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UGC NET DEC 2013 : ECONOMICS PAPER II

15 pages, 99 questions, 12 questions with responses, 12 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) ____________________________ 2. (Signature) __________________________ (Name) ____________________________ D 01 1 3 Time : 1 1/4 hours] Number of Pages in this Booklet : 16 Instructions for the Candidates 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 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. D-01-13 Roll No. (In figures as per admission card) Roll No.________________________________ (In words) [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 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. The cost incurred by the firm in 5. Put the following in chronological hiring labour is called as order on the basis of development : (A) Explicit Cost i. Law of Demand (B) Implicit Cost ii. Revealed Preference Analysis (C) Marginal Cost iii. Indifference Curve Analysis (D) Total Cost iv. Law of Diminishing Marginal Utility 2. The locus of Pareto Optimality in (A) i iii ii iv Production and Consumption is given by (B) i iv iii ii (A) The Social Welfare Function (C) i ii iv iii (B) The Utility Possibility Curve (D) i iii iv ii (C) The Transformation Curve (D) The Grand Utility Possibility 6. If the monopolist incurs loss in the Curve short run, then in the long run a. he will go out of business 3. List I List II b. he will stay in business a. Tea and 1. Veblen goods c. he will break even Coffee d. any of the above is possible b. Car and 2. Substitutes (A) a and b (B) a and c Petrol (C) a only (D) d only c. Gold and 3. Giffen goods Diamonds 7. The condition of Pareto Optimality d. Ragi and 4. Complementary holds correct under Bajra (A) Perfect Competition Codes : (B) Monopolistic Competition a b c d (C) Oligopoly (A) 2 1 3 4 (D) Monopoly (B) 2 4 1 3 8. Assertion (A) : Compared to the (C) 4 1 2 3 individual supply curve, the (D) 4 3 1 2 aggregate supply curve is more 4. Assertion (A) : In the short run elastic. under perfect competition, Reason (R) : There is the given the market demand and possibility of moving between market supply the industry is in being out of the labour force and equilibrium at that price which being in the labour force. clears the market. Choose amongst the following the Reason (R) : In the long run all the correct answer. firms in the industry earn profit. Codes : Codes : (A) (A) is correct, but (R) is not the (A) Both (A) and (R) are true and (R) correct explanation of (A). is the correct explanation of (A). (B) (A) is correct and (R) is the (B) Both (A) and (R) are true, but correct explanation of (A). (R) is not the correct (C) (A) is correct, but (R) is explanation of (A). incorrect. (C) (A) is true, but (R) is false. (D) (A) is incorrect, but (R) is correct. (D) (A) is false, but (R) is true. Paper-II 2 D-01-13 II : (50) - (2) 1. ? (A) (B) (C) (D) 2. ? (A) (B) (C) (D) 3. a. b. c. d. I 1. 2. 3. 4. 5. (A) (B) (C) (D) 6. II : (A) (B) (C) (D) 4. a 2 2 4 4 b 1 4 1 3 c 3 1 2 1 7. d 4 3 3 2 (A) : , (R) : : (A) (A) (R) (R), (A) (B) (A) (R) , (R), (A) (C) (A) , (R) (D) (A) , (R) D-01-13 : i. ii. iii. iv. 8. 3 i i i i iii iv ii iii ii iii iv iv iv ii iii ii (a) (b) (c) (d) (A) a b (B) a c (C) a (D) d ? (A) (B) (C) (D) (A) : , (R) : - : : (A) (A) , (R), (A) (B) (A) (R), (A) (C) (A) , (R) (D) (A) , (R) Paper-II 9. 11. Assuming life cycle hypothesis, let a person starts working when he is 20 years old, works until the age of 60 and expects to die at the age of 70. If this person earns, say ` 1.50 lac annually when he is 20-30 years, ` 2 lac annually when he is 30-45 years, and ` 3 lac annually when he is 4060 years, then his life time average propensity to consume is The negative relationship between the gap between actual GDP and its trend value and the difference between actual unemployment rate and its equilibrium value is called (A) The Aggregate Supply Curve (B) The Phillips Curve (C) The Natural Rate of Unemployment Hypothesis (D) Okun s Law (A) 0.60 (B) 0.70 (C) 0.80 12. (D) 0.90 