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40. If the actual unemployment rate is below the natural rate of unemployment, it would be expected that (1) the rate of inflation would increase. (2) wages would fall. (3) the Phillips curve would shift to the right. (4) the natural rate of unemployment would fall. 41. Demographic transition means : (1) Shift from the condition of low birth and high death rates to high birth and high death rates. (2) Shift from the condition of high birth and high death rates to low birth and low death rates. (3) Shift from the condition of high death and low birth rates to high death and high birth rates. (4) None of the above. 42. In the context of International Trade dumping refers to (1) Free distribution of used products by developed countries in developing countries. (2) Selling a commodity cheaper in foreign market and costly in domestic market. (3) Sending cheap goods to developing countries by developed countries. (4) None of the above 43. Match List - I with List - II and select correct answer from the codes given below : List - 1 List - II a. International Monetary Fund i. Lending to private sector b. International Bank for Reconstruction ii. Balance of Payments problems and Development C. International Development Association iii. Soft Loan to poor countries d. International Finance Corporation iv. Socio-economic infrastructure Codes : (1) (2) Hii (3) iii IV (4) ii iv ili37. Match the following : List - I List - II a. Alfred Marshall i. M = PKT b. Irving Fisher ii. M =PKY c. Robertson ili. N = PK d. Keynes iv. MV = PT Select the correct codes given below : Codes : C d (1) iv (2) ii iv (3) ili iv (4) iii iv 38. In his theory of money, James Tobin did not agree with which of the following inferences/ assumptions of the demand for money for liquidity preference enunciated by Lord Keynes ? 1. Elasticity of expectations of future interest rates II. Individuals hold either money or bonds Of the above which are correct ? Answers from the codes below : Codes : (1) Only I (2) Only II (3) Both I and II (4) Neither I nor II 39. A population pyramid of a country shows the : (1) age structure of male and female population (2) age structure of male population (3) age structure of female population (4) age structure of rural and urban population32. Which one of the following statements is true for the Verdoon's law ? (1) Long run productivity generally grows proportionally to the square root of output growth. (2) Short run productivity generally grows proportionally to the growth of output. (3) The value of Verdoon's coefficient is nearly equal to 1. (4) Verdoon's law is quite in consonance with Solow model's functioning. 33. Which among the following can contribute to improvement in industrial climate of the region ? (1) Development banks (2) Trade unions (3) Natural resources (4) All of the above 34. Researchers indicate that income velocity of money is falling overtime due to (1) income elasticity of demand for money is greater than unity. (2) income elasticity of demand for money is less than unity. (3) income elasticity of demand for money is equal to unity. (4) All of the above 35. According to Monetarists, demand for money function is (1) stable and interest inelastic (2) constant and interest elastic (3) stable and interest elastic (4) unstable and interest inelastic 36. Arrange the following liquid assets in decreasing order (a) Time deposits (b) Saving deposits (c) Currency (d) Demand deposits Select the answer from the codes given below : (1) d, a, b, c (2) c, d, b, a (3) a, b, d, c (4) b, a, c, d27. For the Union Budget of 2015-16, arrange the following in the ascending order of their percentage in GDP : (i) Revenue deficit (ii) Effective deficit (iii) Primary deficit (iv) Fiscal deficit Choose the correct answer from the codes given below : Codes : (1) (iii), (ii), (i), (iv) (2) (ii), (iii), (iv). (i) (3) (1), (iv), (iii), (ii) (4) (iv), (i), (ii), (iii) 28. While recommending horizontal distribution, which of the following criterion got the least weightage by the 14" Finance Commission ? (1) Demographic change (2) Area (3) Population (4) Income distance 29. If in a year, the gross fiscal deficit of Government is
