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22. List-I includes names of some authors and List-II some theories/ hypothesis related with these authors. Matching authors with their contribution select correct answer from the codes given below the lists : List-I List-II (Authors) (Contribution) (a) Rodan, R. (i) Low level equilibrium trap (b) Nelson, R. (ii) Critical minimum effort (c) Hirschman, A (iii) Big push (d) Leibenstein, H (iv) Unbalanced growth Codes : (a) (b) (c) (d) (A) (iii) (i) (iv) (ii) (B) (iii) (i) (ii) (iv) (C) (iv) (i) (iii) (ii) (D) (ii) (iii) (i) (iv) 23. In investment criteria shadow prices are the prices : (A) In black market parallel to controlled prices (B) Fixed by the government without a consideration of cost of production Which reveal true scarcity value of goods and factor inputs. (D) At which goods and factors are not available . A Progressive Tax is one in which : (A) The tax payment as a percentage of income falls (B) The tax payment as a percentage of income is constant (C) The tax payment as a percentage of income increases (D) There is no linkage between income and tax payment 25. One of the necessary conditions for correcting fiscal imbalance is : (A) The real interest rate on public debt is equal to GDP growth rate (B) The real interest rate on public debt is greater than GDP growth rate (C) The real interest rate on public debt is lower than GDP growth rate (D) None of the above 26. The 12th Finance Commission recommended, among other things, to raise the share of states in net proceeds of divisible pool of central tax to : (A) 25.1% (B) 28.9% (C) 30.5% (D) 45.5%18. Assertion (A) : Cumulative causation is an explanation of backwardness of developing nation. It is a hypothesis of geographical dualism. Reasoning (R) : Expansion in a favoured region has a backwash effect on other regions causing regional disparities. Select the correct answer using the code : Code : (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 correct explanation of (A). (C) (A) is true but (R) is false. (D) (A) is false but (R) is true. 19. Human Development Index prepared by UNDP is based on some of the following variables : (i) Life expectancy at birth (ii) Health facilities (iii) Per capita income adjusted by purchasing power (iv) Literacy and enrolment percentage Of the above variables : (A) (1), (ii) and (iii) are correct (B) (ii), (iii) and (iv) are correct (C) only (i) and (iii) are correct (D) (1), (iii) and (iv) are correct 20. Which of the following is not the assumption of Solow's model of long run growth ? (A) Saving ratio is constant (B) Prices and wages are constant (C) Production function is linear homogeneous (D) Labour and output not growing at same rate 21. The original interpretation of balanced growth relates to : (A) all sectors growing at the same rate (B) equal amount of investment in all sectors (C) absence of shortages or excesses (D) large expansion of economic activities in all the areas14. Investment demand in a Keynesian system is determined by : (i) Marginal efficiency of capital (ii) Tax rates (iii) Marginal efficiency of investment (iv) Stock of capital Select the correct answer according to the code : (A) (i) and (ii) (B) (1) and (iii) (C) (ii) and (iii) (D) (iii) and (iv) 15. Which one of the following is NOT a sign of economic development ? (A) Changing structure of GDP in favour of industry (B) Larger share of GDP coming from primary sector (C) Larger capital inflows (D) Institutional changes in an economy. Rate of real income growth in a country is annual percentage growth of : (A) Rate of GDP growth at current price (B) GDP growth at factor cost at current prices Rate of GDP growth at factor cost at constant prices (D) Rate of GDP growth at market prices 17. Consider the following statements : (i) Economic development which results in high level of GDP in present time. (ii) A pattern of development that seeks to meet the needs of present without compromising the ability of future. (ii) Development which ensures maximum welfare of present generation. (iv) Development which takes into account environmental degradation. Of the above, sustainable development includes : Code : (A) (ii) and (iv) only (B) (ii) and (iii) only (C) (1) (ii) and (iii) (D) (1) (ii) (iii) and (iv)10. In IS-LM model, under usual Keynesian assumption, an increase in government spending will cause : (A) Both income and rate of interest to rise (B) Income to rise and rate of interest to fall (C) Income to remain unchanged and rate of interest to fall (D) Income to rise and rate of interest to remain unchanged 11. The original Phillips curve postulates relation between two of the following : (i) Rate of unemployment (ii) Level of unemployment (iii) Rate of increase in money wages (iv) Rate of increase in real wages Choose the correct combination according to the code : Code : (A) (ii) and (iii) (B) (i) and (iv) (C) (ii) and (iv) (D) (1) and (iii) 12. Assertion (A) : OKun's Law is a useful guide to macro economic policy. Reasoning (R) : Okun's Law indicates how a particular growth target will affect the unemployment rate over time. Select the correct answer according to the code : (A) Both (A) and (R) are true and (R) is the correct explanation. (B) Both (A) and (R) are true but (R) is not the correct explanation. (C) (A) is true but (R) is false. (D) (A) is false but (R) is true. 13. When money supply increases, price level rises proportionately according to : (A) Marshall (B) Fisher (C) Keynes (D) Cantillon5. Assertion (A) : Existence of public goods hinders achievement of pareto-optimality. Reasoning (R) : The evaluation of marginal benefits from a public good differs across individuals. (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 (C) (A) is true but (R) is false (D) (A) is false but (R) is true 6. Under perfect competition equilibrium in the long run is achieved when : (A) AR =MR (B) LMC=MR (C) MR =LAC (D) Price =LMC 7. Which one of the following ratios represents rate of profit in the Marxian Theory of Distribution ? (A) (B) (C) (D) C+V 8. Assertion (A) : In an economy that is operating at less than full employment level, crowding out need not occur. Reasoning (R) : Monetary authorities can provide an accommodating monetary policy that avoids the rise in interest rates with output expansion. Select the correct answer using the code given below : (A) Both (A) and (R) are true and (R) is the correct explanation. (B) Both (A) and (R) are true but (R) is not the correct explanation (C) (A) is true but (R) is false (D) (A) is false but (R) is true 9. The sequence of operation of the transmission of a change in monetary policy is : (i) Changes in real money supply (ii) Adjustment in output (iii) Adjustment in spending (iv) Changes in interest rates and asset prices Select the correct answer according to the code. Code : (A) (i) (ii) (iv) (iii) (B) (i) (ii) (iii) (iv) (C) (i) (iv) (iii) (1i) (D) (i) (iii) (ii) (iv)1. Which one of the following is not the assumption of indifference curve analysis ? (A) Weak ordering (B) Constant income (C) Perfect divisibility of goods (D) Ordinal nature of utility 2. The value of co-efficient of elasticity on a linear downward sloping demand curve varies because : (A) varies 8 p (B) OL varies (C) L varies 9 (D) both (A) and (B) varies 3. Arrange the following economists in chronological order in the context of their contribution to the theory of oligopoly. (i) E. Stackelberg (ii) A. Cournot (iii) J. Bertrand (iv) P. Sweezy Code : (A) (i) (ii) (iii) (iv) (B) (ii) (iii) (iv) (C) (iii) (i) (ii) (iv) (D) (iv) (ii) (i) (iii) 4. Assertion (A) : In case of giffen goods rise in price will lead to a rise in demand while a fall in price will decrease its demand. Reasoning (R) : Every price change can be broken into income effect and substitution effect. Answer : (A) Both (A) and (R) are correct and (R) is the correct explanation of (A) (B) Both (A) and (R) are correct and (R) is not the correct explanation (C) (A) is true but (R) is false (D) (A) is false but (R) is true