2014 June UGC NET Solved Question Paper in Economics, Paper II | UGC NET SOLVED PAPER/SMU SOLVED SAMPLE PAPER UGC NET SOLVED PAPER/SMU SOLVED SAMPLE PAPER: 2014 June UGC NET Solved Question Paper in Economics, Paper II
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2014 June UGC NET Solved Question Paper in Economics, Paper II

01. Who distinguished between value in use and value in exchange and gave
      the famous example of diamonds and water ?
    (A) Adam Smith
    (B) David Ricardo
    (C) Alfred Marshall
    (D) Karl Marx
02. In an economy of two individuals A and B and two commodities X and
      Y, general equilibrium of production and exchange occurs when
    (A) MRTXY = PX/PY
    (B) MRSXY for A and B = PX/PY
    (C) MRS A XY = MRS B XY
    (D) MRTXY = MRS A XY = MRS B XY
03. When income effect becomes stronger than substitution effect, the
     labour supply curve will
    (A) Slope positively
    (B) Negatively sloped
    (C) Bend backward
    (D) Slope upwards
04. Assertion (A) : The concept of supply curve is meaningless for
      the monopolist.
      Reason (R) : Monopolists are price setters; it does not make reuse
      to ask what output they will produce at various prices.
    Codes :
    (A) Both (A) and (R) are correct and (R) is the correct
          explanation of (A).

    (B) (A) is correct, but (R) is not correct.
    (C) Both (A) and (R) are correct, but (R) is not the correct
          explanation of (A).
    (D) (R) is correct, but (A) is incorrect.
05. Predatory pricing policy is designed to
    (A) drive competitors out of business
    (B) maximise profits
    (C) encourage entrants into the market
    (D) attain least cost output
06. Match items in List – I with items in List – II and select the
     correct answer from the code given below :
              List – I                            List – II
    a. The Screening
        Hypothesis                      1. George A. Akerlof
    b. Job Market
        Signalling                         2. K.J. Arrow
    c. The problem
        of moral
        hazard in the
       case of
       medical insurance             3. M. Spencer
    d. The market
        for lemons                       4. Paul W. Miller and Paul A.
                                                   Volcker
    Codes :
          a b c d
    (A) 3 2 4 1
    (B) 2 3 4 1
    (C) 4 3 2 1
    (D) 2 4 3 1
07. An industry whose long run supply curve is horizontal is called
    (A) Constant cost industry
    (B) Increasing Cost Industry
    (C) Decreasing Cost Industry
    (D) Efficient Industry
08. The practice of charging each consumer the reservation price is
      called
    (A) Peak load pricing
    (B) Inter-temporal price discrimination
    (C) First degree price discrimination
    (D) Third degree price discrimination
09. Frictional unemployment is also known as
    (A) Disguised unemployment
    (B) Turnover unemployment
    (C) Cyclical unemployment
    (D) Structural unemployment
10. Arrange in ascending chronological order the following consumption
      hypotheses in which they appeared in the economics literature :
    (1) Absolute increase hypothesis
    (2) Permanent increase hypothesis
    (3) Life cycle hypothesis
    (4) Relative increase hypothesis
    Codes :
    (A) 1, 3, 4, 2             (B) 1, 2, 4, 3
    (C) 1, 4, 3, 2             (D) 1, 3, 2, 4
11. Assume a model of income determination of the following type :
    C = a + b · Yd
    Yd = Y – T
    T = T0 + t1 · Y
    I = –I
    G = –G
    Y = C + I + G
    Where C = Consumption expenditure; Y = income; Yd = disposable income;
     T = taxes; T0 = Tan, when Y = 0; t1 = marginal tax rate; I = investment
     expenditure; G = Government expenditure; and bar ‘–’ as the variable
     indicates that these autonomous variables. Then the
     tax multiples with respect to T0 is :
    (A) 1/1 – b + bt1
    (B) – b/1 – b + bt1
    (C) 1 – b/1 – b – bt1
    (D) 1/1 – b – bt1
12. Which of the following components of aggregate demand is selfterminating
      and self-financing ?
    (A) Investment expenditure
    (B) Durable consumption expenditure
    (C) Non-durable consumption expenditure
    (D) Government expenditure
13. Arrange all the four concepts of money supply M1, M2, M3 and M4 in
      the ascending order in terms of their liquidity :
    (A) M3, M2, M1 andü M4
    (B) M1, M2, M3 and M4
    (C) M4, M2, M3 and M1
    (D) M4, M3, M2 and M1
14. Who amongst the following economists imparted money demand
      of a portfolio theory approach ?
    (1) J.M. Keynes
    (2) Baumol
    (3) James Tobin
    (4) Milton Friedman
    Codes :
    (A) 1, 2              (B) 3, 4
    (C) 1, 2, 3          (D) 2, 3, 4
15. Which of the following is not a characteristic feature of the Phillips
       curve ?
    (A) The Price expectations are adaptive
    (B) The unemployment rate, when money wage stabilises, is 5½
          percent
    (C) The price expectations are static
    (D) there is a loop around Phillips curve
16. The crowding out effect is zero when
    (A) there is liquidity trap, or investment is perfectly interest
          inelastic

