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24. In case of deficit budget, when the deficits are covered through taxes, that budget is called : (1) unbalanced budget (2) surplus budget (3) balanced budget (4) None of these 25. Match the following : List - 1 List - II (a) Fiscal deficit (i) Revenue and interest receipt minus revenue expenditure (b) Revenue deficit (ii) Revenue receipts and recovery of loans and other receipt minus total expenditure plus total borrowings (c) Budgets of deficit (iii) Receipts minus disbursement in capital account (d) Capital deficit (iv) Total receipts and total disbursements Codes : (a) (b) (c) (d) (1) (1) (ii) (iii) (iv) (2) (18) () (iv) (iii) (3) (i1) (ii) (iv) () ( 4) (iv) (in1) (1) (1i) 26. Efficiency requires that the production of pure public goods be undertaken to the point where ? (1) the sum of the marginal private benefits is exactly equal to the marginal social cost of production. (2) the marginal private benefit is exactly equal to the marginal social cost of production. (3) the marginal social cost exceeds the sum of the marginal private benefits. (4) None of the above. 27. Which of the following pairs is not correctly matched : (1) Rekhi Committee Simplification of export and import procedures (2) Nanmjundappa Committee : Railway fare (3) Rangrajan Committee Balance of payments (4) Goiporia Committee Banking service improvements18. Which of the following is credited with introduction of LPG model of economic development in India ? (1) Dr. C. Rangarajan (2) Dr. Montek Singh Ahluwalia (3) Dr. Amartya Sen (4) Dr. Manmohan Singh 19. Which one of the following models explains the paradox pertaining to rural-urban migration in the context of rising urban employment ? (1) Solow model (2) Lewis model (3) Vakil and Brahmanand model (4) Todaro model 20. In Harrod model of growth, if warranted rate of growth is below the natural rate of growth then it is possible to maintain steady state growth with : (1) Continuously increasing unemployment (2) A constant rate of unemployment (3) Continuously decreasing unemployment (4) None of the above 21. Report of Task Force on the Implementation of Fiscal Responsibility and Budget Management Act, headed by Kelkar Committee suggests some points given below : I. Fiscal deficit to be abolished by 2008 - 09. II. Revenue deficit should be 3 percent of GDP. Which of the above statements given above is/ are correct ? (1) Only I (2) Only II (3) Both I and II (4) Neither I nor II 22. Tobin tax is a tax on : (1) transactions in the share market (2) transactions in the money market (3) transactions in the commodity market (4) transactions in the foreign exchange market 23. Budget incidence refers to : (1) The effect of both government expenditure and tax policies on the distribution of income. (2) The effect of government expenditure on the allocation of resources. (3) The effect of tax policies on the distribution of income and wealth in the private sector. (4) None of the above13. Slutsky equation deals with decomposition of : (1) price effect into substitution and income effects (2) goods into superior and inferior goods (3) goods into necessities and luxuries (4) consumer and producer surplus 14. A discriminating monopolist will charge a higher price in the market in which the price elasticity of : (1) demand is greater (2) supply is smaller )supply is greater (4) demand is smaller 15. Inclusive growth objective was given for the first time in which Plan of India ? (1) 9th Five Year Plan (2) 10th Five Year Plan (3) 11th Five Year Plan (4) 12th Five Year Plan 16. Match List - I with List - II and select the correct answer from the codes given below : List - I List - II (a) Backward and Forward linkages ) Von Neumann model (b) Turnpike theorem (ii) Unbalanced growth (c) Organic composition of capital Marxian model (d) A.K. Production Function (iv) Endogenous growth model Codes : (a) (b) (c) (1) () (1i) (in1) (iv) (2) (iii) (iv) (1) (3) (ii) (i) (iii) (iv) (4) (18) (iv) (18) (1) 17. Which among the following variables/ factors are used in Constructing Human Development Index of India ? (a) Life expectancy at birth (b) Real GDP per capita (c) Morbidity Select the correct answer from the codes given below : (1) All the three above (2) Both (a) and (b) (3) Both (b) and (c) (4) Both (a) and (c)7. According to Keynes, investment demand depends on which of the following two factors ? (a) Rate of interest Income of the consumer (c) Marginal efficiency of capital (d) Marginal propensity to consume Answer from the codes below : (1) (a) and (d) (2) (b) and (d) (3) (a) and (c) (4) (c) and (d) 8. For the demand function D= P(p) and supply function S=S(p), the excess demand brings about market equilibrium in which of the following situations ? (1) d E(P) dE(P 0 (2) (4) dp (3) dp dp 9. Consider the following statements. (a) Profit maximization by a producer. (b) Cournots' duopoly equilibrium. Which of these are appropriate examples of Nash equilibrium ? Answer from the code below : (1) Only (a) (2) Only (b) (3) Both (a) and (b) (4) Neither (a) nor (b) 10. In which of the following market situations/forms, firms are able to maximise profits ? (1) Price leadership (2) Cartel (3) At the kink point (4) Monopolistic competition 11. Consider the following factors in determination of wage : (a) Demand for and supply of labour MRP of labour = Marginal wage (c) MRP of labour = Average productivity of labour (d) MRP = Average wage Which of the above are true ? Answer from the code below : (1) (a) and (b) (2) (c) and (d) (3) (a) and (c) (4) (a) and (d) 12. In the context of a straight line demand curve touching both the axes, which one of the following is correct ? The demand is elastic : (1) below the mid-point (2) above the mid-point (3) at the mid-point of the curve (4) throughout the length of the demand curve1. Consider the following statements : 1. According to Keynes, as income rises, lower proportion of income is spent on consumption. II. According Kuznets, as incomes rise, the average propensity to save remains fairly stable and constant Of the above which statement(s) are correct. (1) Both I and II are true (2) Neither 1 nor II are correct (3) Only 1 is true (4) Only II is true 2. If Marginal Propensity to Consume (MPC) is equal to Average Propensity to Consume (APC) for all levels of income (Y), the correct corresponding consumption (C) function will be : (1) C=a+bY (2) C= a+ (3) C=by (4) C=by2 3. Transfer payments by the government are not included in the net domestic product because : (1) These are gifts from the government to the recipients (2) They are not counted as commodities (3) No corresponding production of goods and services has taken place to match such payments (4) There may be leakages in such payments 4. Phillips curve sets up a relation between : (1) Taxes and inflation (2) Inflation and unemployment (3) Money supply and aggregate demand (4) Price and cost of production 5. If economy is operating at potential GDP, an increase in money supply will lead to : (1) Stagflation (2) Structural inflation (3) Demand-pull inflation (4) Cost-push inflation 6. In the long sum, the transitory consumption will : (1) Be infinity (2) Remain unchanged (3) Decline but will remain positive (4) Be zero