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TEST BOOKLET
SI. No: 2081
Subject Code: 06 Subject: ECONOMICS

WRITTEN TEST FOR RECRUITMENT OFLECTURERS FOR NON-GOVT.

AIDEDCOLLEGES OF ODISHA
Time Allowed: 2 Hours Maximum Marks: 150

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P.T.O.
1. Which of thefollowing is not an assumption of Indifference curve analysIS?
(A) The prices of thecommodities remain constant.
(B) The consumer is rational.
(C) The indifference map reflects the tastes and preferences of the consumer.
(D) Higher indifference curve represents higher level of satisfaction.
2.
Iftwo goods are complements, arise in the price of onecommodity will result in :
(A) Arise in the price of the other.
(B) Afall in the price of the other.
(C) An upward shift in the demand curve for the other commodity.
(D) Adownward shift in the demand curve for the other commodity.
3.
For what category ofgoods, the negative income effect is stronger than the substitution
effect?
(A) Inferior goods B) Gifen goods
(C) Normal goods (D) Complementary goods
4.
Predatory pricing policy is designed to:
(A) drive competitors out of business (B) maximise profits
) encourage entrants into the market (D) attain least cost output
5. Ifthe price consumption curve is parallelto the horizontalaxis:
(A) The price elasticity of demand of the concerned good is one.
(B) The price elasticity of demand oftheconcerned good is greater than one.
(C) The concerned good has income elasticity equal to one.
) The demand for the concerned good changes directly proportional to price
Whoamong the following is NOT associatedwith the compensation principle of welfare
economics?
(A) Kaldor (B) Skitovsky
(e) Pareto (D) Hicks
7. A fim in monopolistic competition advertises in order to:
(A) make its product more similar to its competitors
(B) shift the demand curve for its product to the left
(2) make the demand for its product less price elastic
(D) reduce the industry's price
8, Consider the followingAssertion (A) and Reason (R): two
Assertion (A): Ifthe monopolist faces identicaldemand curve for his commodity in total
separate markets, by practising third degree price discrimination he cannot increase his
revenue and profits.
demand
Reason (R): As the marginal revenue curves are identical in two markets when the
maximise
curves are same, the monopolist will not charge different prices ineach market to
profits.
Options: (A).
A) Both (A)and (R) are true and (R) is the correct explanation of
of(A),
(B) Both (A) and (R) are true and (R) is not the correct explanation
(C)(A) is true but (R) is false.
(D)(A)is false but (R) is true.
2 Contd.
Economics (Code : 06)
 9. Who for the first time distinguished between value in use and value in exchange and gave the
famous example of diamondsand water?
(A) Adam Smith (B) David Ricardo
(C) Alfred Marshall (D) Karl Marx
10. As the degree ofproduct differentiation increases among the products sold in amonopolistically
competitive industry, which of the following occurs?
(A) The cost of production falls.
(B) The amount of marketing expenditures decreases for each firm.
(C) The demand curve for each seller'sproduct becomes more elastic.
(D) The demand curve for each seller's product becomes more inelastic.
H. Bandwagon Effect" is associated with whichof the following inconme hypotheses?
(A) Relative (B) Permanent
(C) Absolute (D) Life Cycle
.12. Which ofthe following increases the money multiplier in an economy?
(A) Increase in Cash Reserve Ratio
B) Increase in the banking habit ofthe people
(C) Increase in the Statutory Liquidity Ratio
(D) Increase in the population
,133 Fiscal policy is ineffective in:
(A) The upward rising position ofLM curve.
(B) The horizontal portion of the LM curve.
(2) The vertical portion of the LM curve.
(D) Boththe horizontal and upward rising portion ofLM curve.
4. The components of "Reserve Money" includes :
I. Currency with the Public Demand Deposits with Banks
III. Time Deposits with Banks IV. Banks' Reserves with Central Bank
Options:
(A) Iand II (B) IIand III
() Iand IV (D) III and IV
15/ In Friedman's Permanent Income Hypothesis, transitory income can be positive or negative
because of:

(A) Long-term changes in income.

