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UGC NET JUN 2008 : ECONOMICS PAPER II

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Signature and Name of Invigilator OMR 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 8 PAPER II ECONOMICS Time : 1 hours] Number of Pages in this Booklet : 24 [Maximum Marks : 100 Number of Questions in this Booklet : 50 U Instructions for the Candidates 1. 2. 3. 4. 1. U DU U S U U U U Write your roll number in the space provided on the top of this page. This paper consists of fifty multiple-choice type of questions. 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 Test Booklet Number should be entered in the OMR Sheet and the OMR Sheet Number should be entered on this Test Booklet. 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. Example : A B C 2. - 3. U U U, - S U U U - S U (i) (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 (iii) - S R OMR U U U U OMR R - S U U 4. U U (A), (B), (C) (D) U U U U U D A B C D (C) U 5. U U I U U- U where (C) is the correct response. 5. 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. 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. 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. 10. Use only Blue/Black Ball point pen. 11. Use of any calculator or log table etc., is prohibited. 12. There is NO negative marking. J 0108 - S U U U U S U U- U S S U U 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 / U Z U S U 11. U ( U U) U U 12. U U 10. 1 P.T.O. ECONOMICS PAPER II Note : 1. This paper contains fifty (50) multiple choice questions, each question carrying two (2) marks. Attempt all of them. The concept of consumers surplus was coined by : (A) Ricardo (B) Fisher (C) Marshall (D) Pigou 2. For complementary goods the indifference curve takes the shape of : (A) a straight line (B) a downward sloping line (C) a right angle (D) a negatively sloped curve 3. PAUL M SWEEZY used kinked demand curve to explain : (A) Price determination in oligopoly (B) Price rigidity in oligopoly (C) Profit maximisation in oligopoly (D) Price output determination in oligopoly 4. According to Phillips curve when rate of inflation increases, then rate of : (A) unemployment also increases (B) unemployment decreases (C) unemployment will remain constant (D) Full employment will prevail 5. According to Milton Friedman quantity theory of money is the theory of : (A) Prices (B) Income (C) Demand for money (D) Supply of money 6. As per the hypothesis of Rational expectations in guessing the future economic agents : (A) are always right (B) are always wrong (C) make systematic errors (D) make random errors 7. According to Marx increase in the organic composition of capital leads to : (A) increase in the rate of growth of economy (B) increase in employment (C) decrease in the rate of profit (D) increase in the rate of profit 8. Which of the following feature is not a universally observed in under developed countries ? (A) Low per capita income (B) High density of population (C) Higher share of agriculture in G.D.P. (D) Low literacy rate J 0108 2 S II U (50) S D (2) U 1. h U m U ? (A) 2. U U (B) (C) U U S (indifference curve) U U ? (A) U (B) U U U (C) 3. (D) (D) . . S $ U ? (A) (B) U (Price rigidity) (C) 4. U U U U (D) U U S U (A) (B) U $ U U (C) 5. U $ U U $ U S U U (D) U $ U S U U U U h h ? (A) (B) h (C) 6. h h (D) h U U (A) (B) (C) 7. S U U (D) U U U U (organic composition of capital) h U U U ? (A) (B) U $ U h (C) 8. S U h U (D) U h - ? (A) (B) (C) U (G.D.P.) (D) U U J 0108 3 P.T.O. 9. In which of the following growth models human