    (B) money demand is perfectly interest inelastic, or investment
          is perfectly interest elastic
    (C) IS curve is falling and LM curve is rising
    (D) None of the above
17. Meeting the needs of present generation without compromising the
      needs of future generation is
    (A) Economic Development
    (B) Social Development
    (C) Sustainable Development
    (D) Economic Growth
18. The full capacity growth rate in Harrod-Domar Model is also known as
    (A) Actual growth rate
    (B) Warranted growth rate
    (C) Natural growth rate
    (D) Expected growth rate
19. Inventors of HDI are
    I. Harris-Todaro
    II. Megnad Desai
    III. Robert Solow
    IV. Amartya Sen
    Codes :
    (A) I and II are correct.
    (B) I and III are correct.
    (C) III and IV are correct.
    (D) II and IV are correct.
20. Components of PQLI
    I. Morbidity
    II. Infant mortality
    III. Life expectancy at age one
    IV. Basic literacy at age 15
    Codes :
    (A) I, III and IV are correct.
    (B) III, II and IV are correct.
    (C) I, II and III are correct.
    (D) IV, I and II are correct.
21. Assertion (A) : All historical events are the results of continuous
                             economic struggle between different classes and groups in
                             society.
     Reason (R) : The main cause of this struggle is the conflict between
                         the ‘mode of production’ and the ‘relations of production’.
    Codes :
    (A) (A) is correct, but (R) is wrong.
    (B) (A) is wrong, but (R) is correct.
    (C) Both (A) and (R) are wrong.
    (D) Both (A) and (R) are correct.
22. Match the items given in List – I with those in List – II :
                 List – I                                    List – II
    a. Swarm-likeclusters                 1. Brundtland Report
    b. Organic composition
       of capital                                2. Ragner Nurkse
    c. Sustainable Development       3. Schumpeter
    d. Vicious circle of poverty        4. Karl Marx
    Codes :
          a b c d
    (A) 4 2 3 1
    (B) 3 4 1 2
    (C) 1 3 2 4
    (D) 2 1 4 3
23. Match the items given in List – I with those in List – II :
         List – I                                 List - II
    a. Low level
       equilibrium trap              1. Simon Kuznets
    b. Inverted ‘V’ shaped
        income distribution
        hypothesis                     2. Nelson
    c. Endogenous growth
       theory                            3. Arthur Lewis
    d. Unlimited supplies
       of labour                        4. Robert Solow
    Codes :
          a b c d
    (A) 2 1 4 3
    (B) 3 2 1 4
    (C) 4 3 2 1
    (D) 1 4 3 2
24. Which of the following is correct about the ‘Hindu Growth Rate’ ?
    (A) This is about economic growth of the Hindu population.
    (B) Shows economic disparities among different social groups
          in India.
    (C) Reflects low growth performance of the Indian
          economy during 1950-80.

