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UGC NET (RE-NET) ECONOMICS PAPER 2 2024

1. In the Cobb-Douglas production functions q = ALα Kβ, where, A, α and β are all positive,
the parameters α and β measure
(1) Output elasticities of inputs
(2) Elasticity of substitution
(3) Input price of output
(4) Technological condition

2. The quadratic form ax2 + by2 + 2hxy is negative for all values of x and y (other than x = y
= 0 ) and only if:
(1) a > 0 and

(2) a < 0 and

(3) a < 0 and

(4) a < 0 and

3. Match List - 1 with List - II.

List-I List-II

(A) Arbitrage (I) refers to when an invester accepts and seeks Foreign
exchange risk

(B) Hedging (II) refers to a time when foreign exchange shifts, causing
the spot rate to vary frequently

(C) Speculation (III) refers to purchase of currency in monetary center

where it is cheaper

(D) Foreign exchange risk (IV) refers to avoidance of foreign exchange risk

Choose the correct answer from the options given below:

(1) (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
(2) (A)-(I). (B)-(III), (C)-(II), (D)-(IV)
(3) (A)-(I), (B)-(III), (C)-(IV), (D)-(II)
(4) (A)-(I), (B)-(IV), (C)-(III), (D)-(II)

4. Match List I with List - II.

List-I List - II

(A) Rachel Carson (I) Economics of Biodiversity

(B) Kenneth Boulding (II) Economics of coming spaceship earth

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(C) G. Hardin (III) Silent spring

(D) Partha Dasgupta (IV) Tragedy of commons

Choose the correct answer from the options given below:

(1) (A)-(II), (B)-(I), (C)-(IV), (D)-(III)
(2) (А)-(III), (B)-(IV), (C)-(I), (D)-(II)
(3) (A)-(IV), (B)-(II), (C)-(III), (D)-(I)
(4) (А)-(III), (B)-(II), (C)-(IV), (D)-(I)

5. Which state scored highest to secure top-most rank in the 'State Energy Efficiency Index
2023 released by NITI Aayog?
(1) Andhra Pradesh
(2) Gujarat
(3) Haryana
(4) Karnataka

6. In which agriculture year, India's first Agriculture Census was carried out?
(1) 1950-51
(2) 1960-61
(3) 1970-71
(4) 1980-81

7. Consider the following statements:

(A) If a market generates a side effect or externality then the market solutions are
inefficient.
(B) If a market is efficient, then the quantity produced in the market maximise both
producer's and consumer's surplus.
(C) Consumer's surplus is the buyer's WTP minus the seller's cost.
(D) Smith's invisible hand concept implies that competitive market outcome generates
equity among the members in the society.
(E) Competitive market equilibrium is Pareto efficient.
Choose the correct answer from the options given below:
(1) (A), (B), (E) only
(2) (A), (B), (D) only
(3) (A), (E) only
(4) (B), (D), (E) only

8. Match List - I with List - II.

List - I List-II

(A) Narasimham Committee Report (I) Frauds and Malpractices in Bank

(B) Ghosh Committee Report (II) Technology issues in Banking

(C) Padmanabhan Committee (III) RBI should withdraw 91 days T. Bill

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from market

(D) Saraf Committee (IV) Style of inspection and follow up by the

central bank

Choose the correct answer from the options given below:

(1) (A)-(III), (B)-(IV), (C)-(II), (D)-(I)
(2) (А)-(I), (B)-(II), (C)-(III), (D)-(IV)
(3) (А)-(II), (В)-(I), (C)-(IV), (D)-(II)
(4) (А)-(II), (В)-(II), (C)-(I), (D)-(IV)

9. Identify the correct statements from below:

(A) According to environmental valuation theory, option value future use value + bequest
value + vicarious value
(B) Adverse selection leads to market failure
(C) Contingent valuation method is a type of cost benefit analysis
(D) Public good and common goods have same characteristics
(E) Internal rate of return is a criterion in cost benefit analysis
Choose the correct answer from the options given below:
(1) (A) and (B) only
(2) (A), (C), (D) only
(3) (A), (B), (Ε) only
(4) (C), (D), (E) only

10. As per Walras' law the sum of excess demand for money, bonds and current output must
be equal to
(1) one
(2) zero
(3) more than one
(4) less than one

11. Match List I with List - II.

List - I List - II

(A) Monopoly theory of distribution (I) Walker

(B) Theory of profit (II) Robinson

(C) Full cost pricing (III) Kalecki

(D) Modern theory of rent (IV) Hall and Hitch

Choose the correct answer from the options given below:

(1) (A)-(II), (B)-(III), (C)-(I), (D)-(IV)
(2) (А)-(III), (B)-(I), (C)-(IV), (D)-(II)
(3) (А)-(III), (B)-(IV), (C)-(II), (D)-(I)

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(4) (A)-(IV), (B)-(III), (C)-(II), (D)-(I)

