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UGC NET JUN 2012 : ECONOMICS PAPER III

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PAPER-III ECONOMICS Signature and Name of Invigilator 1. (Signature) __________________________ OMR Sheet No. : ............................................... (To be filled by the Candidate) (Name) ____________________________ 2. (Signature) __________________________ (Name) ____________________________ J 01 1 2 1 Time : 2 /2 hours] Number of Pages in this Booklet : 24 Instructions for the Candidates 1. Write your roll number in the space provided on the top of this page. 2. This paper consists of seventy five 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 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 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. J-01-12 Roll No. (In figures as per admission card) Roll No.________________________________ (In words) [Maximum Marks : 150 Number of Questions in this Booklet : 75 1. 2. - 3. , - - , : (i) - - (ii) - / - - (iii) OMR - 4. (A), (B), (C) (D) : (C) 5. OMR OMR , 6. 7. (Rough Work) 8. OMR , , , , , 9. - OMR OMR 10. / 11. ( ) 12. 1 P.T.O. ECONOMICS PAPER III Note : This paper contains seventy five (75) objective type questions of two (2) marks each. All questions are compulsory. 1. 3. A solution of Walrasian general equilibrium will exist if and only if, (A) Condition of fixed theorem is satisfied. point (B) Pareto s condition optimality is satisfied. of (C) Hick s stability conditions are satisfied. (D) The condition of Pareto s law of income distribution is satisfied. 4. 2. Select the correct statement of Adding up Theorem. (A) If income generated by the given output produced during the given period is distributed according to average productivity of all factors, total income will be exhausted. (B) Total income derived from the output will be exhausted if all factors are paid according to their marginal productivity. (C) Total income derived from the output will be exhausted if all factors are paid at the same rate. (D) Total income will be exhausted if all factor rewards are proportional to commodity prices. Paper-III 2 The producer will substitute capital for labour till he reaches that point of isoquant at which, (A) The price of the good he produces equals wage rate. (B) Marginal rate of technical substitution equals interest rate. (C) Marginal rate of technical substitution equals marginal revenue. (D) Marginal rate of technical substitution equals the ratio of marginal productivity of labour and capital. Match the items from the List I with items in List II : List I List II I. Sales maximization 1. Morris as the objective of the firm II. Growth 2. Baumol maximization as objective of the firm III. Managerial Utility 3. Williamson Function Maximization as objective of the firm IV. Sales, profit & 4. Kaldor growth maximization as objective of the firm Select the correct answer from the following codes : Codes : I II III IV (A) 2 1 3 None (B) 1 2 3 4 (C) 2 1 4 3 (D) 4 3 2 1 J-01-12 III : (75) - (2) 1. : (A) (B) (C) (D) 3. 4. 2. ( ) : (A) ( ) , : (B) : (C) (D) J-01-12 : (A) (B) (C) (D) -I -II : I II I. 1. II. 2. III. 3. IV. 4. , : : (A) (B) (C) (D) , : 3 I 2 1 2 4 II 1 2 1 3 III IV 3 None 3 4 4 3 2 1 Paper-III 5. 7. Match the items in List I with items in List II : List I I. List II Cardinal Utility 1. Hicks Theory of Demand II. Revealed Preference Theory of Demand 2. A. Marshall III. Indifference Preference Theory of Demand 3. Neuman & Morgenstern Reason (R) : Reasoning is that the firms recognize mutual interdependence in terms of action and reaction with regard to price decision with the objective of profit maximization which will be realized if prices are determined at a level which equals marginal cost. IV. Utility Index 4. Samuelson under uncertainty Select the correct answer from the following codes : Codes : I II III IV (A) 1 2 3 4 (B) 4 3 