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SET Economics Question Answers

SET Economics Question Answers for competitive exams: This mock test having mcq question each also from Paper II, Paper III Syllabus, with four choices. On each click on answers system will tell you where the answers is correct or incorrect. You can view this SET Economics test question details at the end of the quiz.

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SET Economics Question Answers (Paper II ad Paper III

State Level Eligibility Test is also know as SET  (State Eligibility TestEconomics questions answers are applicable for any kind of Higher Education especially for Lecturer and PHD examination like UGC NET And CSIR NET. . You can practice as much as you can to gather knowledge of how to answers SET Economics critical type papers in short time and this can be a big factor for cracking LS/PHD level exam.



SET/SLET Economics Paper II - Mock Test

Congratulations - you have completed SET/SLET Economics Paper II - Mock Test.You scored %%SCORE%% out of %%TOTAL%%.Your performance has been rated as %%RATING%%
Your answers are highlighted below.
Question 1
The revealed preference theory is based on the assumption of       
A
Strong ordering
B
Weak ordering
C
Negative income elasticity
D
Cardinal utility analysis
Question 2
The kinked demand curve model of Paul Sweezy explains        
A
Price rigidity in Duopoly
B
Price rigidity in Oligopoly
C
Price determination in Duopoly
D
Quantity determination in Duopoly
Question 3
The psychological law of consumption is given by          
A
A. C. Pigou
B
Milton Friedman
C
J. Tobin
D
J. M. Keynes
Question 4
High-powered money is also called as          
A
base money
B
narrow money
C
broad money
D
plastic money
Question 5
Knife-edge problem arises in        
A
Solow Model
B
Kaldor Model
C
Joan Robinson Model
D
Harrod-Domar Model
Question 6
India’s Second Five Year Plan was based on        
A
Harrod-Domar Model
B
Mahalanobi’s Model
C
Joan Robinson’s Model
D
Kaldor’s Model
Question 7
Primary deficit is        
A
Fiscal deficit — relending by the Government
B
Revenue expenditure — revenue receipts
C
Fiscal deficit — interest payments
D
Total expenditure — total receipts
Question 8
Adjustment under gold-standard is carried out by      
A
flexible exchange rate
B
exchange controls
C
variation in national income
D
price specie flow mechanism
Question 9
The average annual growth of agriculture during the Eleventh Five Year Plan period was         
A
4 percent
B
3.3 percent
C
2.5 percent
D
4.5 percent
Question 10
Which of the following factors are responsible for changes in demand? I. Changes in consumer taste II. Changes in real income III. Changes in distribution of income IV. Changes in the rates of taxation Code:       
A
I and II only
B
II and III only
C
I, II and IV only
D
I, II, III and IV
Question 11
According to classical theory, an increase in money supply leads to proportionate I. Decrease in price level II. Increase in price level III. Fall in the value of money IV. Rise in the value of money Codes:       
A
In I and IV
B
In II and III
C
In II and IV
D
In I and III
Question 12
The theory of balanced growth was developed by I. Rosenstein Rodan II. Ragnar Nurskse III. Hirschman IV. Leibenstein Codes:      
A
I and IV
B
II and III
C
I and II
D
II and IV
Question 13
Which of the following are pure public goods? I. Defence II. Roads III. Street lights IV. Education Codes:      
A
I, II and III
B
I and II
C
I and III
D
I, II, III and IV
Question 14
Two of the following economists argued that international trade is detrimental to the industrialisation of developing countries I. Haberler II. Ricardo III. Myrdal IV. Prebisch Codes:       
A
I and II
B
I and III
C
II and IV
D
III and IV
Question 15
The reasons for fast growth of public expenditure in India in recent years are I. Urbanisation II. Interest payments III. Subsidies IV. Defence expenditure Codes:      
A
I, II and III only
B
I, II and IV only
C
II, III and IV only
D
I, II, III and IV
Question 16
The two regression lines will coincide when I. r = 0 II. r = +1 III. R = -1 IV. r > 0 Codes:        
A
II and IV are correct
B
II and III are correct
C
I and II are correct
D
I and IV are correct
Question 17
Note: The following questions consist of two statements : One labelled as the ‘Assertion’ (A) and the other as ‘Reason’ (R). You are to examine these two statements carefully and select the answers to these items using the codes given below: Assertion (A) : Indifference curves are convex to the origin. Reason (R) : The marginal rate of substitution of X for Y (MRSXY) is diminishing. Codes:        
A
Both (A) and (R) are true and (R) is the correct explanation of (A)
B
Both (A) and (R) are true and (R) is not the correct explanation of (A)
C
(A) is true but (R) is false
D
Both (A) and (R) are false
Question 18
Assertion (A) : In monopolistic competition, a firm earns only normal profit in the long run. Reason (R) : A firm in monopolistic competition produces a commodity which has no close substitutes. Codes:      
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 of (A)
C
(A) is true, but (R) is false
D
(A) is false, but (R) is true
Question 19
Assertion (A) : Life Cycle Hypothesis attempts to reconcile the short-run and the long run consumption functions. Reason (R) : Short-run consumption function implies that APC declines as income increases. Codes:       
A
(A) is true but (R) is false
B
Both (A) and (R) are false
C
Both (A) and (R) are true but (R) is not the correct explanation of (A)
D
Both (A) and (R) are true and (R) is the correct explanation of (A)
Question 20
Assertion (A) : Solow model of growth predicts steady state growth. Reason (R) : Saving — investment equality is assumed in the model. Codes:       
A
Both (A) and (R) are true
B
(A) is false but (R) is true
C
(A) is true but (R) is false
D
Both (A) and (R) are false
Question 21
Assertion (A) : According to Ursula K. Hicks, direct taxes are superior to indirect taxes. Reason (R) : The allocative effects of direct taxes are superior compared to that of indirect taxes. Codes:        
A
Both (A) and (R) are true but (R) is not the correct explanation of (A)
B
Both (A) and (R) are true and (R) is the correct explanation of (A)
C
(A) is false and (R) is true
D
Both (A) and (R) are false
Question 22
Assertion (A) : Factor price equalisation theorem deals with the effects of trade on factor prices. Reason (R) : Trade in goods has no effect on factor prices. Codes:       
A
Both (A) and (R) are true and (R) is the correct explanation for (A)
B
Both (A) and (R) are true but (R) is not the correct explanation for (A)
C
(A) is true but (R) is false
D
(A) is false but (R) is true
Question 23
Assertion (A) : Due to liberalisation tele-density in India increased from 18.2 percent to 76.8 percent between March 2007 and December 2011. Reason (R) :             Tele-density varies across circles and there is significant urban rural divide. Codes:     
A
Both (A) and (R) are true and (R) is the correct explanation for (A)
B
Both (A) and (R) are true but (R) is not the correct explanation for (A)
C
(A) is true but (R) is false
D
(A) is false but (R) is true
Question 24
Assertion (A) : The mean of the binomial distribution is np. Reason (R) :      The theoretical distribution p(x) = nCx. qn-x. px is called the binomial distribution. Codes:      
A
Both (A) and (R) are true
B
(A) is true but (R) is false
C
(A) is false but (R) is true
D
Both (A) and (R) are false
Question 25
Note : Sequencing Types (25-32)Arrange the following in the order of their development. I. Revealed Preference Theory II. Indifference Curve Analysis III. Marginal Utility Analysis IV. Modern Utility Theory Codes:       
A
II, III, I and IV
B
III, II, I and IV
C
I, III, II and IV
D
III, II, IV and I
Question 26
Arrange the following in the order of their duration I. Short period II. Medium period III. Market period IV. Long period Codes:       
A
I, II, III, IV
B
II, III, IV, I
C
III, I, II, IV
D
IV, III, I, II
Question 27
Arrange the following in chronological order I. Absolute Income Hypothesis II. Life Cycle Hypothesis III. Permanent Income Hypothesis IV. Relative Income Hypothesis Codes:       
A
I, IV, III, II
B
II, III, IV, I
C
III, II, I, IV
D
IV, I, II, III
Question 28
Arrange the following in correct order I. Human Development Index II. Gender Development Index III. Physical Quality of Life Index IV. Gender Empowerment Measures Codes:        
A
IV, I, III, II
B
I, II, IV, III
C
II, III, I, IV
D
III, I, II, IV
Question 29
Arrange the following in chronological order I. Modified Value Added Tax II. Central Value Added Tax III. State Value Added Tax IV. Manufacture Value Added Tax Codes:       
A
I, II, III, IV
B
IV, I, II, III
C
II, III, IV, I
D
III, IV, I, II
Question 30
Arrange the following in chronological order I. Formation of WTO II. Uruguay Round III. Formation of GATT IV. Formation of UNCTAD Codes:      
A
I, II, IV, III
B
II, I, III, IV
C
III, IV, II, I
D
IV, III, I, II
Question 31
Arrange the following in descending order of their weightage in Wholesale Price Index I. Egg / meat / fish II. Milk III. Food grains IV. Sugar Codes:        
A
IV, I, II, III
B
I, IV, III, II
C
II, III, IV, I
D
III, II, I, IV
Question 32
Arrange the following concepts in which they are used in statistical analysis I. Sampling II. Data processing III. Test of hypothesis IV. Drawing inferences Codes:       
A
I, III, II, IV
B
III, II, I, IV
C
II, I, III, IV
D
IV, III, I, II
Question 33
Note: Match List-I with List-II and select the correct answer from the codes given below.
 List I List II
 a. Cardinal utility Theory 1. Robinson
 b. Ordinal Utility Theory 2. Edward Chamberlin
 c. Monopolistic Competition 3. J. R. Hicks
 d. Imperfect Competition 4. Joan Robinson
  5. Marshall
    