12. Among the following which is/are attempt of economic integration among developing
countries?
(1) The central American common market
(2) The caribbean free trade association
(3) The Latin American free trade association
(4) All of the above

13. Which of the following is/are possible reason(s) for surplus in balance of payment?
(A) Decline in imports
(B) Decline in interest rate
(C) Increase in export
(D) Increase in income tax
(E) High outward foreign direct investment
Choose the most appropriate answer from the options given below:
(1) (A), (C), (E) only
(2) (A), (B), (C), (E) only
(3) (B), (C), (E), (D) only
(4) (A), (C) only

14. Arrange the following taxes in the sequence in which they were introduced starting from
earliest to latest?
(A) Commodities Transaction Tax
(B) Securities Transaction Tax
(C) Banking Cash Transaction Tax
(D) Minimum Alternate Tax
(E) Angel Tax
Choose the correct answer from the options given below:
(1) (D), (A), (E), (B), (C)
(2) (B), (C), (A), (E), (D)
(3) (D), (B), (C), (E), (A)
(4) (C) (D), (B), (A), (E)

15. Match List I with List - II.

List - I List - II

(A) Montreal Protocol (I) Contingent valuation method

(B) Cop 28 (II) Control of CFC

(C) Rio+20 (III) Climate Conference

(D) Willingness to Accept (WTA) (IV) Sustainable Development

Choose the correct answer from the options given below :

(1) (A)-(II), (B)-(III), (C)-(IV), (D)-(I)
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(2) (A)-(II), (B)-(1), (C)-(IV), (D)-(III)
(3) (А)-(III), (B)-(IV), (C)-(II), (D)-(I)
(4) (A)-(I), (B)-(II), (C)-(IV), (D)-(III)

16. Arrange the names of following economists chronoliogically in order of their Nobel prize
awards (starting from earliest to the latest):
(A) Arthur Lewis
(B) Gunnar Myrdal
(C) Milton Friedman
(D) A.V. Banerjee
(E) Lawrence Klein
Choose the correct answer from the options given below:
(1) (B), (C), (A), (E), (D)
(2) (B), (C), (A), (D), (E)
(3) (B), (A), (C), (E), (D)
(4) (A), (B), (C), (E), (D)

17. Testing for cointegration is performed by:

(1) Chow test
(2) Phillips-Peron test
(3) Engel-Granger test
(4) Error-correction mechanism

18. For the demand function of goods, Qd = f (Px Py M) the sum of own price elasticity, cross
price elasticity and income elasticity of demand would be:
(1) one
(2) two
(3) zero
(4) n where n>1

19. Arrange the following in chronological order starting from earliest to latest:
(A) A.W. Phillips: The Phillips Curve
(B) J.M. Keynes: General Theory of Employment, Interest and Money
(C) Adam Smith: Theory of Growth
(D) John F. Muth: Rational Expectations Approach
(E) Robert M. Solow: Growth Model
Choose the correct answer from the options given below:
(1) (A), (B), (C), (D), (E)
(2) (C), (B), (E), (A), (D)
(3) (B), (A), (C), (E), (D)
(4) (E), (D), (C), (B), (A)

20. Which among following committees, was set up for Banking sector reforms in India?
(A) Jalan Committee
(B) Ghosh Committee

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(C) Saraf Committee
(D) Gokaran Committee
(E) Tarapore Committee
Choose the correct answer from the options given below:
(1) (A), (B), (D) only
(2) (B), (C), (Ε) only
(3) (C), (D), (E) only
(4) (A), (D), (C) only

21. Which of the following is current global measurement of the extreme poverty line?
(1) $51.90-a day
(2) $2.00-a day
(3) $2.15-a day
(4) $225-a day

22.

23. 0.73 Arrange the following theories in correct chronological order, starting from earliest to
latest:
(A) Absorption approach
(B) Factor Price Equalisation theory
(C) Reciprocal Dumping Model
(D) Leontief Paradox
(E) Immiserizing Growth Theory
Choose the correct answer from the options given below:
(1) (B), (D), (A), (E), (C)
(2) (D), (A), (B), (C), (E)
(3) (E), (D), (B), (A), (C)
(4) (D), (A), (C), (E), (B)

24. Given y = find the correct alternative:

(1) =

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(2) =

(3) =

(4) =

25. Match List I with List - II.

List - I List - II

(A) Bank run (I) D. Pearce

(B) q-ratio (II) M. Yunus

(C) Genuine saving (III) P. Diamond

(D) Micro finance (IV) J. Tobin

Choose the correct answer from the options given below:

(1) (A)-(IV), (B)-(I), (C)-(III), (D)-(II)
(2) (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
(3) (А)-(ІІІ), (B)-(II), (C)-(IV), (D)-(I)
(4) (A)-(II), (B)-(IV), (C)-(I), (D)-(III)

