Question 1

C E S Production function is associated with the name of one of the fallowing:

Joan Robinson
B. S. Minhas
Manmohan Singh
A. K. Sen

Answer

Correct Option: B

Question 2

Industrial licencing policy enquiry committee was set up in 1967 under the Chairman-ship of:

R.K. Hazari
P.C. Mahalanobis
S. Duct
V.K.R.V. Rao

Answer

Correct Option: C

Question 3

The obstacles for an industry to compete with more established foreign firms are due to:

Lack of know-how and technology
Lack of Capital and initial small level out put
Lack of know-how and initial small level of output
Lack of flexibility.

Answer

Correct Option: C

Question 4

Chamberlin introduced the concept of cost known as:

Fixed cost
Floating cost
Selling cost
Variable cost

Answer

Correct Option: C

Question 5

Assertion (A) : James Buchanan viewed that primary burden of public debt is shifted to posterity. Reason (R) Public debt is paid by taxing the posterity.

(A) is true, but (R) is false
(A) is false, but (R) is true
Both (A) and (R) are false
Both (A) and (R) are true and (R) is the correct explanation of (A).

Answer

Correct Option: C

Question 6

Arrange the following States in the descending order of state-wise literacy rates in India. 2001: (i) Kerala (ii) Mizoram (iii) Lakshadweep (iv) Goa

(iv) (iii) (i) (ii)
(i) (ii) (iii) (iv)
(ii) (i) (iv) (iii)
(iii) (iv) (ii) (i)

Answer

Correct Option: B

Question 7

Assertion (A) : Indifference curve are convex to origin. Reason (R) : The Law of diminishing marginal utility is excepted in the discipline of Economics.

Both (A) and (R) are true but (R) is not the correct explanation
Both (A) and (R) are false
Both (A) and (R) are true and (R) is the correct reason
(A) is false but (R) is true

Answer

Correct Option: C

Question 8

As per the WTO agreement. India should import food-grains out of its total imports to the extent of:

5%
10%
15%
None of these

Answer

Correct Option: D

Question 9

Devaluation, other things remaining the same will make the balance of payments of a country worse if the elasticity of exports and elasticity of Imports of a developing country will be:

greater than 1
less than 1
equal to 1
none of these

Answer

Correct Option: B

Question 10

Consider the following distributions:

Z-distribution
t-distribution
binomial distribution
F- distribution Which among the above are not sampling distributions?

only 1
only 3
both 1 and 3
both1 and 4

Answer

Correct Option: B

Question 11

As per the UNDP's Global Human Development Report 2007, India's relative ranking out of 177 countries in respect of HDI was:

123
131
128
125

Answer

Correct Option: C

Question 12

Match the following;


1. Romer, Paul M.
	(i) Learning by doing

2. Lucas. Robert E. Jr
	(ii) Research and Development

3. Arrow, Kenneth J,
	(iii) Human Capital

4. Solow, Robert M
	(iv) Innovations

	(v) Exogenous technical progress

1 - (ii), 2 - (iii), 3 - (i), 4 - (v)
1 - (iii), 2 - (iv), 3 - (ii), 4 - (i)
1 - (iv), 2 - (ii), 3 - (iii), 4 - (v)
1 - (i), 2 - (v), 3 - (iv), 4 - (ii)

Answer

Correct Option: B

Question 13

Directions:Read the passage given below and answer question based on your understanding of the passage.

Given any segment of the demand curve, any change in price within that segment, will Leave the total expenditure of the consumer unchanged. if and only if the are elasticity is equal to unity. Further, any intermediate change in price will also leave the total expenditure of the consumer unchanged, if point elasticity is at each point at the demand curve is equal to unity.

If elasticity of a non-linear demand curse remains constant throughout, the slope of the curve will:

be positive
remain unchanged
vary from point to point
none of the above

Answer

Correct Option: C

Question 14

According to Dalton, the total social advantage becomes maximum when taxation and expenditure are carried to a point where.

Marginal Social Sacrifice MSS) > Marginal Social Benefit MSB
Marginal Social Sacrifice (MSS) < Marginal Social Benefit (MSB)
Marginal Social Sacrifice (MSS) = Marginal Social Benefit (MSB)
None of these

Answer

Correct Option: C

Question 15

Match the following


List-I
	List-Il

1. Income effect of devaluations
	(i) Depreciation

2. Price effect of devaluation
	(ii) Elasticity approach

3. A measure to correct disequilibrium in BOP
	(iii) S.D. Rs

4. International liquidity
	(iv) Absorption approach

1-(ii), 2-(i), 3-(iii), 4-(iv)
1-(iv), 2-(iii), 3-(ii), 4-(i)
1-(iv), 2-(ii), 3-(i), 4-(iii)
1-(iii), 2-(ii), 3-(i), 4-(iv)

Answer

Correct Option: C

Question 16

In the classical theory, an increase in money supply leads to

Decrease in price level
Increase in savings
Decrease in investment
Increase in price level

Answer

Correct Option: B

Question 17

Match the following


List - I
	List - Il

1. Big Push
	(i) Joan Robinson

2. 'Knife - edge'
	(ii) R. Rodan

3. Golden age
	(iii) Phelps. E.

4. Golden rule of accumulation
	(iv) Harrod, R. F

1-(i), 2-(ii), 3-(iii), 4-(iv)
1-(ii), 2-(iv), 3-(i), 4-(iii)
1-(iv), 2-(iii), 3-(ii), 4-(i)
1-(iii), 2-(iv), 3-(i), 4-(ii)

Answer

Correct Option: B

Question 18

Assertion (A) : Global income inequality has shown an increase in trend Reason (R) : Prebiseh -Singer propounded a secular decline in the terms of trade primary producers exporters.

