PAPER-II

SOCIAL WORK
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J 10 1 6 (In words)

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 ECONOMICS
Paper II
Note : This paper contains fifty (50) objective type questions of two (2) marks each. All
questions are compulsory.

1. In the standard adjoining diagram, the measure of consumer surplus is

Y
P
Money

E
A

B IC 2
IC 1

X
O M Q Q1
Commodity

(1) PA (2) OB
(3) AO (4) AB

2. A cartel aims at maximising

(1) individual profits (2) industry profits
(3) share of output of members (4) goodwill of the members

3. The statement that, no one can be made better off without making someone worse off
describes which of the following ?
(1) Pareto Optimum (2) Nash Equilibrium
(3) Low level Equilibrium Trap (4) Cournots Equilibrium

4. Slutsky equation explains the

(1) Demand for durable goods.
(2) Supply of durable goods.
(3) Split between price, income and substitution effects.
(4) Demand for rare or non-reproducible goods

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II
: (50) - (2)

1. :
Y
P
Money

E
A

B IC 2
IC 1

X
O M Q Q1
Commodity
(1) PA (2) OB
(3) AO (4) AB

2. - ( ) ?
(1) (2)
(3) (4)

3.
?
(1) (2)
(3) (4)

4.
(1)
(2)
(3) ,
(4)

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5. L shaped average cost curve is witnessed in the large firms because

(1) Only the law of increasing returns operates.

(2) The law of constant returns to scale operates.

(3) Only the law of constant return operates.

(4) The operation of law of decreasing returns is continuously postponed.

6. Consider the following statements regarding the long run equilibrium in the monopolistic
market.

I. Firms are in no profit no loss situation.

II. There is no entry or exit of the firms.

Which among the above statements are true ? Answer from the code below :

Code :

(1) Only I is true. (2) Only II is true.

(3) Both I and II are true. (4) Neither I nor II are true.

7. Which of the following is not a problem of Insurance Markets ?

(1) Adverse selection (2) Moral Hazard

(3) Asymmetric Information (4) Principal-agent problem

8. In consumption, inferior goods have

(1) Negative income effect (2) Positive income effect

(3) Zero income effect (4) Infinite income effect

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5. L

(1)

(2)

(3)

(4)

6. :

I.

II.

? :

(1) I (2) II

(3) I II (4) I II

7. ?

(1) (2)

(3) (4) -

8.

(1) (2)

(3) (4)
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9. Consider the following statements :
I. Inflation is advantageous to debtors.
II. Inflation is advantageous to the bond-holders.
Which of the statements given above is/are correct ?
Codes :
(1) I only (2) II only
(3) Both I and II (4) Neither I nor II

10. Near money is correctly defined as an

(1) asset which has 100% liquidity.
(2) asset which has no store of value function.
(3) asset which is a medium of exchange.
(4) asset which fulfils the store of value function and can be converted into a medium of
exchange at a short notice.

11. Match the following :

List I List II
(Multiplier)
A. MPC = 0.2 (i) K=2
B. MPS = 0.5 (ii) K = 1.66
C. MPS = 0.75 (iii) K = 1.33
D. MPC = 0.4 (iv) K = 1.25
Select the correct answer from the codes given below :
Codes :
A B C D
(1) (i) (ii) (iii) (iv)
(2) (ii) (iv) (i) (iii)
(3) (iv) (i) (iii) (ii)
(4) (iii) (i) (iv) (ii)

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9. :
I.
II.
/ ?
:
(1) I (2) II
(3) I II (4) I II

10.
(1) 100%
(2)
(3)
(4)

11. :
I II
( )
A. MPC = 0.2 (i) K=2
B. MPS = 0.5 (ii) K = 1.66
C. MPS = 0.75 (iii) K = 1.33
D. MPC = 0.4 (iv) K = 1.25
:
:
A B C D
(1) (i) (ii) (iii) (iv)
(2) (ii) (iv) (i) (iii)
(3) (iv) (i) (iii) (ii)
(4) (iii) (i) (iv) (ii)

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12. In the context of steady state growth in Solows model, the output growth rate overtime
will be
(1) increasing (2) decreasing

