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UGC NET DEC 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. D 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 D 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 D 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) (30) (5x5=25 ) Answer the following questions from the para given below. Each answer should not exceed 30 words. Each question carrier 5 marks. U U U U U U (30) (5) Nurkse s basic argument resembles Rosenstein Rodan s; indeed he cites Rodan s famous example of the shoe factory to support his case. Low real income, Nurkse says, is a reflection of low productivity, which in turn is due largely to the lack of capital. The lack of capital is a result of the small capacity to save, and so the cycle is complete . The inducement to invest, in turn, is limited by the size of the market - a modern variant of Adam Smith s dictum that the division of labour is limited by the extent of the market . But a crucial determinant of the size of the market is productivity. Capacity to buy means capacity to produce. And productivity depends largely, though by no means entirely, on the degree to which capital is used in production... But, for any individual entrepreneur, the use of capital is inhibited, to start with, by the small size of the market . Another vicious circle. To escape the vicious circle of poverty, one cannot count on individual investment decisions to do the trick.. Even though in economically backward areas Say s law may be valid in the sense that there is no deflationary gap, it never is valid in the sense that the output of any single industry, newly set up with capital equipment, can create its own demand . Technical Discontinuities call for jumps in the rate of output, but the small and inelastic demand in a low-income country tends to make such jumps risky, if not altogether unpromising. D 0108 3 P.T.O. U U $ S U U U S U U U U h U S , U U U U U U S M U U U , U S U U S h U U h U S U m U - U U U U , U U , U U U ..... , l U U U U U U U U U U U U U U M U U S U l , S U , U U U U U U U U U l U U U - U 1. How low real income, according to Nurkse, is reflection of low productivity ? U S U U ? D 0108 4 2. How size of the market acts as a constraint to inducement to invest ? U U U ? 3. Comment on the view that capacity to buy implies capacity to produce ? U U U U D 0108 5 P.T.O. 4. Why individual investment decisions cannot help in escaping the vicious circle of poverty ? U ? 5. Why the small and inelastic demand in a low-income country tends to make the jumps brought about by technical discontinuities in the rate of output risky ? U - U U U m U U ? D 0108 6 SECTION - II U II Note : This part has fifteen (15) definitional questions of (5) marks each to be answered in upto (30) words. (5x15=75 marks) (15) (5) (30) (5x15=75 ) 6. What is price leadership ? - ? D 0108 7 P.T.O. 7. Distinguish between Marginal Rate of Transformation (MRT) in production and Marginal Rate of substitution in consumption. M U U U S U U 8. What is the meaning of Life-cycle hypothesis ? ? D 0108 8 9. Explain the concept of money multiplier. U U S c U 10. What is Hicks-neutral technical progress ? - US ? D 0108 9 P.T.O. 11. Why does capitalism decay in Schumpeter s theory of economic development ? U U h ? 12. Distinguish between merit good and public good. U U ( ) U S U D 0108 10 13. Which internationally traded services are not covered under General Agreement on Trade in Services (GATS) ? U c U M U U U U (GATS) 14. What is meant by a Restrictive Monetary Policy ? ? D 0108 11 P.T.O. 15. How is industrial productivity measured in India ? U l U ? 16. What is meant by Sustainable development ? U ? D 0108 12 17. List the main characteristics of Indian population as per 2001 census. 2001 U U h 18. What are the bio-chemical components of the Green Revolution ? U - U U ? D 0108 13 P.T.O. 19. Distinguish between Type-I and Type-II Error. U -I U U -II U U U 20. What are the applications of differentiation and integration techniques in economics ? S U ? D 0108 14 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) (200) U (12x5=60 ) Elective - I U I 21. Explain how will you estimate a linear regression equation which is piecewise linear with a joint (or knot) at x5xo, if (a) xo is known (b) xo is unknown S c U M U U U , x5xo, U ( U) U U U , U , (a) (b) 22. xo xo Define multicollinearity. Explain how it would be detected in a multiple regression equation and what are its consequences ? U U S c U U U U 23. Given a sample of 50 observations and 4 explanatory variables, what can be said about auto correlation if : (a) d 5 1.05 (b) d 52 2.50 (c) d 5 3.97 50 $ U U 4 U U, S U (a) D 0108 d 5 1.05 (b) d 52 2.50 (c) 15 d 5 3.97 P.T.O. 24. Consider the three-equation model. y15b13 y31y12 x21m1 y25b21 y11b23 y31y21 x11y22 x21m2 y35y33 x31m3 Where y1, y2 and y3 are endogenous and x1, x2 and x3 are exogenous. Discuss the identification of each of the equations of the model based on the order and rank conditions. - U U U U U y15b13 y31y12 x21m1 y25b21 y11b23 y31y21 x11y22 x21m2 y35y33 x31m3 y1, y2 U y3 U x1, x2 U x3 U S ( U ) U U U U 25. Discuss fully the ARIMA model of time-series. To what extent, it is different from ARMA model ? U ARIMA U U U ARMA U ? OR / Elective - II II 21. Discuss the assumptions of Revealed Preference Theory of demand. How is this theory an improvement over the earlier theories of demand ? U h U h U h U U ? 22. Discuss the Bertrand solution of duopoly. How does it differ from the Cournot solution ? m- U U U U U U ? 23. What is meant by equilibrium in the money market ? How is LM Curve derived in the money market ? U ? U LM U ? 24. Discuss Hicksian model of trade cycle in terms of multiplier-accelerator interaction. - U U U 25. Explain Endogenous growth theory as propounded by Paul. M. Romer. U U m U h h m U S c U OR / D 0108 16 Elective - III III 21. Critically comment on the emerging International Monetary System. U U c U U U 22. Give a critical account of the problems which developing economics like India are facing in the wake of WTO stipulations. WTO U S M U S S U U U 23. What is meant by Euro-Currency Markets ? What factors, in your opinion, contributed to the growth of Euro-Currency Markets ? U - U U ? U U - U U h U ? 24. Distinguish between fixed and flexible exchange rate systems. Which one of the two you will prefer and why ? S U U U S U U U ? 25. Critically examine the international debt problems of the developing countries. How can these problems be overcome ? U c U S S U U ? OR / Elective - IV IV 21. Discuss the main trends in agricultural production in India in the wake of economic reforms. U U U S M 22. What are the major weaknesses of the existing agricultural price policy in India ? How can these weaknesses, in your opinion, be overcome ? U ? U U D 0108 17 P.T.O. 23. Describe the structure of agricultural markets in India and its major shortcomings. U U U 24. Do WTO provisions ensure the sustainable agricultural development in India ? Elaborate. WTO U U ? S U 25. Discuss the significance of the amendments made in Minimum Wages Act 1948 for the functioning of labour markets in India. U U U U , 1948 OR / Elective - V V 21. Describe the methodology adopted by the Commission on Agricultural Costs and Prices (CACP) for determining the Minimum Support Prices (MSP) of agricultural commodities. S (MSP) U U m U U 22. Discuss the environmental concerns that have emerged during the post-reforms period in India. U U- U U U U U U U U 23. Infrastructural facilities are the nerves of the process of development of a developing economy like India . Elaborate. U S h S U S c U 24. Discuss the effects of financial sector reforms in India. U U 25. Critically examine the trade reforms that have been introduced in the wake of economic reforms in India. U U U S M U U D 0108 18 D 0108 19 P.T.O. D 0108 20 D 0108 21 P.T.O. D 0108 22 D 0108 23 P.T.O. D 0108 24 D 0108 25 P.T.O. D 0108 26 D 0108 27 P.T.O. D 0108 28 D 0108 29 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. Explain the impact of economic reforms on poverty and unemployment in India. Critically analyse the efficacy of the policy measures introduced in India in this respect. U U U U U U U OR / Explain the role of energy sector in the economic development of India. Do you find any crisis in the power sector. Give a critical account of the power policy of the government. U U ? U U U D 0108 30 D 0108 31 P.T.O. D 0108 32 D 0108 33 P.T.O. D 0108 34 D 0108 35 P.T.O. D 0108 36 D 0108 37 P.T.O. D 0108 38 D 0108 39 P.T.O. FOR OFFICE USE ONLY 1 26 51 76 2 27 52 77 3 28 53 78 4 29 54 79 5 30 55 80 6 31 56 81 7 32 57 82 8 33 58 83 9 34 59 84 10 35 60 85 11 36 61 86 12 37 62 87 13 38 63 88 14 39 64 89 15 40 65 90 16 41 66 91 17 42 67 92 18 43 68 93 19 44 69 94 20 45 70 95 21 46 71 96 22 47 72 97 23 48 73 98 24 49 74 99 25 50 75 Marks Obtained Question Number Marks Obtained Question Number Marks Obtained Question Number Marks Obtained Question Number Marks Obtained 100 Total Marks Obtained (in words) ..................................... (in figures) .................................... Signature & Name of the Coordinator ............................... (Evaluation) D 0108 Date ............................. 40

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