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UGC NET JUN 2009 : 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 9 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. 2. 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 DU U S U U U U U U U U, U S U U U U No Additional Sheets are to be used. 3. 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 : U U U, - S U U U - S U U (i) (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. - S U U U U U U U S U U- U S S U U (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 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 4. Read instructions given inside carefully. 7. 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. U # U U- S U U U U U # U U U U 8. / U Z U S U 8. Use only Blue/Black Ball point pen. 9. U ( U U) U U 9. Use of any calculator or log table etc. is prohibited. J 0109 1 P.T.O. ECONOMICS ( S ) 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 0109 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 ) Answer the following questions from the para given below. Each answer should not exceed 30 words. Each question carries 5 marks. Positive economics is in principle independent of any particular ethical position or normative judgements. As keynes says, it deals with what is , not with what ought to be . Its task is to provide a system of generalizations that can be used to make correct predictions about the consequences of any change in circumstances. Its performance is to be judged by the precision, scope, and conformity with experience of the predictions it yields. In short, positive economics is, or can be, an objective science, in precisely the same sense as any of the physical sciences. Of course, the fact that economics deals with the interrelations of human beings, and that the investigator is himself part of the subject matter being investigated in a more intimate sense than in the physical sciences, raises special difficulties in achieving objectivity at the same time that it provides the social scientist with a class of data not available to the physical scientist. But neither the one nor the other is, in my view, a fundamental distinction between the two groups of sciences. U U U U U U (30) (5) S C S U U , , U U U S J 0109 3 P.T.O. U U c c U U , S U m U # c U U , , S S D S U S c U U S S - S U S - - S D U ; U - , S D # U U U , U U , U 1. Give any economic proposition that fits in positive economics. S S J 0109 4 2. How can the performance of positive economics be evaluated ? S ? 3. Discuss the subject matter of normative economics. S - S U J 0109 5 P.T.O. 4. Make the distinction between positive and normative economics. S S U 5. Why are welfare economists finding it difficult to achieve objectivity in their propositions ? S S D # U U S U ? J 0109 6 SECTION - II U II Note : This 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. ) Explain the consistency criterion used by Paul Samuelson and J.R. Hicks in their theories of demand. . U. Q U U J 0109 7 P.T.O. 7. State the assumptions underlying parato criterion of welfare economics. U S U U h m U C U 8. What is Paradox of Thrift in Keynesian Economics ? S U ? J 0109 8 9. Distinguish between short-run and long-run consumption function. - U S C U 10. What is golden age in Joan Robinson s model of capital accumulation ? U U S ? J 0109 9 P.T.O. 11. What does Schumpeter mean by innovation ? U U ? 12. What is meant by incidence of taxation ? U ? J 0109 10 13. What does zero-based budgeting indicate ? U U ? 14. Explain Repo rate and reverse-Repo rate. U U U U U U U U J 0109 11 P.T.O. 15. State the assumptions of Recardian theory of international trade. U U C U U ZU U 16. Identify the factors that determine the location of an industrial unit. S U U U U J 0109 12 17. Distinguish between absolute and relative poverty. U U S C U 18. Define crude fertility rate. U U U J 0109 13 P.T.O. 19. Indicate the main components of Green Revolution in India. U U U U 20. What is meant by purposive sampling ? J 0109 14 SECTION - III U III Note : This 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) (200) U (12x5=60 ) Elective - I U I 21. A researcher has a set of paired observations on two variables (Yi,Xi) and the following simple regression equation. Yi5b01b1 Xi1ei It is proposed to estimate b0 and b1 by the least square method. (a) Describe the method of finding the estimated values for b0 and b1. (b) What is the rationale of the method ? (c) Would the estimated b0 and b1 by least square method be the same as under Maximum Likelihood method ? U (Yi,Xi) U U U Yi5b01b1 Xi1ei b0 b1 S (a) b0 (b) U ? (c) m U b0 b1 J 0109 b1 #- U 15 P.T.O. 22. (a) Distinguish between slope dummy and intercept dummy. (b) Consider the following OLS regression results. , R2 50.75 S512,00023000x118000x21 E (4000) (1000) (2000) n525 Where S5Annual salary of an economist with MA as higher degree measured in rupees. x151 if M.phil is highest degree, 0 otherwise. x251 if Ph.D is the highest degree, 0 otherwise. x351 if M.A is the highest degree, 0 otherwise. and the standard errors are in parenthesis. (i) Why x3 is not included in the equation ? (ii) What is the estimated annual salary of an economist with MA as the highest degree ? (iii) What is the estimated annual salary of an economist with Ph.D as the highest degree ? (iv) From the standard errors, as given in the parentheses, find the appropriate test statistic for each of the coefficients. (a) S U U U U U U S C U (b) U U U U , R2 50.75 S512,00023000x118000x21 E (4000) (1000) (2000) n525 S5 U U L . . S x151 . U , 0 x251 - . U . U , 0 x351 . . U , 0 U U , U (i) (ii) . . S U ? (iii) . . U . L U # ? (iv) J 0109 U x3 ? U Q S U U U U 16 23. Estimation of the Parameters of Demand Function from a given data set on price and quantity give rise to a problem of wrong identification. Why is this so ? Discuss how the problem can be taken care of ? U U U U ? S U , U 24. Define ARMA (1,1) and show its properties. ARMA follows a random walk process and ARIMA introduces a drift in the same process. Do you agree with the view ? Explain briefly. . U. . . (1,1) U . U. . . U ( U U ) U U . U. . . . U / U ? U 25. (a) Define Durbin-Watson statistic d (b) Show that d 2, if there is no first order auto-correlation. (c) If one of the explanatory variables is the lagged value of the dependent variable which statistic is to replace d ? Define it. (a) U - U S U U S U d U (b) d 2, (c) S - - U U U U S U U S U d S U OR / Elective - II II 21. How does a multi-product firm achieve equilibrium in the factor market where factor prices are given ? - U- - S # U ? 