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UGC NET JUN 2009 : 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) (Name) Test Booklet No. J 0 1 0 9 PAPER II ECONOMICS Time : 1 hours] Number of Pages in this Booklet : 24 2. 3. 4. U 1. 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 U DU U S U U U U - 3. U U U, - S U U U - S U (i) - S U U U U S U U- U S S U U (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 A B C D (C) U 5. U U I U 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 - S OMR U- U U U U U # U U U 10. / U Z U S U 11. U ( U U) U U 12. U U 2. D 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 and OMR Answer Sheet 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 0109 [Maximum Marks : 100 Number of Questions in this Booklet : 50 Instructions for the Candidates 1. (In words) 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. Which one of the following is not the assumption of indifference curve analysis ? (A) (B) Constant income (C) 2. Weak ordering Perfect divisibility of goods (D) Ordinal nature of utility The value of co-efficient of elasticity on a linear downward sloping demand curve varies because : (A) (B) p varies q (C) 3. q varies p p varies q (D) both (A) and (B) varies Arrange the following economists in chronological order in the context of their contribution to the theory of oligopoly. (i) E. Stackelberg (ii) A. Cournot (iii) J. Bertrand (iv) P. Sweezy Code : (A) (ii) (iii) (iv) (B) (ii) (iii) (iv) (i) (C) (iii) (i) (ii) (iv) (D) 4. (i) (iv) (ii) (i) (iii) Assertion (A) : In case of giffen goods rise in price will lead to a rise in demand while a fall in price will decrease its demand. Reasoning (R) : Every price change can be broken into income effect and substitution effect. Answer : (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 (C) (A) is true but (R) is false (D) (A) is false but (R) is true J 0109 2 S II U 1. (C) (B) U S (2) U (D) S U U U U (A) q p (C) 3. S D US ? (A) 2. (50) p q (B) p q (D) (A) U (B) S U h M (i) (ii) . S U . U U U (iii) . . S (iv) U (A) (ii) (iii) (iv) (B) (ii) (iii) (iv) (i) (C) (iii) (i) (ii) (iv) (D) 4. (i) (iv) (ii) (i) (iii) (A) : S h U h O U O U (R) : U S U (A) (A) (B) (A) (C) (D) J 0109 U (R) (A) (R) (R) (R) (A) (R) (A) (R) 3 P.T.O. 5. Assertion (A) : Existence of public goods hinders achievement of pareto-optimality. Reasoning (R) : The evaluation of marginal benefits from a public good differs across individuals. (A) (B) Both (A) and (R) are true but (R) is not the correct explanation (C) (A) is true but (R) is false (D) 6. Both (A) and (R) are true and (R) is the correct explanation of (A) (A) is false but (R) is true Under perfect competition equilibrium in the long run is achieved when : (A) (B) LMC5MR (C) 7. AR5MR MR5LAC (D) Price5LMC Which one of the following ratios represents rate of profit in the Marxian Theory of Distribution ? C V (A) 8. (B) C C1V (C) S V (D) S C1V Assertion (A) : In an economy that is operating at less than full employment level, crowding out need not occur. Reasoning (R) : Monetary authorities can provide an accommodating monetary policy that avoids the rise in interest rates with output expansion. Select the correct answer using the code given below : (A) (B) Both (A) and (R) are true but (R) is not the correct explanation (C) (A) is true but (R) is false (D) 9. Both (A) and (R) are true and (R) is the correct explanation. (A) is false but (R) is true The sequence of operation of the transmission of a change in monetary policy is : (i) Changes in real money supply (ii) Adjustment