capital plays an important role ? (A) Neo - Classical Model (B) Endogenous Growth Model (C) Marxian Model (D) Harrod - Domar Model 10. For the first time in India zero base budgeting was implemented in the finance ministership of : (A) P. Chidambaram (B) Manmohan Singh (C) V. P. Singh (D) Jaswant Singh 11. Gadgil formula is applicable to : (A) Grants given by planning commission (B) Grants given by Finance commission (C) Grants given by RBI (D) Grants given by Foreign Countries 12. Excess burden of tax means : (A) The net welfare loss from a tax (B) Very heavy burden (C) Burden over and above the money burden (D) Money burden and Real burden 13. Leontief Paradox on the factor composition of US imports and exports : (A) Supports Heckscher - Ohlin model (B) Refutes Heckscher - Ohlin model (C) Supports Prebish - Singer model (D) Refutes Prebish - Singer model 14. To how many countries, India offered to supply the services such as - Legal, health, social and placement etc. ? (A) 30 countries (B) 27 countries (C) 49 countries (D) 5 countries 15. One of the important factors in trade reforms is to : (A) increase export duties (B) reduce import duties (C) keep export duties constant (D) keep import duties constant 16. As per the 61st NSS Round (2004 - 05), going by the mixed return period, the poverty ratio at the national level was : (A) 27.8% (B) 22.00% (C) 25% (D) 17% 17. The share of India s agricultural exports in the total exports in the year 2001 - 02 was : (A) 31.7% (B) 30.6% (C) 19.4% (D) 14% J 0108 4 9. U ( h ) - ? (A) (B) U (C) 10. - S U U (D) U- U U U U - U U U (A) (B) (C) 11. . U . . (D) U U ? (A) (B) m U U (C) 12. m U U U. . m U U (D) m U U U U U (A) (B) U (C) 13. U U U U U (D) U U S U U U - U U (A) (B) U - h U U (C) - U h U (D) 14. U - h U - U h U U U , S S , U S ? (A) 15. 30 (B) 27 (C) 49 (D) U U (A) U ( ) h (B) U ( ) (C) 16. 5 U ( ) S U U (D) U S U U 61 (2004 - 05) U, , U c U S U U (A) 17. 27.8% (B) 22.00% (C) 25% (D) 17% (D) 14% 2001 - 02 U U (A) J 0108 31.7% (B) 30.6% (C) 5 19.4% P.T.O. 18. The probability distribution in which mean and variance are equal : (A) Poisson (B) Binomial (C) NORMAL (D) Chi-square (x2) 19. To test H0 : m5m0, against H1 : m m0 in case of N (m, s2) where s2 is known, H0 is rejected if : (A) 21. za n /2 (B) x2 m0 za n /2 (C) 20. x2 m0 > x2 m0 s t a (n 1) n /2 (D) x2 m0 < s t a (n 1) n /2 The (A) (B) (C) (D) regression coefficient is independent of : change of origin and scale change of origin only change of scale only Neither change of origin nor change of scale Consider the following statements and select correct answer from the code given below for question nos. 21 to 30 : Assertion (A) : Long run Phillips curve is a vertical line at the NAIRU. Reason (R) : Non - accelerating inflation rate of unemployment, more or less, stands accepted. (A) Both (A) and (R) are false (B) Both (A) and (R) are true but (R) is not the reason (C) Both (A) and (R) are true and (R) is the explanation (D) (A) is true, (R) is false 22. Assertion (A) : Factor price ratio is irrelevant in deciding the level of output. Reason (R) : Fixes coefficients production function prevails. (A) Both (A) and (R) are true but (R) is not the explanation (B) Both (A) and (R) are false (C) Both (A) and (R) are true and (R) is the explanation (D) (A) is true but (R) is false 23. Assertion (A) : One brand of non neutral terminal progress is as good as the other, in the context of models of steady state growth. Reason (R) : The elasticity of substitution of production function equals one. (A) Both (A) and (R) are false (B) Both (A) and (R) are true (C) (A) is true, (R) is false (D) (A) is false, (R) is true J 0108 6 18. U ( ) U U U U (A) 19. (B) $ (C) (D) -S U (x2) H0 : m5m0 H1 : m m0 U U N(m, s2), s2 , H0 S U (A) za n /2 (B) x2 m0 za n /2 (C) 20. x2 m0 > x2 m0 s t a (n 1) n /2 (D) x2 m0 < s t a (n 1) n /2 S ? (A) (origin) U U (B) U U (C) U (D) U U U 21 30 U U U U U U 21. (A) U U U S U (R) U $ U S U U , , (A) (B) (A) U (R) U (R) U (C) (A) U (R) U (R) (D) 22. (A) U (R) (A) , (R) (A) S U U U (R) U U (A) (B) (A) U (R) (C) (A) U (R) U (R) (D) 23. (A) U (R) U (R) (A) , U U (R) (A) S h US l U U (R) S (A) (A) U (R) (B) (A) U (R) (C) (A) U (R) (D) (A) , (R) U J 0108 7 P.T.O. 24. Assertion (A) : In the heydays of planning Amartya Sen advocated the adoption of capital intensive technique for Indian. Reason (R) : India was a relatively labour abundant country. (A) (B) (A) is true but (R) is false (C) Both (A) and (R) are true but (R) is not the correct explanation (D) 25. Both (A) and (R) are true and (R) is the explanation. (A) is false but (R) is true Assertion (A) : India is a favoured destination for the Western Business process outsourcing. Reason (R) : India has a large pool of English speaking population. (A) (B) Both (A) and (R) are false (C) (A) is false, (R) is true (D) 26. Both (A) and (R) are true and (R) is the explanation Both (A) and (R) are true but (R) is not the explanation Assertion (A) : Indian economy is on a higher growth trajectory in the post - Reforms era. Reason (R) : Trade is an engine of growth. (A) (B) Both (A) and (R) are true but (R) is not the explanation (C) Both (A) and (R) are true and (R) is the explanation (D) 27. (A) is true and (R) is false Both (A) and (R) are true Assertion (A) : Business cycles are an experienced reality. Reason (R) : Innovations are an act of creative destruction . (A) (B) Both (A) and (R) correct but (R) need not be the explanation (C) Both (A) and (R) are true and (R) is the explanation (D) 28. Both (A) and (R) false (A) is false (R) is true Assertion (A) : Neutral taxes are feasible. Reason (R) : Neutral taxes have no excess burden. (A) Both (A) and (R) true and (R) is the explanation (B) Both (A) and (R) are true but (R) is not the explanation (C) (A) is false but (R) is true (D) (A) is true but (R) is false J 0108 8 24. (A) S U l S (R) U - (A) (B) (A) U U (R) (C) (A) U (R) U U (R) (D) 25. (A) U (R) (R) (A) , U U (R) (A) U U sd S (R) U (A) (B) (A) U (R) (C) (A) U (R) (D) 26. (A) U (R) (R) (A) U (R) U (R) (A) U U U S U S U (R) U (A) (B) (A) U (R) U U (R) (C) (A) U (R) U (R) (D) 27. (A) U (R) (A) U (R) (A) U- (R) (A) (B) (A) U (R) U U (R) (C) (A) U (R) U (R) (D) 28. (A) U (R) (A) (R) (A) US U U (feasible) (R) US U U (excess) (A) (A) U (R) U (R) (B) (A) U (R) U U (A) (C) (A) U U (R) (D) (A) U U (R) J 0108 9 P.T.O. 29. Assertion (A) : Z test is applied to test for mean of population for large sample. Reason (R) : All distributions obey central limit theorem. (A) (B) Both (A) and (R) are true, but (R) is not the correct explanation of (A) (C) (A) is true, but (R) is false (D) 30. Both (A) and (R) are true and (R) is the correct explanation of (A) (A) is false, but (R) is true Assertion (A) : India needs to spend a lot on Health Care. Reason (R) : India has BIMARU states. (A) Both (A) and (R) true (B) (A) is true (R) is false (C) Both (A) and (R) are true and (R) is the explanation (D) Both (A) and (R) true but (R) is not the explanation Sequencing Type (31-38) : development. Put the following in the sequential order of its (i) Revealed Preference Theory (ii) Akerlof Lemon s Market (iii) Ordinal