Which of the following is not an element of selling cost : (A) salary of the salesmen (B) expenses incurred in advertising (C) transportation cost (D) costs incurred on window displays 9. The most comprehensive measure of the aggregate price level is the : (A) consumer price index (B) producer price index (C) GNP deflator (D) wholesale price index 10. Keynesian economics lays more emphasis on : (A) monetary policy (B) fiscal policy (C) interest-rate determination (D) free market mechanism 11. High-powered money is produced by : (A) Commercial banks (B) (C) Ministry of Finance (D) Co-operative banks Reserve Bank of India 12. A person who left the job to find another job would be classified as : (A) fractionally unemployed (B) structurally unemployed (C) cyclically unemployed (D) no longer in the labour force 13. Which of the following statements would Milton Friedman disagree with ? (A) Monetary policy has few short-run effects on the real economy (B) In the long-run, changes in the money supply primarily affect the price level (C) There is little scope for using monetary policy actively to smooth out business cycles (D) The Reserve Bank can not be relied on to effectively smooth out business cycles 14. The money multiplier is the multiplicative inverse of the required reserve ratio as long as : (A) currency leakages into circulation and/or foreign markets do not occur (B) banks do not maintain excess reserves (C) the required reserve ratio is far in excess of the reserves that banks think are prudent given the deposits that they hold (D) all the above D 0105 4 7. Q , (A) (B) (C) 8. (D) c , R ? (A) (B) (C) 9. (D) (window displays) S (A) (B) (C) 10. Q C S (D) S (A) (B) (C) 11. (D) Q Q (A) (B) (C) 12. (D) Q , (A) (B) M (C) 13. M M (D) o Q ? (A) S S (B) , M S (C) c (smooth) , (D) c (smooth) 14. (A) / (B) Q (C) , (D) D 0105 Q 5 P.T.O. 15. The (A) (B) (C) (D) 16. Vicious Circle of Poverty was proposed by : (A) A. Marshall (B) J.M. Keynes (C) Ragner Nurkse (D) M. Friedman 17. Second Five Year plan was based on a model developed by : (A) C.H. Hanumantha Rao (B) P.C. Mahalanobis (C) A.K. Sen (D) K.N. Raj 18. The theory of unlimited supply of labour was proposed by : (A) J.M. Keynes (B) Robert Solo (C) A. Lewis (D) Roy Harrod 19. In Harrod-Domar model, if the growth rate of income is 5% and capital-output ratio is 3, then saving rate must be : (A) 5% (B) 3% (C) 8% (D) 15% 20. Capital per person decreases if net investment per person : (A) is less than the population growth rate (B) exceeds the population growth rate (C) exceeds savings per person (D) is less than savings per person 21. In the neo-classical growth model, an increase in the marginal propensity to save : (A) increases steady-state output per person (B) increases the steady-state growth rate of output (C) increases steady-state capital per person (D) both (A) and (C) 22. The Tenth Five Year Plan aims at reducing poverty by : (A) 2% (B) 5% (C) 8% 23. trade-off between inflation and unemployment remains stable only : during periods of stagflation when the inertial rate of inflation remain unchanged during the periods of slack demand in the long-run Union Excise Duties are a part of Central Government s : (A) Non-tax Revenue (B) Tax revenue (C) Capital receipts (D) None of the above D 0105 6 (D) 9% 15. - (trade-off) S (A) (B) (C) 16. S (D) (A) (B) . . m (C) 17. . m m (D) . m m m ? (A) (B) . . (C) 18. . . . . (D) . . o h (A) (B) m (C) 19. . . m . m (D) m - h 5% 3% (A) 20. 5% (B) 3% (C) 8% h (B) Q (D) 9% Q - , h (A) Q S S h (B) S S h (C) Q S - S h (D) (A) (C) (A) 23. (D) h (C) 22. 