10. (A) as the economy initially recovers from a recession the demand for goods and services falls, so the demand for workers falls. With reference to demand for money, match List I with List II : List I List II a. Demand for money is stable 1. J.M. Keynes b. Liquidity Preference as behaviour towards risk 2. W. Baumol c. Inventory Theoretic Approach 3. James Tobin d. No portfolio diversification It is often true that as the economy begins to recover from a recession, the unemployment rate rises because 4. Milton Friedman (B) (C) b c d (A) 4 3 1 2 (B) 3 4 1 2 (C) 2 1 3 4 (D) 4 3 2 1 Paper-II as the economy begins to recover from a recession because of the errors in the way the data are collected. (D) as the economy initially recovers from a recession, firms do not immediately increase the number of workers they hire. Firms wait to hire more individuals until they are convinced that the recovery is strong. Codes : a as the economy begins to recover from a recession, workers who were previously discouraged about their chances of finding a job begin to look for work again. 4 D-01-13 11. . . . , ? (A) (B) (C) (D) (B) 12. (C) 10. , 20 , 60 70 , 20-30 , , ` 1.50 , 30-45 ` 2 , 40-60 ` 3 , ? (A) 0.60 9. (D) 0.90 : , (A) , (B) , , (C) , , (D) , 0.80 0.70 , -I -II : I II a. 1. . . b. 2. . c. ( ) 3. d. 4. : a b c d (A) 4 3 1 2 (B) 3 4 1 2 (C) 2 1 3 4 (D) 4 3 2 1 D-01-13 5 Paper-II 13. 14. When additional government expenditure is financed by selling government securities, then what will be the nature of crowding out effect, given in List I in the context of the situation given in List II ? List I List II Crowding out Situation effect a. Full 1. Keynesian Range b. Partial 2. Classical Range c. Nil 3. Intermediate Range Codes : a b c (A) 2 3 1 (B) 3 1 2 (C) 1 3 2 (D) 1 2 3 15. 16. Paper-II The classical model of economic development emphasises (A) Laissez-Faire Policy (B) Capital Accumulation (C) Both (A) and (B) (D) None of these 18. Which one of the following pairs is not correctly matched ? Author Book (A) Simon Asian Drama Kuznets (B) J. Robinson Essays in the Theory of Economic Growth (C) Karl Marx Das Kapital (D) A.W. Lewis Theory of Economic Growth 19. 6 In whose growth model, entrepreneur s significance is pivotal ? (A) Keynes (B) Schumpeter (C) Harrod (D) Domar 17. Match items given in List I with those in List II : List I List II a. Equation of 1. J.M. Exchange Keynes b. Cash Balances 2. Irving Approach Fisher c. Regressive 3. W.J. Expectation Baumol model of Demand for Money d. Square Root 4. A.C. Formula of Pigou Demand for and Money Alfred Marshall Codes : a b c d (A) 2 4 1 3 (B) 3 2 4 1 (C) 4 3 1 2 (D) 1 3 2 4 The premise, that benefit of economic growth will reach all sections of population is called (A) Trickle up effect (B) Trickle down effect (C) Take-off effect (D) Backlash effect What does change in economic growth ? (A) Structure of economy (B) Mindsets of people (C) National Income (D) None of these D-01-13 13. -II -I ? I II ( ( ) ) a. 1. b. 2. c. 3. : a 2 3 (B) 3 1 1 3 1 2 17. ? (A) (B) (C) (A) (B) (D) 18. ? (A) : (B) . : (C) : (D) . . : 19. ? (A) (B) (C) (D) 2 (D) , ? (A) (B) (C) (D) 2 (C) 16. 1 ? (A) (B) (C) - (D) ( ) c (A) 14. b 15. 3 -I -II : I II a. 1. . . b. 2. c. 3. . . d. 4. . . : a b c d (A) 2 4 1 3 (B) 3 2 4 1 (C) 4 3 1 2 (D) 1 3 2 4 D-01-13 7 Paper-II 20. 21. 22. 23. Which States/U.Ts. have been placed at first three places in Gender Development Index List 2006 made by the Government of India ? (A) Kerala, Chandigarh, Goa (B) Kerala, Goa, Chandigarh (C) Chandigarh, Goa, Kerala (D) Goa, Kerala, Chandigarh 24. interest (B) Government expenditure which is financed through the sale of adhoc treasury bills. (C) Increase in RBI credit to Central Government. (D) Fiscal deficit less loans and advances. Assertion (A) : There is no incentive for a profit maximizing producer to supply the public goods. Reason (R) : If he produces it he is unable to exclude people from consuming it and hence he cannot charge a price. Codes : (A) (A) is true, but (R) is false. (B) Both (A) and (R) are false. (C) (A) is not correct, but (R) is correct (D) Both (A) and (R) are correct and (R) is the correct explanation of (A). 