(B Temporary and unanticipated changes in current income.
(C) Income remaining unchanged.
(D) Long-term changes in relative prices.
Economics (Code:06) 3
P.T.O.
 The distinetive feature ofthe New Classical Model is that the aggregate supply and labour
supplyschedules depend on:
(A) Backwant-looking nature of expectations ofmonetury and fiscal policy variables along
with oilprices andothersupply side factors.
(B) Contemporaneous nonetary and fiscal policy variables along with oil prices and other
supply side tactors.
(C) Rational expectations of nonctaryand fiscal policy variables along with oil prices and
other suply side tactors.
(D) Rigidities in the output and money market.
17. Consider the following statements:
1. RBItakes recourse to Open Market Operations (OMOs) to manage liquidity in the
system.
2 Marginal Cost of funds-based Lending Rates has been introduced to improve
transmission ofpolicy rates into the lending rates of banks.
3. Marginal Standing Facility functions as the last resort for banks to borrow short-term
funds.
4. Non-monetary liabilities of the RBIform India's Roserve Money'.
Which ofthe above statement(s) is/are correct?
(A) Only I and 3 R) Only 1,2 and3
(C) Only l and 2 D) 1, 2, 3 and 4
J8. Who argued that Keynes's theory of equilibriumwith involuntary unernployment is aspecial
case of thegeneral equilibrium model, augmented to include money?
(A) W. Leontief (B) J.R. Hicks
(C) M. Friedman (D) D.Patinkin
Ifmarginal propcnsity to consume (MPC) =average propensity to consume (APC) for all
levels of income (Y) then the corresponding consumption function will be :
(A) C=a+bY B) C=bY
(C) C=by² (D) C=atbY?
20. Identify the correct chronological order of the following :
a. Keynes' consumption function
b. Life Cycle hypothesis
Relative income hypothesis
d. Friedman's permanent incom hypothesis
Options:
(A) d, b, a, c (B) b, a, c, d
(D) c, d, b, a
(C) a, c, d, b

Economics (Code :06) 4 Contd.

21. Movement from an inefficient allocation to an efficient allocation in the Edgeworth Box ill:
(A) increase the utility of all individuals
(B) increase the utility of at least one individual, but may decrease the level of utility of
another person
() increase the utility ofone individual, but cannot decrease the utility of anyindividual
(D) decrease the utility of allindividuals
22. Which of the following is aproblem connected with general equilibrium analysis?
(A) Existence problem (B) Uniqueness problem
(C) Stability problem (D All of the above
23, Money is said to be neutral if achange in the stock of money results in :
Achange in price level, while the real output, real interest rates and real balances
remain intact.
(B) Changes in price level and real output, while real interest rates and real balances remain
intact.
(C) Changes in price level and real interest rates, while real output and real balances remain
intact.
(D) No change in price level, real output, real interest rates and reaB balances.
24. Ifdemand for aproduct is perfectly price inelastic, the entire tax incidence will be on:
(A) The buyers (B) The sellers
(C) Shared between the buyers and sellers (D) The government
25. The concentration effect explained in Peacock Wiseman hypothesis implies that
(A) Public expenditure does not increase in smooth and continuous manner.
(B) Public expenditure increases the necessity of increased revenue.
C) Central Government's economic activity grows faster than that of subnational
Governments.
(D) Absolute level of public expenditure increases
26. Which of the following was constituted toexamine the Centre -State relation in India ?
(A) Chelliah Committee (B) Sarkaria Commission
(C) Narsimham Committee AD) Wanchoo Committee
27. Which one of the following is not aproperty of apublic good?
(A) Non excludability
(B) Nonrivalry in consumption
(e) Demand curve is derivable
(D) Marginal cost of supplying the commodity is zero
Z8. Indicate the sequence of the following in tens of their implementation with reference to India:
Aa) Income tax (b) Goods and services tax
(c Value - added tax at the state level d) Service tax

Economics (Code : 06) 5 P.T.O.