26. The secular deterioration of terms of trade for low developed countries has been explained
by
(A) J.S. Mill
(B) H.W. Singer
(C) Adam Smith
(D) Raul Prebisch
(E) Jagdish Bhagwati
Choose the correct answer from the options given below:
(1) (B), (D), (E) only
(2) (A), (B), (D) only
(3) (A), (D), (E) only
(4) (C), (D), (E) only

27. Consider the following statements:

(A) Ecological footprint is a measure of human demand on entire ecosystem
(B) Top down approach to development focuses stress on community participation
(C) Millennium Development Goals (MDGs) were assumed to be achieved by year 2016
(D) Sustainable Development Goals (SDGs) comprises 17 goals
Choose the correct answer from the options given below:
(1) (A), (D) only
(2) (A), (B), (D) only
(3) (A), (C), (D) only
(4) (A), (B), (C), (D)

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28. A feasible solution in a linear programming problem (LPP):
(A) Must satisfy all the problem's constraints simultaneously
(B) Need not satisfy all the constraints, only some of them
(C) Must be a corner point in the feasible region
(D) may or may not optimise the value of the objective function
(E) Must be greater than or equal to zero
Choose the correct answer from the options given below:
(1) (A), (D), (E) only
(2) (A), (D) only
(3) (A), (E) only
(4) (B), (C), (E) only

29. In the leakage-injection approach to income determination, an increase in lump-sum tax

ceteris paribus shifts:
(1) Investment plus govt. spending line upward
(2) Investment plus govt. spending line downward
(3) The savings plus tax line to the left
(4) Increases the equilibrium level of income

30. Consider the following statements regarding Regional Rural Banks (RRBs) in India:
(A) RRBs were setup on the basis of the recommendation of Narasimham working group,
1975
(B) The largest proportion of the equity of RRBs is held by its sponsor bank
(C) NABARD coordinates all the activities of RRBs
(D) RRBs are lead Bank
(E) RRBs are provided refinance facilities through NABARD
Choose the correct answer from the options given below:
(1) (A), (C), (E) only
(2) (A), (B), (C), (D) only
(3) (B), (C), (E) only
(4) (A), (E) only

31. Consider the following statements:

(A) MC schedule is obtained by subtracting successive values of TC only
(B) MC schedule is obtained by subtracting successive values of either TC or TVC
(C) MC schedule is obtained by substracting successive values of either TVC or TFC
(D) The area under the MC curve equals TC
(E) AVC equals AC minus AFC
Choose the correct answer from the options given below:
(1) (B), (D), (E) only
(2) (A), (D), (E) only
(3) (A), (C), (D), (E) only
(4) (A), (C), (D) only

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32. The effect implies that nominal interest rates tend to be high when inflation is high and
low when inflation is low?
(1) Tobin effect
(2) Baumol effect
(3) Fisher effect
(4) Patinkin effect

33. Arrange the following events from the date of their happening starting from the oldest:
(A) IRDA Act passed in Parliament
(B) Concept of financial inclusion introduced in Banking sector
(C) Global trust bank merged with UTI Bank
(D) 364 day treasury bill introduced with market related rates
(E) Fiscal responsibility and Budget Management Act Passed
Choose the correct answer from the options given below:
(1) (D), (A), (C), (E), (B)
(2) (D), (C), (Ε), (A), (B)
(3) (E), (D), (B), (A), (C)
(4) (A), (C), (D), (E), (B)

34. Identify the correct statements from below:

(A) First UN conference on human environment was held in Norway in 1972.
(B) In I-PAT expression, P stands for poverty,
(C) Pollution tax was suggested by Pigou.
(D) Population growth follows a logistic distribution.
(E) Hedonic pricing is an environmental valuation method used in valuing tourism sites.
Choose the correct answer from the options given below:
(1) (A), (D), (E) only
(2) (C), (D), (E) only
(3) (A), (B), (E) only
(4) (C), (D) only

35. Match List I with List - II.

List - I List-II

(A) PQLI (I) Amartya Sen

(B) HDI (II) Mehbub-Ul-Haque

(C) Capability Approach to Development (III) Alkire and Foster

(D) Multi-Dimensional Poverty Index (IV) Morris D. Morris

Choose the correct answer from the options given below:

(1) (A)-(IV), (B)-(II), (C)-(I), (D)-(III)
(2) (A)-(IV), (B)-(III), (C)-(II), (D)-(I)
(3) (А)-(I), (В)-(II), (C)-(III), (D)-(IV)
(4) (A)-(IV), (B)-(I), (C)-(III), (D)-(II)
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36. In the Human development report 2023/2024, out of total 193 countries included under
the Human Development Index, in which of the following groups maximum number of
countries have been classified on the basis of their Human Development Index Values?
(1) Very high human development
(2) High human development
(3) Medium human development
(4) Low human development

