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UGC Net JUN 2013 : ECONOMICS PAPER II

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PAPER-II ECONOMICS Signature and Name of Invigilator 1. (Signature) __________________________ OMR Sheet No. : ............................................... (To be filled by the Candidate) (Name) ____________________________ Roll No. 2. (Signature) __________________________ (In figures as per admission card) (Name) ____________________________ 01 S Roll No.________________________________ (In words) 1 3 1 Time : 1 /4 hours] [Maximum Marks : 100 Number of Pages in this Booklet : 16 Instructions for the Candidates 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. 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 / polythene bag on the booklet. Do not accept a booklet without sticker-seal / without polythene bag 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, you will render yourself liable to disqualification. 9. You have to return the 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. S-01-13 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. 5. Assertion (A) : The imposition of 1. Marginal Cost is less than the Sales Tax does not affect the Average Cost when Average Cost profit of the monopolist. falls with Reason (R) : The monopolist shifts (A) an increase in output the burden of Sales Tax on to (B) a decrease in output the consumer. (C) constant output Codes : (D) no change in output (A) Both (A) and (R) are true and (R) is the correct explanation of 2. The pure monopolist obtains (A). equilibrium level of output when (B) Both (A) and (R) are true, but (A) Marginal Revenue = Marginal (R) is not the correct Cost explanation of (A). (B) Price = Marginal Cost (C) (A) is true, but (R) is false. (C) Price is the lowest (D) (A) is false, but (R) is true. (D) Price is the highest 3. 4. 6. Match the items in List I with the items in List II : List I List II a. Principles of 1. Paul Economics Sweezy b. Kinked Demand 2. Adam Curve Smith c. Principle of 3. Marshall Maximum Social Advantage d. Law of Invisible 4. Dalton Hand Codes : a b c d (A) 3 1 4 2 (B) 3 2 4 1 (C) 2 1 3 4 (D) 4 3 1 2 Paper-II 2 Market demand for any goods is a function of i. price per unit of that goods ii. price per unit of related goods iii. income of the consumer iv. taste and preference of the consumer Codes : (A) i and ii only are true. (B) i and iii only are true. (C) i, ii and iii only are true. (D) i, ii, iii and iv are true. 7. The transformation curve is derived from the (A) Consumption Curve (B) Utility Possibility Curve (C) Social Welfare Function (D) Production Contract Curve If the railways are making loss on passenger traffic they should lower their fares. The suggested remedy would work only if the demand for rail travel has a price elasticity of i. ep > 1 ii. 1 > ep > 0 iii. Zero iv. One (A) ii and iii (B) i and ii (C) i and iii (D) ii and iv S-01-13 II : (50) - (2) 1. 2. 5. 3. I : I a. b. c. d. : (A) (B) (C) (D) 4. , ? i. ii. iii. iv. : (A) i ii (B) i iii (C) i, ii iii (D) i, ii, iii iv 7. (A) = (B) = (C) (D) (A) : (R) : : (A) (A) (R) (A) (R) (B) (A) (R) , (A) (R) (C) (A) , (R) (D) (A) , (R) 6. (A) (B) (C) (D) (A) (B) (C) (D) S-01-13 a 3 3 2 4 b 1 2 1 3 c 4 4 3 1 II II 1. 2. 3. 4. i. ii. iii. iv. (A) (B) (C) (D) d 2 1 4 2 3 ep > 1 1 > ep > 0 ii iii i ii i iii ii iv Paper-II 8. 9. Macro economics distinguishes between the real economy and (A) virtual economy (B) monetary economy (C) normative economy (D) underground economy 11. Reason (R) : The Natural Rate of Unemployment assumes static price expectations. Match the items in List I with the items in List II : List I List II i. Psychological 1. Ratchet Law of Effect Consumption ii. Relative 2. Age Income Structure of Hypothesis the Population iii. Permanent 3. Distribution Income of Income Hypothesis iv. Life Cycle 4. Backward Hypothesis Looking Expectations Codes : i ii iii iv (A) 3 1 4 2 (B) 2 4 1 3 (C) 3 1 2 4 (D) 4 2 3 1 Assertion (A) : There exits inverse relationship between interest rates and bond