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UGC NET DEC 2007 : ECONOMICS PAPER II

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Signature and Name of Invigilator Answer 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. D 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. D 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 f ifty ( 50) object type questions, each question carrying two (2) marks. Attempt all the questions. Chamberlin introduced the concept of cost known as : (A) (B) Floating cost (C) 2. Fixed cost Selling cost (D) Variable cost If commodities are perfect substitutes indifference curve becomes a : (A) (B) straight line with negative slope (C) 3. Downward sloping curve Right angle (D) Rectangular hyperbola C E S Production function is associated with the name of one of the following : (A) (B) B. S. Minhas (C) 4. Joan Robinson Manmohan Singh (D) A. K. Sen Psychological law of consumption is given by : (A) (B) Pigou (C) 5. Milton Friedman Tobin (D) Keynes When interest elasticity of demand for money is zero the L - M curve is : (A) (B) Horizontal Parallel to X-axis (C) 6. Vertical Parallel to Y-axis Positive Sloping straight line (D) Negative Sloping straight line Natural rate of unemployment is the rate of unemployment at which : (A) (B) Rate of inflation is unstable (C) 7. Rate of inflation is stable Rate of inflation is falling (D) Rate of inflation is rising Knife - Edge Problem arises in : (A) (B) Kaldor Model (C) 8. Solow model Joan Robinson model (D) Harrod - Domar Model Who has propounded the theory of Unbalanced growth ? (A) E. Domar (B) A. K. Sen (C) A. O. Hirshman (D) W. A. Lewis D 0107 2 S II U (50) S D (2) U 1. U U M S (A) (B) / S U (C) 2. S (D) U S S US (A) (B) U U (C) 3. (D) U C E S (A) (B) . . (C) 4. U (D) . . ? (A) (B) (C) 5. U U U (D) L - M (A) (B) X - U (C) 6. Y - L U U U (D) U U U U U U U (A) (B) S U S U (C) 7. S U S U S U U U (D) S U U U U U - U (Knife - edge) S U ? (A) (B) U U U (C) 8. U U U (D) U U- U U U h h ? (A) . U U (B) . . (C) . . (D) U . . D 0107 3 P.T.O. 9. Social factors in under developed countries : (A) (B) Promote growth (C) 10. Retard growth Maximise growth (D) Lead to low growth Exclusion principle is not applicable to : (A) (B) Social goods (C) 11. Merit goods Private goods (D) All goods To avoid the excess burden of tax, we should have : (A) (B) Zero marginal tax rate (C) 12. Low marginal tax rate Moderate marginal tax rate (D) Reasonable Marginal tax rate Redemption of Public Debt means : (A) (B) Refusal to pay Public debt (C) Redefining of Public debt in terms of foreign currency (D) 13. Repayment of Public Debt Linking Public debt with inflation rate The stable exchange rate system prevailed in the world trading during the period : (A) (B) 1919 - 1971 (C) 14. 1919 - 1939 1946 - 1971 (D) 1971 onwards As per the WTO agreement, India should import food-grains out of its total imports to the extent of : (A) (B) 10% (C) 15. 5% 15 % (D) 30 % The ongoing strengthening of rupee against U.S. dollar : (A) (B) Indian exports to America will decrease (C) Imports from America to India will remain constant (D) 16. Indian exports to America will increase Indian exports to America will remain constant Industrial licencing policy enquiry committee was set up in 1967 under the Chairman-ship of : (A) R.K. Hazari (B) P.C. Mahalanobis (C) S. Dutt (D) V.K.R.V. Rao D 0107 4 9. h U (A) (B) h (C) 10. h U h (D) h U U $ h U (A) (B) S (C) 11. ( U U) S S (D) S U U (A) (B) U U (C) 12. U U U / U (D) U U (A) (B) U U (C) U U (D) 13. / S U U S U U ? (A) (B) 1919 - 1971 (C) 14. 