25. A proportionate increase in tax revenue to a proportionate increase in the tax base is called (A) Elasticity of a tax (B) Buoyancy of a tax (C) Neutrality of a tax (D) None of the above 26. Vent for surplus applicable to approach is (A) Rich countries (B) Underdeveloped countries (C) The distribution of the burden of paying a tax is called (A) Sharing of tax burden (B) Shifting of the tax (C) Incidence of a tax (D) Tax capitalization Oil exporting countries (D) None of the above 27. According to monetary approach, a revaluation of a nation s currency (A) increases the nation s demand for money. Which one of the following is short period debt meant to meet current needs, that is filling temporary gap in budgets ? (A) Funded debt (B) Unfunded debt (C) Redeemable debt (D) Irredeemable debt Paper-II Monetised deficit means (A) Fiscal deficit less payments (B) increases the nation s supply of money (C) reduces the nation s demand for money (D) reduces the nation s supply of money 8 D-01-13 20. , 2006 / ? (A) , , (B) , , (C) , , (D) , , 21. (A) : (R) : : (A) (A) , (R) (B) (A) (R) (C) (A) , (R) (D) (A) (R) (R), (A) 22. 23. 24. 25. D-01-13 9 27. , ? (A) (B) (C) (D) ? (A) (B) (C) (D) 26. ? (A) (B) (C) (D) (A) - - (B) ( ) (C) (D) - - , (A) (B) (C) (D) ? (A) (B) (C) (D) Paper-II 28. The Bretton Woods System was based on (A) a gold standard (B) a flexible exchange rate system (C) a gold exchange standard (D) none of the above 29. The imposition of an import tariff by a large nation (A) usually improves the nation s terms of trade and increases the volume of trade. (B) worsens the nation s terms of trade but increases the volume of trade (C) worsens the nation s terms of trade and reduces the volume of trade. (D) usually improves the nation s terms of trade but reduces the volume of trade. 30. 31. 32. 33. Paper-II 10 Percentage share of the manufacturing output of India in the world total is now (A) 2.2 percent (B) 3.9 percent (C) 6.2 percent (D) 7.5 percent 35. Match the weight of different industry groups between List-I & List-II : List I List II a. Basic goods 1. 45.7 industries b. Capital goods 2. 8.8 industries c. Intermediate 3. 15.7 goods industries d. Consumer goods 4. 29.8 industries Codes : a b c d (A) 1 2 3 4 (B) 2 4 3 1 (C) 3 2 1 4 (D) 1 3 4 2 Which of the following is not the part of National Telecom Policy (NTP) 2012 in India ? (A) Strive to create One-NationOne License across services and service areas. (B) Achieve One Nation Full Mobile number portability (C) To work towards Right to Broadband (D) Recognize telecom as basic goods industry 34. The value of foreign trade multiplier will be high under the condition when (A) marginal propensity to save is high (B) marginal propensity to import is high (C) there is increase in exports (D) marginal propensity to consume domestic goods is high Plant load factor of thermal power stations in India in recent years has been around (A) 50 percent (B) 60 percent (C) 70 percent (D) 80 percent India s current account deficit in Balance of Trade is mainly due to (a) Increasing imports of oil and petroleum (b) Increasing imports of gold and silver (c) Increasing imports of food grains (d) Increasing imports of iron and steel Codes : (A) (a), (b) and (c) (B) (a) and (c) (C) (a) and (b) (D) (a) and (d) D-01-13 28. 29. 30. 31. ? (A) (B) (C) (D) 32. (A) 50 33. (A) (B) (C) (D) D-01-13 b 2 4 2 3 c 3 3 1 4 (B) 60 (D) 80 70 (NTP), 2012 ? (A) - (C) (D) 34. - (B) (A) (B) (C) (D) a 1 2 3 1 (C) (A) (B) (C) (D) -I -II : I a. b. c. d. : ? ? (A) 2.2 (B) 3.9 (C) (D) 7.5 6.2 35. II 1. 2. 3. 4. 