 Choose the correct answer from the code given below:
(A) (d), (a), (c). (b)
B) (a), (d),(c). (b)
(C) (b), (a), (d), (c) (D) (c), (d), (a), (b)
29, In an open economy, internationalcapital mobility and a fixed exchange rate will imply :
(A) Coordinated fiscal policies with rest of the world.
(B) Inflation targeting.
(e) Lack of monetary policy autonomy.
(D)Exchange rate devaluation
39. Stolper-Samuelson Theorem states that, under free-trade, the real income:
(A) Rises for the factor used relatively intensively in the exporting
industry as well as the
import-competing industry.
(BY Rises for the factor used relatively intensively in exporting industry and falls
factor used relatively intensively in the import competing for the
industry.
(C) Falls for the factor used relatively intensively in both exporting as well as
industries. import competing
(D) Falls for the factor used relatively intensively in
exporting industry and rises for the
factor used relatively intensively in the import competing
31.
industry.
Which among the following causes market failure ?
1. Extemality 2. Asymmetry ofinfonation
3. Perfect competition
Choose the correct answer from the codes given below:
(AY 1,2 and 3 (B) 1and 2
(C) Only 1 (D) 2and 3
2. Arrange the following grouping of the nations from lower to higher
order of integration.
(a) FT.A fb) Economic Union
(oy Common Market kd Custom Union
ChÍose the correct answer from the code given below:
(A) (a), (d), (c), (b) (B) (a). (c), (b), (d)
(C) (b), (a), (d), (c) (D) (). (c), (b), (a)
33. Which ofthe following statement(s) is/are true for the current
account of acountry?
(a) It shows the net income generated in the foreign trade sector
(b) Itrelates to claims and liabilities of financial nature
Choose the correct answer from the code given below:
A Only (a) is true (B) Only (b) is true
(C) Both (a) and (b) are true (D) Neither (a) nor (b) is true

Economics (Code : 06) 6

Contd.
34. Which amongst the following economists can be classified as strong advocate of protectionist
policy of trade?
(A F.List and A. Hamilton (B) Adam Smith and David Ricardo
(C) J.S. Mill and P. Krugman (D) A. Hamilton and J.S. Mill
35. The twin deficit' problem means acountry having:
(A) High fiscal deficit and high current account deficit
(B) High fiscal deficit and high revenue deficit
(C) High fiscal deficit and high capital account deficit
(B) High fiscal deficit and high primary deficit
Which of the following is not part of theW.T.O. Agreement on Agriculture (AoA)?
Y Input subsidies (B) Export subsidies
(C) Domestic support (D) Market Access
37. Hedging in the foreign exchange market refers to:
(A) Anact of devaluation
Covering a risk offluctuations in the foreign exchange rates in future
e) Not covering arisk of fluctuations in the foreign exchange rates in future
(D) An act ofrevaluation
38. Given below is a list ofinternational organisations and their headquarters:
1. GATT: Geneva
2. IMF: Washington DC
3. World Bank: Washington DC
4. International Development Association:New York
5. Asian Development Bank: Mandaluyong
Choose the correct combinations:
SA) 1, 2, 3only (B) 1,2 only
(C) 1,2, 3, 5 only (D) 3,4only
39. The 15th Finance Commission has suggested shifting which ofthe following State subjects to
the Concurrent List of the 7h Schedule?
(A) Health (B) Agriculture
(C) Beting and gambling P) Public order
40. Arrow's impossibility theorem impliesthat:
(A) Any social decision rule should not violate the requirements of rational choice.
B) Any social decision rule must violate at least one of therequirements of rational choice.
(C) Any social decision rule must violate all the requirements of rational choice.
(D) It is impossible to violate social decision rules.

