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UGC NET JUN 2006 : ECONOMICS PAPER III

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Signature and Name of Invigilator Roll No. (In figures as per admission card) 1. (Signature) (Name) Roll No. 2. (Signature) (Name) Test Booklet No. J 0 1 0 6 Time : 2 hours] (In words) PAPER III ECONOMICS Number of Pages in this Booklet : 40 [Maximum Marks : 200 Number of Questions in this Booklet : 26 Instructions for the Candidates U U 1. Write your roll number in the space provided on the top of this page. 1. U DU U S U U U U U 2. U U U, U S U U 2. Answers to short answer/essay type questions are to be given in the space provided below each question or after the questions in the Test Booklet itself. U U No Additional Sheets are to be used. 3. U U U, - S U U U - S 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) - S U U U U U U U S U U- U S S U U (i) To have access to the Test 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) 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) 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. 4. U U 4. Read instructions given inside carefully. 5. One page is attached for Rough Work at the end of the booklet before the Evaluation Sheet. 5. U U- S (Rough Work) U U DU 6. If you write your name or put any mark on any part of the Answer Sheet, except for the space allotted for the relevant entries, which may disclose your identity, you will render yourself liable to disqualification. 6. U- S U , U U U U 7. U # U U- S U U U U U # U U U U 7. You have to return the Test booklet to the invigilators at the end of the examination compulsorily and must not carry it with you outside the Examination Hall. 8. / U Z U S U 8. Use only Blue/Black Ball point pen. 9. Use of any calculator or log table etc. is prohibited. 9. U ( U U) U U 10. There is NO negative marking. 10. U U J 0106 1 P.T.O. ECONOMICS ( ) PAPER III - III NOTE : This paper is of two hundred (200) marks containing four (4) sections. Candidates are required to attempt the questions contained in these sections according to the detailed instructions given therein. (200) (4) S J 0106 2 SECTION - I U I Note : Answer the five questions from the para given below. Each answer should not exceed 30 words. Each question carries five marks. (5x5=25 marks) (30) (5x5=25 ) The rise and fall in the profits of the stock depend upon the same causes with the rise and fall in the wages of labour, the increasing or declining state of wealth of the society; but those causes affect the one and the other differently. The increase in stock, which raises wages, tends to lower profit. When the stocks of many rich merchants are turned into the same trade, their mutual competition naturally tends to lower its profits; and when there is a like increase of stock in all different trades carried on in the same society, the same competition must produce the same effect in them all . S , S ; L S , S , S S h , S m . 1. Identify the factor that affects the wages and profits in the light of above statement. J 0106 3 P.T.O. 2. Why do same causes affect the profits and wages differently ? , - ? 3. Name the factor that lowers profits and how ? ? J 0106 4 4. Does persistent decline in profits necessarily lead a capitalist economy towards a stationary state ? S L S , S S ? 5. Is on set of stationary state avoidable ? S S ? J 0106 5 P.T.O. SECTION - II U II Note : The part has fifteen (15) definitional questions of (5) marks each to be answered in upto (30) words. (5x15=75 marks) (15) (5) (30) (5x15=75 ) 6. State Keynerian Psychological fundamental law of consumption. h J 0106 6 7. What are giffen goods ? S ? 8. Define a merit goods. S J 0106 7 P.T.O. 9. What is investment functions ? ? 10. Define Bernouli s hypothesis about the behaviour of a risk averter. (risk averter) J 0106 8 11. What is ISO-revenue curve ? - ? 12. How do you test for significance of B1 in simple regression equation Yi5B01B1 xi+ui ? Yi5B01B1 xi+ui B1 J 0106 9 P.T.O. 13. Identify labour augmenting and labour displacing element in Green Revolution. S 14. What is Baromatric Price Leadership ? ? J 0106 10 15. What is difference between narrow money and broad money ? S ? 16. What are Optimums Currency Areas ? c ? J 0106 11 P.T.O. 17. Define demographic transition. 18. What is input-output analysis ? ? J 0106 12 19. Define Accelerator. 20. What is Endogenous growth ? ? J 0106 13 P.T.O. SECTION - III U III Note : The part has five short-essay type questions of (12) marks each to be answered in upto (200) words. The candidate may select one elective and answer all five (5) questions. (12x5=60 marks) (5) (12) (12x5=60 ) Elective - I U I 21. In a simple regression of Y5a1bX1S. A sample of 20 observations gave the following data : Y = 20 (Y Y )2 = 90 X = 190 (X X) = 20 (X X)(Y Y) = 100 Estimate a and b and calculate estimates of variance of these estimates. Y5a1bX1S , 20 # Y = 20 (Y Y )2 = 90 X = 190 (X X) = 20 (X X)(Y Y) = 100 a b 22. Given the Cobb-Douglas Production function Y = 1 L 2 K 3 ....... (1) Where Y5output, L5labour input and K5capital input. Dividing (1) through by K, we get (Y/K) = (L/K) 2 K 2 + 3 - 1 ...... (2) 1 Taking the natural log of (2). We obtain ln(Y/K) = 0 + 2 ln (L/K) + ( 2 + 321 ) ln K where 0 = ln 1 ...... (3) (a) How would you test the hypothesis that there are constant returns to scale, i.e., (b) (c) J 0106 ( 2 + 3 = 1) from equation (3) ? If there are constant returns to scale, how would you interpret regression (3) ? Does it make any difference whether we divide (1) by L rather than by K ? 