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29. The process of budget making after 34. A deficit or surplus in the India's reevaluating every item of balance of payments is measured by expenditure in every financial year is the net balance of known as (A) the current account (A) Performance Budgeting (B) Fresh Budgeting (B) the capital account C) Debit Budgeting (C) allocation of SDRs and the (D) Zero Based Budgeting statistical discrepancy (D) All of the above 30. Rank the states in terms of ascending Human Development Index (HDI) as per India Human Development 35. If the demand of the domestic Report 2011 : consumers is infinitely elastic and the I Bihar supply of the foreign producer is II. Gujarat perfectly inelastic, then the whole of III. Odisha the tariff will IV. Tamil Nadu be paid by the domestic Codes : consumers (A) I, II, III, IV (B) III, I, II, IV (B) be paid by the foreign producer (C) I, III, IV, II (D) III, II, I, IV (C) be equally shared by the domestic consumers and the 31. A difference in relative commodity foreign producer prices between two nations can be (D) yield neither revenue nor based upon a difference in protection to either of them (A) factor endowment technology C) tastes 36. The RBI made Indian Rupee fully (D) All of the above convertible in current account transactions related to goods and 32. Which type of trade is not explained services in the year by the Heckscher-Ohlin model ? (A) 1985 (B) 2002 (A) Trade based on economies of (C) 1994 (D) 2011 scale B) Intra industry trade C) Trade based on imitation gaps 37. According to the monetary approach, and product cycles a revaluation of a nation's currency (D) All of the above (A) increases the nation's demand for money 33. An example of a Euro currency is (B) increases the nation's supply of (A) a dollar deposit outside the money U.S. (B) a pound sterling deposit within reduces the nation's demand UK for money (C) a mark deposit with Germany (D) reduces the nation's supply of (D) All of the above money21. Assertion (A) : All historical events 24. Which of the following is correct are the results of continuous about the 'Hindu Growth Rate' ? economic struggle between (A) This is about economic growth different classes and groups in of the Hindu population. society. (B) Shows economic disparities Reason (R) : The main cause of this among different social groups struggle is the conflict between in India. the 'mode of production' and (C) Reflects low growth the 'relations of production'. performance of the Indian Codes : economy during 1950-80. (A) (A) is correct, but (R) is wrong. (A) is wrong, but (R) is correct. (D) Hints at accelerated growth in (C) Both (A) and (R) are wrong. India since 1980 (D) Both (A) and (R) are correct. 25. Find out the incorrect statement 22. Match the items given in List - I with about the success of economic those in List - II : reforms in India. List - 1 List - II (A) Benefits of demographic a. Swarm-like- 1. Brundtland dividends clusters Report (B) Increased share the b, Organic 2. Ragner corporate sector in Gross composition Nurkse Domestic Savings of capital (C) Narrowing down of the current Sustainable 3. Schumpeter account deficit Development (D) Slow down of population d. Vicious circle 4. Karl Marx growth rate of poverty Codes : 26. Single out the activity that is not included in the Industrial Production (A) Index of India : (B) (c) (A) Manufacturing N - (B) Construction (D) (C) Mining (D) 23. Match the items given in List - I with Electricity those in List - II : List - I List - II 27. High growth of which industry a. Low level 1. Simon provides a positive signal for equilibrium trap Kuznets industrial growth in future ? Inverted "V shaped 2. Nelson (A) Capital goods industries income distribution (B) Basic goods industries hypothesis (C) Durable consumer goods industries C. Endogenous growth 3. Arthur (D) Intermediate goods industries theory Lewis d. Unlimited supplies 4. Robert 28. Identify the method not being used of labour Solow for unemployment estimation by the Codes : NSSO in India. (A) Current monthly status (A) (B) Current daily status (C) Current weekly status (D) Usual principal and subsidiary status14. Who amongst the following 18. The full capacity growth rate in economists imparted money demand Harrod-Domar Model is also known as of a portfolio theory approach ? Actual growth rate (1) J.M. Keynes (2) Baumol (B) Warranted growth rate (3) James Tobin (C) Natural growth rate (4) Milton Friedman (D) Expected growth rate Codes : (A) 1.2 (B) 3.4 (C) 1.2, 3 (D) 2, 3,4 19. Inventors of HDI are 15. Which of the following is not a 1. Harris-Todaro characteristic feature of the Phillips II. Megnad Desai curve ? (A) The Price expectations are III. Robert Solow adaptive IV. Amartya Sen (B) The unemployment rate, when money wage stabilises, is 5% Codes : percent (C) The price expectations are static (A) I and II are correct. (D) there is a loop around Phillips (B) I and III are correct. curve (C) III and IV are correct. 