22. Explain the equilibrium of a group of firms under monopolistic competition with regard to price and product. U U S Z S J 0109 17 P.T.O. 23. How is equalibrium in a two-person zero-sum game achieved ? m- Q S # ? 24. Distinguish between trade cycle theory of samuelson and that of Hicks. U U 25. Using IS-LM framework, explain the determination of equilibrium output is an economy characterized by flexible prices. - U U , m U S S U U OR / Elective - III III 21. What were the various agreements made by the members of WTO in 1995 ? Discuss the impact of WTO on foreign trade of India. U U S m U 1995 ? U U U U U U 22. Explain the determination of rate of exchange under the flexible exchange rate system. State the limitations of its operation particularly in the context of developing countries. U U U U U U 23. Explain the reasons for the collapse of the Bretton woods system in 1971. What are the major features of the present international monetary system. 1971 U U U U U U C U 24. What is hedging ? Why is it being resorted to ? State its limitations. ? U ? U 25. What is a Euro currency market ? State the reasons for its growth after second world war. U U ? m h U h U OR / J 0109 18 Elective - IV IV 21. Discuss the main trends in production of food crops in India in the post-liberalization period. Do these trends augur well for the long-term sustainable development of Indian agriculture ? U U U l- U U U ? 22. What is the economic rationable behind minimum support price policy ? How for is it effective for stabilising agricultural prices in India ? U U ? U - S U U ? 23. Do you agree with the view that institutional reforms in Indian agriculture have not complemented the influence of technological changes. What has been the impact of this divergence ? U S U U U 24. Discuss the role of NABARD in agricultural development in India. U U (NABARD) U 25. Account for rural-urban labour migration in India. Discuss its implications on rural development. U - U U U U U OR / Elective - V V 21. Outline role of economic planning in the perspective of economic policies of privatisation, liberalisation and globalisation. U , U U U S C U 22. What are special economic zones (SEZ) in India ? Why have these become controvertial in recent times. U (SEZ) S ? J 0109 19 P.T.O. 23. What are the objectives of Fiscal Responsibility and Budget Management Act, 2003 ? To what extent its implementation is expected to help in fiscal stabilization ? U U 2003 U U S U U ? 24. Point out the main steps taken by the Government is recent years to reform power sector in India. U - U U U m U U U 25. Suggest suitable measures to check environmental degradation. U U U J 0109 20 J 0109 21 P.T.O. J 0109 22 J 0109 23 P.T.O. J 0109 24 J 0109 25 P.T.O. J 0109 26 J 0109 27 P.T.O. J 0109 28 J 0109 29 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. ) Write an essay on the problem of auto-correlation in the time series data. The essay should cover the following areas of the issues. (a) Problem with OLS estimates in the presence of auto correlation. (b) Statistical test for detecting the presence of autocorrelation in the data set. (c) Procedure of removing auto-correlation such as Hildreth-lu procedure. U S - S U U (a) S - S . . . S (b) S - S U (c) U U - S - U OR / What are the main features of classical theories of aligopoly ? Why do these theories give such-optimal solution to the problem of pricing under oligopoly. U h ? U U - U S h - C ( - U ) ? OR / Outline the measures taken by the Government since 1991 for reducing fiscal deficit in India. To what extent has the government been successful in its efforts. U 1991 U U U U U U m U U U U U U ? OR / J 0109 30 Outline the effects of globalization measures taken in India on : (a) growth of the economy (b) distribution of income to various sections of society (c) growth of employment opportunities and (d) integration of financial markets in the country and the integration of domestic financial markets with global markets. The answer should be specific with necessary supporting information. U U U U U (a) S (d) U (b) Z U (c) U U U U U U U U OR / Distinguish between customs union and free trade areas. State the trends in the formation of customs union at the global level. Discuss the relative merits and demerits of the formation of customs union in the Asian countries like that of European union at present. S U U U S U U S U U U U U S U U - U J 0109 31 P.T.O. J 0109 32 J 0109 33 P.T.O. J 0109 34 J 0109 35 P.T.O. J 0109 36 J 0109 37 P.T.O. J 0109 38 J 0109 39 P.T.O. FOR OFFICE USE ONLY 1 26 51 76 2 27 52 77 3 28 53 78 4 29 54 79 5 30 55 80 6 31 56 81 7 32 57 82 8 33 58 83 9 34 59 84 10 35 60 85 11 36 61 86 12 37 62 87 13 38 63 88 14 39 64 89 15 40 65 90 16 41 66 91 17 42 67 92 18 43 68 93 19 44 69 94 20 45 70 95 21 46 71 96 22 47 72 97 23 48 73 98 24 49 74 99 25 50 75 Marks Obtained Question Number Marks Obtained Question Number Marks Obtained Question Number Marks Obtained Question Number Marks Obtained 100 Total Marks Obtained (in words) ..................................... (in figures) .................................... Signature & Name of the Coordinator ............................... (Evaluation) J 0109 Date ............................. 40

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Additional Info : Ugc Net June 2009 Question Paper - Economics Paper III
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