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UGC NET JUN 2006 : ECONOMICS PAPER II

16 pages, 100 questions, 5 questions with responses, 5 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. J 0 1 0 6 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. J 0106 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 : This paper contains fifty (50) multiple choice questions, each question carrying two (2) marks. Attempt all of them. 1. In case of public goods market demand is derived by vertical summation because public goods are : (A) Free goods (B) Unlimited in supply (C) Non-rival in consumption (D) Owned by public sector 2. Match the following : List I (a) Four consumer surpluses (b) Differential rent (c) Entry preventing price (d) Strong ordering (A) (B) (C) (D) Code (a) (i) (ii) (iii) (iv) : (b) (ii) (i) (iv) (iii) (c) (iii) (iv) (i) (ii) (i) (ii) (iii) (iv) (v) List II David Ricardo J.R. Hicks P.A. Samuelson J.S. Bain R.Malthus (d) (iv) (iii) (ii) (v) 3. Marshallian demand curve can be derived with the use of revealed preference theory if one of the following is ignored : (A) Price effect (B) Income effect (C) Substitution effect (D) Demand effect 4. If the two goods are bad substitutes, indifference curve will : (A) be a straight line (B) approach a straight line (C) approach a right angle (D) slope upwards 5. A given total outlay on factor inputs available at given prices is reflected by : (A) iso-revenue line (B) iso-cost line (C) iso-quant (D) production possibility curve 6. In Stackelberg s model of duopoly, if both sellers act as followers, we then have : (A) Cournot solution (B) A price war between sellers (C) A situation of disequilibrium (D) Collusion between sellers J 0106 2 S II U (50) S D (2) U 1. S $ m , S (A) (B) (C) 2. S (D) S I II (a) (i) (b) (ii) . . (c) (iii) . . (d) h (iv) . . (v) . (A) (B) (C) (D) 3. (b) (ii) (i) (iv) (iii) (c) (iii) (iv) (i) (ii) (d) (iv) (iii) (ii) (v) m (A) 4. (a) (i) (ii) (iii) (iv) (B) (C) S (B) (C) (D) (A) - m (B) - m (C) 6. S S S (A) 5. (D) - m (D) m m S (A) (B) - h (C) S (D) J 0106 3 P.T.O. 7. The merit of revealed preference theory over earlier theories is that it explain consumer behaviour without reference to : (A) (B) Consumer s income (C) 8. Utility Consumer s preferences (D) Rationality assumption Utility function for a consumer is monotonically increasing in the quantities consumed of a single available commodity. Such a utility function is always : (A) (B) a strictly quasi-concave function (C) 9. a concave function a strictly concave function (D) a linear function Re-statement of quantity theory of money is a : (A) (B) theory of income determination (C) 10. theory of interest rate theory of demand for money (D) theory of consumption demand Which among the following does not constitute a source of growth in potential output? (A) (B) Labour expansion (C) 11. Capital expansion Improvements in technology (D) Improvements in the monetary system It follows from the assumption of rational expectation hypothesis that : (A) (B) monetary policy can work in the short-run (C) fiscal policy can work in the short-run (D) 12. most unemployment is voluntary all policies that are predictable are ineffective A person who is no longer looking for a job is considered : (A) (B) frictionally unemployed (C) 13. structurally unemployed under - employed (D) none of the above Commercial banks are the largest category of financial intermediaries; others include : (A) (B) pension funds (C) 14. life-insurance companies savings and loan institutions (D) all of the above An increase in reserve requirements : (A) raises the cost of financial intermediation (B) raises the profit from financial intermediation (C) raises the volume of financial intermediation (D) all of the above J 0106 4 7. h h (A) (B) (C) 8. (D) S S M h (A) (B) - (C) 9. (D) h (A) (B) h (C) 10. h - h (D) h h d ? (A) (B) S (C) 11. S (D) S (A) (B) (C) (D) 12. S S c (A) (B) M (C) 13. M (D) o , (A) (B) (C) 14. S (D) $ h (A) S h (B) S h (C) S h (D) J 0106 5 P.T.O. 15. If there are no demand or supply shocks : (A) actual inflation will decline to near zero (B) actual inflation will decline below the expected rate (C) actual inflation will rise above expected rate (D) actual inflation will be equal to the expected rate 16. Grass root planning refers to : (A) Panchayat Raj (B) Land Revenue System (C) Community Development Programme (D) Prominence to Sectoral Priorities 17. According to Solow, the long-run rate of growth in an advanced economy equals Harrod s. (A) Natural Rate