UGC NET Past Year Question Paper II: Economics (5 November 2017 Shift I) | UGC NET Past Year Papers PDF Download

 Page 1


2 N-00117
 !N-00117-PAPER-II!
Paper-II
Note : This paper contains fifty (50) objective type questions of two (2) marks each.  All questions
are compulsory.
1. Consider the following diagram with two parallel demand curves AB and CD :
The price elasticity of demand at :
(1) points R and S is equal (2) point R is greater than that at point S
(3) point R is less than that at point S (4) points R and S is infinity
2. In 2016, the Nobel prize in Economics was awarded for :
(1) analysis of trade pattern and location of economic activity
(2) analysis of asset prices
(3) analysis of globalization
(4) contributions to contract theory
3. Which of the following is not true for perfect competition ?
(1) Price =LAC
(2) Market demand curve for a commodity is horizontal to X-axis
(3) Firms earn normal profits
(4) In the long run firms operate at the minimum point of average cost
4. Which amongst the following statements is correct ?
(1) The minimum point of AVC and MC are at the same level of output
(2) Minimum of AVC is at lesser output than the minimum of MC
(3) Minimum of AVC is at larger output than the minimum of MC
(4) Any of the above is possible depending upon operating of the law of returns
5. A firm in monopolistic competition advertises in order to :
(1) make its product more similar to its competitors’
(2) shift the demand curve for its product to the left
(3) make the demand for its product less price elastic
(4) reduce the industry’s price
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Page 2


2 N-00117
 !N-00117-PAPER-II!
Paper-II
Note : This paper contains fifty (50) objective type questions of two (2) marks each.  All questions
are compulsory.
1. Consider the following diagram with two parallel demand curves AB and CD :
The price elasticity of demand at :
(1) points R and S is equal (2) point R is greater than that at point S
(3) point R is less than that at point S (4) points R and S is infinity
2. In 2016, the Nobel prize in Economics was awarded for :
(1) analysis of trade pattern and location of economic activity
(2) analysis of asset prices
(3) analysis of globalization
(4) contributions to contract theory
3. Which of the following is not true for perfect competition ?
(1) Price =LAC
(2) Market demand curve for a commodity is horizontal to X-axis
(3) Firms earn normal profits
(4) In the long run firms operate at the minimum point of average cost
4. Which amongst the following statements is correct ?
(1) The minimum point of AVC and MC are at the same level of output
(2) Minimum of AVC is at lesser output than the minimum of MC
(3) Minimum of AVC is at larger output than the minimum of MC
(4) Any of the above is possible depending upon operating of the law of returns
5. A firm in monopolistic competition advertises in order to :
(1) make its product more similar to its competitors’
(2) shift the demand curve for its product to the left
(3) make the demand for its product less price elastic
(4) reduce the industry’s price
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3 Paper-II N-00117
 !N-00117-PAPER-II!
ŸÊ?˜ — ß‚ ¬?‡Ÿ-¬òÊ ??¥ ¬øÊ‚ (50) ’„È-Á?? À¬Ëÿ ¬?‡Ÿ „Ò¥–  ¬?àÿ?? ¬?‡Ÿ ?? ŒÙ (2) •¢? „Ò¥–  ‚÷Ë ¬?‡Ÿ •ÁŸ?Êÿ¸ „Ò¥–
1. ŒÊ? ‚?ÊŸÊ¥Ã/ ?Ê°ª ??? /?pÊ•Ê?¥ AB •ÊÒ/ CD ?? ‚ÊÕ ÁŸêŸÁ‹Ápà •Ê/?p ¬/ Á?øÊ/ ? ËÁ¡8 —
?Ê°ª ? Ë ? Ë?Ã ‹Ê?ø —
(1) Á’ãŒÈ R •ÊÒ/ S ¬/ ‚?ÊŸ „Ò– (2) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ïÿÊŒÊ „Ò–
(3) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ? ? „Ò– (4) Á’ãŒÈ R •ÊÒ/ S ¬/ •Ÿ¥Ã „Ò–
2. ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚?? Á‹8 ?·¸ 2016 ??¥ •Õ¸‡ÊÊSòÊ ??¥ ŸÊ?’?‹ ¬È/S? Ê/ ¬?ŒÊŸ Á? ÿÊ ªÿÊ ÕÊ?
(1) vÿʬÊ/ ¬?ÁÃ?ÊŸ •ÊÒ/ •ÊÁÕ¸? ªÁÃÁ?Áœ ?? SÕÊŸ ÁŸœÊ¸/áÊ ? Ê Á?‡‹?·áÊ
(2) ¬Á/‚ê¬ÁûÊ-? Ë?ÃÊ?¥ ? Ê Á?‡‹?·áÊ
(3) ?Ò‡?Ë? /áÊ ? Ê Á?‡‹?·áÊ
(4) ‚¥Á?ŒÊ Á‚hÊãà ??¥ ÿÊ?ªŒÊŸ
3. ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚Ê 8? ¬Íáʸ ¬?ÁÃÿÊ?ÁªÃÊ ?? Á‹8 ‚„Ë Ÿ„Ë¥ „Ò?
(1) ? Ë?Ã =8‹ 8 ‚Ë (LAC)
(2) 8? ?SÃÈ ?? Á‹8 ’Ê$¡Ê/ ?Ê°ª ??? X •?Ê ?? ¬?Áà ?ÊÒÁá „Ê?ÃÊ „Ò
(3) » ??Z ‚Ê?Êãÿ ‹Ê÷ •Á¡¸Ã ? /ÃË „Ò¥
(4) ŒËÉʸ? ÊÁ‹? •?Áœ ??¥, » ??Z •ÊÒ‚Ã ‹ÊªÃ ?? ãÿÍŸÃ? Á’ãŒÈ ¬/ ¬Á/øÊ‹Ÿ ? /ÃË „Ò¥
4. ÁŸêŸÁ‹Ápà ? ÕŸÊ?¥ ??¥ ‚? ? ÊÒŸ ‚Ê ‚„Ë „Ò?