    (D) Hints at accelerated growth in India since 1980
25. Find out the incorrect statement about the success of economic
      reforms in India.
    (A) Benefits of demographic dividends
    (B) Increased share of the corporate sector in Gross Domestic Savings
    (C) Narrowing down of the current account deficit
    (D) Slow down of population growth rate
26. Single out the activity that is not included in the Industrial Production
      Index of India :
    (A) Manufacturing
    (B) Construction
    (C) Mining
    (D) Electricity
27. High growth of which industry provides a positive signal for
      industrial growth in future ?
    (A) Capital goods industries
    (B) Basic goods industries
    (C) Durable consumer goods industries
    (D) Intermediate goods industries
28. Identify the method not being used for unemployment estimation by the
      NSSO in India.
    (A) Current monthly status
    (B) Current daily status
    (C) Current weekly status
    (D) Usual principal and subsidiary status
29. The process of budget making after reevaluating every item of
      expenditure in every financial year is known as
    (A) Performance Budgeting
    (B) Fresh Budgeting
    (C) Debit Budgeting
    (D) Zero Based Budgeting
30. Rank the states in terms of ascending Human Development Index
      (HDI) as per India Human Development Report 2011 :
    I. Bihar
    II. Gujarat
    III. Odisha
    IV. Tamil Nadu
    Codes :
    (A) I, II, III, IV            (B) III, I, II, IV
    (C) I, III, IV, II            (D) III, II, I, IV
31. A difference in relative commodity prices between two nations can be
      based upon a difference in
    (A) factor endowment
    (B) technology
    (C) tastes
    (D) All of the above
32. Which type of trade is not explained by the Heckscher-Ohlin model ?
    (A) Trade based on economies of scale
    (B) Intra industry trade
    (C) Trade based on imitation gaps and product cycles
    (D) All of the above
33. An example of a Euro currency is
    (A) a dollar deposit outside the U.S.
    (B) a pound sterling deposit within UK
    (C) a mark deposit with Germany
    (D) All of the above
34. A deficit or surplus in the India’s balance of payments is measured by
      the net balance of
    (A) the current account
    (B) the capital account
    (C) allocation of SDRs and the statistical discrepancy
    (D) All of the above
35. If the demand of the domestic consumers is infinitely elastic and the
      supply of the foreign producer is perfectly inelastic, then the whole of
      the tariff will
    (A) be paid by the domestic consumers
    (B) be paid by the foreign producer
    (C) be equally shared by the domestic consumers and the
          foreign producer
    (D) yield neither revenue nor protection to either of them
36. The RBI made Indian Rupee fully convertible in current account
      transactions related to goods and services in the year
    (A) 1985            (B) 2002
    (C) 1994            (D) 2011
37. According to the monetary approach, a revaluation of a nation’s currency
    (A) increases the nation’s demand for money
    (B) increases the nation’s supply of money
    (C) reduces the nation’s demand for money
    (D) reduces the nation’s supply of money
38. Arrange the following in chronological order :
    I. Sarkar Award
    II. Niemeyer Award
    III. Deshmukh Award
    IV. Meston Award
   Codes :
    (A) II, IV, III, I             (B) IV, III, II, I
    (C) III, II, IV, I             (D) IV, II, I, III
39. In which of the following, Zero Based Budgeting is difficult to
      introduce ?
    I. Establishment charges
    II. Public works
    III. Irrigation Projects
    IV. Federal fiscal transfers
    Codes :
    (A) I, III and IV are correct.
    (B) II, III and IV are correct.
    (C) I and IV are correct.
    (D) II and III are correct.
40. Match the items given in List – I with those in List – II :
          List – I                       List – II
    a. Theory of Clubs            1. Anthony Downs
    b. Impossibility theorem    2. Charles Tiebout
    c. Political of Decision
       Making Model               3. James Buchanan
    d. Optimum
        provision of
        local public
        goods                           4. Kenneth Arrow
    Codes :
          a b c d
    (A) 3 1 2 4
    (B) 3 4 2 1
    (C) 2 3 4 1
    (D) 3 4 1 2
41. Which of the following tax has ‘announcement effect’ ?
    (A) Income tax
    (B) Property tax
    (C) Excise Duties
    (D) Capital gains taxation
42. Which of the following tax is within the jurisdiction of Union or Central
      Government as enumerated in List – I of Schedule VII of the India
      Constitution ?
    (A) Taxes on the consumption and sale of electricity.
    (B) Taxes on goods and passengers carried by road.
    (C) Taxes on luxuries, including entertainments.
    (D) Taxes on Sales and purchase of newspapers and on
          advertisement therein.

43. A tax imposed on a commodity according to its weight, size or
      measurement is called
    (A) Advalorem tax
    (B) Specific tax
    (C) Single tax
    (D) Double taxation
44. Which of the following is Musgrave’s views on incidence of taxation ?
    (A) Settlement of tax on ultimate tax payer.
    (B) Formal and effective incidence of taxation.
    (C) Changes in the distribution of income for private use arising
          from changes in budget policy.

    (D) The final direct money burden of a tax.
45. Given arithmetic mean = 45, mode = 48, then median =
    (A) 46
    (B) 45
    (C) 48
    (D) 49
46. If two events A and B are mutually inclusive, then P(A or B) is
    (A) P(A) + P(B) – P(AB)
    (B) P(A) + P(B) + P(AB)
    (C) P(A) + P(B)
    (D) P(A) P(B)
47. The analysis of variance is carried out by using
    (A) t-test
    (B) Z-test
    (C) c2-test
    (D) F-test
48. Systematic sampling implies that the first item is selected randomly and
    (A) the other items are selected by lottery method
    (B) the other items are selected purposively
    (C) then every kth item is selected
    (D) the other items are selected at the will of the investigator
49. Given the following information match the item in List – I with List – II :
        List – I                                      List – II
    a. Rejecting H0, if it is true         1. b error
    b. Accepting H0, if it is false       2. Standard error
    c. Probability of rejecting H0,
        when it is false                        3. a error
    d. Measuring sampling
        variability due to
        random force                          4. 1 – b error
    Codes :
          a b c d
    (A) 3 1 2 4
    (B) 2 1 4 3
    (C) 2 4 1 3
    (D) 3 1 4 2
50. Assertion (A) : Geometric mean is theoretically considered as the
                              best average to construct index numbers.
      Reason (R) : Geometric mean is used if the range of
                          observations is extremely large.
    Codes :
    (A) Both (A) and (R) are true and (R) is the correct explanation of (A).
    (B) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
    (C) (A) is true, but (R) is false.
    (D) (A) is false, but (R) is true.
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