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34. In the following Cobb-Douglas production function Q = AL" KB, if a + B > 1, then the share of labour would be (1) (2) C + B (3) a -B a + B (4) a + B 35. New Keynesian economics challenges which among the following schools of thought regarding the full adaptability of a policy change on the part of economic agents ? (1) New classical economics (2) Neo Keynesians (3) Monetarists (4) Both (1) and (2) above 36. Who among the following developed the 'Wage-goods model" of planning ? (1) A.K. Sen (2) P.C. Mahalanobis (3) R. Nurkse (4) C.N. Vakil and P.R. Brahmanand 37. A key property of A.K. model is (1) absence of diminishing returns with respect to capital. (2) a sustained dose of autonomous investment. (3) a command economic system. (4) a high probability of the poorer economies to catch up with the developed economies. 38. In Pasinetti's model of growth the interplay among which variables is crucial ? (1) Profit rate, Economic growth, Savings. (2) Profit rate, Distribution of income and economic growth. (3) Profit rate, autonomous investment and economic growth. (4) Savings, Investment and technology. 39. Consider the following statements in relation to Karl Marx's theory of profit rate : 1. Profit rate depends directly on the value of organic composition of capital. II. Profit rate depends directly on the value of rate of exploitation. Which of the above statements are correct ? Answer from the codes below : Codes : (1) Both I and II are true. (2) Neither I nor II are true. (3) Only I is correct. (4) Only II is correct.31. Match List - I and II. List - I List - II (Economic Idea) (Economist) A. Life Cycle Hypothesis (i) Karl Marx B. Tableau Economique (ii) Alfred Marshall C. Cash Balance Approach (iii) Francois Quesnay D. Organic Composition of (iv) F. Modigliani Capital Select the correct answer from the codes given below : Codes : B C D (1) (i) (ii) (iv) (2) (iv) (iii) (ii) (i) (3) (iv) (iii) (i) (ii) (4) (ii) (iv) (1) (iii) 32. In the adjoining standard diagram to explain Hicks' trade cycle theory: which of the following are true, when the actual value of mpc and accelerator fall in the region C ? 1.0 D mpc Accelerator (1) There will be oscillations (Cyclical fluctuations) (2) There will be explosive upward movement (3) There will be Steady growth (4) Both (2) and (3) are possible. 33. For the Harrod's model of growth, which among the following production functions best matches with the assumptions of the model ? (1) Leontief production function (2) Homogeneous production function (3) C.E.S. production function (4) Well-behaved production function26. To reach an economically efficient output level, the size of an excise tax imposed on a firm generating negative externality should be (1) the firm's marginal cost (2) the social marginal cost (3) the difference between the social marginal cost and the firm's marginal cost (4) the sum of the social marginal cost and the firm's marginal cost. 27. Which among the following is the reason for Convergence exhibited by the Solow growth model ? (1) Static capital-labour ratio. (2) Declining marginal productivity of capital. Neutral technical progress. (4) Constant rate of growth of population 28. Who among the following economists was not concerned with the problem of surplus labour ? (1) W.A. Lewis (2) Gustav Renis and Fei (3) R. Nurkse (4) J.S. Mill 29. Match the following lists : List - 1 List - II A. Aggregate demand (i) - a + by B. Consumption function (ii) C+1 C. Aggregate supply (iii) a + by D. Saving functon (iv) C+S Select the correct answer from the codes given below : Codes : B C D (1) (ii) (i) (iv) (2) (ii) (iv) (i) (3) (ii) (iv) (1) (iii (4) (ii) (iii) (iv) 30. Who is the author of the book, 'Capital in the Twenty First Century' ? (1) Thomas Piketty (2) Joseph Stiglitz (3) A.K. Sen (4) Jagdish Bhagwati21. Consider the following taxes : (i) Corporation tax (ii) Income tax (iii) Service tax (iv) Union Excise Duties Which of the following correctly describes their contribution, in descending order of importance, to the Central Government's Gross Tax Revenue ? (1) (i), (ii), (iv). (iii) (2) (ii), (i), (iii), (iv) (3) (iii), (ii), (i). (iv) (4) (iv), (i). (ii), (iii) 22. Which Finance Commission has used forest cover as a criterion for horizontal distribution of resources in India ? (1) 10" Finance Commission (2) 12" Finance Commission (3) 13 Finance Commission (4) 14 Finance Commission 23. Consider the following : Assertion (A) : According to Peacock-Wiseman hypothesis, public expenditure increases overtime in a step by step manner. Reason (R) : This hypothesis is based on the displacement effect, concentration effect and inspection effect. Select the correct answer from the codes given below : Codes : (1) (A) is true, but (R) is false. (2) (A) is false, but (R) is true. (3) Both (A) and (R) are true, but (R) is not the correct explanation of (A). (4) Both (A) and (R) are true and (R) is the correct explanation of (A). 24. In the Indian context, the studies of poverty were made by (i) Dandekar and Rath (ii) P.K. Bardhan (iii) B.S. Minhas (iv) I.J. Ahluwalia Select the correct answer from the codes given below : Codes : (1) (i) and (ii) (2) (ii) and (iii) (3) (i), (ii) and (iii) (4) (i). (ii). (iii) and (iv) 25. Who among of the following is associated with the theory of optimal taxation ? (1) H. Dalton (2) R.A. Musgrave U.K. Hicks (4) G. Mankiw16. Assertion (A) : Monetarists disagreed with the Phillips curve analysis. Reason (R) : There are no unique correspondence of %% inflation rate with % unemployment rate. Answer from the codes below : Codes : (1) Both (A) and (R) are true and (R) is the correct explanation of (A). (2) Both (A) and (R) are true and (R) is not the correct explanation of (A). (3) (A) is true and (R) is false. (4) (A) is false and (R) is true. 17. Who among the following economists considered the rate of interest to influence the transaction demand for money ? (1) P. Samuelson (2) W. J. Baumol (3) Keynes (4) 1. Fisher 18. Consider the following statements about rising NPAs of banks in India : 1. Rising NPAs are due to slow down in the world economy. II. Private Sector banks have lower NPAs in comparison Public Sector Banks. Ill. Rising NPAs are due to droughts in India. Which of the statements given above is/are correct ? Codes : (1) Only I (2) I and III (3) I and II (4) I, II and III Among other things, which one of the following was the purpose for which Deepak Pareksh Committee was constituted ? To study the socio-economic conditions of minority communities. (2) To suggest the measures for financing the development of infrastructure. (3) To frame the policies on genetically modified seeds. (4) To suggest measures to reduce the fiscal deficit in the Union Budget. 20. Consider the following statements. 1. Sick Company is defined as one whose accumulated losses in any financial year are equal to or more than 50% of its average net worth during previous four financial years. II. The Government set-up Board of Industrial and Financial Reconstruction in 1987. Which of the statement given above is/are correct ? Select the answer from the codes given below : Codes : (1) Only I (2) Only II (3) Both I and II Neither I nor