(1) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ •ÊÒ/ ‚Ë?ʥà ‹ÊªÃ ? Ê ãÿÍŸÃ? Á’ãŒÈ 8? „Ë ©à¬ÊŒŸ SÃ/ ¬/ ‚?ÊŸ „Ê?Ã? „Ò¥–
(2) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ ? ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ „Ò–
(3) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ •Áœ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ
„Ò–
(4) ¬?Áû ‹ ?? ÁŸÿ?Ê?¥ ?? Á?? ÿʇÊË‹ „Ê?Ÿ? ?? ? Ê/áÊ ©¬ÿȸÄàÊ ??¥ ‚? ? Ê?߸ ÷Ë ‚¥÷? „Ò–
5. 8? 8? ÊÁœ? Ê/Êà?? ¬?ÁÃÿÊ?ÁªÃÊ ??¥ 8? » ?¸ ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚ Á‹ÿ? Á?ôÊʬŸ ? /ÃË „Ò?
(1) •¬Ÿ? ©à¬ÊŒ ? Ê? •¬ŸË ¬?ÁÃS¬œÊ¸à?? ?¥ ¬ÁŸÿÊ?¥ ?? •Áœ? ‚?ÊŸ ’ŸÊŸ? „?ÃÈ
(2) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ??? ? Ê? ’ÊÿË¥ •Ê?/ SÕÊŸÊ¥ÃÁ/à ? /Ÿ? „?ÃÈ
(3) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ? Ë ? Ë?à ‹Ê?ø ? Ê? ? ? ? /Ÿ? „?ÃÈ
(4) ©lÊ?ª ? Ë ? Ë?à ? Ê? Éʘʟ? „?ÃÈ
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Page 3


2 N-00117
 !N-00117-PAPER-II!
Paper-II
Note : This paper contains fifty (50) objective type questions of two (2) marks each.  All questions
are compulsory.
1. Consider the following diagram with two parallel demand curves AB and CD :
The price elasticity of demand at :
(1) points R and S is equal (2) point R is greater than that at point S
(3) point R is less than that at point S (4) points R and S is infinity
2. In 2016, the Nobel prize in Economics was awarded for :
(1) analysis of trade pattern and location of economic activity
(2) analysis of asset prices
(3) analysis of globalization
(4) contributions to contract theory
3. Which of the following is not true for perfect competition ?
(1) Price =LAC
(2) Market demand curve for a commodity is horizontal to X-axis
(3) Firms earn normal profits
(4) In the long run firms operate at the minimum point of average cost
4. Which amongst the following statements is correct ?
(1) The minimum point of AVC and MC are at the same level of output
(2) Minimum of AVC is at lesser output than the minimum of MC
(3) Minimum of AVC is at larger output than the minimum of MC
(4) Any of the above is possible depending upon operating of the law of returns
5. A firm in monopolistic competition advertises in order to :
(1) make its product more similar to its competitors’
(2) shift the demand curve for its product to the left
(3) make the demand for its product less price elastic
(4) reduce the industry’s price
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3 Paper-II N-00117
 !N-00117-PAPER-II!
ŸÊ?˜ — ß‚ ¬?‡Ÿ-¬òÊ ??¥ ¬øÊ‚ (50) ’„È-Á?? À¬Ëÿ ¬?‡Ÿ „Ò¥–  ¬?àÿ?? ¬?‡Ÿ ?? ŒÙ (2) •¢? „Ò¥–  ‚÷Ë ¬?‡Ÿ •ÁŸ?Êÿ¸ „Ò¥–
1. ŒÊ? ‚?ÊŸÊ¥Ã/ ?Ê°ª ??? /?pÊ•Ê?¥ AB •ÊÒ/ CD ?? ‚ÊÕ ÁŸêŸÁ‹Ápà •Ê/?p ¬/ Á?øÊ/ ? ËÁ¡8 —
?Ê°ª ? Ë ? Ë?Ã ‹Ê?ø —
(1) Á’ãŒÈ R •ÊÒ/ S ¬/ ‚?ÊŸ „Ò– (2) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ïÿÊŒÊ „Ò–
(3) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ? ? „Ò– (4) Á’ãŒÈ R •ÊÒ/ S ¬/ •Ÿ¥Ã „Ò–
2. ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚?? Á‹8 ?·¸ 2016 ??¥ •Õ¸‡ÊÊSòÊ ??¥ ŸÊ?’?‹ ¬È/S? Ê/ ¬?ŒÊŸ Á? ÿÊ ªÿÊ ÕÊ?
(1) vÿʬÊ/ ¬?ÁÃ?ÊŸ •ÊÒ/ •ÊÁÕ¸? ªÁÃÁ?Áœ ?? SÕÊŸ ÁŸœÊ¸/áÊ ? Ê Á?‡‹?·áÊ
(2) ¬Á/‚ê¬ÁûÊ-? Ë?ÃÊ?¥ ? Ê Á?‡‹?·áÊ
(3) ?Ò‡?Ë? /áÊ ? Ê Á?‡‹?·áÊ
(4) ‚¥Á?ŒÊ Á‚hÊãà ??¥ ÿÊ?ªŒÊŸ
3. ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚Ê 8? ¬Íáʸ ¬?ÁÃÿÊ?ÁªÃÊ ?? Á‹8 ‚„Ë Ÿ„Ë¥ „Ò?
(1) ? Ë?Ã =8‹ 8 ‚Ë (LAC)
(2) 8? ?SÃÈ ?? Á‹8 ’Ê$¡Ê/ ?Ê°ª ??? X •?Ê ?? ¬?Áà ?ÊÒÁá „Ê?ÃÊ „Ò
(3) » ??Z ‚Ê?Êãÿ ‹Ê÷ •Á¡¸Ã ? /ÃË „Ò¥
(4) ŒËÉʸ? ÊÁ‹? •?Áœ ??¥, » ??Z •ÊÒ‚Ã ‹ÊªÃ ?? ãÿÍŸÃ? Á’ãŒÈ ¬/ ¬Á/øÊ‹Ÿ ? /ÃË „Ò¥
4. ÁŸêŸÁ‹Ápà ? ÕŸÊ?¥ ??¥ ‚? ? ÊÒŸ ‚Ê ‚„Ë „Ò?