of Growth (B) Warranted Rate of Growth (C) Actual Rate of growth (D) Warranted Rate of Technical Progress 18. The (A) (B) (C) (D) 19. Balanced growth means : (A) equal increase in resources allocated in all sectors of the economy (B) equal percentage growth in output in all sectors of economy (C) balanced development of different sectors of economy (D) equal development of different sectors of economy 20. Capital per person decreases if 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) J 0106 most important feature of tied-aid is that : it can be used only in the private sector it is to be shared equally between the public and private sectors it can be used only in the public sector it can be used only for the purpose for which it has been extended and to be used in procuring resources from the specified sources 6 15. (A) (B) S , (C) S , (D) 16. S S , (Grass Root) (A) (B) S h (C) 17. (D) , S h , , (A) (B) h (C) 18. h S h (D) (A) (B) m L (C) (D) 19. g d (A) (B) S h (C) S (D) 20. h S (A) (B) h (C) 21. h (D) , h (A) S - S h (B) S - S h (C) S - S h (D) (A) (C) J 0106 7 P.T.O. 22. The (A) (B) (C) (D) per-worker production function assumes : constant returns to scale and increasing marginal returns constant returns to scale and diminishing marginal returns increasing returns to scale and diminishing marginal returns decreasing returns to scale and diminishing marginal returns 23. Which of the following tax systems promotes more equitable distribution of income : (A) progressive (B) regressive (C) proportional (D) indirect 24. Laffer curve studies the relationship between : (A) tax rate and tax revenue (B) tax rate and expenditure (C) tax rate and consumption (D) tax rate and welfare 25. Tax on in herited property is an example of : (A) Sales tax (B) Income tax (C) Wealth tax (D) VAT 26. The percentage of total income which the government takes away in the form of income tax is known as : (A) total tax (B) average tax rate (C) marginal tax (D) marginal tax rate 27. In the face of a stagnant economy, a government should : (A) spend more, tax less and/ or pursue an contractionary monetary policy (B) spend less, tax less and/ or pursue an expansionary monetary policy (C) spend more, tax less and/ or pursue an expansionary monetary policy (D) tax more, spend less and/ or pursue an expansionary monetary policy 28. The chairman of the 12th Finance Commission is : (A) V.R. Panchamukhi (B) C. Ranga Rajan (C) Bimal Jalan (D) A.M. Khusro 29. The expansion of the government debt could result in : (A) a decline in savings (B) an increase in interest rates (C) a decline in investment (D) all of the above 30. The economist who said that international trade was based on the principle of absolute advantage is : (A) J.S. Mill (B) Adam Smith (C) Bertil Ohlin (D) David Ricardo J 0106 8 22. (A) (B) S (C) (D) 23. S h , ? (A) 24. (B) (C) (D) (A) - (B) - (C) 25. - (D) - (A) (B) (C) 26. (D) (VAT) m M (A) (B) - (C) 27. (D) - S (A) (B) , / S (C) , / S (D) 28. , / , / S ? (A) 29. . . (B) (C) . . . S (A) (B) h (C) 30. (D) (D) S c h ? (A) J 0106 . . (B) (C) S 9 (D) P.T.O. 31. Protectionist tariffs and quotas often : (A) to little to stem the tide of cheap foreign imports (B) reduce the real incomes of the protected workers and consumers (C) lead to complete economic isolation of a nation (D) result in increased world-wide production efficiency 32. The simple theory of two good, two country comparative adventages in itself will not enable us to determine. (A) The upper and lower limits of the price ratio at which the goods exchange after trade (B) The exact price ratio at which the goods must exchange after trade (C) The pattern of geographical specialisation (D) Which country exports which good 33. If one of two countries has an absolute advantage in the production of every commodity, then : (A) there is no comparative advantag and therefore no trade (B) trade would benefit efficient country but not the inefficient one (C) trade would benefit inefficient country, but not the efficient one (D) none of the above 34. Under the banner of comparative advantages the free trade of specialised goods between two countries will result in : (A) A reduction in over-all economic efficiency (B) A reduction in the real wage level in one of the two countries (C) An increase in the real wage levels in both countries (D) An increase in the real wage level in only one of the two countries 35. Bretton woods system : (A) Established fixed par values for countries (B) Was to be a system of adjustable pegs (C) Expected