  a b c d
 (A) 3 4 5 2
 (B) 5 3 4 2
 (C) 5 3 2 4
 (D) 1 3 2 5
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 34
Which of the following pairs is correctly matched?         
A
Perishable goods — Sugar
B
Public goods — Refrigerator
C
Private goods — Street lights
D
Free good — Air
Question 35
                        
 List I   List II
 a. Law of Markets 1. Fisher
 b. Quantity Theory of Money 2. R. F. Khan
 c. Employment Multiplier 3. J. M. Keynes
 d. Investment Multiplier 4. J. B. Say
Codes: 
  a b c d
 (A) 4 1 3 2
 (B) 1 3 2 4
 (C) 4 1 2 3
 (D) 3 1 4 2
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 36
Which one of the following pairs is correctly matched?
 Concepts   Economists
 (A) Effective Demand —   A. W. Philips
 (B) Risk and Uncertainty — Milton Friedman
 (C) Laissez-faire — Keynes
 (D) Demand Shift Inflation — Charles Schultz
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 37
 
 List I List II
 a. Shadow prices 1. Gunnar Myrdal
 b. Rolling plan 2. De - Gule
 c. X-efficiency 3. Leibenstein
 d. Indicative planning 4. J. Tinbergen
Codes:   
  a b c d
 (A) 1 4 2 3
 (B) 4 1 3 2
 (C) 3 2 1 4
 (D) 2 3 4 1
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 38
                           
 List I Name of the Committee     List II Name of the Chairman
 a. The Taxation Enquiry Commission 1953-54 1. L. K. Jha
 b. Indirect Taxation Enquiry Committee 1977 2. K. N.  Raj
 c. Committee on Taxation of Agricultural Wealth and Income 3. John  Mathaiah
 d. Direct Taxes Enquiry Committee 4. R. J. Chelliah
  5. K. N. Wanchoo
Codes:
  a b c d
 (A) 2 3 1 4
 (B) 3 1 2 5
 (C) 4 3 2 1
 (D) 5 4 3 2
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 39
 
 List I  List II
 a. Free trade area 1. No restriction on trade and factor movement
 b. Customs union 2. Trade is free and no customs duties
 c. Common market 3. No customs duties, common duty on non-members
 d. Economic union 4. Advanced stage of integration
Codes:
  a b c d
 (A) 2 1 3 4
 (B) 3 2 4 1
 (C) 2 3 1 4
 (D) 1 3 4 2
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 40
The following table gives the Central Government Expenditure on Social Services during 2011-12.
 List I (Items)     List II  (% of total social services expenditure)
 a. Education, Sports, Youth Affairs 1. 4.63
 b. Health and Family Welfare 2. 2.15
 c. Water Supply and Housing 3. 2.10
 d. Information and Broadcasting 4. 0.20
Codes:
  a b c d
 (A) 1 2 3 4
 (B) 3 2 1 4
 (C) 2 3 1 4
 (D) 4 1 2 3
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 41
                    