16. The crowding out effect is zero when (D) II and IV are correct. (A) there is liquidity trap, investment is perfectly interest inelastic 20. Components of PQLI (B) money demand is perfectly interest inelastic, or investment I. Morbidity is perfectly interest elastic (C) IS curve is falling and LM II. Infant mortality curve is rising III. Life expectancy at age one (D) None of the above IV. Basic literacy at age 15 17. Meeting the needs of present Codes : generation without compromising the needs of future generation is (A) I, III and IV are correct. (A) Economic Development (B) III, II and IV are correct. (B) Social Development (C) I, II and III are correct. (C) Sustainable Development (D) Economic Growth (D) IV, I and II are correct.7. An industry whose long run supply 11. Assume a model of income curve is horizontal is called determination of the following type : (A) Constant cost industry C = a+b . Yd (B) Increasing Cost Industry Yd = Y -T T = To+t . Y (C) Decreasing Cost Industry (D) Efficient Industry I = 1 G = G 8. The practice of charging each Y = C+I+G Where consumer the reservation price is Consumption expenditure; income; called Y = disposable income; T = taxes; (A) Peak load pricing To = Tan, when Y = 0; t, = marginal (B) Inter-temporal price tax rate; 1 = investment expenditure; discrimination G = Government expenditure; and bar '-' as the variable indicates that (C) First degree price discrimination these autonomous variables. Then the (D) Third degree price discrimination tax multiples with respect to To is : -b (A) 1-b+ bt, (B) 1-b+bt, 9. Frictional unemployment is also 1-b known as (C) 1-b-bt (D) 1-b- bt (A) Disguised unemployment (B) Turnover unemployment 12. Which of the following components (C) Cyclical unemployment of aggregate demand is self- terminating and self-financing ? (D) Structural unemployment (A) Investment expenditure (B) Durable consumption expenditure 10. Arrange in ascending chronological (C) Non-durable consumption order the following consumption expenditure hypotheses in which they appeared in (D) Government expenditure the economics literature : (1) Absolute increase hypothesis 13. Arrange all the four concepts of (2) Permanent increase hypothesis money supply M,, M2. M, and M in the ascending order in terms of their (3) Life cycle hypothesis liquidity : (4) Relative increase hypothesis (A) MJ, M2, M, and MA Codes : (B) M. M,, M, and MA (A) 1. 3, 4,2 (B) 1, 2, 4, 3 (C) MJ, M2, M, and M, (C) 1,4, 3. 2 (D) 1, 3, 2. 4 (D) MJ. MJ, M, and M,1. Who distinguished between value in 5. Predatory pricing policy is designed use and value in exchange and gave the famous example of diamonds and to water ? (A) drive competitors out (A) Adam Smith (B) David Ricardo business (C) Alfred Marshall (B) maximise profits (D) Karl Marx (C) encourage entrants into the 2. In an economy of two individuals market A and B and two commodities X and Y. general equilibrium of production (D) attain least cost output and exchange occurs when (A) MRTxY = 6. Match items in List - I with items in List - II and select the correct answer (B) MRS,y for A and B = P from the code given below : List - 1 List - II (C) MRS. = MRS.B XY a. The Screening 1. George A. (D) MRTxy = MRS A = MRS B Hypothesis Akerlof XY When income effect becomes b. Job Market 2. K.J. Arrow 3. stronger than substitution effect, the Signalling labour supply curve will c. The problem 3. M. Spencer (A) Slope positively (B) Negatively sloped of moral (C) Bend backward hazard in the (D) Slope upwards case of Assertion (A) : The concept of medical supply curve is meaningless for the monopolist. insurance Reason (R) : Monopolists are price d. The market 4. Paul W. setters; it does not make reuse to ask what output they will for lemons Miller and produce at various prices. Paul A Codes : Volcker (A) Both (A) and (R) are correct and (R) is the correct Codes : explanation of (A). (B) (A) is correct, but (R) is not correct. (A) (C) Both (A) and (R) are correct, but (R) is not the correct (B) 3 explanation of (A) (C) 3 2 (D) (R) is correct, but (A) is (D) 2