2 1 (C) 2 4 1 3 (D) 4 1 3 2 6. Codes : (A) Both (A) & (R) are correct and (R) is the correct explanation of (A). (B) (A) is correct, but (R) is not correct. (C) Both (A) & (R) are correct but (R) is not the correct explanation of (A). (D) (R) is correct, but (A) is incorrect. Arrange the proponents of the marginal productivity theory of factor reward in chronological order : 1. J.B. Clark 2. Marshall 3. Walras 4. Jevons Select the correct code for correct answer : Codes : (A) 1, 4, 2, 3 (B) 4, 3, 1, 2 (C) 1, 3, 4, 2 (D) 2, 1, 4, 3 Paper-III Assertion (A) : Non-collusive model of Chamberlin asserts that a stable equilibrium can be reached if each firm charges Monopoly price and equally shares the market demand for their products. 8. The revealed preference approach to the derivation of indifference curve (A) Assumes stability over time of an observed person s tastes. (B) Assumes that all people have identical tastes. (C) Relies on repeated observations of the market behaviour of a single person. (D) Is correctly described by both (A) and (C). 4 J-01-12 5. I II : 7. I II I. 1. II. 2. III. 3. 4. IV. : : (A) : - / (R) : : III IV I II : I III IV (A) 1 2 3 4 (B) 4 3 2 1 (C) 2 4 1 3 (B) (D) 6. II 4 1 3 2 (C) (R) , (R), (A) (A) (A) . . 2. 3. 4. : : 8. 1. : (B) (D) (A) (C) (C) 4, 3, 1, 2 1, 3, 4, 2 (D) 2, 1, 4, 3 J-01-12 (A) (A) (A) 1, 4, 2, 3 (C) , (R) (R) , (R), (A) (D) (R) , (A) : (B) (A) 5 Paper-III 9. 11. When current income includes negative transitory component, relating consumption with current income will produce (A) an average propensity to consume that is lower than the long run average propensity to consume. (B) an average propensity to consume that is higher than the average long run propensity to consume. (C) an average propensity to consume that equals the long run average propensity to consume. (D) None of the above 12. Liquidity trap is a situation when (A) all potential investors expect the rate of interest to rise in future (B) all potential investors expect the rate of interest to fall in future (C) natural rate of interest is above the critical rate of interest (D) demand for money for speculative purpose is interestinelastic 13. Which of the following statements does not hold true in case of the Keynesian Economics ? In Harrod s model of economic growth, if warranted rate is below the natural rate of growth then it is possible to maintain steady state growth at the warranted rate with (A) continually increasing unemployment (B) a constant rate of unemployment (C) continually decreasing unemployment (D) None of the above (A) Velocity of money is an unstable function of its determinants. (B) Labour is subject to money illusion. (C) Aggregate supply function tends to become flat at levels of output well below full employment and to become steeper as full capacity is reached. (D) Aggregate supply schedule is vertical, and output and employment are completely supply determined. 10. Tobin s q-theory of investment indicates that firms add to their stock of capital when (A) the replacement value of their real assets exceeds the market value of their financial assets. (B) the market value of their financial assets exceeds the replacement value of their real assets. (C) the market value of their real assets exceeds the book value of their financial assets. (D) the market value of their financial assets exceeds the book value of their real assets. Paper-III 6 J-01-12 9. 11. (A) (A) (B) (C) (D) - 13. , ? (A) (B) (C) (D) (B) ( ) , : (A) ( ) ( ) (B) (C) ( ) (D) 12. ? , ( ) (D) , ( ) (C) 10. - : (A) (B) , (C) (D) J-01-12 7 Paper-III 14. 15. 16. 17. Paper-III Under the revised Index of Industrial Production (IIP) series, with 2004-05 as the base, the total number of items covered has increased from 538 to (A) 682 (B) 662 (C) 652 (D) 642 22. 8 Which of the Five Year Plans has laid emphasis on faster, sustainable and inclusive growth ? (A) Eleventh Five Year Plan (B) Twelfth Five Year Plan (C) Tenth Five Year Plan (D) Ninth Five Year Plan 21. 