 List I      List II
 a. Averaging time and rate 1. Mode
 b. Averaging rate of growth 2. Median
 c. Middle item 3. Geometric Mean
 d. Most repeated item 4. Harmonic Mean
  5. Arithmetic Mean
Codes:
  a b c d
 (A) 2 1 4 3
 (B) 5 2 3 4
 (C) 4 3 2 1
 (D) 3 4 5 2
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 42
Assertion (A) : The variance of a distribution is always positive. Reason (R) : The variance is the average of the squared deviations from the mean. Codes:      
A
(A) and (R) are true but (R) is not the correct explanation for (A)
B
(A) and (R) are true but (R) is the correct explanation for (A)
C
(A) is true but (R) is false
D
(A) is false but (R) is true
Question 43
Which State has the largest coastal area in India?      
A
Andhra Pradesh
B
Tamil Nadu
C
Kerala
D
Maharashtra
Question 44
Read the essay given below and answer questions from 44 to 47 based on your understanding of the passage: Parallel to pauperization in the rural sector, air and water pollution from urban economic activities is a cause of environmental degradation in developing economies. The problems of pollution due to such factors as emission of noxious gas and water from factories, and piles of waste from urban households are universal, but often more serious in developing countries. It is important to recognize that environmental pollution from these sources tends to progress faster in developing than in developed economies. Advanced economies have reached a stage at which the weight of economic activities shifts from the industrial to the service sectors in response to economic growth, so that consumption of energy as the basic source of pollution grows slower than growth in national income. Moreover, people in the high-income economies have high preference for environmental amenity relative to present consumption. Therefore, they are more prone to accept environmental regulations and taxation at the expense of their present income. In contrast, in the early phase of industrialization, the share of industry in domestic income expands, resulting in increases in energy consumption faster than growth in national product. This tendency is often exacerbated by the policy bias to promote heavy and chemical industries from the early stage of development. Since anti-pollution regulations are usually weak in developing economies, increased energy consumption in the industrial sector tends to swell emission of noxious gas and water. Moreover, as many developing economies entered the era of motorization before railway networks were established, the density of automobiles has been high relative to their income levels, resulting in extreme city transportation congestion and serious air pollution.  Which of the following is not a factor of urban pollution?       
A
Noxious gases
B
Waste water
C
Deforestation
D
Solid waste
Question 45
Which one of the following is not a reason for reduction of pollution in developed countries?        
A
Shifting to small and medium industries
B
Shifting to service sector
C
Strict environmental regulations and taxation
D
High preference for environmental quality
Question 46
Developing countries are suffering from high level of pollution due to      
A
Lack of strict implementation of environmental regulations
B
Increased energy consumption by industries
C
More automobiles
D
All the above
Question 47
People in developed economies prefer        
A
More Present Consumption
B
More Present Income
C
Better Environmental Quality
D
Less Taxation
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SET/SLET Economics Paper III - Mock Test