(A) is false but (R) is true
both (A) and (R) are false
Both (A) and (R) are true and (R) is correct reason
Both (A) and (R) are true but (R) is not the correct explanation

Answer

Correct Option: D

Question 19

Match the following


List - I
	List - Il

1. Learning by doing
	(i) R. R. Nelson

2. Division of Labour
	(ii) John Stuart Mill

3. Stationary State as bliss
	(iii) Adam Smith

4. Low level equilibrium
	(iv) K. J Arrow trap

1-(iv), 2-(ii), 3-(iii), 4-(i)
1-(i), 2-(ii), 3-(iii), 4-(iv)
1-(iv), 2-(iii), 3-(ii), 4-(i)
1-(ii), 2-(iv), 3-(iii), 4-(i)

Answer

Correct Option: A

Question 20

Based on a sample of 100 observations. Correlation coefficient between x and y is found to be nearly zero. Then,

x and y are definitely unrelated
x and y are linearly related to each other
x and y may be non-linearly related to each other
there is spurious correlation between x and y

Answer

Correct Option: C

Question 21

Match the following:


Group - I
	Group - II

1. Rejection of Ho when it is true
	(i) Stratified random sampling

2. Mean is equal to degrees of freedom
	(ii) Type - I error

3. Population is heterogeneous
	(iii) Positively skewed distribution

4. Mean > Mode
	(iv) x² distribution

1-(ii), 2-(iv), 3-(iii), 4-(i)
1-(i), 2-(ii), 3-(iii), 4-(iv)
1-(ii), 2-(iv), 3-(i), 4-(iii)
1-(iv), 2-(i), 3-(ii), 4-(iii)

Answer

Correct Option: C

Question 22

Arrange the option having the right chronological order. (i) Peacock - Wiseman Hypothesis (ii) Voluntary Exchange Approach (iii) Laffer Curve (iv) Cannos of Taxation

(i) (ii) (iii) (iv)
(iv) (ii) (i) (iii)
(iv) (iii) (ii) (i)
(ii) (iii) (iv) (i)

Answer

Correct Option: B

Question 23

Match the followings


List - I
	List - II

1. Stability of demand function for money
	(i) Bent Han.en

2. Demand inflation theory
	(ii) Milton Friedman

3. Interest elasticity of transactions demand for cash
	(iii) Don Patinkin

4 Real balance effect
	(iv) James Tobin

1 - (iv), 2 - (iii), 3 - (i), 4 - (iv)
1 - (ii), 2 - (i), 3 - (iv), 4 - (iii)
1 - (iii), 2 - (ii), 3 - (i), 4 - (iv)
1 - (iii), 2 - (ii), 3 - (iv), 4 - (i)

Answer

Correct Option: B

Question 24

Match the followings.


List - I
	List - II

1. Absolute income hypothesis
	(i) N.Gregorv Mankiw

2. Rational expectation hypothesis
	(ii) T.M. Keynes

3. Relative income hypothesis
	(iii) Robert Lucas

4. The New Keynesian model
	(iv) James Duesenberty

1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
1 - (ii), 2 - (i), 3 - (iv), 4 - (iii)
1 - (ii), 2 - (iii), 3 - (iv), 4 - (i)
1 - (iii), 2 - (ii), 3 - (i), 4 - (iv)

Answer

Correct Option: C

Question 25

Arrange the option having the right chronological order. (i) WTO Ministerial Meeting at Cancun (ii) WTO Ministerial Meeting at Hong Kong (iii) WTO Ministerial Meeting at Singapore (iv) WTO Ministerial Meeting at Doha

(i) (iii) (ii) (iv)
(iii) (iv) (i) (ii)
(ii) (iii) (i) (iv)
(iv) (ii) (iii) (i)

Answer

Correct Option: B

Description: Economics Test 7
Number of Questions: 25
Created by: Saurabh Mittal
Tags: Economics Test 7 Determination of Output and Employment Theory of Production and Costs Public Finance New Industrial Policy and Liberalization Analysis of the Union Budget Foreign Trade Basic Economic Indicators Macro-Economic Analysis Macro-Economic Equilibrium Absorption and Monetary Approaches for Adjustment in the Balance of Payments Demand Analysis

Economics (UGC/NET Paper II & III)

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Economics (UGC/NET Paper II &amp; III)

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Economics (UGC/NET Paper II & III)