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ECONOMICS
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01
Roll No.________________________________
(In words)
1 4
1.
2. -
3. , -
-
, :
(i) -
-
(ii) -
/
-
-
(iii) OMR -
4. (A), (B), (C) (D)
:
(C)
5. OMR
OMR
,
6.
7. (Rough Work)
8. OMR ,
,
, ,
,
9. - OMR
- OMR
10. /
11. ()
12.
13. ,
D-01-14
P.T.O.
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ECONOMICS
Paper III
Note : This paper contains seventy five (75) objective type questions of two (2) marks each. All
questions are compulsory.
1.
Which among the following statements are true for the Revealed Preference Theory ?
Choose the correct answer from the code given below :
Statement :
I.
Income elasticity of demand should be positive.
II. Consumers Preferences satisfy strong ordering.
Codes :
(A) Both are true.
(B) None are true.
(C) Only I is true.
(D) Only II is true.
2.
3.
4.
5.
Who among the following economists developed the concept of Barriers to Entry of
firms ?
(A) J.S. Bain
(B) W.J. Baumol
(C) Alfred Marshall
(D) W.S. Jevons
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D-01-14
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III
: (75) - (2)
1.
?
:
:
I.
II.
:
(A)
(B)
(C) I
(D) II
2.
-
?
(A)
(B)
(C)
(D)
3.
:
I.
II.
III.
?
:
(A)
(B)
(C) II III
(D)
I II
III
4.
(A)
(B)
(C)
(D)
5.
?
(A) ..
(B) ..
(C)
(D) ..
D-01-14
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6.
Even as fixed average cost continues to fall, the average variable cost begins to rise
because
(A) returns to factors start diminishing
(B)
(C)
The lowest point on the long run average cost curve is known as minimum efficient
scale.
II.
It is the output at which long run average cost curve stops falling.
8.
(B)
(C)
Only I is correct.
Free transport
(C)
Which among the following conditions are true for Golden Rule of Accumulation of
Edmund Phelps for optimum capital accumulation ? Choose from the code below :
I.
II.
Codes :
(A) Both are true.
(B)
(C)
Only I is true.
Which among the following were neglected by Keynes in his theory of employment ?
(A) Role of expectations
(B)
(C)
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6.
(A)
(B)
(C)
(D)
7.
:
I.
II.
:
:
(A) I II
(B)
(C) I
(D) II
8.
?
(A)
(B) :
(C)
(D)
9.
? :
I.
II.
:
(A)
(B)
(C) I
(D) II
10.
?
(A)
(B)
(C)
(D)
D-01-14
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11.
Which of the propositions of the past income hypothesis of Duesenberry are correct ?
Choose from the code below :
Statements :
I.
The current consumption is a function of not only current income, but also the past
income.
II. There is asymmetrical relationship between income and consumption during
contraction and expansion.
III. Consumption income relationship is irreversible.
IV. Consumption falls less than income during depression, but the rise in consumption
is much more during expansion.
Codes :
(A) I and III
(B) I, II and III
(C) I, II and IV
(D) All the above statements are true.
12.
An increase in the quantity of money in the classical macro system will result in :
I.
Increase in price level
II. No change in price level
III. Level of output and employment do not change
IV. An increase in employment and output
Select the answer from the codes given below :
Codes :
(A) II and IV
(B) I and II
(C) I and IV
(D) I & III only
13.
Given below is the well-known LM Curve and its range is marked in three parts. In which
of the marked range Keynes effect does not operate ?
The theoretical proposition of stable velocity of money is being weakened by the recent
researchers. This has the effect of weakening the position of
(A) Keynesians
(B) Monetarists
(C) New Classicals
(D) Utopians
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D-01-14
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11.
? :
:
I.
II.
III. -
IV.
:
(A) I III
(B) I, II III
(C) I, II IV
(D)
12.
?
I.
II.
III.
IV.
:
:
(A) II IV
(B) I II
(C) I IV
(D) I III
13.
..
?
14.
CD
(A) AB
(B)
(C)
(D)
AB BC
BC
?
(A)
(B)
(C)
(D)
D-01-14
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15.