(1) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ •ÊÒ/ ‚Ë?ʥà ‹ÊªÃ ? Ê ãÿÍŸÃ? Á’ãŒÈ 8? „Ë ©à¬ÊŒŸ SÃ/ ¬/ ‚?ÊŸ „Ê?Ã? „Ò¥–
(2) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ ? ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ „Ò–
(3) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ •Áœ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ
„Ò–
(4) ¬?Áû ‹ ?? ÁŸÿ?Ê?¥ ?? Á?? ÿʇÊË‹ „Ê?Ÿ? ?? ? Ê/áÊ ©¬ÿȸÄàÊ ??¥ ‚? ? Ê?߸ ÷Ë ‚¥÷? „Ò–
5. 8? 8? ÊÁœ? Ê/Êà?? ¬?ÁÃÿÊ?ÁªÃÊ ??¥ 8? » ?¸ ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚ Á‹ÿ? Á?ôÊʬŸ ? /ÃË „Ò?
(1) •¬Ÿ? ©à¬ÊŒ ? Ê? •¬ŸË ¬?ÁÃS¬œÊ¸à?? ?¥ ¬ÁŸÿÊ?¥ ?? •Áœ? ‚?ÊŸ ’ŸÊŸ? „?ÃÈ
(2) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ??? ? Ê? ’ÊÿË¥ •Ê?/ SÕÊŸÊ¥ÃÁ/à ? /Ÿ? „?ÃÈ
(3) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ? Ë ? Ë?à ‹Ê?ø ? Ê? ? ? ? /Ÿ? „?ÃÈ
(4) ©lÊ?ª ? Ë ? Ë?à ? Ê? Éʘʟ? „?ÃÈ
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4 N-00117
 !N-00117-PAPER-II!
Paper-II
6. For an increase in the effective minimum wage to have less of an impact on employment,
which of the following is correct ?
(a) The demand for labour is relatively inelastic
(b) The demand for labour is relatively elastic
(c) The demand for labour is a derived demand
Choose the correct answer from the code given below :
(1) (a) only (2) (c) only (3) (a) and (b) (4) (a) and (c)
7. Assume that people like onions on their hamburgers.  If the supply of hamburgers decreases,
the demand for onions will most likely :
(1) remain unchanged because  hamburgers and onions are different goods
(2) increase because  hamburgers and onions are substitutes
(3) increase because  hamburgers and onions are complements
(4) decrease because  hamburgers and onions are complements
8. In the shortrun, which of the following costs must continuously decrease as output
increases ?
(1) Total variable cost (2) Total fixed cost
(3) Average variable cost (4) Average fixed cost
9. If export price increases by 5 percent and import price by 20 percent, the commodity terms of
trade is :
(1) 0.91 (2) 0.87 (3) 0.25 (4) 4
10. If economic agents perfectly anticipate policy changes and if all prices, including wages, are
completely flexible, which of the following will be true in the long run ?
(1) There will be no trade - off between inflation and unemployment
(2) The unemployment rate will be less than the natural rate of unemployment
(3) The price level will be constant
(4) Changes in the money supply will not lead to changes in the price level
11. Who made the statement, “Inflation is everywhere and always a monetary phenomenon’’ ?
(1) Milton Friedman (2) James Tobin
(3) T.W. Swan (4) A.W. Phillips
12. Which amongst the following is not correctly matched ?
Concept Economists
(1) New classical economics Robert Lucas
(2) Multiple effects of Balanced T.H. Haavelmo
Budget
(3) New Keynssian economics Paul Romer
(4) Permanent income hypothesis M. Friedman
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Page 4


2 N-00117
 !N-00117-PAPER-II!
Paper-II
Note : This paper contains fifty (50) objective type questions of two (2) marks each.  All questions
are compulsory.
1. Consider the following diagram with two parallel demand curves AB and CD :
The price elasticity of demand at :
(1) points R and S is equal (2) point R is greater than that at point S
(3) point R is less than that at point S (4) points R and S is infinity
2. In 2016, the Nobel prize in Economics was awarded for :
(1) analysis of trade pattern and location of economic activity
(2) analysis of asset prices
(3) analysis of globalization
(4) contributions to contract theory
3. Which of the following is not true for perfect competition ?
(1) Price =LAC
(2) Market demand curve for a commodity is horizontal to X-axis
(3) Firms earn normal profits
(4) In the long run firms operate at the minimum point of average cost
4. Which amongst the following statements is correct ?
(1) The minimum point of AVC and MC are at the same level of output
(2) Minimum of AVC is at lesser output than the minimum of MC
(3) Minimum of AVC is at larger output than the minimum of MC
(4) Any of the above is possible depending upon operating of the law of returns
5. A firm in monopolistic competition advertises in order to :
(1) make its product more similar to its competitors’
(2) shift the demand curve for its product to the left
(3) make the demand for its product less price elastic
(4) reduce the industry’s price
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3 Paper-II N-00117
 !N-00117-PAPER-II!