1. a rise in the exchange rate 2. an increase in foreign income 3. a cut in taxes 4. a fall in exchange rate Which of the following combinations of these factors shift the IS function upwards towards the right ? (A) 1, 2, 4 (B) 2, 3, 4 (C) 1, 2, 3 (D) 3, 4, 1 A major financial inclusion initiative named Swabhiman was formally launched on (A) February 2010 (B) February 2011 (C) February 2009 (D) February 2008 20. In the context of the MundellFleming model of open economy, consider the following variables that shift the IS function. Which of the following Committees has been set up in India for identification of BPL families in urban areas ? (A) Tendulkar Committee (B) Saxena Committee (C) Lakdawala Committee (D) Hashim Committee 19. Suppose there is full employment and vertical aggregate supply schedule. An increase in the nominal money supply (A) reduces the rate of interest and changes the composition of output (B) causes a proportional increase in real output (C) has no effect on the real money supply or the composition of output (D) causes the real money supply to increase, which changes composition of output Since March 2010, how many times the Reserve Bank of India has increased the repo rate ? (A) Eleven times (B) Thirteen times (C) Ten times (D) Twelve times 18. Which of the following is not a feature of the A.W. Phillip s inflationunemployment trade-off relation ? (A) A non-linear inverse relationship between unemployment rate and the rate of exchange in wage rate. (B) There is a loop in the anticlockwise around the Phillip s curve. (C) The wage-inflation unemployment relationship is predictable. (D) Philip s curve shifts when expected rate of inflation shifts Which one of the following States had the highest per capita income in 2009-10 ? (A) Punjab (B) Haryana (C) Madhya Pradesh (D) Delhi J-01-12 14. . . - - ? (A) (B) (C) - (D) 17. . . . ? (A) (B) (C) (D) 19. ? (A) , 2010 (B) , 2011 (C) , 2009 (D) , 2008 20. ? (A) (B) (C) (D) 18. : (A) (B) ( ) (C) (D) 16. - , . . : 1. 2. 3. 4. . . ? 15. (A) 1, 2, 4 (B) (C) 21. J-01-12 2, 3, 4 9 , 2004-05 , 538 ? (A) 682 (B) 662 (C) 652 (D) 642 22. (D) 3, 4, 1 1, 2, 3 2010 ? (A) (B) (C) (D) 2009-10 ? (A) (B) (C) (D) Paper-III 23. Which one of the following States had the highest number of branches of Regional Rural Branches (RRBs) in 2010 ? (A) Bihar (B) Haryana (C) Madhya Pradesh (D) Punjab 24. Growth of Indian agriculture has been slowed down since the adoption of new economic policy due to 1. low increase in crop yield 2. low or no public investment 3. stagnant green revolution technology 4. low retail market prices of agricultural produce Answer this question by selecting the correct combination of codes given below : Codes : (A) 1, 2, 3, 4 (B) 2, 3 (C) 1, 2, 3 (D) 1, 4 25. 26. 27. 28. Which of the following is not a specialized sub market of the money market ? (A) Collateral loan market (B) Discount market (C) Bond market (D) Acceptance market Paper-III 10 Assertion (A) : The working of Regional Rural Banks (RRBs) revealed that they eroded their capital base. Reason (R) : Many RRBs are nonviable and having high operating costs. Of the above two statements, give the correct answer from the given codes : 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 true, but (R) is false. (D) (A) is false, but (R) is true. 29. According to the monetarists, money supply constitutes (A) Currency + demand deposits (B) Currency + demand deposits + time deposits (C) Currency + demand deposits + time deposits + equity shares (D) Currency + all kinds of bank deposits + deposits with other institutions + borrowing Arrange the following Committees in chronological order from the given codes I. Khusro Committee II. Dantwala Committee III. Narasimham Committee IV. Kelkar Committee Codes : (A) I, II, III, IV (B) II, IV, I, III (C) II, I, IV, III (D) II, III, I, IV Which of the following institutions are regulated by the RBI as All India Financial Institution ? I. Export Import Bank of India II. National Housing Bank III. State Bank of India IV. Small Industries Development Bank of India Select the correct answer from the given code : Codes : (A) I, II and IV (B) II, III, IV (C) I & II (D) III & IV J-01-12 23. 