in output (iii) Adjustment in spending (iv) Changes in interest rates and asset prices Select the correct answer according to the code. Code : (A) (i) (ii) (iv) (iii) (B) (i) (ii) (iii) (iv) (C) (i) (iv) (iii) (ii) (D) (i) (iii) (ii) (iv) J 0109 4 5. (A) : S S U U - S U # U (R) : S # Q - (A) (A) U (R) (A) U (R) (B) (A) (R) (R) (C) (A) (R) (D) (A) (R) 6. # , (A) (B) LMC5MR (C) 7. AR5MR MR5LAC (D) 5LMC U h U U ? (A) C V (B) C C1V (C) S V (D) S C1V 8. (A) : S U $ U S U S , U U U (R) : U U S U - U h U U U U U (A) (A) U (R) U (R) (B) (A) (R) (R) (C) (A) (R) (D) (A) (R) 9. U U (i) S U (ii) (iii) (iv) U U U U U U U (A) (B) (C) (D) J 0109 (i) (i) (i) (i) (ii) (ii) (iv) (iii) (iv) (iii) (iii) (ii) (iii) (iv) (ii) (iv) 5 P.T.O. 10. In IS-LM model, under usual Keynesian assumption, an increase in government spending will cause : (A) (B) Income to rise and rate of interest to fall (C) Income to remain unchanged and rate of interest to fall (D) 11. Both income and rate of interest to rise Income to rise and rate of interest to remain unchanged The original Phillips curve postulates relation between two of the following : (i) Rate of unemployment (ii) Level of unemployment (iii) Rate of increase in money wages (iv) Rate of increase in real wages Choose the correct combination according to the code : Code : (A) (B) (i) and (iv) (C) (ii) and (iv) (D) 12. (ii) and (iii) (i) and (iii) Assertion (A) : OKun s Law is a useful guide to macro economic policy. Reasoning (R) : OKun s Law indicates how a particular growth target will affect the unemployment rate over time. Select the correct answer according to the code : (A) (B) Both (A) and (R) are true but (R) is not the correct explanation. (C) (A) is true but (R) is false. (D) 13. Both (A) and (R) are true and (R) is the correct explanation. (A) is false but (R) is true. When money supply increases, price level rises proportionately according to : (A) Marshall (B) Fisher (C) Keynes (D) Cantillon J 0109 6 10. IS-LM U U U h U (A) (B) U U (C) U U U U (D) 11. U U U U U (i) U U U (ii) U U S U (iii) U h U (iv) S U h U U U U : (A) (B) (i) U (iv) (C) (ii) U (iv) (D) 12. (ii) U (iii) (i) U (iii) (A) : C U (R) : U U U U U U U U U (A) U (R) (B) (A) (R) , (R) (C) (A) (R) (D) 13. (A) U (R) (A) (R) S U h - (A) (B) U (C) (D) U J 0109 7 P.T.O. 14. Investment demand in a Keynesian system is determined by : (i) Marginal efficiency of capital (ii) Tax rates (iii) Marginal efficiency of investment (iv) Stock of capital Select the correct answer according to the code : (A) (B) (i) and (iii) (C) (ii) and (iii) (D) 15. (i) and (ii) (iii) and (iv) Which one of the following is NOT a sign of economic development ? (A) (B) Larger share of GDP coming from primary sector (C) Larger capital inflows (D) 16. Changing structure of GDP in favour of industry Institutional changes in an economy. Rate of real income growth in a country is annual percentage growth of : (A) (B) GDP growth at factor cost at current prices (C) Rate of GDP growth at factor cost at constant prices (D) 17. Rate of GDP growth at current price Rate of GDP growth at market prices Consider the following statements : (i) Economic development which results in high level of GDP in present time. (ii) A pattern of development that seeks to meet the needs of present without compromising the ability of future. (iii) Development which ensures maximum welfare of present generation. (iv) Development which takes into account environmental degradation. Of the above, sustainable development includes : Code : (A) (ii) and (iv) only (B) (ii) and (iii) only (C) (i) (ii) and (iii) (D) (i) (ii) (iii) and (iv) J 0109 8 14. S U m U (i) (ii) U U (iii) (iv) S U U U U U (A) (i) U (ii) (B) (i) U (iii) (C) (ii) U (iii) (D) (iii) U (iv) 15. - ? (A) l U C (B) U C # (C) (D) S S U 16. S h U h l (A) U . U . . h U (B) U . U . . h U (C) S U U . U . . h U (D) U U . U . . h U 17. U U U (i) S U U C U (ii) c U U U (iii) U U (iv) U U U U U U : (A) (ii) U (iv) (B) (ii) U (iii) (C) (i) (ii) U (iii) (D) (i) (ii) (iii) U (iv) J 0109 9 P.T.O. 18. Assertion (A) : Cumulative causation is an explanation of backwardness of developing nation. It is a hypothesis of geographical dualism. Reasoning (R) : Expansion in a favoured region has a backwash effect on other regions causing regional disparities. Select the correct answer using the code : Code : (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) 19. Both (A) and (R) are true and (R) is the correct explanation of (A). (A) is false but (R) is true. Human Development Index prepared by UNDP is based on some of the following variables : (i) Life expectancy at birth (ii) Health facilities (iii) Per capita income adjusted by purchasing power (iv) Literacy and enrolment percentage Of the above variables : (A) (B) (ii), (iii) and (iv) are correct (C) only (i) and (iii) are correct (D) 20. (i), (ii) and (iii) are correct (i), (iii) and (iv) are correct Which of the following is not the assumption of Solow s model of long run growth ? (A) (B) Prices and wages are constant (C) Production function is linear homogeneous (D) 21. Saving ratio is constant Labour and output not growing at same rate The original interpretation of balanced growth relates to : (A) all sectors growing at the same rate (B) equal amount of investment in all sectors (C) absence of shortages or excesses (D) large expansion of economic activities in all the areas J 0109 10 18. (A) : U U C U m U U (R) : U U U U U U U U (A) (A) U (R) U (A) (R) (B) (A) (R) , (A) (R) (C) (A) (R) (D) (A) (R) 19. . . U . . m U U U U U (i) (ii) S S (iii) Q m U Q (iv) U Q U (A) (i), (ii) (iii) (B) (ii), (iii) (iv) (C) (i) (iii) (D) (i), (iii) (iv) 20. h U ? (A) S U (B) U S U (C) M (D) U U U U 21. h (A) U U (B) U (C) U S (D) - S U J 0109 11 P.T.O. 22. List-I includes names of some authors and List-II some theories/hypothesis related with these authors. Matching authors with their contribution select correct answer from the codes given below the lists : List-I List-II (Authors) (Contribution) (a) Rodan, R. (i) Low level equilibrium trap (b) Nelson, R. (ii) Critical minimum effort (c) Hirschman, A (iii) Big push (d) Leibenstein, H (iv) Unbalanced growth Codes : (a) (c) (d) (A) (iii) (i) (iv) (ii) (B) (iii) (i) (ii) (iv) (C) (iv) (i) (iii) (ii) (D) 23. (b) (ii) (iii) (i) (iv) In investment criteria shadow prices are the prices : (A) (B) Fixed by the government without a consideration of cost of production (C) Which reveal true scarcity value of goods and factor inputs. (D) 24. In black market parallel to controlled prices At which goods and factors are not available A Progressive Tax is one in which : (A) (B) The tax payment as a percentage of income is constant (C) The tax payment as a percentage of income increases (D) 25. The tax payment as a percentage of income falls There is no linkage between income and tax payment One of the necessary conditions for correcting fiscal imbalance is : (A) (B) The real interest rate on public debt is greater than GDP growth rate (C) The real interest rate on public debt is lower than GDP growth rate (D) 26. The real interest rate on public debt is