(3) constant (4) fluctuating

13. Who among the following economists assume dualism in the economy ?

I. Ranis and Fei II. D. Ricardo

III. Robert Solow IV. R. Harrod

Answer from the codes given below :

Codes :

(1) All the four above (2) Only I and II

(3) Only IV (4) I, II and III

14. Who among the following, originally, formulated the Turnpike Theorem ?

(1) Dorfman, Samuelson and Solow (2) Radner

(3) Koopmans (4) Von Neumann and Morgenstern

15. Backward and forward linkages are relevant for which kind of growth strategy ?

(1) Unbalanced growth (2) Trickle down growth

(3) Balanced growth (4) Equilibrium growth

16. Reserve Army of labour term was used by who among the following economists ?

(1) J. Schumpeter (2) J.R. Hicks

(3) Karl Marx (4) T.R. Malthus

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12.
(1) (2)
(3) (4) -

13. ?
I.
II. .
III.
IV. .
:
:
(1) (2) I II
(3) IV (4) I, II III

14. ?
(1) , (2)
(3) (4)

15. ( ) ?
(1) (2) ( )
(3) (4)

16. ?
(1) . (2) ..
(3) (4) ..

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17. Which production function admits both Harrod-neutral and Hicks-neutral technical
progress ?
(1) Cobb-Douglas (2) C.E.S.
(3) V.E.S. (4) None of the above

18. Match the following :

List I List - II
(Plan Model) (Proposer)
A. Bombay Plan (i) Sriman Narayan
B. Gandhian Plan (ii) M.N. Roy
C. Peoples Plan (iii) Jai Prakash Narain
D. Sarvodaya Approach (iv) Birla and Tata Group
Select the correct answer from the codes given below :
Codes :
A B C D
(1) (iv) (i) (ii) (iii)
(2) (i) (ii) (iii) (iv)
(3) (iii) (ii) (iv) (i)
(4) (i) (iv) (ii) (iii)

19. Which among the following is not a criterion for declaring special category state ?
(1) Over population (2) Poor infrastructure
(3) Hilly and difficult terrain (4) Non-viable state finances

20. For the testing of consistency and viability of a planning project, which of the prices are
used ?
(1) Market Price (2) Shadow Price
(3) Administered Price (4) Controlled Price

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17. - -
?
(1) - (2) ...
(3) ... (4)

18. :
I II
( ) ( )
A. (i)
B. (ii) ..
C. (iii)
D. (iv)
:
:
A B C D
(1) (iv) (i) (ii) (iii)
(2) (i) (ii) (iii) (iv)
(3) (iii) (ii) (iv) (i)
(4) (i) (iv) (ii) (iii)

19. ?
(1) (2)
(3) (4)

20.
?
(1) (2)
(3) (4)
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21. In which of the Five Year Plans in India, for the first time an extensive input-output model
was used ?
(1) First Plan (2) Second Plan
(3) Third Plan (4) Seventh Plan

22. Who among the following economists developed the Reinvestment-Criterion ?

(1) Walter Galenson and Harvey Leibenstein
(2) A. K. Sen
(3) Maurice Dobb
(4) None of the above

23. Area approach to decentralised planning in India was advocated by who among the
following ?
(1) D.R. Gadgil (2) K.N. Raj
(3) Raj Krishna (4) Pranav Mukherjee

24. Which amongst the following is included in the Capital account of the Balance of
payments ?
I. Foreign loans
II. Foreign Direct Investment
III. Private Remittances
Choose the correct answer from the codes below :
Codes :
(1) All the three. (2) I and III
(3) II and III (4) I and II

25. Which amongst the following options is correct for a teaser loan ?
(1) It is an introductory rate of interest.
(2) This rate is permanent in nature.
(3) Both (1) and (2) are correct.
(4) Neither (1) nor (2) are correct.

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21. -
?
(1) (2)
(3) (4)

22. ?
(1) (2) . .
(3) (4)

23. ?
(1) .. (2) ..
(3) (4)

24. ?
I.
II.
III.
:
:
(1) (2) I III
(3) II III (4) I II

25. ( ) ?
(1)
(2)
(3) (1) (2)
(4) (1) (2)
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26. The movement of free international trade is most likely to generate short-term
unemployment in which of the following industries ?