Congratulations - you have completed SET/SLET Economics Paper III - Mock Test.You scored %%SCORE%% out of %%TOTAL%%.Your performance has been rated as %%RATING%%
Your answers are highlighted below.
Question 1
The concept of outside money was introduced by       
A
J. M. Keynes
B
Gurley and Shaw
C
Don Patinkin
D
Milton Friedman
Question 2
The inverted ‘U’ shaped hypothesis was given by        
A
J. G. Williamson
B
Simon Koznets
C
Gunnar Myrdal
D
G. S. Fields
Question 3
Escheat is       
A
A Direct tax
B
An indirect tax
C
A Grant-in-Aid
D
An Administrative Revenue
Question 4
The monetary approach to the Problem of balance of payments deficit was developed during      
A
1950 s
B
1960 s
C
1970 s
D
1980 s
Question 5
The rate at which Reserve Bank of India lends to the banks is      
A
Cash reserve ratio
B
Statutory liquidity ratio
C
Repo rate
D
Reverse repo rate
Question 6
The largest cottage industry in India is        
A
Sericulture
B
Handloom
C
Pan masala
D
Soap industry
Question 7
Sustainable development seeks to        
A
Meet the Present needs without depleting the natural capital
B
Meet the future needs at the cost of present
C
Meet the present needs without consideration for the future
D
Concentrate on the economic development alone
Question 8
The targeted growth rate of agriculture during the Eleventh Five Year Plan was       
A
3.5%
B
4.0%
C
4.5%
D
5.0%
Question 9
As the number of Explanatory variables increases, R2 value will       
A
Remain constant
B
Increase
C
Decrease
D
All of the above
Question 10
According to Marri’s model of the managerial enterprises, the firm is in equilibrium when it reaches the highest point on the        
A
Demand-growth curve
B
Capital-growth curve
C
Balanced-growth curve
D
Unbalanced-growth curve
Question 11
Name of the organisation which has launched the Free Trade Area (FTA) in January 2002.      
A
SAARC
B
WTO
C
ASEAN
D
UNCTAD
Question 12
Ministry of labour of the Government of India advised the State Governments in February, 2004 to revise the minimum wages for all scheduled employments not below        
A
Rs. 76
B
Rs. 66
C
Rs. 96
D
Rs. 46
Question 13
Which of the following are the ‘axioms’ of consumer theory? I. Completeness II Reflexibility III. Transitivity Codes:       
A
I and II only
B
II and III only
C
I and III only
D
I, II and III
Question 14
The value of Money Multiplier is determined by the I. Currency ratio of the public II. Required Reserve ratio at the Central Bank III. Excess Reserve ratio of Commercial Bank Codes:       
A
I and II only
B
II and III only
C
I and III only
D
I, II and III
Question 15
According to Lebenstein, the ‘Growth Agents’ in the process of economic development include the I. entrepreneur   II. investor III. saver IV. innovator       
A
I and IV only
B
II and III only
C
I and III only
D
I, II and III
Question 16
Which of the following are the methods of repayment of public debt? I. Sinking fund II. Debt swapping III. Capital levy IV. Fiscal drag Codes:        
A
I and II are correct
B
II and III are correct
C
I and III are correct
D
III and IV are correct
Question 17
Which of the following are the aims of WTO? I.  promotion of free trade II. protection of IPRs III. promotion of resource flow across the countries Codes:        
A
I only
B
I and II only
C
I and III only
D
I, II and III
Question 18
Which of the following statements about commercial bank is correct? I. It is a monetary based business organisation II. It is a Unit Bank of RBI III. It prints currency notes Codes:         
A
I and II only
B
I only
C
I and III only
D
III only
Question 19
Industrial Licensing was abolished in 1991 for the following I. Small scale industries II. Multinational corporations III. Export-oriented industries       
A
I and II only
B
II and III only
C
III and I only
D
I, II and III
Question 20
Which of the following are the characteristics of the second stage of Demographic Transition? I. High Birth rate II. Falling Death rate III. Growing the average size of family Codes:      
A
I and II only
B
I, II and III
C
I and III only
D
II and III only
Question 21
Which of the following statements about service area approach are true? I. It is a new strategy for rural lending II. It covers a cluster of villages in its operation III. It is followed by rural and semi-urban branches of commercial banks. Codes:      
A
I and II only
B
II and III only
C
I and III only
D
I, II and III
Question 22
For a linearly homogeneous production function  Q = A. Lɑ. Kß I. ɑ+ß = 0 II. ɑ+ß = 1 III. f (λL,λK) = f (L,K) IV. f (λL,λK) = λf (L,K) Codes:       
A
I and III are correct
B
I and IV are correct
C
II and III are correct
D
II and IV are correct
Question 23
A random variable I. is also known as stochastic variable II. has well defined probability distribution III. is also known as control variable IV. is also known as target variable Codes:      
A
I and II are correct
B
I and III are correct
C
I, II and IV are correct
D
I, II and III are correct
Question 24
Under which strategy there is one optimal choice for each player no matter what the other player does? I. Dominant strategy II. Mixed strategy III. Weak strategy Codes:      
A
II only
B
I only
C
I and II only
D
I, II, and III
Question 25