Utility Analysis (iv) 31. N. M. Utility Analysis Codes : (A) (i) (iii) (iv) (B) (i) (iv) (ii) (iii) (C) (iii) (ii) (iv) (i) (D) (iv) (ii) (i) (iii) (i) Multiplier - Accelerator interaction and trade cycle (ii) Keyne s theory of trade cycle (iii) Sunspot theory of trade cycle (iv) 32. (ii) Hawtrey s monetary theory of trade cycle Codes : (A) (ii) (iii) (iv) (i) (B) (iii) (iv) (ii) (i) (C) (i) (ii) (iv) (iii) (D) (iv) (ii) (i) (iii) J 0108 10 29. (A) Z- US U (R) U U U U U (A) (B) (A) U (R) U U (R), (A) (C) (A) , U U (R) (D) 30. (A) U (R) U (R), (A) (A) , U (R) (A) U S S U (R) U L U (A) (A) U (R) (B) (A) U (R) (C) (A) U (R) U (R) (D) (A) U (R) U (R) U 31 38 U ( c U ) 31. (i) S h (ii) U (Akerlof) U (iii) (iv) . . U (A) (B) (C) (D) (i) - U (Multiplier - Accelerator interaction) U (ii) U h (iii) U S U h (iv) 32. (ii) (i) (iii) (iv) (i) (iv) (ii) (ii) (iii) (ii) (iv) (i) (iv) (iii) (i) (iii) U (Hawtrey s) U h U (A) (B) (C) (D) J 0108 (ii) (iii) (i) (iv) (iii) (iv) (ii) (ii) (iv) (ii) (iv) (i) (i) (i) (iii) (iii) 11 P.T.O. 33. (i) Fei-Ranis Model (ii) Lewis Duel Economy Model (iii) Todaro s Rural Urban Migration Model (iv) Jorgenson Testing of a Dualism Model Codes : (A) (iii) (i) (ii) (iv) (B) (i) (ii) (iii) (iv) (C) (ii) (i) (iv) (iii) (D) (iv) (ii) (i) (iii) 34. (i) Intra - Industry Trade Model (ii) Comparative Cost Principle (iii) Leontief Paradox (iv) Heckscher - Ohlin Theorem Codes : (A) (ii) (iv) (iii) (i) (B) (i) (ii) (iii) (iv) (C) (iv) (iii) (ii) (i) (D) (iii) (ii) (i) (iv) 35. (i) Planning Commission (ii) Mahalanobis Model (iii) Plan Holiday (iv) Rolling Plan Codes : (A) (ii) (iii) (i) (iv) (B) (iv) (ii) (iii) (i) (C) (i) (ii) (iii) (iv) (D) (iii) (i) (iv) (ii) 36. (i) W.T.O. (ii) GATT (iii) HONGKONG SUMMIT (iv) DUNKLE DRAFT Codes : (A) (i) (ii) (iii) (iv) (B) (iv) (i) (iii) (ii) (C) (iii) (iv) (i) (ii) (D) (ii) (iii) (iv) (i) J 0108 12 33. (i) - U h (ii) U (Duel) h (iii) U U U - U h (iv) m h (Jorgenson) m U U Codes : (A) (iii) (i) (ii) (iv) (B) (i) (ii) (iii) (iv) (C) (ii) (i) (iv) (iii) (D) (iv) (ii) (i) (iii) (i) U - l U h (ii) h (iii) U U U (iv) 34. U - U U (A) (B) (C) (D) (i) (ii) h (iii) U (iv) 35. (ii) (i) (iv) (iii) (iv) (ii) (iii) (ii) (iii) (iii) (ii) (i) (i) (iv) (i) (iv) U U (A) (B) (C) (D) (i) U . U . . (ii) . . U . U (iii) U (iv) 36. (ii) (iv) (i) (iii) (iii) (ii) (ii) (i) (i) (iii) (iii) (iv) (iv) (i) (iv) (ii) U U U U (A) (B) (C) (D) J 0108 (i) (iv) (iii) (ii) (ii) (i) (iv) (iii) (iii) (iii) (i) (iv) (iv) (ii) (ii) (i) 13 P.T.O. 37. (i) WALRAS (ii) WICKSELL (iii) J. S. MILL (iv) MARSHALL Codes : (A) (i) (iv) (ii) (B) (i) (ii) (iii) (iv) (C) (iv) (iii) (ii) (i) (D) (ii) (iii) (i) (iv) (i) Neutral Fiscal policy (ii) Functional Finance (iii) Balanced Budget (iv) 38. (iii) Compensatory Fiscal policy Codes : (A) (i) (ii) (iii) (iv) (B) (ii) (iii) (i) (iv) (C) (iv) (i) (iii) (ii) (D) (i) (iii) (iv) (ii) Matching Item (Q. Nos. 39 to 46) : This consists of two lists of Events / Theories / Models / Statements etc. and the other of Authors / Years . The candidates are required to match an item in one list with an item in the other and mark the correct matching option, given in the code. 39. List I List II (a) Un-balanced growth (i) Hirschman, A. O. (b) R and D and growth (ii) Marx, K. (c) Human Capital and growth (iii) Romer, P. (d) Surplus value and accumulation (iv) Codes : (a) (b) (c) (d) (A) (i) (ii) (iii) (iv) (B) (iv) (iii) (ii) (i) (C) (i) (iii) (iv) (ii) (D) (ii) (iv) (i) (iii) J 0108 14 R. Lucas 37. (i) U (ii) (iii) . . (iv) U (A) (i) (iv) (ii) (B) (i) (ii) (iii) (iv) (C) (iv) (iii) (ii) (i) (D) (ii) (iii) (i) (iv) (i) US U (ii) (iii) U (iv) 38. (iii) U U U (A) (i) (ii) (iii) (iv) (B) (ii) (iii) (i) (iv) (C) (iv) (i) (iii) (ii) (D) (i) (iii) (iv) (ii) ( . 