14 Y = 1L 2 K 3 ....... (1) Y5 , L5 , K5 (1) K (Y/K) = 1 (L/K) 2 K 2 + 3 -1 ...... (2) (2) ln(Y/K) = 0 + 2 ln (L/K) + ( 2 + 3 1 ) ln K 0 = ln 1 (a) ...... (3) S i.e., ( 2 + 3 = 1) (3) ? (b) (c) 23. S (3) ? (1) K L , ? In the following macro-model Ct5a1b Yt1ut Y t C t1 Z t Where C 5 aggregate consumption expenditure Y 5 national income Z 5 non-consumption expenditure u5 a stockastic disturbance term The following assumptions are made : 2 (1) u~N (0, su ) (2) Z and u are independent Why do we need two stage least squares (2 SLS) method to estimate b ? Describe the method of 2 SLS. C Ct5a1b Yt1ut Y t C t1 Z t C5 A Y 5 c Z 5 u5 (1) (2) 2 u~N (0, su ) Z u S -S (2 SLS) h b L ? 2 SLS h J 0106 15 P.T.O. 24. The following models were estimated using the annual data for 1949 - 1964 : Model A : Yt = 0.4529 0.0041t (3.9608) R 2 = 0.5284 , d = 0.8252 Model B : Yt = 0.4786 0.0127 t + 0.0005t 2 (3.2724) (2.7777) R 2 = 0.6629 , d = 1.82 Where the figures in the parenthesis are t ratios. (a) Is there auto-correlation in Model A ? In Model B ? (b) What accounts for the auto-correlation ? (c) How would you distinguished between Pure auto-correlation and specification bias ? 1949 - 1964 A Yt = 0.4529 0.0041t (3.9608) R 2 = 0.5284 , d = 0.8252 B Yt = 0.4786 0.0127 t + 0.0005t 2 (3.2724) (2.7777) R 2 = 0.6629 , d = 1.82 c t (a) A S ? B S ? (b) (c) 25. S ? h S ? What is integrated series ? Explain one test to check the integration series. ? S OR / Elective - II II 21. Does Kinked demand function provide a theory of price determination under oligopoly ? Explain , h S ? S c 22. Explain the major assumptions underlying neo-classical growth model. Comment on their validity. - J 0106 16 23. In the IS-LM framework, show the crowding-out of private expenditure as government expenditure is increased. IS-LM , (crowding-out) 24. Given U (x,y)5x.y, px51, py54 and income m540 for a consumer, derive indirect utility function for this consumer. U (x,y)5x.y, px51, py54 m540 25. What is expenditure multiplier ? How does it change as tax rate is increased ? ? - h ? OR / Elective - III III 21. Discuss the major factors responssible for the final collapse of the Brelton woods system, in 1973. Examine the efforts made by the world community to evolve a workable monetary system from the point of view of developing countries, thereafter. 1973 , S M S c c , - S m 22. What are the major commitments made between the developed and developing countries under WTO with respect to agriculture and textile sectors ? Are their commitments being fulfilled by the advanced countries ? , , c h (commitment) c m ? J 0106 17 P.T.O. 23. Explain fully the concept of globalization. Discuss its benefits and discontents from the point of view of developing countries. L c C 24. Examine the determination of exchange rates under fixed and fluctuating exchange rate systems. Which system do you prefer in the context of a developing country. Give reasons in support of your answer. S S h , c h c 25. Distinguish between Euro-dollar and Euro-currency market. Explain whether Euro and Euro-currency are different. Discuss the major factors responsible for the emergence and growth of the Euro-currency market. / , ? OR / Elective - IV IV 21. Highlight the main trends in the production and productivity of major food crops in Indian agriculture during the last decade. l 22. Comment on the objectives and performance of public distribution system in India. g S 23. What are the main marketing problems of surplus generating farmers in India ? What steps should be taken to improve the system of agricultural marketing ? S ? S ? J 0106 18 24. Analyse the impact of WTO on the diversification of Indian agriculture. 25. Do you agree with the view that technological changes in agriculture have aggravated regional inequalities ? Substantiate your answer. l ? c OR / Elective - V V 21. What is the role of planning in the context of liberalisation ? 22. What is the methodology followed by the commission on agriculture costs and prices for determining minimum support prices ? , m h ? 23. What are the important recommendations of Financial Sector Reforms committee ? 24. What is the relationship between infrastructure and economic development in India ? ? 25. What are the major changes in Fiscal Policy of India in recent times ? ? J 0106 19 P.T.O. SECTION - IV IV Note : This part has one question of (40) marks to be answered in upto 1000 words. (40x1=40 marks) (40) (1000) (40x1=40 ) 26. In time-series analysis, what is the meaning of stationarity ? In this context, discuss unit root test . Explain the concept of causality. , S (stationarity) ? L S (causality) OR / Use Neumann Morgenstern utility index to distinguish between the behaviour of a risk averter and risk lover. S OR / Define the spot exchange rate and forward exchange rate. Discuss Interest Rate Parity Theorem (IRPT). What factors might lead to persistent deviations from parity between countries currencies ? S m ? OR / Discuss the impact of economic reforms on the Indian agriculture. , OR / Discuss the importance of social sector and examine the impact of changes in social sector on poverty alleviation in India. J 0106 30

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Additional Info : Ugc Net June 2006 Question Paper - Economics Paper III
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