Which of the following is the custodian of foreign exchange reserves in India? I. Finance Ministry   II. Exim Bank III. RBI                     IV. MNCs Codes:       
A
I only
B
I and II only
C
III only
D
I, III and IV
Question 26
The policy of minimum support Prices of agricultural goods is designed to I. assure seasonable income to the farmers II. encourage farmers to produce food crops III. prevent food prices from rising Codes:      
A
I only
B
II and III only
C
I and III only
D
I and II only
Question 27
The following questions consists of two statements — one labelled as Assertion (A) and the other as Reason (R). You have to examine the statements carefully and select the correct answer from the codes given under the questions. Assertion (A) : Any reaction of competitors in oligopoly market is bound to take place after a considerable time lag. Reason (R) : The complexity of the internal organisation of oligopoly firms renders decision-making a lengthy process. Codes:       
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
Question 28
Assertion (A) : In terms of the labour market analysis, Keynes observed that in reality, the wage rate is constant at a certain level. Reason (R) : Keynes observed that the trade unions do not agree to wage cuts unless they are threatened with loss of jobs. Codes:         
A
A is correct, but R is not correct
B
A is not correct, but R is correct
C
Both A and R are correct, but R is not the correct explanation for A
D
Both A and R are correct, and R is the correct explanation for A
Question 29
Assertion (A) : Schumpeter’s theory of economic Development is not the accumulation of capital, but the introduction of innovationS. Reason (R) : An entrepreneur would have the ability to introduce innovations. Codes:       
A
Both A and R are correct and R is the correct explanation for A
B
Both A and R are correct, but R is not the correct explanation for A
C
Both A and R are wrong
D
A is correct, but R is wrong
Question 30
Assertion (A): The burden of direct tax is not shiftable Reason (R) : Direct taxes do not have further market transactions Codes:         
A
Both A and R are correct, but R is not the correct explanation of A
B
A is correct, but R is wrong
C
Both A and R are correct and R is the correct explanation of A
D
Both A and R are wrong
Question 31
Assertion (A) :   In the recent times, there has been a significant increase in the foreign exchange reserves of India. Reason (R) :      The process of Globalisation has provided incentives for foreign direct investment Codes:         
A
Both A and R are true, but R is not the correct explanation of A
B
A is true, but R is false
C
A is false, but R is true
D
Both A and R are true and R is the correct explanation of A
Question 32
Assertion (A) : The need for commercial banks to hold on to excess cash reserves to meet unanticipated deposit withdrawals has been greatly reduced due to the growth in the size of Call Money Market. Reason (R) :  Call money market will provide required funds to the banks at short notice to meet the unanticipated deposit withdrawals. Codes:      
A
A and R are correct and R is the correct explanation of A
B
A is correct, but R is wrong
C
A is wrong, but R is correct
D
A and R are correct, but R is not the correct explanation of A
Question 33
Assertion (A) : The Public Sector undertakings in India have shown poor performance. Reason (R) :    Inefficient management and political interference are important reasons for poor performance of Public sector undertakings. Codes:        
A
Both A and R are correct and R is the correct explanation for A
B
Both A and R are wrong
C
Both A and R are correct, but R is not the correct explanation for A
D
A is correct, but R is wrong
Question 34
Assertion (A) : According to Kuznets, the relationship between the income distribution and economic growth is inverted ‘U’ shaped. Reason (R) : As the percapita income increases, initial phase of increasing inequality will be succeeded by a phase of decreasing inequality. Codes:       
A
Both A and R are wrong
B
A is true, but R is wrong
C
A is wrong, but R is true
D
Both A and R are true
Question 35
Assertion (A): Green Revolution in India gave rise to productivity of different crops. Reason (R) : During the middle of 1960s, Indian Agricultural                      Scientists developed a number of new high yielding varieties ofwheat and rice. Codes:        
A
A is correct, but R is wrong
B
A is wrong, but R is correct
C
Both A and R are correct
D
Both A and R are wrong
Question 36
Assertion (A): Slack variables are introduced in linear programming. Reason (R) : The inequalities in the constraints are to be converted into equalities. Codes:        
A
A is true, but R is false
B
A is false, but R is true
C
A and R are true, but R is not the correct explanation for A
D
A and R are true and R is the correct explanation for A
Question 37
Assertion (A) : In the presence of heteroscedasticity the method of least squares is to be used, provided the error variances are known. Reason (R) :          Heteroscedasticity destroys the unbiasedness and consistent properties of OLS estimators. Codes:       
A
Both A and R are true and R is the correct explanation for A
B
Both A and R are true, but R is not the correct explanation for A
C
A is false, but R is true
D
A is true, but R is false