37. Match List - I with List - II.

List-I List-II

(A) Top beneficiary from Foreign exchange (I) John Von Neuman and Oscar
trading Morgenstern

(B) Competitive equilibrium is Pareto (II) General equilibrium analysis

efficient

(C) Walras (III) London

(D) Game Theory (IV) First theorem of welfare economics

Choose the correct answer from the options given below:

(1) (A)-(II), (B)-(III), (C)-(I), (D)-(IV)
(2) (A)-(IV), (B)-(III), (C)-(II), (D)-(I)
(3) (A)-(I), (B)-(II), (C)-(III), (D)-(IV)
(4) (A)-(III), (B)-(IV), (C)-(II), (D)-(I)

38. Identify the correct statements from below:

(A) When price consumption curve (PCC) for a good is parallel to horizontal axis, the
demand function for the good is unitary elastic
(B) Given log D=α+β log y+y p then elasticity of log D with respect to log pisy
(C) The condition for stability in simple Keynesian system is O<MPC<1
(D) The fixed cost curve is a rectangular hyperbola
Choose the correct answer from the options given below:
(1) (A), (C) only.
(2) (A), (C), (D) only
(3) (A), (B), (C) only
(4) (A), (B), (C), (D)

39. When imports are restricted with quota rather than a tariff, the cost is sometimes
magnified by a process known as
(1) Rent seeking
(2) quota seeking
(3) Tax Seeking
(4) None of the above

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40. Match List I with List II.
List-I List - II

(A) Travel cost method (I) Sustainable development

(B) Stern review (II) Exhaustible resources

(C) Brundtland commission report (III) Climate change

(D) User cost (IV) Environmental valuation

Choose the correct answer from the options given below:

(1) (A)-(IV), (B)-(II), (C)-(I), (D)-(III)
(2) (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
(3) (A)-(IV), (B)-(III), (C)-(I), (D)-(II)
(4) (А)-(III), (B)-(IV), (C)-(I), (D)-(II)

41. The lowest value of a set of observations is 4.5 and their range is 10.9. Artithmetic mean
is found to be 19.9 and median found to be 15.6. Which of the following statements is
correct?
(1) Arithmetic mean is wrong, but the median is correct
(2) Arithmetic mean is right, but the median is wrong
(3) Both arithmetic mean and median are wrong
(4) Both arithmetic mean and median are right

42. Which organisation has developed the UPI system in India and in which year?
(1) SEBI, 2016
(2) SBI, 2016
(3) RBI, 2015
(4) NPCL, 2016

43. Position of points O (0, 0) and P (23) in the region of graph of inequation 2x-3y<5 will be:
(1) O inside and P outside
(2) O and P both outside
(3) O and P both inside
(4) O outside and P inside

44. The concept of efficiency wage theory was developed by:

(1) Yellen and Stiglitz
(2) Jan Tinbergen
(3) Alfred Marshall
(4) Vilfredo Pareto

45. Arrange the following in correct chronological order starting from the earliest to the latest:
(A) Coase theorem
(B) Hotelling principle
(C) Nash equilibrium
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(D) Kyoto Protocol
(E) Establishment of IUCN (International Union for Conservation of nature)
Choose the correct answer from the options given below:
(1) (B), (E), (C), (A), (D)
(2) (Β), (Ε), (A), (C), (D)
(3) (B), (A), (D), (E), (C)
(4) (E), (B), (A), (C), (D)

46. Suppose Q and p <= 10 MC = 1 then profit maximising price and quantity will be:
Chosen Option: 1
(1) P-20, Q = 4
(2) P = 5 Q = 4
(3) P = 10 Q = 2
(4) P = 4 Q = 5

47. ANCOVA models include regressors that are:

(1) Only quantitative variables
(2) Only qualitative variables
(3) Only categorical variables
(4) Both qualitative and quantitative variables

48. As per the Gravity Model of world trade, which of the following components of the two
countries determine the volume of trade between them:
(A) Gross Domestic Product
(B) Distance
(C) Foreign exchange rate
(D) Foreign trade intensity
(E) Foreign investment
Choose the correct answer from the options given below:
(1) (A) and (B) only
(2) (B) and (C) only
(3) (A) and (C) only
(4) (A) and (E) only

49. Which of the following is not an instrument of Monetary Policy?

(1) Cash reserve ratio
(2) Open market operation
(3) Bank rate
(4) Tax rate

50. Arrange the following in correct chronological order starting for the oldest to the latest:
(A) World Trade organisation (WTO)
(B) General Aggrement on Trade and Tariffs (GATT)
(C) New Economic Policy of India (NEP)
(D) Introduction of goods and services tax (GST)

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(E) Establishment of NABARD
Choose the correct answer from the options given below:
(1) (B), (C), (E), (A), (D)
(2) (B), (E), (C), (A), (D)
(3) (B), (D), (E), (C), (A)
(4) (A), (B), (C), (E), (D)