Economics (Code: 06) 7

PT.O.
 41. Euro currency market is apart ofa larger global market known as Eurodollar market.
(A) Above statement is correct. (B) Above statement is not correct.
(C) Above statement is partially correct. D) Above statement is partially incorect.
42. Optimum tariffis the tariffthat:
(A) Maximises the revenue from the tariff. B) Maximises the country's foreign trade.
() Maximises the country's welfare. (D) Minimises the country's imnports.
43. Match List Iwith List -II :
List-I List-II
a. Critical Minimum Effort hypothesis 1. H.Leibenstein
b. Technological Dualism 2. A. O. Hirshchman
C. Physical Quality of Life Index 3. Benjamnin Higgins
d. Permissive and Compulsive Sequences 4. Morris D
(A) a-1, b-3, c-2, d-4 (B) a-1, b-3, c-4, d-2
(C) a-4, b-2, c-1, d-3 (D) a-2, b-1, c-4, d-3
44. Capital deepening is a process in which ?
(A) output remains constant (B) capital intensity remains constant
(C) capital output ratio falls (5) there is an increase in capital per worker
45. Which one of the following is not an assumption ofthe Kaldor's model ofgrowth?
(A) Capital output ratio is constant.
(B) Share of factor is determined by the respective marginal productivities.
(C) Saving ratio is assumed to be variable depending on per capita capital.
(D) Natural rate of growthis variable.
46. Based on Kuznets idetification offour possible types of contributionofagriculture to economic
growth, which one of the following is not considered within the four?
(A) Product contribution, i.e., making available food and raw materials.
(B) Market contribution, i.e., providing the market for producer goods and consumer
goods produced in the non-agricultural sector.
(C) Fareign exchange contribution.
(D) Rural banking contribution.
47. Industrial location theory has been developed by:
(A) Weber (B) Marshall
(C) Williamson (D) Bain
48. Which ofthe following is not matching correctly?
(A) W.A. Lewis -Dual Economy Model
(B) S. Kuznets- -Modern Economic Growth
(C) JM. Keynes Wealth of Nations
(D) Jagdish Bhagwati -In Defence of Globalization

Economics (Code : 06) 8

Contd.
49. Ifthe central prediction ofthe growth model of Solowisvalid then:
(A) Per capita real GDP difference among nations will increase
(B) Per capita real GDP difference among the nations will diminish
(C) Economic freedom as measured by Heritage Foundation Index willdecrease
(D) Population growth rate in rich countries willincrease
50. The unbalanced growth model was propounded first by:
(A) AIbert O. Hirschman (B) Adam Smith
(C) Ragnar Nurkse (D) W.W. Rostow
S1. The Inverted U-hypothesis in connection with inequality and development was proposed
by:
(A) Amartya Sen (B) Jagdish Bhagwati
(C) Robert Solow (DY Simon Kuznets
52. The A. K. modelof growth is based on which ofthe following production functions?
(A) Cobb Douglas (B) Constant Elasticity ofSubstitution
(C) Variable Elasticity of Substitution (D) Fixed proportion
53. Ifin a Harrodian economy, Ga=10% and Gw-8%, this will lead to:
(A Inflation (B) Unemployment
(C) Delation (D) Stagflation
54. Optimum theory of populationspeaks ofthe relationship between:
(4) Population and foodsupply
(B) Population and overall resources
(C) Dependent population and working population
(D) Present population and growth rate ofpopulation
55. Assertion(A): To Marx, it is surplus labour that leads to capital accumulation.
Reason (R):The difference between actual labour and subsistence labour that a labourer
puts in for which he receives nothing is surplus labour.
Options:
(A) (A) is correct, but (R) is not the correct reason for (A).
(B) (A) is correct and (R) is incorrect.
(C) Both (A) and (R) are correct.
(D) Both (A) and (R) are incorrect.
56. Which ofthe following methods would be used for estimation of price change ofa house due
toeither pollution or good environmnt like existence of parkand scenic beauty?
(A Hedonic Pricing Method B) Contingent Valuation Method
(C) Externality Effects Method (D) Demand and supply method

Economics (Code : 06) P.T.O.