39 46 ) : U U II / U , h I / U U U 39. I II (a) (i) , . (b) R U D (ii) , (c) U (iii) U U, (d) (iv) U. U (a) (b) (c) (d) (A) (i) (ii) (iii) (iv) (B) (iv) (iii) (ii) (i) (C) (i) (iii) (iv) (ii) (D) (ii) (iv) (i) (iii) J 0108 15 P.T.O. 40. List I List II (a) Export Pessimism (i) Emmanuel, A. (b) Un-equal exchange (ii) Prebisch, R. (c) Critical Minimum Efforts thesis (iii) Schumpeter, J. (d) Innovations - Entrepreneurship (iv) H. Liebenstein Codes : (a) (b) (c) (d) (A) (i) (ii) (iii) (iv) (B) (ii) (i) (iv) (iii) (C) (iii) (iv) (ii) (i) (D) (iv) (iii) (i) (ii) 41. List I List II (a) Reserve Bank of India (i) 1968 (b) First Finance Commission (ii) 1950 (c) Gadgil formula (iii) 1935 (d) Planning Commission (iv) 1952 Codes : (a) (b) (c) (d) (A) (ii) (i) (iv) (iii) (B) (i) (ii) (iii) (iv) (C) (iii) (iv) (i) (ii) (D) (iv) (iii) (ii) (i) 42. List I List II (a) Investment Multiplier (i) R.F. Kahn (b) Employment Multiplier (ii) Milton Friedman (c) Restatement of Quantity theory of money (iii) A. Laffer (d) Supply side economics (iv) J. M. Keynes Codes : (a) (b) (c) (d) (A) (iv) (i) (ii) (iii) (B) (i) (ii) (iii) (iv) (C) (iv) (iii) (ii) (i) (D) (ii) (iv) (i) (iii) J 0108 16 40. I II (a) U (i) , . (b) (ii) , U (c) U (iii) U U, (d) l (iv) . S U U (a) (i) (ii) (iii) (iv) (A) (B) (C) (D) 41. (b) (ii) (i) (iv) (iii) (c) (iii) (iv) (ii) (i) (d) (iv) (iii) (i) (ii) I II (a) U U (i) 1968 (b) (ii) 1950 (c) U (iii) 1935 (d) (iv) 1952 U (A) (B) (C) (D) 42. (a) (ii) (i) (iii) (iv) (b) (i) (ii) (iv) (iii) (c) (iv) (iii) (i) (ii) (d) (iii) (iv) (ii) (i) I II (a) (i) U. . (Kahn) (b) U $ U (ii) U U (c) - h (iii) . U (d) S (iv) . . U (A) (B) (C) (D) J 0108 (a) (iv) (i) (iv) (ii) (b) (i) (ii) (iii) (iv) (c) (ii) (iii) (ii) (i) (d) (iii) (iv) (i) (iii) 17 P.T.O. 43. List I List II (a) Marginalist Revolution (i) Samuelson (b) Multiplier Accelerator model (ii) J. R. Hicks (c) IS - LM curves (iii) Schumpeter (d) Capitalism, Socialism and Democracy (iv) Jevons Codes : (a) (b) (c) (d) (A) (iv) (i) (ii) (iii) (B) (iii) (ii) (iv) (i) (C) (ii) (iii) (i) (iv) (D) (i) (iv) (iii) (ii) 44. List I List II (a) Product Differentiation (i) Sraffa (b) Duopoly Analysis (ii) Modigliani (c) Production of commodities by means of commodities (iii) Cournot (d) Life cycle Hypothesis (iv) Chamberlin Codes : (a) (b) (c) (d) (A) (iv) (iii) (i) (ii) (B) (iii) (iv) (ii) (i) (C) (ii) (i) (iii) (iv) (D) (i) (ii) (iv) (iii) 45. List I List II (a) H0 : m5m0, H1 : m$m0 (i) All Parameters of distribution are specified (b) Simple Hypothesis (ii) Point estimation (c) Consistency (iii) One sided test (d) P013P1051 (iv) Time Reversal test Codes : (a) (b) (c) (d) (A) (ii) (iii) (i) (iv) (B) (i) (iv) (ii) (iii) (C) (iii) (i) (ii) (iv) (D) (iii) (iv) (ii) (i) J 0108 18 43. I II (a) (i) (b) U U (ii) . U. (c) IS - LM (iii) U U (d) , (iv) U (A) (B) (C) (a) (iv) (iii) (ii) (b) (i) (ii) (iii) (c) (ii) (iv) (i) (d) (iii) (i) (iv) (D) (i) (iv) (iii) (ii) 44. I II (a) (Product Differentiation) (i) U (b) m- U (ii) U (c) S m U S (Production of commodities by means of commodities) (iii) U U U (Life cycle Hypothesis) (iv) U (d) U (A) (B) (C) (D) 45. (a) (iv) (iii) (ii) (i) (b) (iii) (iv) (i) (ii) (c) (i) (ii) (iii) (iv) (d) (ii) (i) (iv) (iii) I II (a) H0 : m5m0, H1 : m$m0 (i) U (b) U U (ii) (c) M (iii) US U (d) P013P1051 (iv) US U U (A) (B) (C) (D) J 0108 (a) (ii) (i) (iii) (iii) (b) (iii) (iv) (i) (iv) (c) (i) (ii) (ii) (ii) (d) (iv) (iii) (iv) (i) 