equal to GDP growth rate None of the above The 12th Finance Commission recommended, among other things, to raise the share of states in net proceeds of divisible pool of central tax to : (A) J 0109 25.1% (B) 28.9% (C) 12 30.5% (D) 45.5% 22. -I U -II h / U U U U U -I -II ( ) ( ) (a) U U U. (i) S U U (b) U. (ii) (c) . (iii) (d) U . (iv) h U (A) (B) (C) (D) (a) (iii) (iii) (iv) (ii) (b) (i) (i) (i) (iii) (c) (iv) (ii) (iii) (i) (d) (ii) (iv) (ii) (iv) 23. U U , (A) U U (B) U U U U m U (C) S (D) S 24. U (A) U M U (B) U M S U U (C) U M (D) U U U 25. U U U (A) U S U . U . . U U U (B) U S U . U . . U U (C) U S U . U . . U (D) Q 26. U , UQ , U h # U (A) 25.1 (B) 28.9 (C) 30.5 (D) 45.5 J 0109 13 P.T.O. 27. The Non plan grants by the central government to the state governments in India are made on the recommendations of : (A) (B) Finance Commission (C) RBI (D) 28. Ministry of Finance Planning Commission A transfer payment is a payment : (A) (B) made to people who are needy. (C) For in-kind services provided to the government. (D) 29. made by the government to its current workers. For which no services or goods are rendered. Which one of the following does not constitute a problem in Centre-State financial relations in India ? (A) (B) Neglect of Horizontal transfers (C) Problem of Inter-State Disparities (D) 30. Problem of State Autonomy Suicide by farmers in certain States An act of devaluation of a currency, other things being equal, will : (A) (B) Increase the total quantum of both exports and imports (C) Decrease the total quantum of both imports and exports (D) 31. Increase the total quantum of the exports and reduce the total quantum of imports of the devaluing country Decrease the total volume of exports and increase the total quantum of imports India, at present, has full convertibility of rupee on : (A) (B) Capital Account (C) Both on Current and Capital Account (D) 32. Current Account None of the above The value of Special Drawing Right (SDR) at present is determined in the international market by : (A) The price of gold (B) ?? The value of US S (C) The average value of the basket of a set of convertible currencies (D) Euro J 0109 14 27. U U U U U U m U U- U (A) (B) (C) U U (D) 28. U (A) U U m U U (B) U (C) S M U U m U (D) S U 29. - U - U S U ? (A) U -S S (B) U (C) U- U S (D) U U m U 30. U (A) U h (B) h (C) (D) h 31. U M U # (A) (B) (C) U U (D) U 32. U U U C U m U U (A) (B) Q U U U U (C) U - (D) U J 0109 15 P.T.O. 33. The quantum of intra-regional trade among the countries of the world is explained by : (A) (B) Comparative cost theory (C) Both (A) and (B) (D) 34. Heckscher-Ohlin theory Theories based on imperfect competition The income terms of trade of a country is defined by Dorrance as : (A) (B) Pm 3100 Px (C) Pm 3Q x Px (D) 35. (Px) (Pm) (Qx) Px 3Q x Pm Which of the following is not a full-fledged member of the ASEAN group at present (2006) ? (A) (B) Phillippines and Thailand (C) India and Pakistan (D) 36. Indonesia and Mynamar South Vietnam and Singapore Match the years in the List-I with the events in List-II : List-I List-II (a) 1966 (i) Creation of SDR (b) 1969 (ii) Collapse of the Bretton Woods System (c) 1971 (iii) Devaluation of the rupee during 60 S (d) 1995 (iv) Creation of WTO Codes : (a) (b) (c) (d) (A) (iv) (ii) (i) (iii) (B) (iii) (i) (ii) (iv) (C) (i) (iii) (iv) (ii) (D) (ii) (iv) (iii) (i) J 0109 16 33. U U m U Q (A) U- h (B) h (C) (A) U (B) (D) U U h 34. U U m U U Z U U (A) (Px) (Pm) (Qx) (B) Pm 3100 Px (C) Pm 3Q x Px (D) Px 3Q x Pm 35. (2006) M S (A) U U U (B) U U (C) U U S (D) U U 