15% Q Q (A) 21. (D) 2% (B) 5% (C) 8% , (A) (B) (C) # (D) Q D 0105 7 P.T.O. 24. Pump priming should be resorted to at a time of : (A) (B) Deflation (C) 25. Inflation Reflation (D) None of the above VAT is imposed : (A) (B) on first stage of production (C) directly on consumers (D) 26. on final stage of production at every stage between production and consumption A temporary increase in marginal tax rate will : (A) (B) increase output (C) 27. increase employment raise the deficit (D) lower output Tax on inherited property is an example of : (A) 28. (B) Income Tax (C) positive (B) negative (C) (D) VAT zero (D) indeterminate The Laffer curve demonstrates the relationship between : (A) inflation and the nominal interest rate (B) tax rate and total tax revenues (C) the real interest rate and investment demand (D) 30. Wealth Tax When government expenditure exceeds total government receipts, the budget deficit is : (A) 29. Sales Tax none of the above If the Rupees per US Dollar exchange rate changes from Rs. 44 to Rs. 46 in a year by the market forces, it implies : (A) Appreciation of the Rupee (B) Depreciation of the Rupee (C) Devaluation of the Rupee (D) Exchange rate remains more or less the same D 0105 8 24. (Pump priming) (A) (B) (C) 25. (D) Q (B) (VAT) (A) (C) 26. Q (D) - S h (A) (B) h (C) 27. h (D) (C) # (A) 28. (B) (B) (C) (VAT) (D) (A) (nominal) (B) - (C) S (D) 30. (D) , # , (A) 29. Q Q m , L . . L 44 L . 46 (A) M h (B) M O (C) M (D) D 0105 9 P.T.O. 31. Match the following : List I (a) Infant Industry Argument (b) Factor price equalization theorem (c) Opportunity Cost Theory (d) Asolute cost advantage (A) (B) (C) (D) Code (a) (i) (ii) (iii) (iv) : (b) (v) (i) (iv) (ii) (c) (iii) (v) (ii) (i) (i) (ii) (iii) (iv) (v) List II Adam Smith G. Von Haberler Fredriek List Heckscher Ohlin D. Ricardo (d) (ii) (iv) (i) (iii) 32. Devaluation, other things remaining the same, will make the balance of payments of a country worse if the elasticity of exports and elasticity of imports of a developing country will be : (A) greater than 1 (B) less than 1 (C) equal to 1 (D) none of the above 33. The secular deterioration of terms of trade hypothesis initially was advanced by : (A) Raul Previsch (B) J.M. Keynes (C) Adam Smith (D) J.S. Mill 34. The Bretton-woods system finally collapsed at the global level in the year : (A) 1970 (B) 1971 (C) 1972 (D) 1973 35. Heckscher Ohlin theory of international trade explains the emergence of trade, among the partners based on : (A) Intra-regional trade (B) Imperfect competition (C) Inter-regional trade (D) Changes in tastes and technology 36. According to Planning Commission estimates of poverty ratio in India in (1999-2000) was : (A) 30 percent (B) 40 percent (C) 26.9 percent (D) 28.9 percent 37. New Agricultural Strategy (Green Revolution) was introduced in India in the year : (A) 1969 (B) 1966 (C) 1970 (D) 1960 38. Which among the following heads has the highest allocation in the Xth plan outlay ? (A) Energy (B) Transport (C) Rural Development (D) Social Services D 0105 10 31. II I (a) l (i) S (b) (ii) (c) h (iii) S (d) (iv) (v) . (A) (B) (C) (D) 32. (a) (i) (ii) (iii) (iv) (b) (v) (i) (iv) (ii) (c) (iii) (v) (ii) (i) (d) (ii) (iv) (i) (iii) , , , Z (A) (B) (C) 33. (D) Q Z O S (A) 34. (B) . . (C) (D) . . (D) S 1973 S , S , M S (A) 35. 1970 (B) 1971 (C) 1972 C - , h (A) (B) (C) 36. (D) M , (1999-2000) (A) (B) 40 (C) 37. 30 26.9 (D) 28.9 ( ) (A) 38. 1969 (B) 1966 (C) 1970 (D) 1960 (A) D 0105 (B) (C) 11 (D) P.T.O. 39. New Economic Policy in India was introduced in : (A) 40. 