Which of the following is the correct assumption for the Lewis two sector model ?
(A) High unemployment in urban sector
(B)
(C)
17.
(B)
(C)
(D) Supply
Infrastructure
Agriculture
Which among the following statement is true for Marxian model of development ?
(A) Change in Mode of production and Relations in production happen simultaneously.
(B)
(C)
Consider the following statements about the Kaldors model of economic growth :
I.
II.
Capital is homogeneous.
III.
Marginal propensity to save is same for wage earners and profit earners.
Of the above statements which are true ? Answer from the code below :
Codes :
(A) All the three statements above are correct.
(B)
(C)
Only I is correct.
(C)
D-01-14
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15.
?
(A)
(B)
(C)
(D)
16.
?
(A)
(B)
(C)
(D)
17.
?
(A) - -
(B) -
(C) -
(D)
18.
:
I.
II.
III.
? :
:
(A)
(B) II III
(C) I
(D) I III
19.
?
(A)
(B)
(C)
(D)
D-01-14
Paper-III
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20.
21.
In the steady state growth situation in the Solows model of growth, the upper limit to
growth would be determined by the growth rate of
(A) Population (Labour supply)
(B)
(C)
Output
22.
23.
Capital
a.
Learning by Doing
I.
Economist
B.S. Minhas
b.
II.
Joan Robinson
c.
Golden Age
III.
Kenneth Arrow
d.
IV.
R.M. Solow
Codes :
a
(A)
II
III
IV
(B)
IV
II
III
(C)
II
III
II
(D)
III
IV
II
(B)
(C)
Assertion (A) : Relatively few private goods are totally rival and excludable.
Reason (R) : Most consumption (and production) has at least some shared aspects.
Codes :
(A) Both (A) and (R) are correct.
(B)
(C)
(D) (A) is correct and (R) is the correct reason for (A).
24.
(B)
(C)
Paper-III
Debt repudiation
10
Sinking fund
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20.
?
(A) ( )
(B)
(C)
(D)
21.
a.
b.
c.
d.
...
:
a
(A)
II
III
IV
(B)
IV
II
III
(C)
II
III
II
(D)
III
IV
II
I.
II.
III.
IV.
..
..
22.
,
(A)
(B)
(C)
(D)
23.
(A) : :
(R) : ( )
:
(A) (A) (R)
(B) (A) (R)
(C) (A) , (R), (A)
(D) (A) (R), (A)
24.
- :
(A)
(C)
D-01-14
(B)
(D)
11
Paper-III
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25.
26.
Assertion (A) : The debt-GDP ratio of the State Governments witnessed a decline after
reaching the peak level in 2004.
Reason (R) : Debt swap scheme was introduced and interest rates were reduced.
Codes :
(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(B) (A) is true, but (R) is not the correct explanation of (A).
(C) (A) is false, but (R) is true.
(D) (R) is true, but (A) is false.
27.
Taxes in List I of the Union Government as per the Constitution of India include :
I.
Taxes on consumption and sale of electricity
II. Taxes on sale or purchase of newspapers and on advertisements published therein
III. Taxes on capital value of assets
IV. Duties in respect of succession to property
Codes :
(A) I, II and IV are correct.
(B) I, II and III are correct.
(C) II, III and IV are correct.
(D) II and III are correct.
28.
Assertion (A) : There is automatic change in net tax revenue when level of output
changes.
Reason (R) : Automatic stabilizers moderate aggregate spending in times of boom and
slow down.
Codes :
(A) Both (A) and (R) are correct 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.
Paper-III
12
D-01-14
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25.
(A) :
(R) : :
:
(A) (A) (R) , (R), (A)
(B) (A) (R) (R), (A)
(C) (A) , (R)
(D) (R) , (A)
26.
(A) :
(R) : -
:
(A) (A) (R) (R), (A)
(B) (A) , (R), (A)
(C) (A) , (R)
(D) (R) , (A)
27.
, I :
I.
II.
III. -
IV.
:
(A) I, II IV
(B) I, II III
(C) II, III IV
(D) II III
28.