ŸÊ?˜ — ß‚ ¬?‡Ÿ-¬òÊ ??¥ ¬øÊ‚ (50) ’„È-Á?? À¬Ëÿ ¬?‡Ÿ „Ò¥–  ¬?àÿ?? ¬?‡Ÿ ?? ŒÙ (2) •¢? „Ò¥–  ‚÷Ë ¬?‡Ÿ •ÁŸ?Êÿ¸ „Ò¥–
1. ŒÊ? ‚?ÊŸÊ¥Ã/ ?Ê°ª ??? /?pÊ•Ê?¥ AB •ÊÒ/ CD ?? ‚ÊÕ ÁŸêŸÁ‹Ápà •Ê/?p ¬/ Á?øÊ/ ? ËÁ¡8 —
?Ê°ª ? Ë ? Ë?Ã ‹Ê?ø —
(1) Á’ãŒÈ R •ÊÒ/ S ¬/ ‚?ÊŸ „Ò– (2) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ïÿÊŒÊ „Ò–
(3) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ? ? „Ò– (4) Á’ãŒÈ R •ÊÒ/ S ¬/ •Ÿ¥Ã „Ò–
2. ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚?? Á‹8 ?·¸ 2016 ??¥ •Õ¸‡ÊÊSòÊ ??¥ ŸÊ?’?‹ ¬È/S? Ê/ ¬?ŒÊŸ Á? ÿÊ ªÿÊ ÕÊ?
(1) vÿʬÊ/ ¬?ÁÃ?ÊŸ •ÊÒ/ •ÊÁÕ¸? ªÁÃÁ?Áœ ?? SÕÊŸ ÁŸœÊ¸/áÊ ? Ê Á?‡‹?·áÊ
(2) ¬Á/‚ê¬ÁûÊ-? Ë?ÃÊ?¥ ? Ê Á?‡‹?·áÊ
(3) ?Ò‡?Ë? /áÊ ? Ê Á?‡‹?·áÊ
(4) ‚¥Á?ŒÊ Á‚hÊãà ??¥ ÿÊ?ªŒÊŸ
3. ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚Ê 8? ¬Íáʸ ¬?ÁÃÿÊ?ÁªÃÊ ?? Á‹8 ‚„Ë Ÿ„Ë¥ „Ò?
(1) ? Ë?Ã =8‹ 8 ‚Ë (LAC)
(2) 8? ?SÃÈ ?? Á‹8 ’Ê$¡Ê/ ?Ê°ª ??? X •?Ê ?? ¬?Áà ?ÊÒÁá „Ê?ÃÊ „Ò
(3) » ??Z ‚Ê?Êãÿ ‹Ê÷ •Á¡¸Ã ? /ÃË „Ò¥
(4) ŒËÉʸ? ÊÁ‹? •?Áœ ??¥, » ??Z •ÊÒ‚Ã ‹ÊªÃ ?? ãÿÍŸÃ? Á’ãŒÈ ¬/ ¬Á/øÊ‹Ÿ ? /ÃË „Ò¥
4. ÁŸêŸÁ‹Ápà ? ÕŸÊ?¥ ??¥ ‚? ? ÊÒŸ ‚Ê ‚„Ë „Ò?
(1) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ •ÊÒ/ ‚Ë?ʥà ‹ÊªÃ ? Ê ãÿÍŸÃ? Á’ãŒÈ 8? „Ë ©à¬ÊŒŸ SÃ/ ¬/ ‚?ÊŸ „Ê?Ã? „Ò¥–
(2) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ ? ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ „Ò–
(3) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ •Áœ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ
„Ò–
(4) ¬?Áû ‹ ?? ÁŸÿ?Ê?¥ ?? Á?? ÿʇÊË‹ „Ê?Ÿ? ?? ? Ê/áÊ ©¬ÿȸÄàÊ ??¥ ‚? ? Ê?߸ ÷Ë ‚¥÷? „Ò–
5. 8? 8? ÊÁœ? Ê/Êà?? ¬?ÁÃÿÊ?ÁªÃÊ ??¥ 8? » ?¸ ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚ Á‹ÿ? Á?ôÊʬŸ ? /ÃË „Ò?
(1) •¬Ÿ? ©à¬ÊŒ ? Ê? •¬ŸË ¬?ÁÃS¬œÊ¸à?? ?¥ ¬ÁŸÿÊ?¥ ?? •Áœ? ‚?ÊŸ ’ŸÊŸ? „?ÃÈ
(2) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ??? ? Ê? ’ÊÿË¥ •Ê?/ SÕÊŸÊ¥ÃÁ/à ? /Ÿ? „?ÃÈ
(3) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ? Ë ? Ë?à ‹Ê?ø ? Ê? ? ? ? /Ÿ? „?ÃÈ
(4) ©lÊ?ª ? Ë ? Ë?à ? Ê? Éʘʟ? „?ÃÈ
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4 N-00117
 !N-00117-PAPER-II!
Paper-II
6. For an increase in the effective minimum wage to have less of an impact on employment,
which of the following is correct ?
(a) The demand for labour is relatively inelastic
(b) The demand for labour is relatively elastic
(c) The demand for labour is a derived demand
Choose the correct answer from the code given below :
(1) (a) only (2) (c) only (3) (a) and (b) (4) (a) and (c)
7. Assume that people like onions on their hamburgers.  If the supply of hamburgers decreases,
the demand for onions will most likely :
(1) remain unchanged because  hamburgers and onions are different goods
(2) increase because  hamburgers and onions are substitutes
(3) increase because  hamburgers and onions are complements
(4) decrease because  hamburgers and onions are complements
8. In the shortrun, which of the following costs must continuously decrease as output
increases ?
(1) Total variable cost (2) Total fixed cost
(3) Average variable cost (4) Average fixed cost
9. If export price increases by 5 percent and import price by 20 percent, the commodity terms of
trade is :
(1) 0.91 (2) 0.87 (3) 0.25 (4) 4
10. If economic agents perfectly anticipate policy changes and if all prices, including wages, are
completely flexible, which of the following will be true in the long run ?
(1) There will be no trade - off between inflation and unemployment
(2) The unemployment rate will be less than the natural rate of unemployment
(3) The price level will be constant
(4) Changes in the money supply will not lead to changes in the price level
11. Who made the statement, “Inflation is everywhere and always a monetary phenomenon’’ ?
(1) Milton Friedman (2) James Tobin
(3) T.W. Swan (4) A.W. Phillips
12. Which amongst the following is not correctly matched ?
Concept Economists
(1) New classical economics Robert Lucas
(2) Multiple effects of Balanced T.H. Haavelmo
Budget
(3) New Keynssian economics Paul Romer
(4) Permanent income hypothesis M. Friedman
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5 Paper-II N-00117
 !N-00117-PAPER-II!