2010 ? (A) (B) (C) (D) 24. : 1. 2. 3. 4. : : (A) (B) (C) (D) 25. 26. 27. (A) (B) (C) (D) I, II, III, IV II, IV, I, III II, I, IV, III II, III, I, IV 28. (A) : / (R) : , : : (A) (A) (R) , (R), (A) (B) (A) (R) , (R), (A) (C) (A) , (R) (D) (A) , (R) 29. I. II. III. IV. : : (A) I, II, IV (B) II, III, IV (C) I II (D) III IV 1, 2, 3, 4 2, 3 1, 2, 3 1, 4 , : (A) (B) + (C) + + + (D) + + + ? (A) (B) (C) ( ) (D) J-01-12 : I. II. III. IV. : 11 Paper-III 30. 31. 32. 33. 34. 35. First Green Revolution primarily concerned with production and productivity of (A) Pulses (B) Oilseeds (C) Wheat (D) Fruits & vegetables Increase in agricultural production and productivity is a pre-condition (A) to raise the share of agriculture in GDP (B) to ensure national food security (C) to provide livelihood and nutritional security (D) All of the above 37. Select the year in which the gross fiscal deficit, revenue deficit and primary deficit of the Central Government as percent of GDP were the highest ? (A) 2008-09 (B) 2006-07 (C) 2007-08 (D) 2005-06 38. Which item is likely to be the most significant item of expenditure of the Central Government during 2011-12 ? (A) Subsidies (B) Defence (C) Interest (D) Share of States in Central taxes 39. Items of social sector expenditure of the State Governments include I. Education and sports II. Energy and transport III. Medical and public health IV. Water supply and sanitation Find correct answer from given codes : Codes : (A) I, II and III are correct. (B) I, III and IV are correct. (C) II, III and IV are correct. (D) I and III are correct. was the During the period from 2004-05 to 2010-11, agricultural sector GDP (A) witnessed a higher growth rate than the overall GDP (B) witnessed a lower growth rate than the overall GDP (C) witnessed a stagnant growth rate as compared to the overall growth rate (D) witnessed a similar growth rate as that of the overall GDP. The main objectives of food management are (A) Procurement of food grains from farmers at remunerative prices (B) Distribution of food grains to consumers at affordable prices. (C) Maintenance of food buffers for food security and price stability (D) All of the above Which one of the following States contributed maximum to the production of pulses in the year 2009-10 ? (A) Uttar Pradesh (B) Madhya Pradesh (C) Rajasthan (D) Punjab Paper-III A Kisan Credit Card (KCC) Scheme was introduced in the year (A) 2001 (B) 2005 (C) 1998 (D) 1999 36. Core inflation is a measure of inflation (A) that is based only on food and energy prices (B) that includes items that face volatile price movements, notably food and energy (C) that excludes items that face volatile price movements, notably food and energy (D) None of the above 12 J-01-12 30. 31. 32. 33. 34. ? (A) (B) (C) , (D) 35. 36. 2009-10 ? (A) (B) (C) (D) J-01-12 13 2011-12 : (A) (B) (C) (D) 39. : (A) (B) (C) , (D) , , : (A) 2008-09 (B) 2006-07 (C) 2007-08 (D) 2005-06 38. 2001-05 2010-11 (A) (B) (C) (D) ? (A) (B) (C) (D) 37. : : (A) (B) (C) (D) (KCC) ? (A) 2001 (B) 2005 (C) 1998 (D) 1999 : I. II. III. IV. : : (A) I, II III (B) I, III IV (C) II, III IV (D) I III Paper-III 40. 