(1) Industries in which there are neither imports nor exports.

(2) Import competing industries.

(3) Industries that sell to domestic and foreign buyers.

(4) Industries that sell to only foreign buyers.

27. Which among the following will be classified as non-tariff barrier ?

I. Phyto-sanitary measures. II. Import and export licensing.

III. Countervailing duty IV. Environmental standards

Select the answer from the code given below.

Codes :

(1) All the four above. (2) I and II

(3) I and IV (4) III and IV

28. Who developed the use of trade indifference curves in the analysis of trade theory ?

(1) J.E. Meade (2) A. Marshall

(3) A.P. Lerner (4) B. Ohlin

29. Which among the following is not the main areas of BASEL III norms ?

(1) Risk Coverage (2) Bank branch expansion

(3) Adequate capital provision (4) Adequate liquidity

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26.
?
(1)
(2)
(3)
(4)

27. - ?
I.
II.
III.
IV.
:
:
(1) (2) I II
(3) I IV (4) III IV

28. ?
(1) .. (2) .
(3) .. (4) .

29. III ?
(1) (2)
(3) (4)
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30. Which among the following is most volatile flow of foreign exchange ?
(1) Foreign Direct Investment (2) External Commercial borrowings
(3) Foreign Portfolio investment (4) Foreign aid by IMF and World Bank

31. State Governments in India finance their Gross fiscal deficit by

I. Loans from the Central Government.
II. Market Borrowings.
III. External Borrowings.
Select the correct answer from the codes given below :
Codes :
(1) I and II (2) II and III
(3) II only (4) I only

32. Make in India campaign aimed at attracting industrialists to make India a Global
Manufacturing Hub was launched on
(1) September 25, 2014 (2) March 20, 2015
(3) February 25, 2016 (4) December 30, 2015

33. The Second Green Revolution in India is necessiated by

I. Productivity in agriculture is stagnating.
II. Diversification of agriculture has not progressed much.
III. Exports of agricultural commodities have declined.
Select the correct answer from the codes given below :
Codes :
(1) I and II (2) II and III
(3) I and III (4) I only

34. Which among the following is not included in the Small Savings Scheme ?
(1) Unit Trust of India (2) National Savings Certificate
(3) Kisan Vikas Patra (4) Sukanya Samridhi Accounts Yojana

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30. - ?
(1) (2)
(3) (4) .. .

31. :
I.
II.
III.
:
:
(1) I II (2) II III
(3) II (4) I

32.
?
(1) 25 , 2014 (2) 20 , 2015
(3) 25 , 2016 (4) 30 , 2015

33. ?
I.
II.
III.
:
:
(1) I II (2) II III
(3) I III (4) I

34. ?
(1) (2) -
(3) (4)
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35. In which of the following year, all tax revenues of Centre have become shareable among
the Centre and States ?
(1) 2000 AD (2) 2003 AD
(3) 2007 AD (4) 1998 AD

36. Which arrangement of following would show the correct sequence of demorgraphic
transition as typically associated with economic development ?
I. High birth rate with high death rate.
II. High birth rate with low death rate.
III. Low birth rate with low death rate.
Select the correct answer from the codes given below :
Codes :
(1) I, II & III (2) II, I & III
(3) III, II & I (4) I, III & II

37. If with the increase in income, the percentage of income collected as tax remains constant,
tax will be called
(1) regressive (2) progressive
(3) proportional (4) neutral

38. Consider the following liquid assets :

I. Demand deposits with the banks.
II. Time deposits with the banks.
III. Saving deposits with the banks.
IV. Currency
The correct sequence of these in the ascending order of liquidity is
Codes :
(1) IV, III, II, I (2) I, IV, III, II
(3) II, III, I, IV (4) IV, I, III, II

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35.
(1) 2000 .. (2) 2003 ..
(3) 2007 .. (4) 1998 ..