19 P.T.O. 46. List I List II (a) For independent events A and B (i) P (A B)5 0 (b) For mutually exclusive events A and B (ii) P (A B)5 P (A). P (B) (c) ACB (iii) Bayes theorem (d) Conditional Probability (iv) P (B ) P (A ) Codes : (a) (b) (c) (d) (A) (ii) (iv) (i) (iii) (B) (ii) (i) (iv) (iii) (C) (i) (ii) (iv) (iii) (D) (iv) (i) (ii) (iii) Read the passage given below and answer questions from 47 to 50 based on your understanding of the passage : The current situation reminds me of the world some seventy years ago. As the world plummeted into the Great Depression, advocates of the free market said, Not to worry; markets are self-regulating, and given time, economic prosperity will resume. Never mind the misery of those whose lives are destroyed waiting for this so-called eventuality. Keynes argued that markets were not self-correcting, or not at least in a relevant time frame. (As he famously put it, In the long run, we are all dead .) Unemployment could persist for years, and government intervention was required. Keynes was pilloried - attacked as a socialist, a critic of the market. Yet in a sense, Keynes was intensely conservative. He had a fundamental belief in the markets : if only government could correct this one failure, the economy would be able to function reasonably efficiently. He did not want a wholesale replacement of the market system; but he knew that unless these fundamental problems were addressed, there would be enormous popular pressures. And Keynes s medicine worked : since World War II, countries like the United States, following Keynisian prescriptions, have had fewer and shorter-lived downturns, and longer expansions than previously. 47. During Great Depression, the advocates of free market argued that : (A) Markets are prone to failure (B) Markets are self regulating (C) Government should intervene with the help of monetary policy (D) Government should intervene with the help of fiscal policy J 0108 20 46. I II (a) S U A B (i) P (A B)5 0 (b) US U U (ii) P (A B)5P (A). P (B) A B (c) ACB (iii) (Bayes) U (d) (iv) P(B)/P(A) U (A) (B) (C) (D) (a) (ii) (ii) (i) (iv) (b) (iv) (i) (ii) (i) (c) (i) (iv) (iv) (ii) (d) (iii) (iii) (iii) (iii) U U U U 47 50 U S 70 S U ( U U ) S U U U , $ U , , $ U S - , , h U c h U U $ U U U L U $ U S U U ( , , U ) U $ U U Z U U U S - , $ U l c U U U U M $ U , U U U , S U U U U $ U S U U S , U S U U U U ( ) , m - h , U U U , U , S U 47. ( U U ) , $ U (A) $ U U (B) $ U S (C) U U m U S U (D) U U U m U S U J 0108 21 P.T.O. 48. During Great Depression, Keynes was : (A) (B) attacked as being an advocate of active monetary policy (C) attacked as being a socialist (D) 49. attacked as being an advocate of free market attacked as being an advocate of passive monetary policy Keynes wanted : (A) (B) Socialistic system to be created for the world (C) an unregulated market system (D) 50. Wholesale replacement of the market system did not want wholesale replacement of the market system By following the policy prescriptions of Keynes : (A) The world economy has suffered from prolonged depression (B) The world economy has suffered from high rates of inflation (C) The United states had fewer and shorter downturns (D) The United States had higher rates of unemployment in the post second world war era. -oOo- J 0108 22 48. - ( U U ) ? (A) (B) M (C) M (D) 49. $ U M c M ? (A) (B) S S U (C) $ U S (D) 50. $ U S U U S $ U S U U S m U U U U (A) S (B) S S U (C) U - U (D) U m h U U U -oOo- J 0108 23 P.T.O. Space For Rough Work J 0108 24

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