41. Match the items of List I with items of List II from the given code : List I List II I. Law of 1. R.N. increasing Bhargava State activities II. Displacement 2. Adolph effect Wagner III. Federal 3. Weisman and Finance Peacock IV. Functional 4. A.P. Lerner Finance Codes : I II III IV (A) 1 2 3 4 (B) 2 3 1 4 (C) 3 4 2 1 (D) 4 1 3 2 42. I. Committee on Taxation of Agricultural wealth and income II. Report of the task force on direct taxes. III. Thirteenth Finance Commission : 2010-15 IV. Indian Tax Reforms Report of a survey Codes : (A) III, II, IV, I (B) IV, I, II, III (C) II, III, I, IV (D) I, IV, III, II Assertion (A) : The Union Budget for 2010-11 had begun the process of fiscal consolidation with a partial withdrawal of the stimulus measures. Reason (R) : There was a clear evidence of economic recovery in the economy. In the context of the above two statements, which one is correct from the given codes ? Codes : (A) Both (A) and (R) are 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) (R) is correct, but (A) is incorrect. Paper-III Arrange the following Reports in chronological order from the given codes : 43. In a competitive market, a tax on wage income falls wholly on labour if : (A) Labour supply is inelastic (B) Labour supply is elastic (C) Labour supply is highly elastic (D) Demand for products infinite elasticity 44. has The apex financial institution responsible for the development of small and micro industries in India is (A) IDBI (B) SIDBI (C) NABARD (D) None of the above 14 J-01-12 40. I II : I I. 42. II I. 2. III. 3. IV. 4. . . II. 1. . . II. : III. 13 : 2010-15 IV. : : (A) III, II, IV, I I II III IV (A) 1 2 3 4 (B) 2 3 1 4 (C) 3 4 2 1 (D) 4 1 3 2 (B) IV, I, II, III (C) II, III, I, IV (D) I, IV, III, II 43. 41. (A) : , 2010-11 (A) 44. (A) (R) (R), (A) (D) : (C) , ? (B) (R) : (A) , : : : (A) . . . . (B) (A) (R) , (R), (A) (B) . . . . . (C) (A) , (R) (C) (D) (R) , (A) (D) J-01-12 15 Paper-III 45. 46. 47. The general methods used to solve industrial disputes in India are 1. Collective bargaining 2. Compulsory arbitration 3. Adjudication 4. Decision by trade unions Choose the correct combination of methods from this following : (A) 1 and 2 (B) 2 and 3 (C) 2 and 4 (D) 1 and 3 48. (A) Monetary expansion; industrial development; fall of interest; investment is stimulated. (B) Industrial development; fall of interest; monetary expansion; investment is stimulated. (C) Monetary expansion; fall of interest; investment is stimulated; industrial development. Given below are two statements, one labelled as Assertion (A) and other labelled as Reason (R) : Assertion (A) : Information Technology (IT) industry is a high knowledge based industry that has developed rapidly, mainly on its own merits in India. Reason (R) : Industry that is based on high knowledge does not need any significant support from the Government nor there is much scope for outside interference. Choose the correct combination of codes given below : Codes : (A) (A) is correct, but (R) is wrong. (B) Both (A) and (R) are correct. (C) (A) is wrong, but (R) is correct. (D) Both (A) and (R) are wrong. (D) Industrial development; fall of interest; monetary expansion; investment is stimulated. 49. Under the post 1991 economic policies, the Government of India supports (A) Export industries (C) Small industries (D) 50. Private manufacturing sector (B) All the above Which of the following is the condition(s) of economic viability and technological feasibility of Leontief s static model ? (A) Perron Frobinius root (B) Value of the objective function of the primal should equal the value of the objective function of the dual of the primal. Match SEBI with the appropriate item among the following : (A) Regulation of Money market (B) Regulation of Capital market (C) Regulation of Commodity market (D) All the above Paper-III Given below are the various combinations giving the steps of industrial development. Select the correct sequential combination of steps. (C) Kuhn Tucker conditions (D) Hawkins Simon conditions 16 J-01-12 : 1. 2. 3. 4. : : (A) 1 2 (B) 2 3 (C) 2 4 (D) 1 3 46. , (A) (R) : (A) : : (R) : : : (A) A , R (B) A R (C) A , R (D) A R 47. SEBI ( . . . .) : (A) (B) (C) (D) 45. J-01-12 48. : (A) (B) , , , (C) , , , (D) 49. / , , , , , , 1991 : (A) (B) (C) ( ) (D) 50. ? (A) (B) , (C) - (D) 17 Paper-III 51. 