(A) : :
(R) :
:
(A) (A) (R) (R), (A)
(B) (A) (R) , (R), (A)
(C) (A) , (R)
(D) (A) , (R)
D-01-14
13
2004
Paper-III
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29.
30.
List II
1. J-curve effect
2. Import quota systems
3. Marshall-Lerner condition
4. Absorption approach
Optimal geographical area for several currencies whose exchange rates are relatively
pegged.
(C)
Single currency or the pegged currencies fluctuate jointly vis--vis other currencies.
(C)
Asian financial crisis is generally considered to have started on 2nd August, 1998
with the Russians crisis.
(C)
Brazils 1999 crisis is generally considered to be the main cause of Asian financial
crisis.
14
D-01-14
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29.
:
I
a.
b.
c.
d.
1.
II
J-
3.
4.
2.
:
:
(A)
(B)
(C)
(D)
a
4
4
3
3
b
3
1
1
4
c
1
3
4
1
d
2
2
2
2
30.
?
(A)
(B) ,
(C) -
(D)
31.
... ?
(A)
(B)
(C)
(D)
32.
?
(A) : 2 , 1997
(B) : 2 , 1998
(C) : 1999
(D)
D-01-14
15
Paper-III
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33.
34.
List II
1. Euro currencies
2. SDRs
3. Euro banks
4. Euro dollars
35.
When a nation imposes an import tariffs, the nations offer curve will
(A) shift away from the axis measuring exports
(B) move closer to the axis measuring exports
(C) no shift will take place
(D) None of the above
36.
37.
(B)
(C)
Capital market
Current market
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16
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33.
:
I
a.
b. ...
c. ..
d. ...
:
(A)
(B)
(C)
(D)
a
3
3
3
1
b
4
1
4
3
c
1
4
2
4
1.
2.
3.
4.
II
...
d
2
2
1
2
34.
?
(A)
(B)
(C)
(D)
35.
(A)
(B)
(C)
(D)
36.
(A)
(B)
(C)
(D)
37.
(A) 9 %
(B)
(C) 9 %
(D)
D-01-14
17
9 %
9 %
Paper-III
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38.
II.
III.
Investments
IV.
Borrowings
Codes :
39.
(B)
(C)
I, II and III
I and IV
(C)
Both (A) and (R) are correct, but (R) is not the correct explanation.
(D) Both (A) and (R) are correct and (R) is the correct explanation of (A).
40.
41.
II.
III.
IV.
(B)
(C)
III, IV, I, II
III, I, IV, II
II.
EXIM Bank
III.
IV.
NABARD
Codes :
(A) I & III
(B)
(C)
Paper-III
I and II
18
I, III and IV
D-01-14
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38.
?
I.
II.
III.
IV.
:
(A) I III
(B)
(C) I, II III
(D)
I IV
II, III IV
39.
(A) : 1969 14
(R) : ,
:
:
(A) (A) , (R)
(B) (A) (R)
(C) (A) (R) , (R)
(D) (A) (R) (R), (A)
40.
:
I.
II. ...
III.
IV. (....)
(A) I, IV, III, II
(C) III, IV, I, II
41.
?
I.
II.
III.
IV.
:
(A) I III
(B) I, III IV
(C) I II
(D) I, II III
D-01-14
19
Paper-III
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42.
2.
4.
(B) 1 & 2
(D) 1, 2, 3 & 4
43.
Assertion (A) : The minimum rate at which the Central Bank is ready to lend is bank rate.
Reason (R) : The bank rate is determined by demand and supply of money.
Codes :
(A) Both (A) and (R) are individually true and (R) is correct explanation of (A).
(B) Both (A) & (R) are individually 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.
44.
45.
46.
47.
Paper-III
20
D-01-14
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42.
(M3) ?
1.
2.
3.
4.
...
:
(A) 1, 2 3
(B) 1 2
(C) 3 4
(D) 1, 2, 3 4
43.
(A) : ,
(R) :
:
(A) (A) (R) - (R), (A)
(B) (A) (R) - (R), (A)
(C) (A) , (R)
(D) (A) , (R)
44.
(A) :
(R) :
:
:
(A) (A) (R)
(B) (A) (R) (R), (A)
(C) (A) , (R)
(D) (A) (R) , (R), (A)
45.
