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UGC NET JUN 2007 : ECONOMICS PAPER II

24 pages, 100 questions, 1 questions with responses, 1 total responses,

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Signature and Name of Invigilator Answer Sheet No. : ...................................................... 1. (Signature) Candidate) ( To be filled by the Roll No. (Name) (In figures as per admission card) Roll No. 2. (Signature) (In words) (Name) Test Booklet No. J 0 1 0 7 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. Write your roll number in the space provided on the top of this page. 1. U DU U S U U U U 2. This paper consists of fifty multiple-choice type of questions. 3. U U U, - S U 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) 2. - - S U (i) - S U U U U S U U- U S S U U (ii) 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. 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) (iii) 4. 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. After this verification is over, the Serial No. of the booklet should be entered in the Answer-sheets and the Serial No. of Answer Sheet should be entered on this Booklet. (iii) - S R U- U 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. 4. U U (A), (B), (C) (D) Example : A B C U U U U- R - S U U U U U U U D where (C) is the correct response. 5. 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. C D 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 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. / U Z U S U U ( U U) U U 12. U U 10. 10. Use only Blue/Black Ball point pen. 11. 11. Use of any calculator or log table etc., is prohibited. 12. There is NO negative marking. J 0107 B 5. U U I U U- U 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. A ( C) U 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. Match the following : List - I List - II (a) Iso-Profit curve (i) Adam Smith (b) Sales Maximisation Principle (ii) E. V. Stackelberg (c) Selling Costs (iii) W. Baumol (d) Principles of Absolute Advantage (iv) Edward Chamberlin Select correct answer from the code given below : Code : (a) (c) (d) (A) (ii) (iii) (iv) (i) (B) (i) (iv) (ii) (iii) (C) (iii) (ii) (i) (iv) (D) 2. (b) (iv) (i) (iii) (ii) Assertion (A) : If the rise in demand is quite substantial and stays high for a fairly long time, the kink in the Oligopolist s demand curve will get reversed. Reason (R) : The rivals are less worried about losses and are operating closer to their capacity. Select the correct answer from the code given below : Code : (A) Both (A) and (R) are true and (R) is correct explanation of (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) (A) is false, but (R) is true J 0107 2 S II U (50) S D (2) U 1. - I - II (a) - R (i) S (b) R h (ii) . . S (c) R (iii) . (d) h (iv) : (a) (c) (d) (A) (ii) (iii) (iv) (i) (B) (i) (iv) (ii) (iii) (C) (iii) (ii) (i) (iv) (D) 2. (b) (iv) (i) (iii) (ii) (A) : h R S ( ) (R) : S - : (A) (A) (R) (R), (A) (B) (A) (R) (R), (A) (C) (A) (R) (D) (A) (R) J 0107 3 P.T.O. 3. Revealed preference theory can be used : (A) (B) to break price effect (C) to prove basic proposition of law of demand (D) 4. to prove convexity of an indifference curve all of the above In case of perfect substitutes indifference curve is (A) (B) linear upward sloping (C) 5. right angled linear downward sloping (D) concave to origin A ridgeline is a locus of such points where marginal productivity of a factor input is : (A) (B) greater than zero (C) 6. equal to zero negative (D) equal to one Which one of the following is not the assumption of Pareto Optimality ? (A) (B) Absence of externalities (C) 7. Existence of perfect competition Cardinal nature of utility (D) Utility is ordinal When the negative income effect outweighs the substitution effect, the concerned good is : (A) (B) an inferior good (C) 8. a Giffin good a normal good (D) none of the above Attempts to force inflation below non-accelerating inflation rate of unemployment (NAIRU) will cause : (A) inflation to accelerate without any change in employment or output (B) Inflation to decelerate with rising employment and output (C) inflation to decelerate with employment and output remaining the same (D) inflation to remain unchanged with fall in employment and output. J 0107 4 3. h (A) (B) - (C) ( S ) h (D) 4. S R h S S R __________ (A) (B) (C) 5. (D) (A) (B) (C) 6. (D) m C ? (A) (B) (C) 7. S l (D) R S S (A) (B) S (C) 8. S S (D) S - (NAIRU) S (A) S (B) S (C) S (D) S J 0107 5 P.T.O. 9. Square root formula for money demand was developed by some of the following : (i) Milton Friedman (ii) James Tobin (iii) A. C. Pigou (iv) William Baumol Of the above, select correct answer from the code given below : Code : (A) (B) (i) and (iii) are correct (C) 10. (i) and (ii) are correct (ii) and (iv) are correct (D) (ii) and (iii) are correct Consider some of the factors that do not affect output and employment in the classical model of employment : (i) Quantity of money (ii) Level of government spending (iii) Upward shift in production function (iv) Level of demand for investment goods Of the above, select correct answer from the code given below : Code : (A) (B) (i), (ii) and (iii) are correct (C) 11. (i), (ii) and (iv) are correct (i), (iii) and (iv) are correct (D) (ii), (iii) and (iv) are correct Consider some of the features relating to Simple Life Cycle model of consumption : (i) Consumption spending is financed by life time income (ii) Current consumption spending depends on life-time income and current wealth (iii) Consumption each year depends on individual s life expectancy (iv) Current consumption of an individual depends on his current income Of the above, select correct answer from the code given below : Code : (A) (i) and (ii) are correct (B) (ii) and (iii) are correct (C) (i) and (iii) are correct (D) (iii) and (iv) are correct J 0107 6 9. - m ? (i) (ii) (iii) . . (iv) Q : (A) (B) (i) (iii) (C) 10. (i) (ii) (ii) (iv) (D) (ii) (iii) S (i) (ii) S (iii) (iv) S S : (A) (B) (i), (ii) (iii) (C) 11. (i), (ii) (iv) (i), (iii) (iv) (D) (ii), (iii) (iv) R (i) m (ii) (iii) Q (iv) Q : (A) (i) (ii) (B) (ii) (iii) (C) (i) (iii) (D) (iii) (iv) J 0107 7 P.T.O. 12. Consider some of the hypotheses of consumption function : (i) Permanent-Income hypothesis (ii) Relative-Income hypothesis (iii) Life-cycle hypothesis (iv) Absolute-Income hypothesis Arranging above in the chronological order of appearance, select the correct sequence from the following code : Code : (A) (B) (iv), (i), (iii) and (ii) (C) 13. (i), (iii), (iv) and (ii) (iv), (ii), (iii) and (i) (D) (iii), (i), (iv) and (ii) According to Kaynes, interest is paid for : (A) (B) holding money for transactions purposes (C) holding money as an asset (D) 14. parting with liquidity holding money to tide over uncertainty Disposable income in National Accounts is calculated as : (A) (B) GNP1Net income from abroad1Transfer Payments2Taxes1undistributed profit (C) GDP2Net income from abroad1Transfer Payments2Taxes1undistributed profit (D) 15. GDP1Net