53. Which of the following hypotheses are tested by a regression function ? (A) Inter-relation between two or more variables is significantly different from Zero. (B) The degree and direction of inter relations between two or more variables are non-zero and goodness of fit of the regression function is satisfactory. (C) Degree of influence exercised by systematic explanatory factors is greater/lesser/equal to the influence exercised by random factors. (D) All the above 54. In the presence of Heteroscedasticity, which of the following is not a correct statement ? (A) Heteroscedasticity does not alter the unbiasedness and consistency properties of OLS estimators. (B) OLS estimators are of minimum variance or efficient (C) BLUE estimators are provided by the method of weighted least squares. (D) t and F tests based on standard assumptions of classical linear regression model may not be reliable. 55. Given the following production function, match the items in list I and II : Correlation coefficient between X and Y is 0.3 and correlation coefficient between P and Q is 0.6, then the strength of correlation between P and Q is higher than between X and Y by (A) two times (B) three times (C) four times (D) five times Y = A L K , > 0 List I I. Decreasing 1. returns to scale II. Increasing 2. returns of scale III. Output 3. elasticity with respect to L IV. Output 4. elasticity with respect to K Codes : I II III (A) 3 1 2 (B) 1 2 4 (C) 4 1 3 (D) 2 3 4 52. Match the following : List I I. Box-Jenkins 1. Method II. Unit-root test 2. III. Durbin3. Watson d statistic IV. Granger test 4. Codes : I (A) 3 (B) 2 (C) 1 (D) 4 Paper-III II 1 3 2 1 III 2 4 3 2 List II + >1 + <1 IV 4 3 2 1 List II Causality Forecasting Stationarity Auto correlation IV 4 1 4 3 18 J-01-12 51. : Y = A L K , > 0 -I -II : (A) (B) (C) (D) 52. I 3 1 4 2 II 1 2 1 3 ? (A) OLS ( . . .) (B) OLS ( ) (C) BLUE (D) t F 55. X Y 0.3 P Q 0.6 , P Q X Y ? (A) (B) (C) (D) II 1. + > 1 2. 3. + < 1 4. III 2 4 3 4 IV 4 3 2 1 : I II I. - 1. ( ) II. - 2. III. - 3. ( ) IV. 4. : : (A) (B) (C) I 3 2 1 II 1 3 2 III 2 4 3 IV 4 1 4 (D) 4 1 2 3 J-01-12 ? (A) : (B) : (C) ( ) (D) 54. I I. II. III. L IV. K : 53. 19 Paper-III 56. Which of the following are conditions of consumer s equilibrium in a two commodity case where U = utility and P1 and P2 are prices of two goods ? (A) U/ X = 0 (B) U1/ U2 = 0 61. The degrees of freedom of test statistic | t |, with n observations is (A) n k (B) n k + 1 (C) n k 1 (D) n + k 1 (C) 2U/ X2 < 0 (D) None of the above 57. The production function a a 1/a Q = A [ K + L ] is homogeneous of degree (A) zero (B) one (C) Infinity (D) a 62. The act of simultaneously buying a currency in one market and selling in another market is called (A) Speculation (B) Spotting (C) Forwarding (D) Arbitrage 63. All internationally traded services are covered under which of the following WTO agreements ? (A) GATS (B) TRIPS (C) TRIMS (D) PTA 64. The Bretton Woods system (A) set up a code of rules for nations to follow their conduct of international trade (B) set up borrowing facilities for nation s temporary balance of payments problems (C) Evolved over the years in several important ways (D) All of the above 65. Full employment and balance of payments equilibrium will be automatically achieved in an optimum currency area (A) if exchange rates are flexible (B) foreign capital flows into the country (C) if labour and capital move freely (D) if trade is liberalized 58. Given the total cost function C = 7Q2 + 26Q + 5, MC at Q = ` 5 is (A) ` 100 (B) ` 200 (C) ` 85 (D) ` 96 59. Match the following : List I List II I. Acceptance 1. Simple random sampling of H0 when it is false II. Mean is equal 2. Type II error to degrees of freedom III. Population is 3. Positively homogeneous skewed distribution IV. Mean > Mode 4. 