51. Match List - I with List - II.

List-I List-II

(A) W.W. Leontief (I) Shadow Price

(B) Jan Tinbergen (II) Consumption Function

(C) J.M. Keynes (III) Price competition with homogenous

products

(D) Joseph Bertrand (IV) Input-output model

Choose the correct answer from the options given below:

(1) (A)-(II), (B)-(III), (C)-(1), (D)-(IV)
(2) (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
(3) (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
(4) (A)-(I), (B)-(II), (C)-(III), (D)-(IV)

52. Consider the following statements and identify the correct ories?
(A) According to the accelerator models, investment demand is proportional to the change
in GNP
(B) The real rate is the nominal rate of interest plus the inflation.
(C) The higher the real interest rate, the higher is the rental cost of capital.
(D) Investment is a stock concept
(E) Rate of interest is a flow concept
Choose the correct answer from the options given below:
(1) (B) and (C) only
(2) (A) and (B) only
(3) (A) and (C) only
(4) (A), (B) and (C) only

53. Match List - I with List - II.

List - I List-II

(A) Labour capital ratio (I) The price of a commodity determined by

exclusively from its labour content

(B) Labour intensive commodity (II) The commodity with lower capital-labour
ratio at all relative factor prices

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(C) Labour theory of value (III) The amount of labour per unit of capital
used

(D) labour saving technical progress (IV) It increases the productivity of capital
proportionately more than the labour

Choose the correct answer from the options given below:

(1) (А)-(III), (B)-(II), (C)-(I), (D)-(IV)
(2) (A)-(II), (B)-(III), (C)-(I), (D)-(IV)
(3) (A)-(I), (B)-(II), (C)-(III), (D)-(IV)
(4) (A)-(I), (B)-(II), (C)-(IV), (D)-(III)

54. Consider the following targets of National Health Policy 2017. Choose the correct
objectives to be achieved by 2025:
(A) Infant Mortality Rate: 30
(B) Under Five Mortality Rate: 20
(C) Maternal mortality rate: 100
(D) Total Fertility Rate: 2.1
(E) Life Expectancy at Birth: 70 years
Choose the correct answer from the options given below:
(1) (A), (B), (C) only
(2) (B), (C), (D) only
(3) (A), (C), (E) only
(4) (C), (D), (E) only

55. Choose the correct chronological sequence in ascending order (earliest to latest):
(A) FRBM act
(B) Nationalisation of banks in India
(C) Second five year plan
(D) Small Industries Development Bank of India (SIDBI)
(E) Export Import Bank of India (EXIM Bank)
Choose the correct answer from the options given below:
(1) (C), (B), (E), (D), (A)
(2) (C), (B), (A), (D), (E)
(3) (C), (A), (B), (D), (E)
(4) (C), (E), (A), (B), (D)

56. Arrange the following theories in correct chronological order, starting from earliest to
latest:
(A) Patinkin's Real Balance Effect
(B) Reformulated quantity theory of money
(C) Baumol's theory of money
(D) Cash transaction approach
(E) Cash balance approach
Choose the correct answer from the options given below:
(1) (D), (E), (B), (C), (A)
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(2) (E), (D), (A), (B), (C)
(3) (E), (D), (C), (B), (A)
(4) (C), (D), (E), (A), (B)

57. A and B are two events such that P(A)=0.4 and P(A∩B)=0.2, then P(A∩B) is:
(1) 0.4
(2) 0.2
(3) 0.6
(4) 0.8

58. Match List I with List - II.

List - I List - II

(A) General Heteroscadesticity test (I) Ramsey

(B) General test for auto correlation (II) Hausman

(C) Test of simultaneity (III) White

(D) General test of specification error (IV) Breusch-Godfrey

Choose the correct answer from the options given below:

(1) (A)-(I), (B)-(II), (C)-(III), (D)-(IV)
(2) (A)-(IV), (B)-(II), (C)-(I), (D)-(III)
(3) (A)-(III), (B)-(IV), (C)-(II), (D)-(1)
(4) (А)-(III), (B)-(I), (C)-(II), (D)-(IV)

59. India is a member of which of the following institutions of the world bank group?
(A) International Centre for Settlement and Investment Dispute
(B) International Development Association
(C) International Finance Corporation
(D) Multilateral Investment Guarantee Agency
(E) International Bank for Reconstruction and Development
Choose the correct answer from the options given below:
(1) (A), (B), (C) only
(2) (B), (C), (D) only
(3) (B), (C), (D), (E) only
(4) (A), (B), (D), (E) only

60. The production function Q = is:

(1) Homogenous of degree 1
(2) Homogenous of degree 0
(3) Homogenous of degree 2
(4) Homogenous of degree

61. The phrase 'demonstration effect' was coined by:

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(1) James Duesenberry
(2) J.K. Galbraith
(3) Joan Robinson
(4) J.M. Keynes