Question 38
Assertion (A): Kaldor studies the relation between growth in population and growth in income. Reason (R) : Kaldor tried to test the Malthusian contention that the growth rate of population is a function of the rate of increase in income. Codes:      
A
Both A and R are true
B
Both A and R are false
C
A is true, but R is false
D
A is false, but R is true
Question 39
Assertion (A): Globalisation is closer integration of the countries and people of the World. Reason (R) : Revolution in communication technology and removal of barriers to trade accelerated the process of globalisation. Codes:     
A
Both A and R are correct
B
Both A and R are wrong
C
Both A and R are correct and R is the correct explanation for A
D
Both A and R are correct, but R is not the correct explanation for A
Question 40
Assertion (A) : The adoption of farm mechanisation in agriculture poses a great challenge for India. Reason (R) : The agricultural land holdings are small and fragmented that are not conducive for farm mechanisation. Codes:      
A
Both A and R are true but R is not a correct explanation for A
B
Both A and R are true and R is the correct explanation for A
C
Both A and R are false
D
A is true but R is false
Question 41
According to the managerial theory of firm, the correct order of management from the top is I. Top Management II. Owner Share-holders III. Financial Managers IV. Board of Directors Codes:       
A
I, II, IV, III
B
II, IV, I, III
C
II, IV, III, I
D
I, III, IV, II
Question 42
Identify the correct sequential order of the following based on their liquidity. I. Bonds and securities II. Demand deposits III. Time deposits IV. Currency notes Codes:      
A
I, II, III, IV
B
II, III, IV, I
C
IV, III, II, I
D
IV, II, III, I
Question 43
Identify the correct chronological order of the economists associated with “Exploitation/Dependency theory”. I. Frank II. Baran III. Furtado Codes:       
A
I, II, III
B
II, III, I
C
I, III, II
D
III, I, II
Question 44
Arrange the following in the chronological order I. Expenditure tax II. Tax on railway passenger fares III. Estate duty IV. Service tax Codes:        
A
I, II, IV, III
B
III, I, II, IV
C
II, III, I, IV
D
IV, II, I, III
Question 45
Arrange the following Regional Blocks in the order of their establishment. I. E F T A II. S A F T A III. A S E A N Codes:        
A
I, II, III
B
III, II, I
C
I, III, II
D
III, I, II
Question 46
Arrange the following in the order of their introduction. I. Service Area Approach II. Financial Inclusion III. Lead Bank Scheme Codes:        
A
I, II, III
B
III, I, II
C
I, III, II
D
II, III, I
Question 47
Arrange the following in chronological order. I. District Industries Centre II. Monopolies and Restrictive Trade Practices Act III. Industries Development and Regulation Act Codes:          
A
III, I, II
B
II, III, I
C
III, II, I
D
I, II, III
Question 48
Identify the correct order of States based on the poverty ratio in 2004—05. Codes:         
A
Andhra Pradesh, Karnataka, Kerala, Tamil Nadu
B
Karnataka, Andhra Pradesh, Tamil Nadu, Kerala
C
Andhra Pradesh, Kerala, Karnataka, Tamil Nadu
D
Andhra Pradesh, Karnataka, Tamil Nadu, Kerala
Question 49
Select the correct order of the following based on the size of the Service Area. I. Primary Co-operative Bank II. State Co-operative Bank III. Central Co-operative Bank Codes:       
A
I, II, III
B
III, II, I
C
I, III, II
D
III, I, II
Question 50
Arrange the following concepts in the order of their use in Input-output Analysis. I. Output Vector (Matrix) II. Transactions Matrix III. Technological Matrix IV. Technological Coefficient Codes:        
A
I, II, IV, III
B
II, IV, III, I
C
III, I, II, IV
D
IV, III, I, II
Question 51
Arrange the following concepts in which they are used in econometric analysis. I. Identification problem II. Reduced form coefficients III. Rank and order conditions IV. Structural coefficients Codes:        
A
I,III,II,IV
B
III,I,IV,II
C
II,IV,III,I
D
IV,II,I,III
Question 52
Arrange the following in the order of their occurrence in the multiplier process. I. Current level of Income II. Additional Investment III. New Equilibrium IV. New level of Income Codes:      
A
IV,III,I,II
B
IV,I,II,III
C
I,II,III,IV
D
III,I,II,IV
Question 53
Identify the correct chronological order in which the Indian Rupee was linked to various currencies.        
A
Pound sterling, Basket of currencies, Dollar
B
Dollar, Pound sterling, Basket of currencies
C
Basket of currencies, Dollar, Pound sterling
D
Pound sterling, Dollar, Basket of currencies
Question 54
Arrange the following in the chronological order. I. Agricultural Prices Commission II. Foodgrains Prices Committee III. Commission for Agricultural Costs and Prices Codes:       
A
II, I, III
B
II, III, I
C
III, II, I
D
I, III, II
Question 55
Note :   Match List — I with List — II and select the correct answer from the codes given below
 List—I  List—II
 a) Marginal utility analysis 1. Behaviourist cardinalism
 b) Indifference curve analysis 2. Behaviourist ordinalism
 c) Revealed preference analysis 3. Introspective cardinalism
 d) Modern utility theory 4. Introspective ordinalism
Codes:
  a b c d
 (A) 3 4 2 1
 (B) 3 2 4 1
 (C) 1 2 4 3
 (D) 3 2 1 4
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 56
                            