prices. Reason (R) : A bond price represents the present discounted value of the payments agreed upon at the time when the bond was issued. Codes : (A) Both (A) and (R) are correct, and (R) is the correct explanation of (A). (B) (A) is 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 Assertion (A) : The Natural Rate of Unemployment Hypothesis yields in the long run a vertical Phillips Curve. Codes : (A) (A) is correct and (R) is the correct explanation of (A). (B) Both (A) and (R) are correct and (R) is not the correct explanation of (A). (C) (A) is correct, but (R) is incorrect. (D) Both (A) and (R) are incorrect. 12. In the context of different business cycle theories match the nature of cycle/approach given in List I with the propounders in List II : List I List II i. Constrained Cycles ii. Acceleration Multiplier Interaction Approach 2. J. R. Hicks iii. Capital Stock Adjustment Principle 3. Nicholas Kaldor iv. Real Business Cycles 10. 1. Paul A. Samuelson 4. Robert J. Barro Codes : i iii iv (A) 2 1 3 4 (B) 1 2 4 3 (C) 2 1 4 3 (D) 4 ii 1 3 2 4 S-01-13 8. 9. 11. I II I II i. 1. ii. 2. iii. 3. iv. - 4. : (A) (B) (C) (D) 10. i 3 2 3 4 ii 1 4 1 2 iii 4 1 2 3 iv 2 3 4 1 (A) : (R) : : (A) (A) (R) (A) (R) (B) (A) , (R), (A) (C) (A) , (R) (D) (A) , (R) S-01-13 (A) : (R) : : (A) (A) (A) (R) (B) (A) (R) , (A) (R) (C) (A) , (R) (D) (A) (R) 12. ? (A) (B) (C) (D) I II I II i. 1. ii. - 2. . . iii. - 3. iv. 4. . : i iii iv (A) 2 1 3 4 (B) 1 2 4 3 (C) 2 1 4 3 (D) 5 ii 1 3 2 4 Paper-II 13. 14. Assuming fixed prices, which of the following statements are true ? 1. Monetary policy is more effective, flatter the IS-curve. 2. Fiscal policy is less effective, flatter the LM curve. 3. Fiscal policy is more effective, flatter the LM curve. 4. Monetary policy is ineffective and fiscal policy is fully effective in liquidity trap. Codes : (A) 1, 2, 4 (B) 1, 3, 4 (C) 2, 3, 4 (D) None of the above 15. (A) Norway (B) Australia (C) New Zealand (D) U.S.A. 16. By an unlimited supply of labour, Lewis meant (A) infinite elasticity of demand for labour (B) infinite elasticity of supply for labour (C) Match items given in List I with those given in List II : List I List II a. Inventory 1. J.M. Theoretic Keynes Approach b. Liquidity 2. Milton Preference as Friedman Behaviour Towards Risk c. Money as a 3. James Temporary Abode Tobin of Purchasing Power d. A Discontinuous 4. W. Individual Baumol Speculative Demand for Money Function Codes : a b c d (A) 1 4 3 2 (B) 2 3 4 1 (C) 3 2 1 4 (D) 4 3 2 1 Paper-II Which country stands at the top in 2011 Human Development Index ranking of 187 countries in H.D.I. Report 2011 ? infinite labour available prevailing wage rate at (D) none of the above 17. According to Mrs. Robinson, the stage of Golden Age = _______. (A) Capital growth rate > Labour growth rate (B) Capital growth rate = Labour growth rate (C) Capital growth rate < Labour growth rate (D) Capital growth rate > 1 18. According to whom, surplus value should be given to labour ? (A) Adam Smith (B) Karl Marx (C) Gandhiji (D) Sen 6 S-01-13 13. , ? 1. , 2. , 3. , 4. , : 15. (A) (C) (D) 16. (B) (A) 1, 2, 4 . . . _______ (A) (C) (D) 2, 3, 4 (D) (C) 1, 3, 4 (B) (B) 14. 187 2011 ? I I a. b. c. d. : II II 1. . . 17. , ( ) = (A) (C) b c 1 4 3 2 3 4 3 2 1 (D) 4 3 2 (D) 1 (C) 4 1 (C) ? (B) 2 (B) > 1 (A) d (A) < . 18. a = (D) 4. > (B) 3. 2. S-01-13 7 Paper-II 19. According to Kuznets, innovation is (A) Application of new knowledge to production process (B) Improvement of efficiency of machines (C) Discovery of new consumption needs (D) Improvement of marketing techniques 23. (A) in smooth manner 22. (C) in jerks or step like fashion (D) both in the short and long runs The approach of social dualism is connected with the following country : (A) Indonesia (B) U.K. (C) Iran (D) Pakistan Which one of the following debt redemption method is a process by which maturing debts are replaced by new bonds and there is no liquidation of the money burden of debt ? (A) Repudiation (B) Refunding Conversion (D) Capital levy Assertion (A) : A lump sum tax imposed on a monopolist cannot be shifted to the consumers. Reason (R) : The lump sum tax becomes a part of his fixed cost and it does not affect the marginal cost of production. 