62. Suppose savings function is S-5+0.3q, then find the correct answer from below:
(1) APC<MPC
(2) APC =MPC
(3) APS >MPS
(4) APC > MPC

63. Estimation of regression coefficients in the presence of high but not perfect
multicollinearity may result in all of these except:
(1) High confidence interval for the estimates
(2) Almost all the estimates are statistically significant
(3) A high R2
(4) Estimates are all BLUE

64. As per National Health Survey-5, what was the number of females per 1000 males during
survey period 2019-21?
(1) 975
(2) 991
(3) 1003
(4) 1020

65. Which of the following values indicates that each woman is being replaced by one
daughter, leading to a stable population over time?
(1) GFR=1
(2) NRR=1
(3) TFR=1
(4) GRR=1

66. Under the Green Climate Fund of UNFCCC, what ratio of financial allocation between
Adaptation' and 'Mitigation activities is aimed?
(1) 25:75
(2) 40:60
(3) 50:50
(4) 75:25

67. You have carried out a regression analysis but after thinking about the relationship
between the two variables, you have decided that you must swap the explanatory and
response variables. After refitting the regression model to the data, you expect that:
(1) The value of correlation will change
(2) The sign of slope will change
(3) The value of coefficient of determination will change
(4) The value of SSE (sum of squared errors) will change
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68. Which of the following is not an assumption of Coase theorem related to externalities and
environmental problems?
(1) Absence of transaction costs.
(2) Presence of income effect
(3) Complete information
(4) Complete property rights

69. Arrange the following items in order of their construction starting from the first stage to
the last stage:
(A) Budget
(B) Utility analysis
(C) Demand curve analysis
(D) Indifference curve analysis
(E) Consumer's equilibrium
Choose the correct answer from the options given below:
(1) (D), (B), (A), (E), (C)
(2) (A), (B), (C), (D), (E)
(3) (B), (D), (E), (C), (A)
(4) (B), (D), (A), (E), (C)

70. Arrange the following initiatives launched by the government in order of their starting year
from the oldest:
(A) Antyodaya Anna Yojana
(B) Mid-day Meal Scheme
(C) National Food Security Act
(D) Revised Public Distribution System
(E) Targeted Public Distribution System
Choose the correct answer from the options given below:
(1) (D), (B), (E), (A), (C)
(2) (A), (B), (D), (E), (C)
(3) (E), (D), (B), (A), (C)
(4) (B), (A), (D), (E), (C)

71. Consider the following statements regarding the non Banking Financial Companies in
India (NBFCs):
(A) NBFCs are registered under the RBI Act 1948
(B) NBFCs cannot accept demand deposits like commercial banks
(C) NBFCs have to invest a specific percent of their assets in unencumbered approved
securities
(D) NBFCs which engaged in merchant banking and portfolio management services are
govermed by SEBI
(E) Every NBFC has to create a reserve fund.
Choose the correct answer from the options given below:
(1) (A), (B), (C), (D) only

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(2) (B), (C), (D), (E) only
(3) (B), (D), (E) only
(4) (B), (C), (E) only

72. Arrange the following norms of tax revenue devolution formula of the Fifteenth Finance
Commission in order of their weightages starting from the highest.
(A) Income distance
(B) Area
(C) Demographic performance
(D) Forest and Ecology
(E) Tax effort
Choose the correct answer from the options given below:
(1) (A), (B), (C), (D), (E)
(2) (A), (D), (B), (E), (C)
(3) (B), (A), (C), (E), (D)
(4) (C), (D), (A), (B), (E)

73. Match List - I with List - II.

List-I List-II

(A) Endogenous variable (I) Significance of Autocorrelation coefficient

(B) Count R2 (II) Simultaneous equation

(C) Ljung Box Statistic (III) Panel data regression

(D) Least square dummy variable model (IV) Logit regression

Choose the correct answer from the options given below:

(1) (А)-(III), (B)-(I), (C)-(IV), (D)-(II)
(2) (A)-(II), (B)-(III), (C)-(I), (D)-(IV)
(3) (A)-(II), (B)-(III), (C)-(IV), (D)-(I)
(4) (A)-(II), (B)-(IV), (C)-(I), (D)-(III)

74. During how many first completed days of life, the death of a baby is defined as the
Neonatal death?
(1) First 7 completed days of life
(2) First 14 completed days of life
(3) First 21 completed days of life
(4) First 28 completed days of life

75. Heteroscadesticity may arise due to various reasons. Which one of the following is not a
reason?
(1) Extremely low or high values of X and Y co-ordinates in the data set
(2) Correlation of variables over time
(3) Incorrect specification of the functional form of the model
(4) Incorrect transformation of variables
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76. The Nash equilibrium of the following game

(1) The strategy combination (A3, B2) with outcome (4, 4)

(2) The strategy combination (A3, B1) with outcome (5, 2)
(3) The strategy combination (A1, B2) with outcome (2, 1)
(4) The strategy combination (A3, B2) with outcome (3, 1)