income from abroad1Transfer Payments2Taxes2undistributed profit GNP2Net income from abroad1Transfer Payments2Taxes1undistributed profit Consider some of the factors related to economic growth : (i) Larger inputs leading to larger output (ii) Technical and institutional changes by which output is produced (iii) Level of efficiency and skill producing larger output (iv) Diversification of output Of the above, economic growth includes (A) (i), (iii) and (iv) (B) (i) and (iii) only (C) (i), (ii) and (iii) (D) (i), (ii), (iii) and (iv) J 0107 8 12. (i) S P (ii) P (iii) - R P (iv) - P R S : (A) (B) (iv), (i), (iii) (ii) (C) 13. (i), (iii), (iv) (ii) (iv), (ii), (iii) (i) (D) (iii), (i), (iv) (ii) (A) (B) - g (C) M (D) 14. C - M (A) (B) . . .1 # h 1 S 2 1 (C) . . .2 # h 1 S 2 1 (D) 15. . . .1 # h 1 S 2 2 . . .2 # h 1 S 2 1 (i) (ii) S m (iii) U S (iv) (A) (i), (iii) (iv) (B) (i) (iii) (C) (i), (ii) (iii) (D) (i), (ii), (iii) (iv) J 0107 9 P.T.O. 16. The hypothesis of vicious circle of poverty points to inter-relation between : (A) (B) income and population (C) inflation and high consumption (D) 17. productivity and income surplus labour and disguised unemployment Physical Quality of Life Index (PQLI) was calculated by : (A) (B) Meier G. M. (C) 18. Mahboobul Haq Morris D. (D) None of the above Which one of the following is irrelevant in economic planning in a market-oriented economy ? (A) (B) Development of infrastructure (C) Economic policy by a government (D) 19. Indicative planning Regulations and controls Which one of the following aspects was NOT emphasised by Hirschman in the theory of unbalanced growth ? (A) (B) Direct productive activities (C) Social overhead capital (D) 20. Backward and forward linkages Equilibrium in different sectors Which one of the following is NOT an objective of fiscal policy ? (A) Fixing statutory liquidity ratio (B) Influencing consumption-saving ratio (C) Checking inflation and depression (D) Reducing disparities in distribution of income and wealth J 0107 10 16. c R P (A) (B) (C) S (D) 17. (PQLI) m (A) (B) . . (C) 18. . (D) S ? (A) (B) (C) m (D) 19. h m (A) (C) (D) 20. (B) S g ? (A) (B) - (C) S (D) J 0107 11 P.T.O. 21. Which one of the following is NOT a measure of globalisation ? (A) (B) Size of inflows of foreign institutional investments in a country (C) Disinvestment of public sector equity (D) 22. Reducing peak rate of customs duty Larger foreign aid Which one of the following pairs is NOT correctly matched ? (A) - Big push theory (B) Critical minimum efforts - R. R. Nelson (C) Circular causation - G. Myrdal (D) 23. Indivisibilities in production funtion Long-run disequilibria - Harrod model Burden of tax on commodity can be shifted totally to consumers if elasticity of demand is : (A) (B) less than one but greater than zero (C) 24. equal to 1 equal to zero (D) greater than 1 Which one of the following is NOT included in a capital budget ? (A) (B) Interest payments (C) Money collected from public borrowing (D) 25. Expenditure on asset formation Small saving collection by the government The numerical value of balanced budget multiplier is : (A) 1 (B) Less than 1 but more than zero (C) more than 1 (D) zero J 0107 12 21. ? (A) (B) S (C) (D) 22. - ? (A) - h (B) R - . . (C) - . (D) 23. S - ( ) , S M Q (A) (B) (C) (D) 24. 