6. ¬?÷Ê?Ë ãÿÍŸÃ? ?¡ŒÍ/Ë ??¥ ?ÎÁh ? Ê /Ê?¡ªÊ/ ¬/ ? ? ¬?÷Ê? ?? Á‹8 ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚„Ë „Ò?
(a) üÊÁ?? ? Ë ?Ê°ª •¬??ÊÊ?Î Ã ’?‹Ê?øŒÊ/ „Ê?ÃË „Ò–
(b) üÊÁ?? ? Ë ?Ê°ª •¬??ÊÊ?Î Ã ‹Ê?øŒÊ/ „Ê?ÃË „Ò–
(c) üÊÁ?? ? Ë ?Ê°ª vÿÈà¬ÛÊ ?Ê°ª „Ê?ÃË „Ò–
ŸËø? ÁŒ8 ª8 ?Í ˜ ??¥ ‚? ‚„Ë ©ûÊ/ øÈÁŸ8 —
(1) ?? ?‹ (a) (2) ?? ?‹ (c) (3) (a) •ÊÒ/ (b) (4) (a) •ÊÒ/ (c)
7. ?ÊŸÊ Á? ‹Ê?ª •¬Ÿ? „Ò?’ª¸/Ê?¥ ? Ê? åÿÊ$¡ ?? ‚ÊÕ ¬‚¥Œ ? /Ã? „Ò¥, ÿÁŒ „Ò?’ª¸/Ê?¥ ? Ë •Ê¬ÍÁø ??¥ ? ?Ë •ÊÃË „Ò¥, ÃÊ? åÿÊ¡ ? Ë
?Ê°ª ??¥ ÁŸêŸÁ‹Ápà ??¥ ‚? ‚?ʸÁœ? ‚¥÷ÊvÿÃÊ Á? ‚ ? Ë „Ê?ªË?
(1) •¬Á/?Áøà ’ŸË /„?ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ •‹ª-•‹ª ?SÃÈ8° „Ò¥–
(2) ?ÎÁh „Ê?ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ SÕʟʬÛÊ „Ò¥–
(3) ?ÎÁh „Ê?ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ 8? ŒÍ‚/? ?? ¬Í/? „Ò¥–
(4) ? ?Ë •Ê8ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ 8? ŒÍ‚/? ?? ¬Í/? „Ò¥–
8. ¡’ ©à¬ÊŒŸ ??¥ ?ÎÁh „Ê?ÃË „Ò, ÃÊ? •À¬Ê?Áœ ??¥, ÁŸêŸÁ‹Ápà ‹ÊªÃÊ?¥ ??¥ ‚? ? ÊÒŸ ‚Ë ‹ÊªÃ ??¥ ÁŸ/¥Ã/ ? ?Ë •ÊŸË øÊÁ„8?
(1) ?È ‹ ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ (2) ?È ‹ ÁSÕ/ ‹ÊªÃ
(3) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ (4) •ÊÒ‚Ã ÁSÕ/ ‹ÊªÃ
9. ÿÁŒ ÁŸÿʸà ? Ë?Ã?¥ 5 ¬?ÁÇÊà ’…??¥ •ÊÒ/ •Êÿà ? Ë?ÃÊ?¥ ??¥ 20 ¬?ÁÇÊà ?ÎÁh „Ê? ÃÊ? ?SÃÈ vÿʬÊ/ ‡ÊÃ?Z „Ê?¥ªË–
(1) 0.91 (2) 0.87 (3) 0.25 (4) 4
10. ÿÁŒ •ÊÁÕ¸? •Á÷? Ãʸ ŸËÁà ¬Á/?øŸÊ?¥ ? Ê ¬Íáʸ M ¬ ‚? ¬Í?ʸŸÈ?ÊŸ ‹ªÊ ‹?Ã? „Ò¥ •ÊÒ/ ÿÁŒ ?$¡ŒÍ/Ë ‚Á„à ‚÷Ë ? Ë?Ã?¥ ¬Íáʸ
M ¬ ‚? ‹Ê?ø‡ÊË‹ „Ò¥ ÃÊ? ÁŸêŸÁ‹Ápà ??¥ ‚? ŒËÉʸ? ÊÁ‹? •?Áœ ??¥ ? ÊÒŸ ‚Ê ‚„Ë „Ò¥?
(1) ?ÈŒ?ÊS» ËÁà •ÊÒ/ ’?/Ê?$¡ªÊ/Ë ?? ’Ëø ? Ê?߸ ˜??«-•ÊÚ» Ÿ„Ë¥ „Ê?ªÊ
(2) ’?/Ê?$¡ªÊ/Ë Œ/, ’?/Ê?$¡ªÊ/Ë ? Ë ?ÊSÃÁ?? Œ/ ‚? ? ? „Ê?ªË
(3) ? Ë?à SÃ/ ÁSÕ/ „Ê?ªÊ
(4) ?ÈŒ?Ê •Ê¬ÍÁø ??¥ ¬Á/?øŸ ‚? ? Ë?à SÃ/ ??¥ ¬Á/?øŸ Ÿ„Ë¥ „Ê?ªÊ
11. ÁŸêŸÁ‹Ápà ??¥ ‚? ÿ„ Á? ‚? Ê ? ÕŸ ÕÊ Á? ““?ÈŒ?ÊS» ËÁà ¬?àÿ?? SÕ‹ ¬/ •ÊÒ/ ‚ŒÒ? 8? ?ÊÒÁŒ?? ÉʘŸÊ „Ò?””
(1) Á?À˜Ÿ »? Ë«?ÒŸ (2) ¡?ê‚ ˜Ê?Á’Ÿ
(3) ˜Ë.«éÀÿÍ. S?ÊŸ (4) 8.«éÀÿÍ. Á» Á‹å‚
12. ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚Ê ‚„Ë M ¬ ‚? ‚È??Á‹Ã Ÿ„Ë¥ „Ò?