77. What does not come under the purview of the function of Reserve Bank of India?
(1) Custodian of Foreign Exchange Reserves
(2) Issues of Bank Notes
(3) The lender of the last resort
(4) Multiple expansion of credit

78. Match List I with List II.

List - I List - II

(A) NITI Aayog (I) Tit-for-Tat strategy

(B) R. Axelrod (II) Efficiency wage theory

(C) J. Stiglitz (III) K.N. Raj

(D) India's first five year plan (1951-1956) (IV) Knowledge support

Choose the correct answer from the options given below:

(1) (A)-(II), (B)-(I), (C)-(III), (D)-(IV)
(2) (A)-(IV), (B)-(III), (C)-(II), (D)-(I)
(3) (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
(4) (A)-(I), (B)-(II), (C)-(III), (D)-(IV)

79. Arrange the following Acts in correct chronological order, starting from earliest to latest:
(A) Chit Fund Act
(B) Export Import Bank of India Act
(C) Prevention of Money Laundering Act
(D) National Housing Bank Act
(E) Regional Rural Banks Act
Choose the correct answer from the options given below:
(1) (E), (B), (A), (D), (C)
(2) (E), (D), (C), (B), (A)

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(3) (D), (C), (B), (E), (A)
(4) (D), (A), (E), (C), (B)

80. Inflation confers no benefits on society, but it imposes several real costs. What among the
following are costs of inflation?
(A) Shoeleather costs associated with reduced money holdings
(B) Menu cost associated with more frequent adjustmental prices
(C) Increased variability of relative prices
(D) Unintended changes in tax liabilities due to nonindexations of the tax code
(E) Arbitrary redistribution of wealth associated with debts
Choose the correct answer from the options given below:
(1) (A), (B), (C) only
(2) (C), (D), (E) only
(3) (B), (D), (A) only
(4) (A), (B), (C), (D), (E)

81. Among the following which is/are the instruments of capital market ?
(A) Venture Capital
(B) Treasury Bills
(C) Certificate of Deposit issued by commercial banks
(D) Global Depository Receipts
(E) Inter Corporate Deposits
Choose the correct answer from the options given below:
(1) (B), (D), (E) only
(2) (A), (D) only
(3) (A), (B), (D) only
(4) (A), (D), (E) only

82. Which of the following combinations of theorems and their subjects are correctly matched
?
(A) Modigliani Miller theorem: Price of goods and real return to factor
(B) Dorfman-Steiner theorem: Advertisement expenditure
(C) Arrow's impossibility theorem: Social choice
(D) Stolper Samuelson theorem: Capital structure
(E) Fishers separation theorem: Profit maximisation motivation
Choose the correct answer from the options given below:
(1) (A), (B), (D) only
(2) (B), (D), (E) only
(3) (A), (C), (D) only
(4) (B), (C), (E) only

83. What is the permissible limit of foreign Direct Investment in India's defence industry
through government route?
(1) 26 percent
(2) 51 percent.

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(3) 74 percent
(4) 100 percent

84. Which of the following is the biggest item of grants-in-aid to the states assigned by the
Fifteenth Finance Commission?
(1) Disaster risk management grants
(2) Revenue deficit grants
(3) Local bodies grants
(4) Sector specific grants

85. Gross domestic Product or GDP is defined as:

(1) GDP Aggregate Domestic Income Indirect Taxes Depreciation
(2) GDP Aggregate Domestic Income Indirect Taxes Depreciation
(3) GDP Aggregate Domestic Income Depreciation Indirect Taxes
(4) GDP Aggregate Domestic Income Depreciation Net Domestic Product (NDP)

86. Consider the following statements regarding public good:

(A) Public good is nonexclusive
(B) Public good is national defense
(C) Public good is rival
(D) Public good provides benefits to people at non-zero marginal cost
(E) Public good creates inefficiency in consumption
Choose the correct answer from the options given below:
(1) (A) and (B) only
(2) (B) and (C) only
(3) (C) and (D) only
(4) (D) and (E) only

87. The rise in the nominal stock of money causes:

(1) an increase in the equilibrium nominal interest rate and a decrease in equilibrium real
income.
(2) a reduction in the equilibrium nominal interest rate and an increase in equilibrium
real income.
(3) a reduction in the equilibrium nominal interest rate and a decrease in equilibrium real
income.
(4) an increase in the equilibrium nominal interest rate and an increase in the equilibrium
real income.