 List—I    List—II
 a) Dudley Dillard 1. Keynesian ism —Retrospect and prospect
 b) R.E. Harrod 2. The critics of Keynesian Economics
 c) Henry Hazlilt 3. The life of John Maynard Keynes
 d) W.H. Hutt 4. The Economics of J.M. Keynes
Codes:
  a b c d
 (A) 1 2 4 3
 (B) 4 2 3 1
 (C) 4 3 2 1
 (D) 3 2 4 1
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 57
                           
 List—I  List—II
 a) Learning by doing 1. Adam Smith
 b) Division of labour 2. J.R. Hicks
 c) Stationary State 3. K.J.Arrow
 d) Technical progress 4. J.S. Mill
Codes:
  a b c d
 (A) 3 1 4 2
 (B) 4 3 2 1
 (C) 1 2 3 4
 (D) 3 1 2 4
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 58
Which of the following is not correctly matched?
 (A) Gadgil formula — Planning Commission
 (B) Calamity Relief Fund —Union Finance Commission
 (C) State Finance Commission – 73rd and 74th Constitution (Amendment) Act
 (D) Imposition of service tax — State Government
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 59
                     
 List—I        List—II
 a) Infant industry argument 1. Adam Smith
 b) Factor price equalisation Theorem 2. Haberler
 c) Opportunity cost  principle 3. Fredrich List
 d) Absolute cost  advantage 4. Samuelson
  5. David Ricardo
Codes:
  a b c d
 (A) 1 5 3 2
 (B) 2 1 5 4
 (C) 3 4 2 1
 (D) 4 2 1 3
  