(A) -
(C)
(B)
(D)
46.
?
(A)
(B)
(C) (A) (B)
(D) (A) (B)
47.
?
(A) 0 7
(B) 8 15
(C) 15 64
(D) 65
D-01-14
21
Paper-III
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48.
Which one of the following is the correct sequence of development of sectors in India
post-independence ?
(A) Agriculture, Industry, Service
(B) Service, Agriculture, Industry
(C) Industry, Agriculture, Service
(D) Agriculture, Service, Industry
49.
50.
If more & more capital and labour are applied to a fixed piece of land, the system of
cultivation of farming is known as
(A) Intensive cultivation
(B) Extensive cultivation
(C) Cooperative farming
(D) Double cropping
51.
Mention the crop where Green Revolution is the most successful one
(A) Tea & Coffee
(B) Wheat & Rice
(C) Wheat & Pulses
(D) Jowar & Oilseeds
52.
53.
Which of the following is correct about the Contingent Valuation Method (CVM) used in
Environmental Economics ?
(A) It is used only for pollutants.
(B) It is used only for items with positive utilities.
(C) It is used for items under market failures.
(D) It is used only for natural resources.
54.
Which among the following is not a cause of sickness of industrial units in India ?
(A) Obsolescent technology
(B) Lack of capital account convertibility
(C) Labour problems
(D) Faulty location
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48.
?
(A) , ,
(B) , ,
(C) , ,
(D) , ,
49.
.... ?
(A)
(B)
(C)
(D)
50.
(A)
(B)
(C)
(D)
51.
(A)
(B)
(C)
(D)
52.
?
(A)
(B)
(C)
(D)
53.
(...) ?
(A)
(B)
(C)
(D)
54.
?
(A)
(B)
(C)
(D)
D-01-14
23
Paper-III
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55.
Assertion (A) : In India, the traditional small scale industries have greater employment
potential than the modern small scale industries.
Reason (R) : The value of capital per worker in traditional small scale industries is small
than the value of capital per worker in modern small scale industries.
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.
56.
For the year 2012-13 procurement of wheat has been largest in which of the following
States ?
(A) Punjab and U.P.
(B) U.P. and M.P.
(C) U.P. and Haryana
(D) Punjab and Haryana
57.
For the year 2013-14 arrange in descending order, the contribution of following taxes as
percentage of G.D.P. :
1.
Income Tax
2.
Service Tax
3.
Corporation Tax
4.
Excise Duty
Codes :
(A) 4, 2, 3, 1
(B) 3, 1, 4, 2
(C) 2, 3, 1, 4
(D) 1, 2, 3, 4
58.
Which of the following facts are correct about the Competition Commission of India ?
I.
It was established in 2003.
II. It was established on the recommendations of Raghavan Committee.
Codes :
(A) Both I and II are true.
(B) Both I and II are not true.
(C) Only I is true.
(D) Only II is true.
59.
The base year for newly developed All India Consumer Price Index Number Rural C.P.I
and Urban C.P.I. is
(A) 2004 05
(B) 2006 07
(C) 2009 10
(D) 2010
60.
On the basis of 10 parameters for the ease of doing business, World Banks latest report,
during the period July 2013 to May 2014, India has come to which of the following
position ?
(A) 138
(B) 142
(C) 144
(D) 146
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D-01-14
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55.
(A) :
(R) : ,
:
(A) (A) (R) (R), (A)
(B) (A) (R) , (R), (A)
(C) (A) , (R)
(D) (A) , (R)
56.
2012-13 ?
(A)
(B)
(C)
(D)
57.
2013-14
:
1.
2.
3.
4.
:
(A) 4, 2, 3, 1
(C) 2, 3, 1, 4
(B) 3, 1, 4, 2
(D) 1, 2, 3, 4
58.
?
I.
2003
II.
:
(A) I II
(B) I II
(C) I
(D) II
59.
, ... ...
(A) 2004 05
(C) 2009 10
10
2013 2014
(A) 138
(C) 144
D-01-14
60.
(B) 2006 07
(D) 2010
?
(B) 142
(D) 146
25
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61.
