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UGC NET DEC 2005 : 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 5 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 0105 1 P.T.O. ECONOMICS ( ) 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 0105 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 ) The whole of a man s income is expended in the purchase of services and of commodities. It is indeed commonly said that a man spends some portion of his income and saves another. But it is a familiar economic axiom that a man purchases labour and commodities with that portion of his income which he saves just as much as he does with what he is said to spend. He is said to spend when he seeks to obtain present enjoyment from the services and commodities he purchases. He is said to save when he causes the labour and the commodities which he purchases to be devoted to the production of wealth from which he expects to derive the means of enjoyment in the future. - Alfred Marshall S , S S h ( ) , , S , - c - 1. To which school of thought does the author belong ? ? D 0105 3 P.T.O. 2. How is a man said to spend that part of his income which he saves ? , ? 3. Can there be deficieny of demand in the light of the above principle ? h , ? D 0105 4 4. Name the law underlying this passage. h ? 5. Do you agree with the economic axion referred to here ? Give one reason in support of your answer. ? D 0105 5 P.T.O. SECTION - II U II Note : The 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 are discretionary profits ? S ? D 0105 6 7. What is meant by capital - output ratio ? - ? 8. Define Pareto Optimality. S D 0105 7 P.T.O. 9. Define capital-embodied technical progress : 10. Distinguish between progressive and regressive methods of taxation. h D 0105 8 11. What is linear programming ? ? 12. Define the concept of multiplier ? D 0105 9 P.T.O. 13. Define Keynesian notion of aggregate demand. 14. What is consumers surplus ? Q ? D 0105 10 15. Define the long-term Phillips curve. 16. What is meant by Cournot Point ? ? D 0105 11 P.T.O. 17. Distinguish between capital deepening and capital-widening processes. 18. Identify different components of money supply. - D 0105 12 19. Define Total Factor Productivity (TFP). 20. Countries of the world are given ranks according to (a) per capita income, xi and (b) population density per square kilometer, yi. How do you correlate xi and yi ? (a) , xi (b) , yi. xi yi ? D 0105 13 P.T.O. SECTION - III U III Note : The part has five short-essay type questions of (12) marks each to be answered in upto (200) words. The candidates may select one elective and answer all five (5) questions. (12x5=60 marks) (5) (12) (12x5=60 ) Elective - I U I 21. Given the following least-squares estimates : Ct5constant 1 0.92 Yt 1 e1t Ct5constant 1 0.84 Ct-1 1 e2t Ct-15constant 1 0.78 Yt 1 e3t Yt5constant 1 0.55 Ct-1 1 e4t Calculate the least-squares estimates of b2 and b3 in Ct = b11b2Yt1b3Ct-11Ut Ct5 1 0.92 Yt 1 e1t Ct5 1 0.84 Ct-1 1 e2t Ct-15 1 0.78 Yt 1 e3t Yt5 1 0.55 Ct-1 1 e4t b2 b3 Ct = b11b2Yt1b3Ct-11Ut D 0105 14 22. Consider the Cobb-Douglas production function : 2 3 Yi= 1 X 2 i X 3i e ui ..... (1) Where Yi= output, X2= labour input and X3 =capital input. Written in log form, the equation becomes : ln Yi = 0 + 2 ln X 2i + 3 ln X 3i + U i .... (2) Where 0 = ln 1 How does one find out if there are constant returns to scale ? - 2 3 Yi= 1 X 2 i X 3i e ui ..... (1) , Yi= , X2= X3 = M ln Yi = 0 + 2 ln X 2i + 3 ln X 3i + U i .... (2) 0 = ln 1 S ? 23. The empirical results based on the data for 1946-1975 were as follows (standard errors in the parenthesis) : C t = 26.1910.6248GNPt 20.4398D t (2.73) (0.0060) (0.0736) R 2 = 0.999 (a) What assumption is made by the authors about the nature of heteroscedasticity ? (b) Compare the results of the two regressions. Has the transformation of the original model improved the results, that is reduced, the estimated standard errors ? (c) Can you compare the two R2 values ? D 0105 15 P.T.O. 1946-1975 ( ) (S c ) C t = 26.1910.6248 GNPt 20.4398D t (2.73) (0.0060) (0.0736) R 2 = 0.999 (a) (b) M , S ? (c) 24. ? R2 ? Given the two equation system : b11 y1t1b12 y2t1 11 x1t1 12 x2t5u1t......