1919 - 1939 1946 - 1971 (D) 1971 WTO U, U l U ? (A) (B) 10 (C) 15. 5 15 (D) 30 . . U U L h L U U U (A) (B) U U (C) U U S U U (D) 16. U U h U U S U U l U 1967 ? (A) U. . U (B) . . (C) . (D) . . U. . U D 0107 5 P.T.O. 17. The term of Hindu rate of growth was coined by : (A) (B) Chakravarty (C) 18. Gadgil Bhagwati (D) Raj Krishna If b2 > 3, the curve is called : (A) (B) Leptokurtic (C) 19. Platykurtic Mesokurtic (D) None of the above The two regression coefficients are given by (2 0.45) and (20.8), then the coefficient of correlation : (A) (B) 0.36 (C) 20. 0.6 2 0.6 (D) 2 0.36 Which of the following does satisfy Factor Reversal test ? (A) Laspeyne s index No. (B) Marshell - Edgeworth index No. (C) Fisher s index No. (D) Paache s index No. Consider the following statements and select correct answer from the codes given below for questions 21 to 30. (Assertion and Reasoning type item) 21. Assertion (A) : An individual values mean return on investment, but dislikes variance. Reason (R) : Individuals are generally averse to risk. (A) (B) Both (A) and (R) are true but (R) is not the reason (C) (A) is true, but (R) is false (D) 22. Both (A) and (R) are true and (R) is the reason (A) is false but (R) is true Assertion (A) : In competitive equilibrium entire output gets exhausted in factor payments. Reason (R) : In competitive conditions returns to scale are constant. (A) Both (A) and (R) true, (R) is the explanation (B) (A) is true, but (R) is false (C) Both (A) and (R) are false (D) Both (A) and (R) are true but (R) is not the reason D 0107 6 17. h U m U ? (A) (B) (C) 18. U (D) U c b2 > 3, (A) (B) U U (C) 19. U U U (D) U (2 0.45) U (20.8) m U , (A) (C) 20. 0.6 2 0.6 (B) (D) 0.36 2 0.36 U c U U ? (A) . (B) . (C) U . (D) . (A) , U (R) 21 30 U U 21. (A) : U U U (R) : U U U U U : (A) (B) (A) U (R) U (R), (A) (C) (A) U (R) (D) 22. (A) U (R) U (R), (A) (A) U (R) (A) : (R) : S U U U S S U U U U : (A) (A) U (R) U (R), (A) (B) (A) U (R) (C) (A) U (R) (D) (A) U (R) U (R), (A) D 0107 7 P.T.O. 23. Assertion (A) : Neo-classical models of growth predict steady state growth. Reason (R) : Saving investment equality is assumed. (A) (B) Both (A) and (R) are false (C) Both (A) and (R) are true but (R) is not the reason (D) 24. Both (A) and (R) are true and (R) is the reason (A) is true but (R) is false Assertion (A) : Sen s P-measure is preferred both to Head Count ratio and the poverty gap ratio. Reason (R) : Sen won the Noble prize . (A) (B) Both (A) and (R) are true but (R) is not the explanation of (A) (C) (A) is false, but (R) is true (D) 25. Both (A) and (R) are true and (R) is the explanation Both (A) and (R) are false Assertion (A) : Indifference curve are convex to origin. Reason (R) : The Law of diminishing marginal utility is excepted in the discipline of Economics. (A) (B) Both (A) and (R) are false (C) Both (A) and (R) are true and (R) is the reason (D) 26. Both (A) and (R) are true but (R) is not the explanation (A) is false, but (R) is true Assertion (A) : Global income inequality has shown an increase in trend. Reason (R) : PREBISCH-SINGER propounded a secular decline in the terms of trade for primary producers and exporters. (A) (A) is false, but (R) is true (B) Both (A) and (R) are false (C) Both (A) and (R) are true and (R) is the reason (D) Both (A) and (R) are true but (R) is not the explanation D 0107 8 23. (A) : (R) : h - U , h S U S c U U U U : (A) (B) (A) U (R) (C) (A) U (R) U (R), (A) (D) 24. (A) U (R) U (R), (A) (A) U (R) (A) : (R) : P- U- U U U U U US U U U U : (A) (B) (A) U (R) U (R), (A) (C) (A) U (R) (D) 25. (A) U (R) U (R), (A) (A) U (R) (A) : (R) : $ / O S U U U : (A) (B) (A) U (R) (C) (A) U (R) U (R), (A) (D) 26. (A) U (R) U (R), (A) (A) U (R) (A) : (R) : - U h - U U U Z U U U U U U : (A) (A) U (R) (B) (A) U (R) (C) (A) U (R) U (R), (A) (D) (A) U (R) U (R), (A) D 0107 9 P.T.O. 27. Assertion (A) : An Elongated s shaped supply curve of labour is observed for the professionals. Reason (R) : Work gives disutility, therefore income compensation is required. (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) 28. (A) is false, but (R) is true (A) is true, but (R) is false Assertion (A) : Price leadership is tacit. Reason (R) : Open collective agreements are illegal in most countries. (A) (B) Both (A) and (R) are true and (R) is the correct explanation (C) (A) is true, but (R) is false (D) 29. Both (A) and (R) are true but (R) is not the correct explanation (A) is false, but (R) is true Assertion (A) : For large sample size all distributions tend to normal distribution. Reason (R) : The basic assumption in all the exact sample tests the parent population from which samples are drawn is not normal. (A) (B) Both (A) and (R) are true but (R) is the not the correct explanation (C) (A) is true, but (R) is false (D) 30. Both (A) and (R) are true and (R) is the correct explanation (A) is false, but (R) is true Assertion (A) : Jharkhand, Chattisgarh, Orissa are poverty ridden states of India. Reason (R) : These states are rich in mineral resources. (A) (A) is false, but (R) is true (B) Both (A) and (R) are true and (R) is the explanation (C) Both (A) and (R) are true but (R) is not the correct explanation (D) (A) is true and (R) is false D 0107 10 27. (A) : (R) : U U U U U U : (A) (B) (A) U (R) U (R), (A) (C) (A) U (R) U (R), (A) (D) 28. (A) U (R) (A) U (R) (A) : (R) : U U U U : (A) (B) (A) U (R) U (R), (A) (C) (A) U (R) (D) 29. (A) U (R) U (R), (A) (A) U (R) (A) : U U , U (Normal distribution) (R) : U , U U U : (A) (B) (A) U (R) U (R), (A) (C) (A) U (R) (D) 30. (A) U (R) U (R), (A) (A) U (R) (A) : (R) : U U, U , , U U U h U U U : (A) (A) U (R) (B) (A) U (R) U (R), (A) (C) (A) U (R) U (R), (A) (D) (A) U (R) D 0107 11 P.T.O. For Questions No. 31 to 38. The Candidates are required to tick (P ) mark the option having the right chronological order. 31. (i) Commission on agricultural costs and prices (ii) The food grain enquiry committee (iii) State trading of food grain (iv) Food grain policy committee Codes : (A) (i), (ii), (iii), (iv) (B) (iv), (iii), (ii), (i) (C) (iii), (ii), (i), (iv) (D) (iv), (ii), (iii), (i) 32. (i) General theory of employment, interest and money : (ii) Affluent society (iii) Wealth of Nations (iv) Principles of Economics Codes : (A) (iii), (iv), (i), (ii) (B) (iv), (iii), (ii), (i) (C) (i), (ii), (iii), (iv) (D) (ii), (i), (iv), (iii) 33. (i) Von-Neumann (ii) Keneth Arrow (iii) Robert Lucas (iv) Robert Solow Codes : (A) (ii), (i), (iv), (iii) (C) (i), (iv), (ii), (iii) (B) (D) (i), (ii), (iii), (iv) (iii), (ii), (i), (iv) (i) Peacock - Wise man Hypothesis (ii) Voluntary Exchange Approach (iii) Laffer Curve (iv) Canons of Taxation Codes : (A) (i), (ii), (iii), (iv) (C) (iv), (iii), (ii), (i) (B) (D) (iv), (ii), (i), (iii) (ii), (iii), (iv), (i) (i) Bi - metallic system (ii) Gold Exchange standard system (iii) Gold standard system (iv) Dollar standard System Codes : (A) (ii), (iv), (i), (iii) (B) (C) (iv), (i), (ii), (iii) (D) (iii), (ii), (iv), (i) (i), (iii), (ii), (iv) 34. 35. D 0107 12 31 38 (P ) 31. q , (i) , U U (ii) l (iii) l U U (iv) l U (A) (C) (i) U U U, U US U U (ii) U U (iii) (iv) 32. (i), (ii), (iii), (iv) (iii), (ii), (i), (iv) (B) (D) (iv), (iii), (ii), (i) (iv), (ii), (iii), (i) U (A) (C) (i) - (ii) U (iii) U U (iv) 33. (iii), (iv), (i), (ii) (i), (ii), (iii), (iv) (B) (D) (iv), (iii), (ii), (i) (ii), (i), (iv), (iii) U U (B) (D) (i), (ii), (iii), (iv) (iii), (ii), (i), (iv) (B) (D) (iv), (ii), (i), (iii) (ii), (iii), (iv), (i) (B) (D) (iii), (ii), (iv), (i) (i), (iii), (ii), (iv) U (A) (C) (i) - U$ U (ii) U (iii) U (iv) 34. (ii), (i), (iv), (iii) (i), (iv), (ii), (iii) U U U (A) (C) (i) - (ii) S (iii) S (iv) 35. (i), (ii), (iii), (iv) (iv), (iii), (ii), (i) U U U (A) (C) D 0107 (ii), (iv), (i), (iii) (iv), (i), (ii), (iii) 13 P.T.O. 36. 37. 38. Explanations of Investment : (i) On rate of interest (ii) On level of profits (iii) Marginal efficiency of capital (iv) Level of savings Codes : (A) (i), (ii), (iii), (iv) (C) (iv), (i), (iii), (ii) (B) (D) (iii), (iv), (i), (ii) (ii), (iii), (iv), (i) (i) Milton Friedman s Approach (ii) Fishers Approach (iii) Stock Balance Approach (iv) Keynes Approach Codes : (A) (ii), (iii), (iv), (i) (C) (iii), (i), (ii), (iv) (B) (D) (i), (ii), (iii), (iv) (iv), (iii), (i), (ii) (i) Permanent Land Revenue Settlement (ii) Integrated Rural Development Programme (iii) Grow More Food Campaign (iv) Green Revolution Codes : (A) (ii), (i), (iii), (iv) (B) (iv), (iii), (ii), (i) (C) (i), (iii), (iv), (ii) (D) (iii), (ii), (i), (iv) Matching Item (Q. No. 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. (a) (b) (c) (d) (A) (B) (C) (D) D 0107 List-I Learning by doing Division of Labour Stationary State as bliss Low level equilibrium trap (a) (b) (c) (d) (iv) (ii) (iii) (i) (i) (ii) (iii) (iv) (iv) (iii) (ii) (i) (ii) (iv) (iii) (i) (i) (ii) (iii) (iv) 14 List-II R. R. Nelson John Stuart Mill Adam Smith K. J. Arrow 36. S C U (i) U U (ii) S U U (iii) (iv) S U U (A) (C) (i) U U (ii) U (iii) S U (iv) 37. (i), (ii), (iii), (iv) (iv), (i), (iii), (ii) (B) (D) (iii), (iv), (i), (ii) (ii), (iii), (iv), (i) (B) (D) (i), (ii), (iii), (iv) (iv), (iii), (i), (ii) (B) (D) (iv), (iii), (ii), (i) (iii), (ii), (i), (iv) U (A) (C) (i) U S S S (ii) (iii) l (iv) 38. (ii), (iii), (iv), (i) (iii), (i), (ii), (iv) U U (A) (C) (ii), (i), (iii), (iv) (i), (iii), (iv), (ii) , U / h / U / U U / Z U U U U 39 46 U U - I 39. - II (a) U (i) U. U. (b) (ii) S U U (c) S U S M (iii) U S (d) S U (iv) . . U (A) (B) (C) (D) D 0107 (a) (iv) (i) (iv) (ii) (b) (ii) (ii) (iii) (iv) (c) (iii) (iii) (ii) (iii) (d) (i) (iv) (i) (i) 15 P.T.O. 40. List-I List-II (a) Big Push (i) Joan Robinson (b) Knife - edge (ii) R. Rodan (c) Golden age (iii) Phelps, E. (d) Golden rule of accumulation (iv) Harrod, R. F. (a) (c) (d) (A) (i) (ii) (iii) (iv) (B) (ii) (iv) (i) (iii) (C) (iv) (iii) (ii) (i) (D) 41. (b) (iii) (iv) (i) (ii) Match the following : Group-I Group-II (a) Rejection of Ho when it is true (i) Stratified random sampling (b) Mean is equal to degrees of freedom (ii) Type-I error (c) Population is heterogeneous (iii) Positively skewed distribution (d) Mean > Mode (iv) x2 distribution (a) (c) (d) (A) (ii) (iv) (iii) (i) (B) (i) (ii) (iii) (iv) (C) (ii) (iv) (i) (iii) (D) 42. (b) (iv) (i) (ii) (iii) Match the following : Group-I Group-II (a) Wealth of Nations (i) David Ricardo (b) Treatise on Money (ii) Jagdish Bhagwati (c) In defence of globalisation (iii) Adam Smith (d) Principles of Political Economy and Taxation (iv) Keynes (a) (b) (c) (d) (A) (iii) (iv) (ii) (i) (B) (i) (ii) (iii) (iv) (C) (iv) (iii) (ii) (i) (D) (ii) (i) (iv) (iii) D 0107 16 - I 40. - II (a) (i) U (b) U U - U (ii) U. U U (c) S (iii) . (d) S (iv) U. . U (A) (B) (C) (D) 41. (a) (i) (ii) (iv) (iii) (b) (ii) (iv) (iii) (iv) (c) (iii) (i) (ii) (i) (d) (iv) (iii) (i) (ii) U - II - I (a) Ho m U S (i) S U U (b) U U U U (ii) U - I U (c) (iii) M S U U (d) > (iv) x2 U U (A) (B) (C) (D) 42. (a) (ii) (i) (ii) (iv) (b) (iv) (ii) (iv) (i) (c) (iii) (iii) (i) (ii) (d) (i) (iv) (iii) (iii) U - I - II (a) (i) U U U U (b) U U (ii) (c) U $ (iii) U S (d) U U U (iv) U (A) (B) (C) (D) D 0107 (a) (iii) (i) (iv) (ii) (b) (iv) (ii) (iii) (i) (c) (ii) (iii) (ii) (iv) (d) (i) (iv) (i) (iii) 17 P.T.O. 43. Match the following : Group-I Group-II (a) Planning for an expanding economy (i) V.K.R.V. Rao (b) Industrial evolution of India (ii) Dadabhai Nauroji (c) Drain theory (iii) D. R. Gadgil (d) India s National income (iv) Vakil and Brahmanand (a) (c) (d) (A) (iii) (i) (iv) (ii) (B) (i) (ii) (iii) (iv) (C) (iv) (iii) (ii) (i) (D) 44. (b) (i) (iv) (iii) (ii) Match the following : Group-I Group-II (a) General theory of employment interest and money (i) David Hume (b) Economics of Imperfect competition (ii) W.W. Rostou (c) Stages of Economic growth (iii) Joan Robinson (d) Specie flow mechanism (iv) J. M. Keynes (a) (c) (d) (A) (iv) (iii) (ii) (i) (B) (i) (ii) (iii) (iv) (C) (iii) (i) (iv) (ii) (D) 45. (b) (ii) (iv) (i) (iii) Match the following : Group-I Group-II (a) Communist Manifesto (i) Robert Mundell (b) Globalisation and its discontents (ii) Joseph stiglitz (c) Theory of optimum currency area (iii) Karl Marx and Angels (d) Essays in Positive Economics (iv) Milton Friedman (a) (b) (c) (d) (A) (ii) (i) (iii) (iv) (B) (i) (ii) (iii) (iv) (C) (iii) (ii) (i) (iv) (D) (iii) (i) (iv) (ii) D 0107 18 43. U - II - I (a) S S (i) . . U. . U (b) U l (ii) U (c) U U (iii) U . U. (d) U U c U (iv) r U (A) (B) (C) (D) 44. (a) (iii) (i) (iv) (i) (b) (i) (ii) (iii) (iv) (c) (iv) (iii) (ii) (iii) (d) (ii) (iv) (i) (ii) U - I - II (a) U U U U US U U (i) U U s (b) U U U (ii) U . U . U S U (c) S U (iii) U (d) S (iv) . . U (A) (B) (C) (D) 45. (a) (iv) (i) (iii) (ii) (b) (iii) (ii) (i) (iv) (c) (ii) (iii) (iv) (i) (d) (i) (iv) (ii) (iii) U - I - II (a) S U S U (i) U U U U (b) U U U U U (ii) S U U$ (c) U U U U (iii) (d) $ U (iv) U U U (A) (B) (C) (D) D 0107 (a) (ii) (i) (iii) (iii) (b) (i) (ii) (ii) (i) (c) (iii) (iii) (i) (iv) (d) (iv) (iv) (iv) (ii) 19 P.T.O. 46. Match the following : Group-I Group-II (a) Trend (i) ((S. D.)