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Economics (UGC/NET Paper II & III)

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VAT is imposed:

  1. on final stage of production

  2. on first stage of production

  3. directly on consumers

  4. at every stage between production and consumption


Correct Option: D

Which group represents the interests of the developing countries?

  1. G - 7

  2. G - 10

  3. G - 77

  4. G - 80


Correct Option: C

Which of the following averages is known as 'root-mean square'?

  1. Quadratic Mean

  2. Harmonic Mean

  3. Geometric Mean

  4. Combined Mean


Correct Option: A

The firms in the modern world, use reserve capacity to:

  1. ensure greater flexibility in operations

  2. reduce costs

  3. reduce wages

  4. reduce taxes


Correct Option: A

Tax on inherited properly is an example of:

  1. Sales Tax

  2. Income Tax

  3. Wealth Tax

  4. VAT


Correct Option: C

Taxes raised are credited into

  1. consolidated fund

  2. contingency fund

  3. public accounts

  4. private accounts


Correct Option: A

According to Milton Friedman, quantity theory of Money deals with:

  1. Prices

  2. Income

  3. Supply of money

  4. Demand for money


Correct Option: D

Arrange the option having the right chronological order. (i) Formation of WTO (ii) Uruguay Round of GATT (iii) Formation of GATT (iv) Formation of UNCTAD

  1. (i) (iii) (ii) (iv)

  2. (iv) (iii) (ii) (i)

  3. (iii) (iv) (ii) (i)

  4. (ii) (iv) (i) (iii)


Correct Option: C

During the Great Depression:

  1. Unemployment rate in the World was 25%

  2. Unemployment rate in England was 20%

  3. Unemployment rate in the U.S.A. was 25%

  4. Unemployment rate in India was 20%


Correct Option: A

Funds not belonging to the Government are called

  1. Contingency Fund

  2. Consolidated Fund

  3. Private Accounts

  4. Public Accounts


Correct Option: C

Assertion (A) : Los levels of labour productivity exist underdeveloped countries. Reason (R) It is due to the lack physical capital.

  1. Both (A) and (R) are false

  2. (A) is true, but (R) is false

  3. Both (A) and (R) are true and (R) is the correct explanation of (A)

  4. Both (A) and (R) are true, but (R) is not the correct explanation of (A)


Correct Option: D

The demand for labour by a firm is a derived demand because it depends upon

  1. the demand for goods and services that labour helps to produce

  2. the degree of substitution between labour and other factors of production

  3. the elasticity of demand for labour

  4. the demand for other factors of production


Correct Option: A

For any given individual preferences, which are reflexive transitive and complete, majority rule based social preferences are: (i) Reflexive (ii) Transitive (iii) Complete

  1. All above are true

  2. Only (i) and (iii) are true

  3. Only (i) and (ii) are true

  4. Only (ii) and (iii) are true


Correct Option: A

Gross Capital Formation percentage of Gross Domestic Products as per Economic Survey in 1995-98 was:

  1. 21 percent

  2. 30 percent

  3. 24 percent

  4. None of these


Correct Option: D

A person who left the job to find another job would be classified as:

  1. fractionally unemployed

  2. structurally unemployed

  3. cyclically unemployed

  4. no longer in the labour force


Correct Option: A

Which of the following is not a measure of dispersion?

  1. Mean of deviations

  2. Variance

  3. Range

  4. lnter- quartile range


Correct Option: B

Items which are of recurring nature are covered under:

  1. Capital Budget

  2. Revenue Budget

  3. Cash Budget

  4. Unified Budget


Correct Option: B

An economic union is the most advanced type of economic integration.

  1. It unifies the monetary and fiscal policies of member states

  2. It permits no tariff barriers on trade among members

  3. It allows free movement of capital and labour among member nations

  4. It allows no tariffs on trade among members and a common tariff policy towards the rest of the world is followed


Correct Option: A

High -powered money is produced by:

  1. Commercial banks

  2. Co-operative banks

  3. Ministry of Finance

  4. Reserve Bank of India


Correct Option: D

Assertion (A) : Colin Clark hypothesised that the safe upper limit of taxation is 25 percent of national income. Reason (R) The excess burden of taxation will be very high if it goes beyond the 25 percent limit.

  1. (A) is true but (R) is false

  2. Both (A) and (R) are true

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

  4. Both (A) and (R) are false


Correct Option: C

The IMF was assigned:

  1. The task of accelerating economic growth of the world

  2. The task of controlling inflation in the world economy

  3. The task of ensuring economic stability in the world economy

  4. The task of removing imbalances from the U.S.A.


Correct Option: C

Assertion (A): When the IS curve is not vertical, monetary policy cannot change the level of aggregate demand. Reason (R) Monetary policy depends on the existence of some interest-sensitive spending for its success.

  1. Both (A) and (R) are true and (R) is the correct explanation of (A).

  2. Both (A) and (R) are true but (R) is not the correct explanation of (A).

  3. (A) is true but (R) is false.

  4. (A) is false but (R) is true


Correct Option: D

The statistical technique used to determine the degree of relationship between two variables is called

  1. Dispersion

  2. Index Numbers

  3. Association

  4. Correlation


Correct Option: D

Match the following

 
Group - I
Group - II
1. Planning for an expanding economy
(i) V.K.R.V. Rao economy
2. Industrial evolution of India
(ii) Dadabhai 'Nauroji'
3. Drain theory
(iii) D.R Gadgil
4. India's National income
(iv) Vakil and Brahmanand
  1. 1-(iii), 2-(i), 3-(iv), 4-(ii)

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

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

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


Correct Option: C

Match the following:

 
1. Foreign Trade Policy
(i) Minimum Support Prices
2. Industrial Policy
(ii) Balanced Budget
3. Agricultural Policy
(iii) Marginal Utility
4. Fiscal Policy
(iv) FEMA
(v) Exim Policy
  1. 1 - (ii), 2 - (iii), 3 - (i), 4 - (v)

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

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

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


Correct Option: B
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