2 Distribution Codes : I II III IV (A) 2 4 3 1 (B) 1 2 3 4 (C) 2 4 1 3 (D) 4 1 2 3 60. For the regression model given below Y = 0 + 1X + U Y = 20 + 2X SE : 0.46 To test H0 : 1 = 2.1 against H1 : 1 2.1 (not equal to 2.1), test statistic | t | is equal to (A) 4.609 (B) 0.217 (C) 4.34 (D) 0.33 Paper-III 20 For the regression model Y = 0 + 1X1 + 2X2 + . + kXk + e J-01-12 56. , U = P1, P2 , ? 61. Y = 0 + 1X1 + 2X2 + . + kXk + e n / t : (A) U/ X = 0 (B) U1/ U2 = 0 2 (A) (B) (C) (D) 2 (C) U/ X < 0 (D) Q = A [ K a + L a] 1/a ? (A) (B) (C) (D) a 58. : C = 7Q2 + 26Q + 5, Q = ` 5 MC : 57. (A) ` 100 (C) ` 85 59. 60. 62. (B) ` 200 (D) ` 96 : I II I. H0 1. II. 2. II 3. III. IV. > 4. 2 : (A) (B) (C) (D) I 2 1 2 4 II 4 2 4 1 III 3 3 1 2 ? (A) (B) ( ) (C) ( ) (D) . . . ? (A) ( ) (B) ( ) (C) ( ) (D) . . . 64. : (A) (B) (C) (D) 65. : (A) (B) (C) (D) IV 1 4 3 3 Y = 0 + 1X + U Y = 20 + 2X SE : 0.46 H0 : 1 = 2.1 H1 : 1 2.1 | t | : J-01-12 n k n k+1 n k 1 n+k 1 63. (A) 4.609 (C) 4.34 : (B) 0.217 (D) 0.33 21 Paper-III 66. Examples of economic integration I. Free trade area II. Customs union III. Common market IV. Cartel (A) I and II are correct (B) II and III are correct (C) I, II and IV are correct (D) I, II and III are correct 67. Arrange the order ministerial I. Seattle II. III. Singapore IV. (A) II, I, III, IV (B) (C) III, I, IV, II (D) 68. of 72. Assertion (A) : The new endogeneous growth theory examines production function that shows increasing returns. Reason (R) : Because of specialization and investment in knowledge capital. (A) (A) is true, but (R) is false. (B) (R) is true, but (A) is false. (C) Both (A) and (R) are correct, but (R) is not the correct explanation of (A). (D) Both (A) and (R) are correct and (R) is the correct explanation of (A). 73. The Golden Age model developed by (A) Nicholas Kaldor (B) Joan Robinson (C) J.R. Hicks (D) R.F. Harrod 74. Terms of Trade of the developing countries are unfavourable due to the fact that whenever income in developed countries increases the demand for primary goods reduces because (A) Income elasticity of demand for primary goods is high. (B) Income elasticity of demand for primary goods is low. (C) Income elasticity of demand is neutral towards primary goods. (D) None of the above 75. T.W. Schultz has given the following ratios in relation to education for economic growth : (A) Education capital and labour ratio (B) Education labour ratio (C) Education-income ratio (D) Education labour ratio, education income ratio and education investment ratio WTO Cancun Doha III, II, I, IV II, III, I, IV Maximum rate of tariff India can levy on edible oil under WTO Agreement on Agriculture is (A) 100% (B) 150% (C) 200% (D) 300% 69. WTO Agreement on Agriculture consists of I. Domestic support II. Export subsidies III. Market access IV. Input subsidies (A) I and IV are correct. (B) II and IV are correct. (C) I, II and III are correct. (D) I, II and IV are correct. 70. In Harrod s growth model, neutral technical progress implies technical progress as (A) Capital augmenting (B) Labour augmenting (C) Both labour and capital augmenting (D) Productivity increasing 71. Which are the two gaps affecting growth process of an economic system in the two gap model of growth ? (A) Saving gap and investment gap (B) Income gap and consumption gap (C) Foreign exchange gap and domestic saving gap (D) Export gap and import gap Paper-III 22 was J-01-12 66. 67. 72. (A) : (R) : (A) (A) , (R) (B) (R) , (A) (C) (A) (R) , (R) (A) (D) (A) (R) , (R), (A) 73. : I. II. III. IV. ( ) (A) I II (B) II III (C) I, II IV (D) I, II III ? : I. II. III. IV. (A) II, I, III, IV (C) III, I, IV, II 68. (B) III, II, I, IV (D) II, III, I, IV ? (A) 100% (C) 200% (B) (C) . . (D) . . (A) (B) 150% (D) 300% : I. / II. III. IV. ( ) (A) I IV (B) II IV (C) I, II III (D) I, II IV 70. : (A) (B) (C) (D) 71. ( ) ( ) ? (A) (B) (C) (D) 69. J-01-12 74. 75. 23 : (A) (B) (C) (D) . . : (A) , (B) (C) (D) , Paper-III Space For Rough Work Paper-III 24 J-01-12

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