62.
63.
Legislative
II.
Non-legislative
III.
Marketing
IV.
Advertising
Codes :
(A) I, II, IV
(B)
I, II, III
(C)
(D) I, II
II, III, IV
2013
submitted
its
Which of the following States had the lowest women employment percentage under
MNREGA programme during 2013-14 ?
(A) U.P. and Rajasthan
(C) U.P. and Odisha
64.
Commission
0<<1
It = [Yt Yt1]
>0
St It
Growth requires the condition :
65.
(A)
>0
(B)
<0
(C)
>0
(D)
<0
66.
(B) 200
(D) 70
Paper-III
2 Test
(D) d Test
26
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61.
?
(A) 2002-2007
(B)
(C)
(D)
62.
, 2013 :
I.
II. -
III.
IV.
:
(A) I, II, IV
(C) II, III, IV
63.
2013-14
?
(A)
(B)
(C)
(D)
64.
:
St = Yt
0<<1
It = [Yt Yt1]
>0
St It
65.
(A)
>0
(B)
<0
(C)
>0
(D)
<0
C = 5Q2 + 20Q + 5, = ` 5, ?
(A) 100
(C) 85
66.
(B) 200
(D) 70
?
(A) t
(B) F
(C) 2
(D) d
D-01-14
27
Paper-III
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67.
Including relevant lagged values of the dependent variable on the right hand side of a
regression equation could lead to which one of the following ?
(A) Biased but consistent coefficients estimates
(B) Biased and inconsistent coefficients estimates
(C) Unbiased and inconsistent coefficients estimates
(D) Unbiased and consistent coefficients estimates
68.
69.
70.
i.
ii.
iii.
iv.
List II
Causality Method
Forecasting
Stationarity
Auto-correlation
If OLS is used in the presence of auto-correlation, which of the following will be likely
consequences ?
i.
Coefficients estimates may be misleading.
ii.
Hypothesis tests could reach the wrong conclusions.
iii. Forecasts made from the model could be biased.
iv. Standard errors may be inappropriate.
(A) ii and iv only
(B) i and iii only
(C) i, ii and iii only
(D) i, ii, iii and iv
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28
D-01-14
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67.
?
(A) (B)
(C) (D)
68.
Q = ALaKb, :
I
II
a. a + b = 1
b.
c.
d.
:
a
b
c
d
(A)
i
ii
iii iv
(B)
i
iii
ii
iv
(C) iii iv
i
ii
(D) ii
iii
iv
i
69.
:
I
a. -
b. -
c. - d
d.
:
(A)
(B)
(C)
(D)
70.
a
iii
ii
i
iv
b
i
iii
ii
i
c
ii
iv
iii
ii
i.
ii.
iii.
iv.
a
b
i.
ii.
iii.
iv.
II
d
iv
i
iv
iii
: OLS ,
?
i.
ii.
iii.
iv.
(A) ii iv
(B) i iii
(C) i, ii iii
(D) i, ii, iii iv
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71.
72.
73.
x
y
74.
Given that LM function is Y = 100 + 10i and the IS function is Y = 160 20i, find the
correct value of equilibrium level of income and rate of interest from the given options.
(A) 120 and 2
(B) 90 and 3
(C) 150 and 2
(D) 120 and 3
75.
In a two industry case, for the Simon Hawkins viability condition which statement is
correct (aij; i = 1, 2 and j = 1, 2) ?
1 a11 a12
<0
(A)
a
1
21
22
a11 a12
>0
(C)
a
a
21
22
(B)
1 a11 a12
a
1 a22
21
>0
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71.
:
i.
ii.
iii.
iv. ,
?
(A) i ii
(B) i, ii, iii iv
(C) i, ii iii
(D) i, ii iv
72.
?
(A)
(B)
(C)
(D)
73.
?
(A) t- .
(B)
(C) , p = q
(D) x y
r
y
74.
75.
- ?
(aij; i = 1, 2 j = 1, 2)
1 a11 a12
(A)
a21 1 a22
(C)
a11 a12
a
21 a22
>0
<0
(B)
1 a11 a12
a
1 a22
21
>0
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