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19. Which among the following economists advocated the use of social marginal productivity criterion (1) Hollis B. Chenery (2) A.K. Sen (3) Maurice Dobb (4) J.J. Polak 20. Trickle down strategy explains process associated with which of the following economic systems (1) Capitalist system (2) Socialist system (3) Mixed economy (4) Both (1) and (3) 21. Who among the following is not a regulator of financial sector in India ? (1) Securities and Exchange Board of India (2) Insurance Regulatory and Development Authority (3) Competition Commission of India (4) Forward Market Commission of India 22. Dumping in international trade means that a country (1) exports all the domestic production of a commodity (2) imports a commodity at a very low price (3) exports a commodity at a price less than its cost of production (4) exports a commodity at a price equal to its cost of production 23. International trade in goods and services is sometimes used as a substitute for all of the following, except (1) international movement of capital (2) international movement of labour ) domestic production of same goods and services (4) domestic production of different goods and services14. Which among the following measures the intensity of poverty ? (1) Head Count Ratio of Poverty (2) Poverty Gap (3) Square of Poverty Gap (4) Per Capita Income 15. Consider the following statements : (i) Rate of growth of GDP exhibits the performance of the economy. (ii) Per capita GDP shows the standard of living of the people in a country. Which of the statements given above is/are correct ? (1) Only (i) (2) Only (ii) (3) Both (i) and (ii) (4) Neither (i) nor (ii) 16. Application of project evaluation methods in Indian planning has been difficult because of (a) Inadequate and inaccurate statistics (b) Wrong assessment of direct and indirect benefits (c) Complementarily of the projects Select the answer from the codes below : Codes : (1) (a) & (b) (2) (b) & (c) (3) (a), (b) and (c) (4) (a) & (c) 17. Which among the following has not been declared as a special category State in India ? (1) Uttarakhand (2) Bihar (3) Jammu & Kashmir (4) Himachal Pradesh 18. In the context of project evaluation, the net present value method mainly depends upon : (1) interest rate prevalent at a given time (2) exchange rate prevalent at a given time (3) sales tax rate prevalent at a given time (4) both income and sales tax rates prevalent at a given time11. Changes in the portfolio assets of the people take place due to (1) Current rate of interest (2) Future rate of interest (3) Current rate of interest in relation to future rate of interest (4) Current price of bonds 12. In the adjoining standard diagram, in relation to point E, which among the following is true ? TP B (1) Share of labour is AB (2) Share of capital is OB (3) Share of capital is AB (4) Share of capital is ABCE 13. Given : 1 = 5+ 0.2y S =-15 +0.3y G =5 Where I = Investment; S = Savings G = Government Expenditure Y = National Income What is the equilibrium level of income ? (1) 200 (2) 150 (3) 250 (4) 3005. Assuming that firm A increases its advertising and firm B responds by increasing its advertising. If profits of both firms increase, then firms A and B are engaged in (1) a zero-sum game (2) a positive-sum game (3) a negative-sum game (4) behaviour which cannot be understood in terms of games theory 6. Among the following the law of diminishing returns begins to operate when (1) Total product begins to rise ) Total product begins to fall (3) Marginal product begins to rise (4) Average product begins to fall 7. Which among the following statements are correct regarding Edgeworth Duopoly model ? I. It takes as given the output decision of rival. II. It is adequate explanation of price rigidity. III. It takes as given the price decision of rival. Of these, the correct answer is (1) Only statement I is true (2) Both I & III are true (3) Both II and III are true (4) Only III is true 8. Identify the correct order of development of the theories given below : (a) Marshall's Theory of Demand (b) Indifference Curves (c) Revealed Preference Theory (d) Hicks' Revision of Demand Theory Codes : (1) (a), (b). (c). (d) (2) (d), (a). (c). (b) (3) (b). (a). (d). (c) (4) (c). (d). (a). (b) 9. Inflationary gap refers to excess of aggregate demand over aggregate supply at (1) full employment level (2) after full employment level (3) before full employment level (4) both (1) and (2) above 10. In a dynamic multiplier system, the relation between income and investment will be (1) AY,= KAI, (2) AY, = KALLI (3) AYL, = KAI, (4) AYL, = KAL-11. Who among the following is not associated with the compensation principle of welfare economics ? (1) Kaldor (2) Hicks (3) Scitokosky (4) Parcto 2. Substitution of leisure for income leads to (1) Backward sloping supply curve (2) Need for overtime payment (3) Both (1) and (2) (4) Neither (1) nor (2) 3. In the adjoining diagram, in the equilibrium which one of the following is true ? Revenue and Cost - X Output (1) Price = Average Cost (2) Price = Average Cost = Marginal Cost (3) Marginal Cost = Average Revenue (4) There is no excess capacity. 4. Which of the following describes the Lemons problem in economies ? (1) Bad currency drives out the good currency. (2) Low-quality goods can drive high quality goods out of the market. (3) Low cost firms drive out high cost firms from the market. (4) Excess production of a horticulture crop