¬?àÿÿ •Õ¸‡ÊÊSòÊË
(1) Ÿ?ËŸ Ä‹ÊÁ‚? Ë •Õ¸‡ÊÊSòÊ /ÊÚ’˜¸ ‹È? Ê‚
(2) ‚¥ÃÈÁ‹Ã ’¡˜ ?? ’„È•ÊÿÊ?Ë ¬?÷Ê? ˜Ë.8ø. „Ò??À?Ê?
(3) Ÿ?ËŸ ?? ã‚ËÿŸ •Õ¸‡ÊÊSòÊ ¬ÊÚ‹ /Ê??/
(4) SÕÊÿË •Êÿ ¬Á/? À¬ŸÊ 8?. »? Ë«?ÒŸ
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2 N-00117
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Paper-II
Note : This paper contains fifty (50) objective type questions of two (2) marks each.  All questions
are compulsory.
1. Consider the following diagram with two parallel demand curves AB and CD :
The price elasticity of demand at :
(1) points R and S is equal (2) point R is greater than that at point S
(3) point R is less than that at point S (4) points R and S is infinity
2. In 2016, the Nobel prize in Economics was awarded for :
(1) analysis of trade pattern and location of economic activity
(2) analysis of asset prices
(3) analysis of globalization
(4) contributions to contract theory
3. Which of the following is not true for perfect competition ?
(1) Price =LAC
(2) Market demand curve for a commodity is horizontal to X-axis
(3) Firms earn normal profits
(4) In the long run firms operate at the minimum point of average cost
4. Which amongst the following statements is correct ?
(1) The minimum point of AVC and MC are at the same level of output
(2) Minimum of AVC is at lesser output than the minimum of MC
(3) Minimum of AVC is at larger output than the minimum of MC
(4) Any of the above is possible depending upon operating of the law of returns
5. A firm in monopolistic competition advertises in order to :
(1) make its product more similar to its competitors’
(2) shift the demand curve for its product to the left
(3) make the demand for its product less price elastic
(4) reduce the industry’s price
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ŸÊ?˜ — ß‚ ¬?‡Ÿ-¬òÊ ??¥ ¬øÊ‚ (50) ’„È-Á?? À¬Ëÿ ¬?‡Ÿ „Ò¥–  ¬?àÿ?? ¬?‡Ÿ ?? ŒÙ (2) •¢? „Ò¥–  ‚÷Ë ¬?‡Ÿ •ÁŸ?Êÿ¸ „Ò¥–
1. ŒÊ? ‚?ÊŸÊ¥Ã/ ?Ê°ª ??? /?pÊ•Ê?¥ AB •ÊÒ/ CD ?? ‚ÊÕ ÁŸêŸÁ‹Ápà •Ê/?p ¬/ Á?øÊ/ ? ËÁ¡8 —
?Ê°ª ? Ë ? Ë?Ã ‹Ê?ø —
(1) Á’ãŒÈ R •ÊÒ/ S ¬/ ‚?ÊŸ „Ò– (2) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ïÿÊŒÊ „Ò–
(3) Á’ãŒÈ R ¬/ Á’ãŒÈ S ‚? ? ? „Ò– (4) Á’ãŒÈ R •ÊÒ/ S ¬/ •Ÿ¥Ã „Ò–
2. ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚?? Á‹8 ?·¸ 2016 ??¥ •Õ¸‡ÊÊSòÊ ??¥ ŸÊ?’?‹ ¬È/S? Ê/ ¬?ŒÊŸ Á? ÿÊ ªÿÊ ÕÊ?
(1) vÿʬÊ/ ¬?ÁÃ?ÊŸ •ÊÒ/ •ÊÁÕ¸? ªÁÃÁ?Áœ ?? SÕÊŸ ÁŸœÊ¸/áÊ ? Ê Á?‡‹?·áÊ
(2) ¬Á/‚ê¬ÁûÊ-? Ë?ÃÊ?¥ ? Ê Á?‡‹?·áÊ
(3) ?Ò‡?Ë? /áÊ ? Ê Á?‡‹?·áÊ
(4) ‚¥Á?ŒÊ Á‚hÊãà ??¥ ÿÊ?ªŒÊŸ
3. ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚Ê 8? ¬Íáʸ ¬?ÁÃÿÊ?ÁªÃÊ ?? Á‹8 ‚„Ë Ÿ„Ë¥ „Ò?
(1) ? Ë?Ã =8‹ 8 ‚Ë (LAC)
(2) 8? ?SÃÈ ?? Á‹8 ’Ê$¡Ê/ ?Ê°ª ??? X •?Ê ?? ¬?Áà ?ÊÒÁá „Ê?ÃÊ „Ò
(3) » ??Z ‚Ê?Êãÿ ‹Ê÷ •Á¡¸Ã ? /ÃË „Ò¥
(4) ŒËÉʸ? ÊÁ‹? •?Áœ ??¥, » ??Z •ÊÒ‚Ã ‹ÊªÃ ?? ãÿÍŸÃ? Á’ãŒÈ ¬/ ¬Á/øÊ‹Ÿ ? /ÃË „Ò¥
4. ÁŸêŸÁ‹Ápà ? ÕŸÊ?¥ ??¥ ‚? ? ÊÒŸ ‚Ê ‚„Ë „Ò?