88. Match List - I with List - II.

List-I List-II

(A) Ad Valorem Tariff (I) Fixed sum per unit

(B) Autarky (II) Combination of Ad Valorem and specific

tariff

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(C) Compound Tariff (III) No trade with other countries

(D) Specific Tariff (IV) A percentage of the value of the traded

commodity

Choose the correct answer from the options given below:

(1) (A)-(I), (B)-(II), (C)-(III), (D)-(IV)
(2) (А)-(IV), (B)-(III), (C)-(II), (D)-(I)
(3) (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
(4) (А)-(III), (B)-(II), (C)-(I), (D)-(IV)

89. Arrange the following expressions in terms of increasing order of magnitude [given: a>o,
b>o, x >o]
(A) y = ea
(B) y = ea + bx
(C) y =ea + b/x
(D) y =ea-b/x
(E) y=ea+2bx
Choose the correct answer from the options given below:
(1) (D), (A), (C), (B), (E)
(2) (D), (A), (B), (C), (E)
(3) (D), (B), (C), (A), (E)
(4) (E), (B), (C), (A), (D)

90. Consider the following sustainable development goals and their objectives and say which
ones are correctly matched?
(A) Goal 7: Affordable and clean energy
(B) Goal 10: Climate action
(C) Goal 13: Reduced inequality
(D) Goal 14: Life below water
(E) Goal 15: Life on land
Choose the correct answer from the options given below:
(1) (B), (C), (D) only
(2) (C), (D), (E) only
(3) (B), (C), (E) only
(4) (A), (D), (E) only

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91. As a result of higher price, the producer gains and at the same time loses by amount
respectively as shown below:
Find out the correct answer from the following alternatives:
(1) B, A
(2) B, C
(3) A, C
(4) A only

92. Dead weight loss from the monopoly power is one of the following alternatives. Choose the
correct one:
(1) A + B
(2) A + C
(3) A
(4) B + C

93. Because of higher price (From Pc to Pm ) find out the producer gains (producer surplus)
from the following alternatives,
(1) A + C
(2) A - C

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(3) A + B
(4) B + C

94. Find out the consumer loss because of moving from competitive to monopoly price (from
Pc to Pm ) from the following alternatives:
(1) A and C
(2) A and B
(3) B and C
(4) A only

95. Choose the correct answer from the following alternatives:

(1) Monopoly output is environment friendly comparative to competitive output
(2) Competitive output is environment friendly comparative to monopoly output
(3) Both (1) and (2) are equally harmfull
(4) Both (1) and (2) are environmental friendly equally

Comprehension:

Read the following passage and answer the questions.

For a financial year, the Budget was presented by the govemment. Some major heads and
items are highlighted hare. Total receipts was Rs. 400 crore, of which revenue receipts
was Rs. 250 crore and capital receipts was Rs. 150 crore. In the total revenue receipts, tax
revenue receipts contributed Rs. 220 crore and non-tax revenue receipts contributed Rs.
30 crore respectively. In the total capital receipts, Borrowings and other liabilities were Rs.
100 crore. Out of total revenue expenditure of Rs. 300 crore, interest payments was Rs.
90 crore and grants for creation of capital assets was Rs. 20 crore. Out of total capital
expenditure of Rs. 100 crore, scheme expenditure was Rs. 75 crore and other than
scheme expenditure was Rs. 25 crore. The country's GDP at current prices for the given
financial year was Rs. 2000 crore. On the Balance of payments accounts, the current
account deficit was Rs. 50 crore.

96. What was the revenue deficit as percentage of GDP :

(1) 2.5%
(2) 3.0%
(3) 3.5%
(4) 4.0%

97. What was the twin deficit as percentage of GDP ?

(1) 2.5%
(2) 5.0%
(3) 7.5%
(4) 10.0%

98. What was the primary deficit as percentage of GDP?

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(1) 0.2%
(2) 0.3%
(3) 0.4%
(4) 0.5%

99. What was the fiscal deficit as percentage of GDP ?

(1) 5%
(2) 10%
(3) 12.5%
(4) 15%

100. What was the effective revenue deficit as percentage of GDP?

(1) 0.5%
(2) 1.0%
(3) 1.5%
(4) 2.0%

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ANSWERS
1 1 21 3 41 3 61 1 81 2
2 3 22 1 42 4 62 4 82 4
3 1 23 1 43 1 63 2 83 4
4 4 24 2 44 1 64 4 84 3
5 4 25 2 45 1 65 2 85 1
6 3 26 1 46 3 66 3 86 1
7 1 27 1 47 4 67 4 87 2
8 3 28 1 48 1 68 2 88 2
9 3 29 3 49 4 69 4 89 1
10 2 30 1 50 2 70 * 90 4
11 2 31 1 51 2 71 2 91 3
12 4 32 3 52 3 72 1 92 4
13 4 33 1 53 1 73 4 93 2
14 3 34 4 54 4 74 4 94 2
15 1 35 1 55 1 75 2 95 1
16 1 36 1 56 1 76 1 96 1
17 3 37 4 57 1 77 4 97 3
18 2 38 1 58 3 78 3 98 4
19 2 39 1 59 3 79 1 99 1
20 * 40 3 60 1 80 4 100 3

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