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S7. 58. 59. 60. 61. 65.
62. 63. 64.
66. The state which is ranked first in the NFSA index for the year 2022 is :
(A) Uttar Pradesh (B) Odisha
(C) Andhra Pradesh (D) Kerala
67. When was 'Krishi Udan 2.0 announced, mainly focusing on transporting perishable tood
products from the hilly areas, North Eastern states, and tribal areas?
(A) October 2019 (B) October 2020
(C October 2021 (D) October 2022
68. Palma ratio is the ratio of:
(A) Income or wealth of the top 5% of population to bottom 40%
(B) Income or wealth ofthe top 12% ofpopulation to bottom 30%
(C) Income or wealth of the top 10% of population to bottom 50%
(D) Income or wealth ofthe top 10% and bottom 40% of population
69. Indian Railways has announced to achieve net zero carbon emission by :
(A) 2030 (B) 2032
(C) 2040 (Ø) 2047
70. When was the Millet Mission of Odisha launched?
(A) 2015-16 (B) 2016-17
(C) 2017-18 (D) 2018-19
71. Single out the activity that is not included in the Industrial Production Index of lIndia:
(A) Manufacturing (8) Construction
(C) Mining (D) Electricity
72. Identify the method not being used for unemployment estimation by the NSSO in India.
KA Curent monthly status (B) Curent daily status
(C) Current weekly status (D) Uual principal and subsidiary status
73. Population replacement level oftotal fertility rate in India is :
(A) 3.1 B) 2.0
(C) 1.75 (D) 1.4
74. Which of the following is not a part of Bharat Nirman?
(A) Rural housing (B) Rural electrification
(C) Rural communication Agro-based industries
75. Consider the following statements and choose from the options:
Gender budgeting means gender analysis ofthe budget.
(ü) Gender budgeting means preparing aseparate budget for women.
Options:
(A) Only (i) is corect. (B) Only (ii) is correct.
(C) Both the statements are corect. (D) None of the stateménts are correct.

Economics (Code : 06) 11 P.T.O.

 76. India's rank in achieving the Sustainable Development Goals 2030 as per UN's Sustainable
Development Report, 2023is:
(A) s7 (B) 94
(e 112 (D) 132
77.
In the context oftheobjective of'doubling of farmers' income', which ofthe following
statements is not true?
(A) The target year was 2022-23.
(B) It was the real income which was to be doubled.
( Income from agriculture alone is to be doubled.
(D) Diversification ofagriculture is to be promoted to achieve this objective.
78. Which of the following is portrayed in the population pyramid ofa country?
(A) Rural-urban distribution ofthe population.
(B) Age and sex distribution of the population.
(C) Young and old distribution ofthe population.
(D) Gender distribution of the population.
79. Which ofthe following is true of the National Action Plan for Climate Charnge?
(A) It vwas launched in 2008.
(B) It has &vertical missions for pollution control.
() Both (A) and (B) are true.
(D) Neither (A) nor (B) is true.
80. The 2023 Nobel Prize for Economic Sciences was awarded for :
(A) Research on banks and financial crisis
B) Advancing understanding of women's labour market outcomes
(C) Showing that natural experiments can be used to answer centralquestions for the
society
(D) Studies on asset prices
81. Acollege student drives his motor cycle from his home tocollege at an average speed of 30
km per hour. While returning to home he drives at an average speed of20 km per hour. What
is his average speed over the entire journey?
(A) 25 km per hour B) 24 km per hour
(C) 20 km per hour (D) 18 km per hour
82. The elasticity of demand for the demand function, Q= 50 +4P-2P² at P= 5is :
(A) 3 (B) -20
(C) -4 (D) -1
83. Iftwo events Aand Bare mutually exclusive then which one ofthe following is correct?
4) P(A+B}-P(A)}P(B) (B) P(AB}-P(A}PB)
(C) P(AB=P(AMPB) (D) P(A|B=P(A)-P(B)