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. Fiscal deficit less interest payments is called (A) Net fiscal deficit (B) Monetised deficit (C) Primary deficit (D) Budgetary deficit 26. Mercantilism was based on the ideology of (A) Globalization (B) Nationalism (C) Regionalism (D) Privatization and Globalisation The case for progressive tax rates exists in terms of (A) Benefits received (B) Cost of service (C) Ability to pay (D) Voluntary exchange approach Paper-II continuous as time passes (C) 21. and (B) 24. 20. According to Peacock and Wiseman s analysis, public expenditure increases 27. Policy of Protection will benefit (A) Abundant factor of production (B) Scarce factor of production (C) Both (A) & (B) are correct (D) None of the above 8 S-01-13 19. - (Innovation) : (A) (B) (C) (D) 23. , (A) (B) (C) (D) 20. ? (A) (B) . . (C) (D) 24. 21. (A) : (R) : : (A) (A) , (R) (B) (A) (R) (C) (A) , (R) (D) (A) (R) (A) (R) ? (A) ( ) (B) ( ) (C) (D) 25. , , (A) (B) (C) (D) 26. ? (A) (B) (C) (D) 27. (A) (B) (C) (A) (B) (D) 22. ? (A) (B) (C) (D) S-01-13 9 Paper-II 28. The Stolper-Samuelson Theorem postulates that the imposition of tariff by a nation causes the real income of the nation s (A) both and abundant factors to rise (B) abundant factor to rise (C) scarce factor to fall (D) scarce factor to rise 29. Match the items of List I and with items of List II from the given codes : List I List II I. Adam 1. Opportunity Smith cost II. David 2. Factor Ricardo endowment III. Ohlin 3. Absolute advantage IV. Haberler 4. Comparative advantage Choose the correct code : Codes : I II III IV (A) 3 4 2 1 (B) 4 2 1 3 (C) 2 3 4 1 (D) 1 2 3 4 30. Match List I with List II : List I List II I. Rybczynski a. The effect of Theorem tariffs on factor prices II. Metzler b. The effect of factor growth Effect on production and growth III. Stoplerc. The effect of Samuelson tariffs on domestic prices Theorem IV. Immiserising d. The effect of growth growth on terms of trade Codes : I II III IV (A) d c a b (B) d a c b (C) b a c d (D) b c a d Paper-II 31. 32. Which of the following is not correct about the micro, small and medium enterprises in India ? (A) It covers both registered and informal sectors. (B) Its classification criteria is investment in plant and machinery. (C) The fourth Census of the MSMEs is for the year 2009-10. (D) According to the fourth Census of MSME, total registered MSME sector comprised 67.1 percent manufacturing units white 32.9 percent were service enterprises. 33. 10 Match items in List I with the items in List II : List I List II a. Rajiv Gandhi 1. Jointly set up by Udyami Mitra Government of Yojana India & SIDBI b. Credit Guarantee 2. Lean Fund Trust of Manufacturing Medium and Small Enterprises c. National 3. Control of Manufacturing Cartels Competitiveness Programme d. National 4. Promotion of Competition first generate Commission of entrepreneurs India Codes : a b c d (A) 4 1 2 3 (B) 4 2 1 3 (C) 4 3 1 2 (D) 3 4 1 2 What is the ceiling on investment in plant and machinery for small enterprises in India ? (A) ` 25 lakhs (B) ` 5 crore (C) ` 1 crore (D) ` 10 crore S-01-13 28. - (A) (B) (C) (D) 29. I II I II I. 1. II. 2. 3. III. 4. IV. : : (A) (B) (C) (D) 30. I 3 4 2 1 II 4 2 3 2 III 2 1 4 3 31. (A) (B) (C) (D) IV 1 3 1 4 S-01-13 I d d b b II c a a c III a c c a a 4 4 4 3 b 1 2 3 4 c 2 1 1 1 d 3 3 2 2 32. IV b b d d 11 , ? (A) (B) (C) . . . . 2009-10 (D) . . . . , . . . . 67.1 32.9 - 33. I II I II I. a. ( ) II. b. III. c. IV. d. : (A) (B) (C) (D) I II I II a. 1. (SIDBI) b. 2. c. 3. (Cartels) 4. d. : ? (A) ` 25 (B) ` 5 (C) ` 1 (D) ` 10 Paper-II 34. 