(1) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ •ÊÒ/ ‚Ë?ʥà ‹ÊªÃ ? Ê ãÿÍŸÃ? Á’ãŒÈ 8? „Ë ©à¬ÊŒŸ SÃ/ ¬/ ‚?ÊŸ „Ê?Ã? „Ò¥–
(2) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ ? ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ „Ò–
(3) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ ? Ê ãÿÍŸÃ?, ‚Ë?ʥà ‹ÊªÃ ?? ãÿÍŸÃ? ? Ë ÃÈ‹ŸÊ ??¥ •Áœ? ©à¬ÊŒŸ ¬/ ¬?ÊåàÊ „Ê?ÃÊ
„Ò–
(4) ¬?Áû ‹ ?? ÁŸÿ?Ê?¥ ?? Á?? ÿʇÊË‹ „Ê?Ÿ? ?? ? Ê/áÊ ©¬ÿȸÄàÊ ??¥ ‚? ? Ê?߸ ÷Ë ‚¥÷? „Ò–
5. 8? 8? ÊÁœ? Ê/Êà?? ¬?ÁÃÿÊ?ÁªÃÊ ??¥ 8? » ?¸ ÁŸêŸÁ‹Ápà ??¥ ‚? Á? ‚ Á‹ÿ? Á?ôÊʬŸ ? /ÃË „Ò?
(1) •¬Ÿ? ©à¬ÊŒ ? Ê? •¬ŸË ¬?ÁÃS¬œÊ¸à?? ?¥ ¬ÁŸÿÊ?¥ ?? •Áœ? ‚?ÊŸ ’ŸÊŸ? „?ÃÈ
(2) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ??? ? Ê? ’ÊÿË¥ •Ê?/ SÕÊŸÊ¥ÃÁ/à ? /Ÿ? „?ÃÈ
(3) •¬Ÿ? ©à¬ÊŒ ?? Á‹8 ?Ê°ª ? Ë ? Ë?à ‹Ê?ø ? Ê? ? ? ? /Ÿ? „?ÃÈ
(4) ©lÊ?ª ? Ë ? Ë?à ? Ê? Éʘʟ? „?ÃÈ
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Paper-II
6. For an increase in the effective minimum wage to have less of an impact on employment,
which of the following is correct ?
(a) The demand for labour is relatively inelastic
(b) The demand for labour is relatively elastic
(c) The demand for labour is a derived demand
Choose the correct answer from the code given below :
(1) (a) only (2) (c) only (3) (a) and (b) (4) (a) and (c)
7. Assume that people like onions on their hamburgers.  If the supply of hamburgers decreases,
the demand for onions will most likely :
(1) remain unchanged because  hamburgers and onions are different goods
(2) increase because  hamburgers and onions are substitutes
(3) increase because  hamburgers and onions are complements
(4) decrease because  hamburgers and onions are complements
8. In the shortrun, which of the following costs must continuously decrease as output
increases ?
(1) Total variable cost (2) Total fixed cost
(3) Average variable cost (4) Average fixed cost
9. If export price increases by 5 percent and import price by 20 percent, the commodity terms of
trade is :
(1) 0.91 (2) 0.87 (3) 0.25 (4) 4
10. If economic agents perfectly anticipate policy changes and if all prices, including wages, are
completely flexible, which of the following will be true in the long run ?
(1) There will be no trade - off between inflation and unemployment
(2) The unemployment rate will be less than the natural rate of unemployment
(3) The price level will be constant
(4) Changes in the money supply will not lead to changes in the price level
11. Who made the statement, “Inflation is everywhere and always a monetary phenomenon’’ ?
(1) Milton Friedman (2) James Tobin
(3) T.W. Swan (4) A.W. Phillips
12. Which amongst the following is not correctly matched ?
Concept Economists
(1) New classical economics Robert Lucas
(2) Multiple effects of Balanced T.H. Haavelmo
Budget
(3) New Keynssian economics Paul Romer
(4) Permanent income hypothesis M. Friedman
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5 Paper-II N-00117
 !N-00117-PAPER-II!
6. ¬?÷Ê?Ë ãÿÍŸÃ? ?¡ŒÍ/Ë ??¥ ?ÎÁh ? Ê /Ê?¡ªÊ/ ¬/ ? ? ¬?÷Ê? ?? Á‹8 ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚„Ë „Ò?
(a) üÊÁ?? ? Ë ?Ê°ª •¬??ÊÊ?Î Ã ’?‹Ê?øŒÊ/ „Ê?ÃË „Ò–
(b) üÊÁ?? ? Ë ?Ê°ª •¬??ÊÊ?Î Ã ‹Ê?øŒÊ/ „Ê?ÃË „Ò–
(c) üÊÁ?? ? Ë ?Ê°ª vÿÈà¬ÛÊ ?Ê°ª „Ê?ÃË „Ò–
ŸËø? ÁŒ8 ª8 ?Í ˜ ??¥ ‚? ‚„Ë ©ûÊ/ øÈÁŸ8 —
(1) ?? ?‹ (a) (2) ?? ?‹ (c) (3) (a) •ÊÒ/ (b) (4) (a) •ÊÒ/ (c)
7. ?ÊŸÊ Á? ‹Ê?ª •¬Ÿ? „Ò?’ª¸/Ê?¥ ? Ê? åÿÊ$¡ ?? ‚ÊÕ ¬‚¥Œ ? /Ã? „Ò¥, ÿÁŒ „Ò?’ª¸/Ê?¥ ? Ë •Ê¬ÍÁø ??¥ ? ?Ë •ÊÃË „Ò¥, ÃÊ? åÿÊ¡ ? Ë
?Ê°ª ??¥ ÁŸêŸÁ‹Ápà ??¥ ‚? ‚?ʸÁœ? ‚¥÷ÊvÿÃÊ Á? ‚ ? Ë „Ê?ªË?
(1) •¬Á/?Áøà ’ŸË /„?ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ •‹ª-•‹ª ?SÃÈ8° „Ò¥–
(2) ?ÎÁh „Ê?ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ SÕʟʬÛÊ „Ò¥–
(3) ?ÎÁh „Ê?ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ 8? ŒÍ‚/? ?? ¬Í/? „Ò¥–
(4) ? ?Ë •Ê8ªË ÄÿÊ?¥Á? „Ò?’ª¸/ •ÊÒ/ åÿÊ¡ 8? ŒÍ‚/? ?? ¬Í/? „Ò¥–
8. ¡’ ©à¬ÊŒŸ ??¥ ?ÎÁh „Ê?ÃË „Ò, ÃÊ? •À¬Ê?Áœ ??¥, ÁŸêŸÁ‹Ápà ‹ÊªÃÊ?¥ ??¥ ‚? ? ÊÒŸ ‚Ë ‹ÊªÃ ??¥ ÁŸ/¥Ã/ ? ?Ë •ÊŸË øÊÁ„8?