Economics (Code : 06) 12

Contd.
84. The sum of squares of deviations of a set of values is minimum when deviations are taken
about:
(A Arithmetic mecan (B) Harmonic mean
(C) Median (D) Geometric Mean
85. Instatistical hypothesis testing, Type I' error occurs when one:
(A) Accepts a true null hypothesis. (B Rejects a true null hypothesis.
(C) Rejects afalse null hypothesis. (D) Accepts a false mull hypothesis.
86. Ifa card is chosen froma standard pack of cards,what is the probability ofgetting afive or
a seven?
4 1
(A) (B) 26
52
8 1
(D)
(Y 52 169
87. In moving average method, we cannot find trend values of:
(A) Starting periods only (B) End periods only
(C) Both Starting and End periods (D) Middle periods
88. If standard deviation ofa variable Xis 10, the value of standarddeviation of 50 +5X would
be:
(A) 10 (B) 50
(C) 100 (D) s00
89. When the population mean and variance are not known, for the comparison of two sample
means, which of the following tests is applied?
(A) Chi square test B Students t test
(C) Ftest (D) Z test
90. Good X is taken in the horizontal axis and good Yin the vertical axis. What will happen to the
budget line ifprice of good Xtriples and of good Ydoubles?
(A) It becomes flatter B) It becomes steeper
(C) Itsslope remains the same (D) Itremains unchanged
91. Find the extremum of Z= X'+ Y' subject to X+Y=1
1
(B) X=,.Y=
(A) X-Y=} 2

1 1 1
(C) X=y= 2 (D) X=Y=
1
92. Ifthe average cost function is given as AC= 3 x-10x +9, the level of output at which
average cost is equal to marginal cost is:
(A) 18 (B) 12
(0 15 (D) 21

Economics (Code: 06) 13 P.T.O.

 93. The demand and supply functions are given as: P. =30- 5x and P 3x 10 respectively
(x= quantity). The consumer surplus is :
(A) 125 (B) - 62.5
Je) 62.5 (D) -125
94. The exponents of Cobb Douglas Production function represent:
total income
(A) Output elasticity of factors (B) Share offactor income in
(C) Efficiency of theproduction function ( Both (A) and (B)
95. In amoderately skewed distribution, the arithmeticmean and median are 25.2 and 27.1
respectively. What willbe the value of the mode?
(A) 26.15 B) 30.9
(C) 21.4 (D) 28.34
96.
The sum ofincome elasticity, own price elasticiy and cross price elasticity of demandfor a
particular commodity is:
(A) 1 (B) 0
(C) -1 (D) Indeterminate
97. Which of the following property holds good for the region of feasible solutions of alinear
programming problem, provided the feasible solution exists?
(A) Concavity (B) Quasiconcavity
(C) Convexity (D) Polyhedron
98. Consider the following statements in the context ofa normal distribution:
(a) It has two points of inflection.
(b) These two points lie at a distance of one standard deviation from the mean.
Options:
(A) Both (a) and (b) are correct. (B) Both (a) and (b) are incorrect.
(C) Only (a) is correct. (D) Only (b) is corect.
99. The second derivative ofa function shows:
(A) Whether the function is increasing or decreasing.
(B Whether the function is increasing at an increasing or
an increasing or decreasing rate decreasing rate or decreasingat
(C) Whether the function has a limit
(D) Whether the function is continuous
100. Given are the two regression lines between X and Yas:
Y=4+0.4X
X=-3 + 0.9 Y
The coefficient of corelation between the two variables will be
(A) 0.4 (B) -0.9
(C) -0.6 (D) 0.6

Economics (Code:06) 14
Contd.