1981 (B) 1971 (C) 1991 21 percent (B) 30 percent (C) 24 percent (D) 28.7 percent The target of Disinvestment in Public Sector undertakings in India during the 20022003 was : (A) Rs. 16,000 Crores (B) Rs. 20,000 Crores (C) 42. 2001 Gross Capital Formation percentage of Gross Domestic Products as per Economic Survey in 1995-98 was : (A) 41. (D) Rs. 12,000 Crores (D) Rs. 15,000 Crores Domestic Savings Rate during the IX plan period was : (A) 23.31% (B) 30.31% (C) 25.31% (D) 26.41% 43. Money supply in terms of broad money (M3) in India increased during 2001-02 by : (A) 6.8% (B) 5.6% (C) 14.2% (D) 19.3% 44. Based on a sample of 100 observations, the correlation coefficient between x and y is found to be nearly zero. Then, (A) (B) x and y are linearly related to each other (C) x and y may be non-linearly related to each other (D) 45. x and y are definitely unrelated there is spurious correlation between x and y Under simple random sampling, as the size of sample is increased : (A) (B) systematic errors decrease but sampling errors increase (C) both systematic and sampling errors decrease (D) 46. systematic errors increase but sampling errors decrease both systematic and sampling errors increase Implicit GDP deflator is a : (A) current year weighted index (B) base year weighted index (C) arithmetic mean of (A) and (B) (D) geometric mean of (A) and (B) D 0105 12 39. (A) 40. 1981 (B) 1971 (C) 1991 (D) 2001 1995-98 (A) 41. 21 (B) 30 (C) 24 L . 16,000 (B) L . 12,000 (D) 19.3 L . 15,000 (A) 23.31 (B) 30.31 (C) 25.31 (D) 26.41 (M3) 2001-02 h (A) 44. (D) L . 20,000 (C) 43. 28.7 2002-2003 (A) 42. (D) 6.8 (B) 5.6 (C) 14.2 100 x y / (A) (B) x y (C) x y S - (D) 45. x y M x y , , (A) (B) (C) (D) 46. (A) (B) (C) (A) (B) (D) (A) (B) D 0105 13 P.T.O. 47. Events A and B are mutually exclusive consider the following : (a) P(A B) 5 P(A) 1 P(B) (b) P(A B) 5 P(A) 3 P(B) (c) P(A B) 5 0 (d) (A) (B) (C) (D) A and B are independent events. Choose the correct code : only (a) and (b) are true only (b) and (c) are true only (c) and (d) are true only (a) and (c) are true 48. Random variable is : (A) an independent variable (B) an endogenous variable (C) a randomly choosen value (D) a function of states of nature 49. Consider the following distributions : (a) z-distribution (b) t-distribution (c) binomial distribution (d) F-distribution Which among the above are not sampling distribution ? (A) only (a) (B) only (c) (C) both (a) and (c) (D) both (a) and (d) 50. Match the following : List I To test for these (a) population mean with known variance (b) population mean with unknown variance (c) comparison of variances (d) goodness of a fit Code : (a) (b) (c) (d) (A) (i) (ii) (iii) (iv) (B) (ii) (i) (iv) (iii) (C) (iv) (i) (ii) (iii) (D) (iii) (i) (ii) (iv) D 0105 (i) List II We use the following : t-distribution (ii) F-distribution (iii) (iv) X2 distribution z-distribution -o0o14 47. A B S (a) P(A B) 5 P(A) 1 P(B) (b) P(A B) 5 P(A) 3 P(B) (c) P(A B) 5 0 (d) (A) (a) (b) (B) (b) (c) (C) 48. A B S (c) (d) (D) (a) (c) (A) (B) (C) 49. S M (D) S (a) z- (b) t- (c) (d) F- Q ? (A) (B) (c) (C) 50. (a) (a) (b) (D) (a) (d) I (a) II (i) t- (ii) F- c (b) c (c) (iii) X2 (d) c (iv) z- (A) (B) (C) (D) (a) (i) (ii) (iv) (iii) (b) (ii) (i) (i) (i) (c) (iii) (iv) (ii) (ii) (d) (iv) (iii) (iii) (iv) -o0o- D 0105 15 P.T.O. Space For Rough Work D 0105 16

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Additional Info : Ugc Net December 2005 Question Paper - Economics Paper II
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