countries with persistent surplus to devalue their currencies (D) Was created to slow down inflation after world war II 36. The (A) (B) (C) (D) 37. According to the latest data available the service sector in India contributes about : (A) 30 percent of GDP (B) 40 percent of GDP (C) 50 percent of GDP (D) 60 percent of GDP J 0106 five year plans in India are finalised after the approval of : The President and the Prime Minister The Rajya Sabha National Development Council The Lok Sabha 10 31. (A) (B) Q S (C) c (D) 32. S h S , c h (A) (B) S (C) c M (D) 33. S c S c c S (A) (B) c (C) c (D) 34. , c c S (A) (B) c c S S (C) c S S h (D) 35. c c S S h S (A) (B) (Pegs) h (C) (D) 36. S S m h S L (A) (B) m (C) 37. c m c m (D) m , c (A) 30 (B) 40 (C) 50 (D) 60 J 0106 11 P.T.O. 38. In India national income is estimated by : (A) (B) Central Statistical Organisation (C) 39. Finance Commission Planning Commission (D) Finance Ministry Which of the following taxes was introduced in India under the long term fiscal policy (A) 40. MODVAT (B) VAT (C) Profit Tax (D) Debt relief to farmers is a part of : (A) Plan expenditure (B) Non-plan expenditure (C) 41. Development Expenditure (D) Defence expenditure Poverty line for rural areas in India is determined on the basis of minimum average daily consumption of calories which is : (A) 42. 2000 (B) 2700 (C) 2500 (D) A parliamentary body (B) Ad hoc body (C) Non-statutory body (D) constitutional body Which state in India has the highest HDI? (A) Andhra Pradesh (B) Delhi (C) 44. Kerala (D) Uttar Pradesh B xy and B yx are slopes in regressions of x on y and of y on x respectively. Then, the correlation coefficient, r between x and y is. B xy . B yx (A) equal to (B) equal to (B xy + B yx )/2 (C) equal to B xy /B yx (D) 45. 2400 Indian Planning Commission is a : (A) 43. Succession Tax not related to regression of x on y or regression of y on x A one rupee coin and a five rupee coin are tossed simultaneously. If one of the coins has turned up heads, then the probability that both coins turn up heads is : (A) J 0106 1 2 (B) 1 3 (C) 12 1 4 (D) 2 3 38. c (A) (B) m (C) 39. m m (D) S ? (A) (B) (VAT) (C) 40. (MODVAT) (D) (A) (B) - (C) 41. - (D) (A) 42. 2000 (B) 2700 (C) 2500 S (B) (D) S (C) S (D) S ? (A) 44. 2400 (A) 43. (D) (B) (C) B xy B yx , x y y x x y (C) 45. B xy /B yx (B) (B xy + B yx )/2 (D) B xy . B yx (A) x y y x L L (head) (A) J 0106 1 2 (B) 1 3 (C) 13 1 4 (D) 2 3 P.T.O. 46. Let x1, x2, ........., xn be a randomly selected sample from a population and let (xmin 1xmax)/2 and x be two estimators (called 1 and 2 respectively) for population mean. Then, (A) (B) both 1 and 2 are unbiased but only 1 is BLUE (D) 48. 1 is unbiased but 2 is biased (C) 47. 1 is biased but 2 is unbiased both 1 and 2 are unbiased but only 2 is BLUE Which among the following is a sampling distribution ? (A) Poisson (B) Binomial (C) Standard normal (D) Uniform Select the correct code : Assertion (A) : In moving average method, the number of periods included must be as large as possible. Reasoning (R) : Including more periods in moving average achieves greater smoothing of data. (A) (B) (C) (D) Both (A) and (R) are true and (R) is the correct explanation of (A) Both (A) and (R) are true, but (R) is not the correct explanation of (A) (A) is true, but (R) is false (A) is false, but (R) is true 49. Fisher s formula for constructing index numbers is termed as ideal because : (A) it takes into account both the current as well as the base year prices and quantities (B) it satisfies both the time reversal and factor reversal tests (C) it is based on geometric mean, which is suitable for studing the rates of variation between two periods (D) all of the above 50. The statement that (a,b) is a 99% confidence interval for population mean, m implies, that : (a) 99% of population lies between a and b (b) there is 99% chance that m lies between a and b (c) 99% of intervals such as (a,b) contain m. Select the correct code : (A) (a), (b) and (c) are true (B) only (c) is true (C) only (b) is true (D) both (a) and (b) are true -oOo- J 0106 14 46. x1, x2, ........., xn c L (xmin 1xmax)/2 x 1 2 , (A) (B) 1 2 (C) 1 2 1 (BLUE) (D) 47. 1 2 1 2 2 (BLUE) ? (A) 48. (B) (C) (D) L (A) : h , , (R) : , S (smooth) (A) (B) (C) (D) 49. (A) (R) (R), (A) (A) (R) (R), (A) (A) (R) (A) (R) (A) (B) (C) (D) 50. (a,b) (a) (b) (c) c m 99% S , c a b 99% c 99% m, a b 99% , (a,b) m (A) (B) (C) (D) (a), (b) (c) (c) (b) (a) (b) -oOo- J 0106 15 P.T.O. Space For Rough Work J 0106 16

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