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UGC NET JUN 2008 : 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 8 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 0108 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 0108 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) U U (30) (5x5=25 ) The central theme that inspires the Wealth of Nations is the workings of the invisible hand; it is not to the benevolence of the baker but to his self-interest that we owe our bread. Smith had caught sight of the pregnant consideration that under certain social arrangements, which we would nowadays describe as workable competition, private interests are indeed harmonised with social interests. Without collective regulation or single design, a market economy neverthless conforms to orderly rules of behaviour. Each individual, being one among many, can exert only a negligible influence upon the total market situation. In effect, he takes prices as given and is free only to vary the quantity bought and sold at given prices, driven by the motive of maximising his own gain. Yet the sum of all these separate actions determines prices; each person, viewed separately, is ruled by prices; and yet prices themselves are governed by the sum total of all individual reactions. The invisible hand of the market in this way assures a social result that is independent of individual will and intention. U U U U , U S S c U U S h U U S M U$ , $ U S U h U $ U S U U S , $ U S U U U U U U U g U U , S M $ U U U m U $ U U U U U U g S J 0108 3 P.T.O. 1. Why is the working of the invisible hand the central theme of the Wealth of Nations ? ( ) U ? 2. What is the significance of self interest in the Wealth of Nations ? S ? J 0108 4 3. How is the private interest of the individual harmonised with social interest ? U ? 4. Why does a market economy conform to orderly rules of behaviour without collective regulation or single design ? U$ U S U U ? J 0108 5 P.T.O. 5. How could Adam Smith create the presumption that decentralised atomistic competition produces in some sense maximum satifaction ? U S U S ? Note : SECTION - II U II This part has fifteen (15) definitional questions of (5) marks each to be answered in upto (30) words. (5x15=75 marks) (15) (5) (5x15=75 ) (30) 6. Define homogenity of a production function and relate it to returns to scale. U J 0108 6 7. What is Adding up Problem ? S ? 8. What is Life Cycle Hypothesis ? - ? J 0108 7 P.T.O. 9. What is Money Multiplier ? - ? 10. What is Hicks-neutral technical progress ? - ? J 0108 8 11. Define Marxian simple reproduction scheme and relate it to the problem of disproportionality. U S U U S 12. Explain Wagner s law of increasing state activity. U h- S - J 0108 9 P.T.O. 13. Define optimum currency area. U 14. Distinguish between Repo rate and Reverse Repo rate. U U U U U U U U J 0108 10 15. Distinguish between labour productivity, capital productivity and total factor productivity. , U 16. Define total fertility rate. U U J 0108 11 P.T.O. 17. Ditinguish between absolute poverty and relative poverty. U U 18. Why is there a need for Second Green Revolution ? m U ? J 0108 12 19. A discriminating monopolist be forcing two markets with demand functions x 1 5 16 2 0.2 p 1 a nd x 2 5 9 2 0.05 p 2 . The total cost function of the monopolist C (x)52012x where x5x11x2. Find the prices changed in each market for maximum profit. U m U $ U U U x151620.2 p1 x25920.05 p2. U C (x)52012x x5x11x2. U U U 20. Define the standard error of the estimate of Y for given X from the line of regression of Y on X. What does it represent ? X U Y U U U X Y U U M U ? J 0108 13 P.T.O. 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) U (12x5=60 ) Elective - I U I 21. Explain the term Heteroscedasticity in regression models and give its implications. Briefly describe the WHITE s Test. U U ( U U U S U U ) U US U (WHITE s Test) 22. For the two variable population regression function Yi5b11b2 Xi1Ui where Yi is dependent variable, Xi is the independent variable and Ui is the error term, what are the least squares assumptions. Estimate the parameters b1 and b2 by OLS. Show that these estimators are unbiased. U Yi5b11b2Xi1Ui Yi U , Xi U Ui U , U ? OLS m U b1 b2 c 23. What are Binary Choice Models ? Derive the estimates of parameters of a Logit Model by using the method of maximum likelihood. U U ? h ( U h ) U U U 24. Explain Multicollinearity in regression models and consequences. Define Farrar and Glauber test for detecting it. U U U U U U U US U U J 0108 14 25. What is a Non-Stationary Time Series ? Give methods of detecting it graphically. Also explain the Unit Root Test. -S U U U U (Non-Stationary Time Series) ? m U U U M U US U (Unit Root Test) ? OR / Elective - II II 21. Explain the three distinct models of equilibrium of the firm and industry under monopolistic competition developed by Chamberlin. U m U U U l U 22. Define Game Theory and state the assumptions underlying it. What do you understand by two-persons zero-sum game ? U (Game Theory) U U U U U - $ U - - ? 23. Explain Hicks Theory of trade cycle. U h 24. Explain endogeneous growth theory. h 25. Show how equilibrium interest rate and equilibrium level of income are jointly determined in the Keynesian system. S U S U U ? OR / J 0108 15 P.T.O. Elective - III III 21. Examine the operation of the Bretton Woods System from 1947 - 71. Why did it collapse ? 1947 71 U U U S , ? 22. World has more globalized in terms of international trade and capital flows since 1980. Discuss. 1980 U C U U U U U 23. What are the major challenges confronting international trading system ? U C U S ? 24. How did euro currency market develop ? Explain the nature and operation of euro currency market. U - U $ U ? U - U S M U 25. What is hedging ? Why does hedging not usually take place in the spot market ? ? $ U $ U ? OR / Elective - IV IV 21. Trace the productivity trends in Indian agriculture, clearly marking the different phases. U U U S c U 22. Examine the role of the policy of minimum support price (s) in encouraging the prevalent cropping pattern in different regions. J 0108 16 23. Enumerate, and describe in brief, the various criteria that you would suggest for fixation of a minimum wage for agricultural labour. - U U U U 24. How far the co-operative credit institutions have performed their envisaged role in Indian agriculture ? U U S U ? 25. Comment on the divergence of views between the developing and the developed countries on the issue of subsidies to agricultural sector. U U U U U OR / Elective - V V 21. Describe the performance of Micro and Small Enterprises since the onset of the process of globalization in India. U U U U l Z 22. Enlist the major banking sector reforms that have been undertaken in India since 1991. 1991 U h 23. Trace the trends in FDI flows in India since 1980 and bring out its implications for inter-state disparities. 1980 U . U . . U U U U U U 24. What was the rationale for adopting the Fiscal Reforms and Budget Management Act (FRBMA) in India ? How far has it helped the process of fiscal consolidation ? U U U U U U ( U ) S U U ? U U ?UU 25. What is meant by Global Warming ? How far the prevalent paradigm of development is responsible for the same ? Z ? U ? J 0108 17 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. Comment on the nature, extent and trend of inter-state disparities in independent India. How the new economic policy regime has affected the same ? S U U S M , U U ? (25, 15) OR / What is the back drop and essence of the Convergence debate ? Do we have uncontrovertible evidence for espousing a particular view ? Outline the various attempts that have been made to reconcile the various lines. U c U ( U ) ? U S ? S S U % U (15, 10, 15) J 0108 30

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Additional Info : Ugc Net June 2008 Question Paper - Economics Paper III
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