1 1 ? (A) (B) (C) # (D) 25. m (A) 1 (B) 1 (C) 1 (D) J 0107 13 P.T.O. 26. With which branch of public finance is Functional Finance related ? (A) (B) Distribution (C) 27. Allocation Stabilization (D) All of the above If taxes are levied according to ability-to-pay theory it leads to : (A) (B) progressive taxes (C) regressive taxes (D) 28. proportional taxes equal amount of tax on all the persons The Benefit Theory of allocation of tax burden was given by : (A) 29. Dalton (B) Pigou (C) Seligman Lindhal Which one of the following is NOT a merit good ? (A) Postal Services (B) Telecom Services (C) 30. (D) Agricultural Products (D) Railways Consider some of the provisions of the Union Budget 2006-07 : (i) Exemption limit from income tax for senior citizens was raised to Rs.1.50 lakh (ii) Rate of service tax was raised to 12 percent (iii) Standard deduction in income tax was abolished (iv) Rate of CENVAT was raised from 12 percent to 15 percent Of the above, select correct answer from the code given below : Code : (A) (ii) and (iii) are correct (B) (i), (ii) and (iii) are correct (C) (ii), (iii) and (iv) are correct (D) (i), (ii) and (iv) are correct J 0107 14 26. ? (A) (B) (C) 27. S (D) Q (A) (B) (C) 28. (D) Q h m (A) 29. (B) (C) ? (A) (B) (C) 30. (D) (D) 2006-07 (i) D 1.50 (ii) 12 (iii) (iv) 12 15 Q : (A) (ii) (iii) (B) (i), (ii) (iii) (C) (ii), (iii) (iv) (D) (i), (ii) (iv) J 0107 15 P.T.O. 31. Consider some of the factors taken into account by Planning Commission for estimating the number of persons below poverty line in India : (i) Per capita income (ii) Calory intake in rural and urban areas (iii) Family expenditure (iv) Per capita consumption Of the above, select correct answer from the code given below : Code : (A) (B) only (ii) and (iii) are correct (C) 32. (i), (ii) and (iii) are correct only (i) and (iv) are correct (D) (i), (iii) and (iv) are correct In Human Development Index prepared by UNDP, out of 177 countries, India s rank in recent years has been between : (A) (B) 116 and 120 (C) 33. 111 and 115 121 and 125 (D) 126 and 130 Consider some of the facts about National Rural Employment Guarantee Scheme launched in February 2006 in India : (i) It has been launched in 200 districts of the country (ii) It replaces National Rural Employment Programme (iii) A minimum employment of 100 days has been assured in the scheme (iv) The scheme is being implemented by State governments Of the above, select correct answer from the code given below : Code : (A) (B) (i), (ii) and (iii) are correct (C) 34. (ii), (iii) and (iv) are correct (i), (iii) and (iv) are correct (D) (i), (ii), (iii) and (iv) are correct The base year for estimating GDP in India at constant prices at present is : (A) J 0107 1993-94 (B) 1996-97 (C) 16 1999-2000 (D) 2001-02 31. m (i) Q (ii) (iii) (iv) Q Q : (A) (B) (ii) (iii) (C) 32. (i), (ii) (iii) (i) (iv) (D) (i), (iii) (iv) . . . . m 177 Z S (A) (B) 116 120 (C) 33. 111 115 121 125 (D) 126 130 2006 C (i) 200 (ii) C R S (iii) 100 S (iv) : (A) (B) (i), (ii) (iii) (C) 34. (ii), (iii) (iv) (i), (iii) (iv) (D) (i), (ii), (iii) (iv) S . . . (A) J 0107 1993-94 (B) 1996-97 (C) 17 1999-2000 (D) 2001-02 P.T.O. 35. Which one of the following measures is not adopted by Reserve Bank of India for controlling credit ? (A) (B) Cash reserve ratio (C) 36. Capital adequacy ratio Statutory Liquidity ratio (D) Cash deposit ratio Consider some of the following Acts to regulate industries and foreign exchange in India : (i) Foreign Exchange Management Act (ii) Industrial Development and Regulation Act (iii) Monopolies and Restrictive Trade Practices Act (iv) Foreign Exchange and Regulation Act Arranging the above Acts in chronological order, the correct sequence is : (A) (B) (ii), (iii), (iv) and (i) (C) 37. (iii), (ii), (iv) and (i) (ii), (iv), (iii) and (i) (D) (i), (iv), (ii) and (iii) Which one of the following is NOT the assumption of Comparative Cost theory of international trade ? (A) (B) Perfect competition (C) Linear homogeneous production function (D) 38. Labour theory of value Imperfect competition The balance of payments of a country will be in surplus if : (A) (B) accommodating capital is positive (C) accommodating capital is zero (D) 39. accommodating capital is negative none of the above Which one of the following countries suffered the least in terms of depreciation of the currency in the East Asian currency crisis ? (A) Thailand (B) Singapore (C) Indonesia (D) Philippines J 0107 18 35. - m ? (A) (B) (C) 36. # (D) l (i) (FEMA) (ii) l (IDRA) (iii) (MRTP) (iv) (FERA) R S (A) (B) (ii), (iii), (iv) (i) (C) 37. (iii), (ii), (iv) (i) (ii), (iv), (iii) (i) (D) (i), (iv), (ii) (iii) C h (A) (C) M (D) 38. h (B) (A) (B) (C) (D) 39. ? - O ? (A) (B) (C) (D) J 0107 19 P.T.O. 40. Cancun conference of WTO took place in the year : (A) 41. 2003 (B) 2004 (C) 2005 (D) Which one of the following committees at first examined the capital account convertibility after 1991 ? (A) Mehrotra Committee (B) Rangarajan Committee (C) 42. Tarapore Committee (D) Chelliah Committee Hedging in the foreign exchange market refers to : (A) an act of devaluation (B) not covering a risk of foreign exchange in future (C) covering a risk of foreign exchange in future (D) 43. 2006 none of the above Single factoral terms of trade is given by : (A) PX (QX ) PM (B) PX (ZX ) PM (C) PM ZX PX ZM (D) PX ZM PM ZX where the symbols have the usual meaning. 44. The mean and variance of a Binomial distribution is equal to : (A) (C) 45. np , npq , n 2 p 2 npq (B) n 2p , (D) n.2p 2 q 2 np, npq If the mean of a given distribution is 6.0 and the standard deviation 0.50, then the co-efficient of variation will be : (A) 4.0 percent (B) 8.3 percent (C) 16.0 percent (D) none of the above J 0107 20 40. . . . ? (A) 41. 2003 (B) 2004 (C) 2005 (B) (C) U (D) ( ) ? (A) (B) c (C) c (D) 43. 2006 ? (A) 42. (D) Z m (A) PX (QX ) PM (B) PX (ZX ) PM (C) PM ZX PX ZM (D) PX ZM PM ZX S 44. m (A) (C) 45. np , npq , n 2 p 2 npq (B) n 2p , (D) n.2p 2 q 2 np, npq 6.0 0.50 (A) 4.0 (B) 8.3 (C) 16.0 (D) J 0107 21 P.T.O. 46. A bag contains 7 red, 12 white and 4 green balls. One ball is drawn from the bag. What is the chance that it is white ? (A) 47. 12/23 (B) 7/23 (C) 4/23 (D) 23/12 (D) 0.7 Given the two regression lines Y on X and X on Y as follows : 3X+2Y = 26.0 6X+Y = 31.0 then their (r) will be equal to (A) 48. 0.4 (B) 0.5 (C) 0.6 In testing a given hypothesis the maximum P with which we would be willing to risk a type I error is known as : (A) (B) Point estimate (C) 49. Null hypothesis Level of significance (D) Interval estimate Mesokurtotic distribution is also known as : (A) (B) x2 distribution (C) 50. Gamma distribution Beta distribution (D) Normal distribution If E is the event of getting a total of 12 in throwing a dice twice, the probability of getting a total of less than 12 is : (A) 1/3 (B) 1/6 (C) -oOo- J 0107 22 35/36 (D) 1/18 46. 7 , 12 4 ? (A) 47. 12/23 (B) 7/23 (C) 4/23 (D) 23/12 0.6 (D) 0.7 X Y Y X , 3X+2Y = 26.0 6X+Y = 31.0 (r) (A) 48. 0.4 (B) 0.5 (C) P I , (A) (B) (C) 49. g ( ) P S (D) S (A) (B) x2 S (C) 50. S S (D) S 12 # ( E ) 12 # ? (A) 1/3 (B) 1/6 (C) 35/36 (D) 1/18 -oOo- J 0107 23 P.T.O. Space For Rough Work J 0107 24

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