/Mean)3100 (b) Coefficient of Variation (ii) Normal (c) Mean5 np (iii) Time Series (d) Symmetric distribution (iv) Binomial (a) (b) (c) (d) (A) (ii) (iv) (i) (ii) (B) (i) (iii) (iv) (ii) (C) (iv) (i) (iii) (ii) (D) (iii) (i) (iv) (ii) Read the passage given below and answer questions from 47 to 50 on your understanding of the passage : The more difficult task of ensuring global economic stability was assigned to the IMF. Those who convened Bretton Woods had the global depression of the 1930 s very much on their minds. Almost three quarters of a century ago, capitalism faced the most severe crisis to date. The Great Depression enveloped the whole world and led to unprecedented increases in unemployment. At the worst point, a quarter of America s workforce was unemployed. The British economist John Maynard Keynes, who would later be a key participant at Bretton Woods, put forward a simple explanation, and a corresponding simple set of prescriptions; lack of sufficient aggregate demand explained economic downturns; government policies could help stimulate aggregate demand. In cases where monetary policy is ineffective, governments could rely on fiscal policies, either by increasing expenditures or cutting taxes. While the models underlying Keynes analysis have subsequently been criticised and refined, bringing a deeper understanding of why market forces do not work quickly to adjust the economy to full employment, the basic lessons remain valid. 47. The IMF was assigned : (A) The task of accelerating economic growth of the world (B) The task of controlling inflation in the world economy (C) The task of ensuring economic stability in the world economy (D) The task of removing imbalances from the U.S.A. D 0107 20 46. U - I - II (a) (i) ((S. D)/ )3100 (b) U (ii) (c) 5np (iii) U (d) U (iv) m U (a) (b) (c) (d) (A) (ii) (iv) (i) (ii) (B) (i) (iii) (iv) (ii) (C) (iv) (i) (iii) (ii) (D) (iii) (i) (iv) (ii) U U U U 47 50 U - U U U U . . . (IMF) U U , S 1930 U U U U , - , , U U U U U U U h U U U, U - U U U S , U , U , U U S S U , U U U U U - , S , U U U m U U , h U U U U U U U U , U S U U U U , U 47. IMF ? (A) h U U U (B) S S U U (C) S S U U (D) U U U D 0107 21 P.T.O. 48. During the Great Depression : (A) (B) Unemployment rate in England was 20% (C) Unemployment rate in the U.S.A. was 25% (D) 49. Unemployment rate in the World was 25% Unemployment rate in India was 20% According to Keynes, the cause for the unprecedented global depression of the 1930 s was : (A) (B) Low interest rate in the U.K. (C) Break down of the gold standard (D) 50. High interest rate in the U.S.A. Lack of sufficient aggregate demand Keynes prescription to fight global depression was that : (A) The government should pursue active monetary policy (B) The government should pursue a combination of fiscal policy and monetary policy (C) The government should pursue fiscal policy where monetary policy is in`effective (D) The government should have a policy of balanced budget -oOo- D 0107 22 48. U (A) (B) U U U U 20% (C) U U U U 25% (D) 49. U U U 25% U U U U 20% U 1930 U - U U (A) (B) U U (C) S U U (D) 50. U U - U (A) U U (B) U U U U (C) , U U (D) U U U -oOo- D 0107 23 P.T.O. Space For Rough Work D 0107 24

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