36. -I Z -II U U -I -II (a) 1966 (i) . U . U. (b) 1969 (ii) U U S U (c) 1971 (iii) U M (d) 1995 (iv) U U U (a) (b) (c) (d) (A) (iv) (ii) (i) (iii) (B) (iii) (i) (ii) (iv) (C) (i) (iii) (iv) (ii) (D) (ii) (iv) (iii) : (i) J 0109 17 P.T.O. 37. Employment in the organised sector as a percentage of the total working force in 2003 accounted for : (A) (B) Below 15% but greater than 10% (C) Below 20% but greater than 15% (D) 38. Below 10% but greater than 5% Below 25% but greater than 20% In respect of GDI, India s rank in 2003 stood at : (A) 39. 90 (B) 92 (C) 98 Prevent fall in the price in face of a glut in any given year (B) Protect the interests of the farmers (C) Provide incentive to farmers (D) All of the above The New Social Security Scheme for unorganised sector in India was launched in : (A) 41. 1991 (B) 1996 (C) 2001 (D) 2004 As per the tenth plan projections the percentage of population below the poverty line in 2007 would be around : (A) 42. 105 Minimum support price in the agricultural sector is undertaken to : (A) 40. (D) 19.2 (B) 23.1 (C) 27.2 (D) 35.9 As per the report of the third working group (1998) which of the following measure is used by R B I to measure the total money supply. (A) M11M2 (B) M11M3 (C) M21M3 (D) M11M21M31M4 Where M1, M2, M3 and M4 have the usual accepted meanings. J 0109 18 37. 2003 Q U U U M U (A) (B) 15 10 (C) 20 15 (D) 38. 10 25 20 2003 (A) 39. 5 . U . . U S 90 (B) 92 (C) 98 (D) (A) S U U (B) U (C) (D) 40. Q U U U L (A) 41. 1991 (B) 1996 (C) 2001 (D) 2004 U U 2007 U U (A) 42. 105 19.2 (B) 23.1 (C) 27.2 (D) 35.9 (1998) U U U m U ? (A) M11M2 (B) M11M3 (C) M21M3 (D) M11M21M31M4 M1, M2, M3 U M4 S J 0109 19 P.T.O. 43. For a Binomial distribution the following information is given : N560 P50.70 q50.30 Then the variance of the distribution is : (A) 44. (B) 8.6 (C) 7.6 (D) 6.6 (D) zero The geometric mean of the numbers 2, 4, 0, 16, 32 will be equal to : (A) 45. 12.6 3.2 (B) 4.0 (C) 2.0 If the regression lines of y on x and x on y are given by : y5a01a1x and x5b01b1x respectively, then the square of the co-efficient of (r2) is : (A) (B) a1 b 1 (C) a0 b 1 (D) 46. a0 b 0 None of the above A ball is drawn at random from a box containing 6 red, 4 white and 5 blue balls, then probability of drawing not red ball is : (A) 47. 1.0 (B) 1.2 (C) 3 5 (D) 7 5 A weighted price index that uses the arithmetic average of the base period and given period quantities as weights is known as : (A) Paasche s Index (B) Marshall-Edgeworth Index (C) Fisher s Ideal Index (D) Laspeyre s Index J 0109 20 43. m U N560 P50.70 q50.30 U U (A) 44. (B) 2, 4, 0, 16, 32 (A) 45. 12.6 8.6 (C) 7.6 (D) 6.6 (D) U U 3.2 (B) 4.0 (C) 2.0 y U x U x U y U U y5a01a1x U x5b01b1x (r2) (A) (B) a1 b 1 (C) a0 b 1 (D) 46. a0 b 0 Q 6 , 4 U 5 , U U , : (A) 47. 1.0 (B) 1.2 (C) 3 5 (D) 7 5 U U M U (A) (B) - (C) U (D) S U J 0109 21 P.T.O. 48. Which of the following test is used for examining the significance of the difference between two means of the population when variances are known and equal ? (A) (B) Z test (C) 49. F test X2 (D) T test The sum of the numbers x1, x2, x3, .., xn from their arithmetic mean x is equal to : (A) (B) 21.0 (C) 50. Unity zero (D) 2.0 If x and y are two independent variables, then their co-variance is : (A) Unity (B) Zero (C) 2.0 (D) 21.0 -oOo- J 0109 22 48. U U U U U U ? (A) (B) Z (C) 49. F X2 (D) T x1, x2, x3, .., xn ( x ) # U U (A) (B) 21.0 (C) 50. ( U ) (D) 2.0 x U y S U - U (A) (B) (C) 2.0 (D) 21.0 -oOo- J 0109 23 P.T.O. Space For Rough Work J 0109 24

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