(1) ?È ‹ ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ (2) ?È ‹ ÁSÕ/ ‹ÊªÃ
(3) •ÊÒ‚Ã ¬Á/?øŸ‡ÊË‹ ‹ÊªÃ (4) •ÊÒ‚Ã ÁSÕ/ ‹ÊªÃ
9. ÿÁŒ ÁŸÿʸà ? Ë?Ã?¥ 5 ¬?ÁÇÊà ’…??¥ •ÊÒ/ •Êÿà ? Ë?ÃÊ?¥ ??¥ 20 ¬?ÁÇÊà ?ÎÁh „Ê? ÃÊ? ?SÃÈ vÿʬÊ/ ‡ÊÃ?Z „Ê?¥ªË–
(1) 0.91 (2) 0.87 (3) 0.25 (4) 4
10. ÿÁŒ •ÊÁÕ¸? •Á÷? Ãʸ ŸËÁà ¬Á/?øŸÊ?¥ ? Ê ¬Íáʸ M ¬ ‚? ¬Í?ʸŸÈ?ÊŸ ‹ªÊ ‹?Ã? „Ò¥ •ÊÒ/ ÿÁŒ ?$¡ŒÍ/Ë ‚Á„à ‚÷Ë ? Ë?Ã?¥ ¬Íáʸ
M ¬ ‚? ‹Ê?ø‡ÊË‹ „Ò¥ ÃÊ? ÁŸêŸÁ‹Ápà ??¥ ‚? ŒËÉʸ? ÊÁ‹? •?Áœ ??¥ ? ÊÒŸ ‚Ê ‚„Ë „Ò¥?
(1) ?ÈŒ?ÊS» ËÁà •ÊÒ/ ’?/Ê?$¡ªÊ/Ë ?? ’Ëø ? Ê?߸ ˜??«-•ÊÚ» Ÿ„Ë¥ „Ê?ªÊ
(2) ’?/Ê?$¡ªÊ/Ë Œ/, ’?/Ê?$¡ªÊ/Ë ? Ë ?ÊSÃÁ?? Œ/ ‚? ? ? „Ê?ªË
(3) ? Ë?à SÃ/ ÁSÕ/ „Ê?ªÊ
(4) ?ÈŒ?Ê •Ê¬ÍÁø ??¥ ¬Á/?øŸ ‚? ? Ë?à SÃ/ ??¥ ¬Á/?øŸ Ÿ„Ë¥ „Ê?ªÊ
11. ÁŸêŸÁ‹Ápà ??¥ ‚? ÿ„ Á? ‚? Ê ? ÕŸ ÕÊ Á? ““?ÈŒ?ÊS» ËÁà ¬?àÿ?? SÕ‹ ¬/ •ÊÒ/ ‚ŒÒ? 8? ?ÊÒÁŒ?? ÉʘŸÊ „Ò?””
(1) Á?À˜Ÿ »? Ë«?ÒŸ (2) ¡?ê‚ ˜Ê?Á’Ÿ
(3) ˜Ë.«éÀÿÍ. S?ÊŸ (4) 8.«éÀÿÍ. Á» Á‹å‚
12. ÁŸêŸÁ‹Ápà ??¥ ‚? ? ÊÒŸ ‚Ê ‚„Ë M ¬ ‚? ‚È??Á‹Ã Ÿ„Ë¥ „Ò?
¬?àÿÿ •Õ¸‡ÊÊSòÊË
(1) Ÿ?ËŸ Ä‹ÊÁ‚? Ë •Õ¸‡ÊÊSòÊ /ÊÚ’˜¸ ‹È? Ê‚
(2) ‚¥ÃÈÁ‹Ã ’¡˜ ?? ’„È•ÊÿÊ?Ë ¬?÷Ê? ˜Ë.8ø. „Ò??À?Ê?
(3) Ÿ?ËŸ ?? ã‚ËÿŸ •Õ¸‡ÊÊSòÊ ¬ÊÚ‹ /Ê??/
(4) SÕÊÿË •Êÿ ¬Á/? À¬ŸÊ 8?. »? Ë«?ÒŸ
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 !N-00117-PAPER-II!
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13. Who argued that Keynes’s theory of equilibrium with involuntary unemployment is a special
case of the general equilibrium model, augmented to include money ?
(1) W. Leontief (2) J.R Hicks (3) M. Friedman (4) D. Patinkin
14. Adam Smith advocated which of the following ?
(a) laissez faire
(b) the invisible hand
(c) free trade policy
(d) competitive markets
Choose the correct answer from the code given below :
(1) (a) and (b) (2) (b) and (c)
(3) (a), (b) and (c) (4) (a), (b), (c) and (d)
15. Indicate the sequence of the following in terms of their implementation with reference to
India :
(a) Income tax
(b) Expenditure tax
(c) Value - added tax at the state level
(d) Service tax
Choose the correct answer from the code given below :
(1) (a), (c), (b), (d) (2) (a), (b), (d), (c)
(3) (b), (c), (d), (a) (4) (c), (d), (a), (b)
16. Arrange the following grouping of the nations from lower to higher order of integration.
(a) F.T.A
(b) Economic Union
(c) Common Market
(d) Custom Union
Choose the correct answer from the code given below :
(1) (a), (d), (c), (b) (2) (a), (c), (b), (d) (3) (b), (a), (d), (c) (4) (b), (c), (d), (a)
17. A Country can have an increased surplus in its balance of trade as a result of :
(1) declining imports and rising exports
(2) higher tariffs imposed by its trading partners
(3) an increase in domestic inflation
(4) an increase in capital inflow
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