(1) b21 y1t1b22 y2t1 21 x1t1 22 x2t5u2t......(2) Following restrictions are imposed (a) 12 50, 21 50, (b) 12 50, 22 50, Discuss the identification problem of equations (1) and (2) with respect to restrictions in (a) and (b). b11 y1t1b12 y2t1 11 x1t1 12 x2t5u1t......(1) b21 y1t1b22 y2t1 21 x1t1 22 x2t5u2t......(2) (a) 12 50, 21 50, (b) 12 50, 22 50, (a) (b) (1) (2) S D 0105 16 25. Discuss the concept of stationarity and unit root test in the context of time series analysis. S (S ) M S OR / Elective - II II 21. Explain the maximum rule in a 2-person zero-sum game. - 22. What is meant by equilibrium growth in the neo-classical growth model ? How is it achieved ? , ? # ? 23. Explain the problem of economic inefficiency under monopoly. S 24. What is acceleration principle ? Explain the working of super-multiplier ? h ? - 25. Why the equilibrium growth rate is unstable in the Harrod-Domar model ? Explain - - , S ? OR / Elective - III III 21. Discuss the lessons which could be drawn by the developing countries from the break down of the Bretton Woods System finally in 1973. Examine the role of IMF in putting the international monetary system on a sound footing in the Post-Bretton Woods period. 1973 S M , c , c S c D 0105 17 P.T.O. 22. What are the major features of Singapore issues under WTO ? How do these affect the developing countries including India ? , g ? , c ? 23. Distinguish between equilibrium exchange rate and exchange rate overshooting. Explain the factors that influence the exchange rate overshooting under the fluctuating exchange rate system. (over shooting) S S , ? 24. Discuss the major features of the Euro-Currency market and International bond markets. Explain their rapid growth in terms of size and the range of services during the last three decades. c - S 25. Examine the role of structural adjustment programmes initated by IMF/ World Bank during 1980-85 in reducing the incidence of poverty in developing countries including India. 1980-85 c c / m L OR / Elective - IV IV 21. Account for regional differentials in the productivity of non-food crops in India. How can these differentials be narrowed ? - l ? 22. Examine the rationale behind the introduction of public distribution system in India. D 0105 18 23. Availability of credit is the major bottleneck in the attainment of sustainable development of Indian Agriculture . In this context evaluate the role of co operative credit institutions in the country. S 24. What major changes in agrarian structure would you suggest to make Indian agriculture globally competitive ? S S ? 25. Account for the failure of land reforms in India in improving incentive-structure in agriculture. - - OR / Elective - V V 21. Explain the rationale of planning in the context of Economic Development. 22. What are the effects of economic reforms on reduction of poverty in India ? ? 23. Explain the effects of liberalisation on the Indian Industrial Sector. l ? 24. What are the environmental issues emerging as a result of Economic Reforms in India ? S M g 25. Highlight the importance of women empowerment in the context of Economic Development. D 0105 19 P.T.O. SECTION - IV IV Note : The part has one question of (40) marks to be answered in upto 1000 words. (40x1=40 marks) (40) (1000) (40x1=40 ) 26. Why does the problem of heteroscedasticity is likely to be more common in cross-sectional than time series data ? Discuss a test for detection of heteroscedasticity. Briefly, explain the consequences of using OLS in the presence of heteroscedasticity. S , S ? S OLS OR / How does a sales revenue maximizer achieve an optimal combination of inputs and outputs. , c # ? OR / Discuss the underlying factors responsible for the 1997 East Asian financial crisis. In what way it was different than 1982 Latin American debt crisis ? 1997 - 1982 OR / Discuss the problems and prospects of agricultural marketing in Indian Agriculture. S OR / Discuss the major recommendations of the Narasimham Committee on Financial Sector Reforms in India. D 0105 30

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Additional Info : Ugc Net December 2005 Question Paper - Economics Paper III
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