45.7 8.8 15.7 29.8 ? (a) (b) (c) (d) d 4 1 4 2 : (A) (a), (b) (c) (B) (C) 11 (a) (b) (a) (c) (D) (a) (d) Paper-II 36. The MRTP Act of 1969 has been (A) replaced by Competition Act 2002 (B) 40. Assertion (A) : PL-480 grants was used to import foodgrains. Reason (R) : PL-480 grants facility was granted by Japan. Codes : (A) Both (A) and (R) are true and (R) is the correct explanation of (A). (B) Both (A) and (R) are true and (R) is not the correct explanation of (A). (C) (A) is true, but (R) is false. (D) (A) is false, but (R) is true. 41. Productivity of groundnut is highest in (A) U.S.A. (B) Mexico (C) India (D) China 42. NAFED is a (A) Company (B) Non-Government Organisation (C) Government Body (D) Cooperative Organisation 43. Based on the SRS data for 2010 in India, which of the following seems to be incorrect ? (A) TFR = 2.5 (B) CDR = 7.2 (C) IMR = 48.9 (D) CBR = 24.2 replaced by Trade Union (Amendment) Act 2001 (D) merged in Industrial Policy Act of 1991 37. In which year the Kissan Credit Card System was introduced ? (A) 1978 (B) 1998 (C) 1988 (D) 2008 merged in Industrial Policy Act of 1978 (C) 39. In the context of agricultural development the trickle down theory has been interpreted to suggest that a. Growth in agriculture output without radical institutional reforms will reduce the incidence of poverty. b. Growth in agriculture output with radical institutional reforms will reduce the incidence of poverty c. Only radical institutional reforms can reduce the incidence of poverty. d. Only growth in agriculture output will reduce incidence of poverty. (A) Both a and b (B) Both a and c (C) b only (D) d only 38. As per the latest figures of the Ministry of Agriculture the per capita per day foodgrains availability is (A) 280 gm (B) 440 gm (C) 580 gm (D) 900 gm Paper-II 12 D-01-13 36. 1969 . . . . (MRTP) 39. 2002 (B) 1978 (C) ( ) , 2001 (D) 1991 (A) 37. 38. (A) 1978 (B) (C) (D) 2008 1988 1998 40. ? (A) . . . (B) (C) (D) 42. ? (A) (B) - (C) (D) 43. (A) 280 (B) 440 (C) 580 (D) 900 (A) : . . 480 (R) : . . 480 : (A) (A) (R) (R), (A) (B) (A) (R) (R), (A) (C) (A) , (R) (D) (A) , (R) 41. , ? a. b. c. d. (A) a b (B) a c (C) b (D) d D-01-13 ? , 2010 . . . ? (A) TFR = 2.5 (B) CDR = 7.2 (C) IMR = 48.9 (D) CBR = 24.2 13 Paper-II 44. 45. 46. Upto which census, synchronous de facto method was adopted in India wherein the census was conducted throughout the country in a single night ? (A) 1901 (B) 1931 (C) 1951 (D) 1971 47. Y = 4 + 0.4X X = 2 + 0.9Y Then coefficient of correlation between X and Y will be (A) 0.4 Match the following : Group I Group II a. Type II error 1. P01 P10 = 1 b. Mean > Mode 2. Probability of not rejecting H0 when it was not true c. Population is 3. Positively homogenous skewed distribution d. Time Reversal 4. Simple Test random sampling Codes : a b c d (A) 2 3 4 1 (B) 3 1 2 4 (C) 4 2 3 1 (D) 1 2 3 4 (B) 0.5 (C) 0.6 (D) 0.8 48. Which of the following satisfy time reversal test but not factor reversal test ? (A) Laspeyre s Index No. (B) Fisher s Index No. (C) Paasche s Index No. (D) Marshall-Edgeworth Index No. 49. Assertion (A) : For normal distribution Mean = Median = Mode. Reason (R) : Normal distribution is mesokurtic. Codes : (A) Both (A) and (R) are correct and (R) is the correct explanation of (A). (B) Both (A) and (R) are correct but (R) is not the correct explanation of (A). (C) (A) is correct, but (R) is incorrect. (D) (A) is incorrect, but (R) is correct. Paper-II Given the two regression lines estimated from given data as under : The value of 2 in a 3 5 contingency table is computed as 8.0. The Null hypothesis of no association will be tested at 5% level of significance, if this value is less than or equal to the value of 2 from the table at degrees of freedom : (A) 8 (B) 6 (C) 4 (D) 3 50. Which is a non-probability based sampling method ? (A) Systematic Sampling (B) Stratified Random Sampling (C) Quota Sampling (D) Simple Random Sampling 14 D-01-13 44. , (de facto) ? (A) 1901 (B) (C) 47. Y = 4 + 0.4 X X = 2 + 0.9 Y , X Y (D) 1971 1951 : 1931 (A) 0.4 45. a b c 2 3 4 3 1 2 4 2 3 1 2 3 3 5 1 (D) 49. 4 (C) ? (A) (B) (C) (D) - 1 (B) 4 (A) : = = (R) : ( ) : (A) (A) (R) (R), (A) (B) (A) (R) , (R), (A) (C) (A) , (R) (D) (A) , (R) D-01-13 (D) 0.8 0.6 0.5 48. d (A) 46. (C) : I II 1. P01 P10 = 1 a. -II b. > 2. , H0 c. 3. / d. 4. : (B) 2 8.0 5% , , 2 : (A) 8 (C) 50. 15 (B) (D) 3 4 6 - ? (A) (B) (C) ( ) (D) Paper-II Space For Rough Work Paper-II 16 D-01-13

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