A
(A)
B
(B)
C
(C)
D
(D)
Question 60
                                 
 List—I   List—II
 a) K.S. Krishna Swamy  Committee  1. Working of Indian Monetary System
 b) Narasimhan Committee 2. On Site Supervision of Banks
 c) S. Padmanabhan Working Group 3. Priority Sector Lending
 d) Chakrabarthy  Committee 4. Profitability of Public Sector banks
Codes:
  a b c d
 (A) 2 3 1 4
 (B) 3 4 2 1
 (C) 4 2 3 1
 (D) 1 3 4 2
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 61
                               
   List—I    List—II
 a) R.K. Hazari 1. Committee on Public Enterprises
 b) C. Ranga Rajan 2. M.R.T.P. Act
 c) Omkar Goswami 3. Industrial licensing
 d) Arjun Sen Gupta 4. Industrial sickness
  5. Disinvestment of shares
Codes:
  a b c d
 (A) 3 5 4 1
 (B) 5 2 1 4
 (C) 3 2 4 1
 (D) 4 3 2 1
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 62
                      
 List—I      List—II
 a) Reproductive age-group 1. 15-24 years
 b) Infant age group 2. 0-1 year
 c) Youth population 3. 15-35 years
 d) Young population 4. 15-44 years
Codes:
  a b c d
 (A) 3 4 2 1
 (B) 4 2 1 3
 (C) 4 2 3 1
 (D) 1 3 4 2
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 63
                                    
 List—I  Agriculture Input    List—II Subsidy during  2008—09 (%)
 a) Fertilizer 1. 20.61
 b) Electricity 2. 47.60
 c)Irrigation 3. 17.08
 d) Other subsidies 4. 14.71
                                                           Codes:
  a b c d
 (A) 4 3 1 2
 (B) 3 4 2 1
 (C) 1 2 3 4
 (D) 2 3 4 1
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 64
                             
   List—I (Techniques)   List—II (Applications)
 a) Differentiation 1. Consumer surplus
 b) Integration 2. Elasticity
 c) Input-output analysis 3. Optimisation subject to constraints
 d) Linear programming 4. Inter Industry relationships
Codes:
  a b c d
 (A) 2 1 4 3
 (B) 3 4 2 1
 (C) 4 3 1 2
 (D) 1 2 3 4
 
A
(A)
B
(B)
C
(C)
D
(D)
Question 65
Which of the following is not correct?         
A
Classical range — Monetary policy
B
Neo-classical range — Income policy
C
Keynesian range — Fiscal policy
D
Intermediate range — Both fiscal and monetary policies
Question 66
Which one of the following is not correctly matched?        
A
BK. Keayala —Explicit concensus
B
Marakesh declaration — Patent Laws
C
Dunkel declaration — Tariffs and Trade
D
Doha declaration — Social clause
Question 67
Which one of the following is not correctly matched?        
A
Agriculture — Green Revolution
B
TRYSEM — Self Employment
C
MGNREGS — Wage Employment
D
IRDP — Urban Basic Services
Question 68
Which one of the following is not correctly matched?        
A
G. Myrdal — Asian Drama
B
Karl Marx — Das Capital
C
Kuznets — Strategy of Economic Development
D
Nurkse R. — Problems of Capital formation in Under Developed Countries
Question 69
                                Para - Phrasing (Q. 69 - 73): Answer the questions from 69 to 73 by reading the following passage Major Pillar of the Post- Washington Consensus is the identification of poverty reduction as an immediate objective of development assistance rather than a consequence of the economic growth the assistance is designed to stimulate. By nature, market competition is a strong instrument for increasing economic efficiency but not an instrument for improving equity. If poverty reduction is considered an overarching immediate objective, non market instruments may have to be used to redistribute market- produced income in favour of the poor. More over, if poverty is viewed not simply as receipt of a less than socially allowable minimum subsistence income, but also as a restrictions in human capability, in the sense used by Amartya Sen, then social services such as, education, health and social safety nets must be delivered to the poor through non-market channels. Linking these two pillars brings to the fore the importance of non-market institutions such as Government and Civil society.What is the objective of development assistance during post Washington consensus period?        
A
Employment generation
B
Poverty reduction
C
Social Justice
D
Promotion of health
Question 70
Market Competition promotes      
A
Equity
B
Education
C
Efficiency
D
Environmental quality
Question 71
How does Amartya Sen define poverty?        
A
Failure to get required income
B
Failure to get required food
C
Failure to get adequate calories
D
Restriction in human capability
Question 72
What are the social services?       
A
Education
B
Health
C
Social safety nets
D
All the above
Question 73
What are the non market institutions ?         
A
Religion
B
Government
C
Civil society
D
Both B and C
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