37. Assertion (A) : The public distribution system in India has close links with food security for the vulnerable segments of population. Reason (R) : Public distribution system is failure in India. Codes : (A) Both (A) and (R) are true and (R) is correct explanation for (A). (B) Both (A) and (R) are true and (R) is not correct explanation for (A). (C) (A) is true, but (R) is false. (D) (A) is false, but (R) is true. 38. What is the share of agriculture sector in India s National Income at present ? (A) 5% (B) 15% (C) 25% (D) 27% 39. The Service Area Approach was implemented under the purview of (A) Lead Bank Scheme (B) Integrated Rural Development Programme (C) Training the Rural Youth for Self-employment (D) Mahatma Gandhi National Rural Employment Guarantee Scheme 40. During the British Raj, the Mahalwari System in Indian Agriculture was introduced by (A) Cornwallis (B) Curzon (C) Johnson (D) W. Bentinck 41. What is the weight of the manufacturing sector in the Industrial Production Index (2004-05 = 100) ? Technology Mission on oilseeds was started in India in the year (A) 1975 (B) 1980 (C) 1986 (D) 1992 (A) 69.0 percent (B) 72.3 percent (C) 75.5 percent (D) 79.2 percent 35. Match items of List I with items of List II : List I List II a. Bharat Nirman Yojana 1. Rural Housing b. National Food for Work Programme 2. Merged with SGSY c. Indira Awas 3. Merged with Yojana SGRY d. Supply of Improved Tool Kits to Rural Artisans 4. Rural Infrastructure Codes : a c d (A) 4 3 1 2 (B) 4 2 1 3 (C) 4 1 2 3 (D) 36. b 2 4 1 3 Which one of the following is not reserved for public sector ? (A) Atomic energy (B) Railways (C) Insurance (D) Port Trust of India Paper-II 12 S-01-13 34. 35. 37. I II I II a. 1. 2. . . . . b. 3. . . . . c. 4. d. - : a c 4 3 1 4 2 1 4 1 2 2 4 1 ? (A) (B) (C) (D) 40. ? (A) (B) (C) (D) . 41. ? 3 (D) 3 ? (A) (B) (C) (D) S-01-13 5% 15% 25% 27% 39. 3 (C) (A) (B) (C) (D) 2 (B) ? d (A) 36. b (A) : (R) : : (A) (A) (R) (A) (R) (B) (A) (R) , (A) (R) (C) (A) , (R) (D) (A) , (R) 38. (2004-05 = 100) ? (A) 69.0 (B) 72.3 (C) 75.5 (D) 79.2 (A) (B) (C) (D) 13 1975 1980 1986 1992 Paper-II 42. High Yielding Varieties Programme in India does not include (A) Wheat (B) Pulses (C) Jowar (D) Maize 43. As per the latest SRS data, which of the following age-group has the lowest age-specific fertility rate in India ? (A) 15-19 (B) 20-29 (C) 30-34 (D) 35-39 44. 45. 46. 47. Paper-II Coefficient of determination is given as (A) r/1 r2 (B) 1 r2 (C) 1 + r2 (D) r2 50. 14 If the mean and variance of a given distribution is 8 and 0.25, then the coefficient of variation will be (A) 4 percent (B) 8 percent (C) 12 percent (D) 16 percent 49. Match Group I with Group II : Group I Group II a. Variance i. Sampling distribution b. Mode ii. Normal distribution c. 2 distribution iii. Measure of dispersion d. Mesokurtic iv. Measure of distribution central tendency Codes : a b c d (A) i iii ii iv (B) iii iv i ii (C) ii iv iii i (D) iv ii i iii There are 12 white balls, 8 red balls and 5 green balls in a basket. What is the probability that a ball drawn is either red or white ? (A) 12/25 (B) 8/25 (C) 20/25 (D) 15/25 48. Endogenous technological change is not caused by (A) FDI (B) Population size (C) Population density (D) Educational level Assertion (A) : Fisher s Index No. is ideal Index No. Reason (R) : Fisher s Index satisfies time reversal and factor reversal tests. Codes : (A) Both (A) and (R) are true and (R) is the correct explanation of (A). (B) Both (A) and (R) are true, but (R) is not correct explanation of (A). (C) (A) is true, but (R) is false. (D) (A) is false, but (R) is true. For testing the equality of population variances the test to be applied is (A) Student s t test (B) 2 test (C) F distribution (D) Z distribution S-01-13 (HYVP) (A) (B) (C) (D) 43. 46. (A) : (R) : : (A) (A) (R) (A) (R) (B) (A) (R) , (A) (R) (C) (A) , (R) (D) (A) , (R) 47. 42. 12 , 8 5 ? . . . , - - - ? (A) (B) (C) (D) 44. 45. 15-19 20-29 30-34 35-39 (A) (B) (C) (D) (A) . . . (FDI) (B) (C) (D) 48. (A) (B) (C) (D) S-01-13 b iii iv iv ii c ii i iii i 8 0.25 , (A) 4 (B) 8 (C) 12 (D) 16 49. I II I II a. i. ii. b. iii. c. 2 iv. d. : a i iii ii iv 12/25 8/25 20/25 15/25 (A) (B) (C) (D) 50. d iv ii i iii , (A) (B) (C) (D) 15 r/1 r2 1 r2 1 + r2 r2 Student s t test 2 F Z Paper-II Space For Rough Work Paper-II 16 S-01-13

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