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UGC NET JUN 2007 : 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. J 0 1 0 7 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 J 0107 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 J 0107 2 SECTION - I U I Note : Answer the five questions on the basis of the para given below. Each answer should not exceed 30 words. Each question carries five marks. (5x5=25 marks) 30 (5x5=25 ) Keynes made his celebrated claim for the principle of effective demand in relation to earlier theory. The postulates of classical theory are applicable to a special case only and not to be the general case, the situation which it assumes being the limiting point of the possible positions of equilibrium. Moreover, the characteristics of the special case assumed by classical theory happen not to be those of the economic society in which we actually live, with the result that its teaching is misleading and disastrous if we attempt to apply it to the facts of experience. - J. M. Keynes h S h C S S , S S Q , S h m C S S ; 1. What is effective demand in Keynsian Economics ? S ? J 0107 3 P.T.O. 2. Outline the postulates of the classical theory to which Keynes is objecting. S h 3. Why is Keynes objecting to the application of classical theory in economic society we live in ? S h ? J 0107 4 4. How can the classical theory be considered an extreme/special case of a general theory ? S h h / ? 5. Can we say that Keyne s theory is, infact, a more general theory ? Explain. S h h ? J 0107 5 P.T.O. SECTION - II U II Note : This section has fifteen (15) definitional questions of five (5) marks each to be answered in upto (30) words. (5x15=75 marks) (15) (5) (30) (5x15=75 ) 6. Define the concept of marginal technical rate of substitution. S J 0107 6 7. What is meant by barometric price leadership ? ? 8. Explain Real Balance Effect S J 0107 7 P.T.O. 9. What is accelerator ? ? 10. Outline main parameters of Human Development Index. J 0107 8 11. What are two gaps in the two - gap analysis ? m- ? 12. Define Value Added Tax. (VAT) J 0107 9 P.T.O. 13. What is the role of a Finance Commission in India ? - ? 14. What is reverse merger ? Give two recent examples from India. ? J 0107 10 15. What are the Singapore Issues in the WTO ? . . . - g ? 16. On what criteria industrial units in India are identified as small scale units ? l -S M ? J 0107 11 P.T.O. 17. Define demography. 18. What is infant mortality rate ? ? J 0107 12 19. What is institutional credit in agriculture ? S ? 20. Define standard error of a regression co-efficient. J 0107 13 P.T.O. SECTION - III U III Note : The section contains five (5) 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) (12x5=60 ) 21. (a) Elective - I U I In an OLS model Y i5a1b Xi1 i with E( i )50 E( i j )50 when i j 5s2 when i5j show that Least Square Technique provides Best Linear unbiased estimators of the parameters. . . . Y i5a1b Xi1 i E( i )50 E( i j )50 i j 5s2 i5j c P (b) The following four observations yield, via OLS, the sample regression function Yi50.5 1 0.8Xi Given 3 2 4 Yi i e i e2 2 3 4 J 0107 Xi 1 2 3 (i) (ii) i Yi 11 4 Complete the table Calculate S 2, i.e., sample estimate of the variance of the population disturbance term. (6+3+3=12) 14 . . . Yi50.5 1 0.8Xi i Yi 11 Xi 1 2 3 3 2 4 i e i e2 2 3 4 Yi 4 (i) (ii) 22. (a) S2 Given the OLS regression results C 5 9734.26 1 4.80W 2 14.37N 1 235.77X Where C5Average monthly salary of a primary teacher W5Average monthly wage of a worker in the private sector N5Number of teachers per 1000 students X5Average years of experience of teachers in the model C5b01b1W1b2N1b3X1e (6+3+3=12) interpret b0, b1, b2, b3 in terms of teachers salaries, opportunity wages, class size and experience of a teacher. . . . C 5 9734.26 1 4.80W 2 14.37N 1 235.77X C5 W5 N5 1000 X5 Z C5b01b1W1b2N1b3X1e b0, b1, b2, b3 , , (b) Distinguish between R 2 and R 2 in a multiple regression model R 2 R 2 S C ((4x2)+4=12) J 0107 15 P.T.O. 23. (a) In an OLS model, with k variables and n observations (n>k), we have E(ei)50 E(eiej) 0, when i j E(ei2)5si2, i51, 2, 3.......n Construct the variance - covariance matrix of the disturbance term ei . k n (n > k ) Q OLS E(ei)50 E(eiej) 0, i j E(ei2)5si2, i51, 2, 3.......n ei - (b) Outline either Goldfeld-quandt test or Breusch-Pagan test for checkingwhether heteroscedasticity is present in a data set. ` - S - (c) Show that weighted least square method can remove the problem of heteroscedasticity from a data set. # ? (2+6+4=12) 24. (a) Given Koyek Distributed Lag model. Yt5b(12l) Xt1lYt-11et 0[l[1 Interpret l and explain its implication in the model. S Yt5b(12l) Xt1lYt-11et 0[l[1 l (b) Critically examine the view that the major signal for multicollinearity problem is the presence of high values for the variance of the estimated co-efficients. S S (6+6=12) J 0107 16 25. (a) Suppose, the correct model is Y5b01b1X11b2X21e b1 0, b2 0 but a researcher estimates Y 5 b 01 b 1X 1 1 (i) Is E(b1)5b1 ? (ii) If you are using the same sample to estimate * * Y5b 01b 1 X 11b * X 21 * 2 * under what conditions would b 15b 1 ? , Y5b01b1X11b2X21e l b1 0, b2 0 Y 5 b 01 b 1X 1 1 (i) E(b1)5b1 ? (ii) , * * Y5b 01b 1 X 11b * X 21 * 2 * S b 15b 1 ? (b) Write a note on Indirect Least Squares as a method of estimating regression co-efficients. M (3+3+6=12) OR / Elective - II II 21. Explain E. Von. Stackelberg s model of oligopoly. What are its implications ? . S ? 22. Distinguish price leadership of a dominant firm from price leadership of a low cost firm in an oligopolistic industry. l 23. Tangency between indifference curve and price line is an expression of the proportionality between marginal utilities and prices explain. R Q J 0107 17 P.T.O. 24. Outline Kaldor s model of economic growth with technical progress. How is the model different from Solow s model ? M S ? 25. Write a brief note on endogenous growth models. Illustrate your answer with the help of any one model. ? OR / Elective - III III 21. Discuss the relative merits and demerits of Euro - the currency of EU, on the developing areas particularly Indian exports. , . . - 22. What are TRIPS and TRIMS ? Discuss the impact of TRIPS on the Indian economy particularly on pharmaceutical sector. (TRIPS) (TRIMS) ? S , , 23. Explain the role of trade as an engine of economic growth in India. M 24. Explain the various distortions in the world trading order which have crept in after 1995. S 1995 25. What are the various external sector reforms which are being taken in India after 1991 ? What is their impact ? 1991 s ? ? OR / Elective - IV IV 21. Indian agriculture is facing great challenges on account of WTO. Discuss. J 0107 18 22. Is Multi-agency Approach to rural credit successful in meeting the credit requirements of farmers ? Explain. C - ? 23. Identify the main constraints of agricultural marketing in India. Suggest some measures to solve the problem. - S 24. Examine in brief, the impact of economic reforms on Indian agriculture. # 25. Explain the nature and significance of farm costs in determination of agricultural prices. S M OR / Elective - V V 21. The vigour with which economic planning started in India in 1950 s has weakened since 1991. Do you agree with the statements ? Give reasons. 1950 1991 ? C 22. Outline the main steps taken by the government in recent years in the direction of public expenditure reforms. Z ? 23. Agriculture continues to occupy centre-stage in the negotiations of WTO . Elaborate the statement. - S 24. Point out the provisions of National Highway Development - Project in India. What major hurdles are being faced in the implementation of the programme ? C R ? 25. Examine the main provisions of long term EXIM policy (2004-09) of India with special reference to promoting exports. (2004-09) J 0107 19 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. Given a long-period time series data, an econometrician has been instructed to develop a model that might be used for forecasting the future behaviour of the variable under consideration. Write an essay covering various econometric aspects of the issue, the possible model(s) that might be utilised, and the robustness and limitations of the model(s). , c g , ( ) Q OR / In terms of Neumann - Morgenstern index explain the behaviour of a risk averter and risk lover in an uncertain situation. ZS S OR / Economic development is not complete without taking into account the environmental issues. Elaborate. g OR / With the breaking down of boundaries of various segments of financial institutions like banks, Insurance firms and capital market intstitutions, problems of appropriate measures of regulation and appropriate regulatory authority have come to the fore. Discuss the regularity issues that have become important and outline a regulatory mechanism that should be in place to meet the emerging needs. S - , Z, S Q Q S S g , M S J 0107 30 OR / State and explain the monetary approach to the balance of payment adjustment issue. How is this theory different from the traditional approach? Discuss its limitations in case of developing countries with particular reference to India. g C h C ? J 0107 31 P.T.O.

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Additional Info : Ugc Net June 2007 Question Paper - Economics Paper III
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