36.
?
I.
II.
III.
:
:
(1) I, II III (2) II, I III
(3) III, II I (4) I, III II

37. , ?
(1) (2)
(3) (4)

38. :
I.
II.
III.
IV.
?
:
(1) IV, III, II, I
(2) I, IV, III, II
(3) II, III, I, IV
(4) IV, I, III, II
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39. Given the budgetary parameters including public expenditure remaining the same, then as
a result of imposition of a tax, if the pattern of distribution of income changes, then such
an incidence is called
(1) Effective incidence (2) Monetary incidence
(3) Relative incidence (4) Specific tax incidence

40. Assertion (A) : The sale of T-bills is conducted through an auction.

Reason (R) : The method helps in price discovery.
Select the answer from the code below :
Codes :
(1) (A) is true, but (R) is false. (2) Both (A) and (R) are true.
(3) (A) is false, but (R) is true. (4) Both (A) and (R) are false.

41. The social cost curve lies above the private cost curve for the producer in case of which of
the following ?
(1) Positive externalities (2) Negative externalities
(3) Public goods (4) Near-public goods

42. Which one of the following is true in case of Performance and Programme Budgeting
System ?
(1) Its emphasis is on outcome only.
(2) Its emphasis is more on outcome and less on expenditure allocation.
(3) Its emphasis is on expenditure allocation only.
(4) Its emphasis is more on expenditure allocation and less on outcome.

43. Who among the following has developed the concept of Effective incidence of a tax ?
(1) Ursula K. Hicks (2) J.R. Hicks
(3) H. Dalton (4) A.C. Pigou

44. Voting fails to generate the efficient quantity of a public good because
(1) Lobbying groups use bribes to change peoples votes.
(2) Public goods are not depleted by consumption.
(3) Public goods cannot be withheld from consumption.
(4) Voting does not accurately reflect the magnitude of benefits from public goods.

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39.
, :
(1) (2)
(3) (4)

40. (A) : -
(R) :
:
:
(1) (A) , (R)
(2) (A) (R)
(3) (A) , (R)
(4) (A) (R)

41. ?
(1) (2)
(3) (4) -

42. ?
(1)
(2)
(3)
(4)

43. ?
(1) . (2) ..
(3) . (4) ..

44. :
(1)
(2)
(3)
(4)
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45. Which of the following item of expenditure is not a part of the plan expenditure ?
(1) Agriculture (2) Defence
(3) Industry (4) Social Services

46. The Time Series of production yielded following Trend equation :

Y = 136 e0.021 T.
Where Y = Production, T Time.
From this equation it can be inferred that growth rate of Y in percent terms is
(1) 0.021 (2) 2.1
(3) 21 (4) 0.21

47. Which is not a sampling distribution ?

(1) Students t distribution (2) Fishers F distribution
(3) Poisson distribution (4) 2 (chi square) distribution

48. Co-efficient of correlation is independent of which of the following ?

(1) Change of origin only (2) Change of scale only
(3) Change of origin and scale (4) None of these

49. Which of the following is not satisfied for independence of two events A and B ?
(1) P (A/B) = P(A) (2) P (B/A) = P(B)
(3) P (A, B) = P(A) P(B) (4) P (A, B) = P(A) + P(B)

50. Match the items in List-I and List-II and answer from the codes given below :
List I List - II
(a) Standard Deviation (i) Positively skewed distribution
(b) Stratified Random Sampling (ii) Analysis of attributes
(c) Coefficient of Association (iii) Measure of dispersion
(d) Mean > Mode (iv) Probability based sampling
Codes :
(a) (b) (c) (d)
(1) (iv) (ii) (iii) (i)
(2) (i) (ii) (iii) (iv)
(3) (iv) (iii) (ii) (i)
(4) (iii) (iv) (ii) (i)
___________

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45. ?
(1) (2)
(3) (4)

46. :
Y = 136 e0.021T
Y = , T =
Y ?
(1) 0.021 (2) 2.1
(3) 21 (4) 0.21

47. ?
(1) t (2) F
(3) (4) 2 (chi square)

48. ?
(1) (2)
(3) (4)

49. A B ?
(1) P (A/B) = P(A) (2) P (B/A) = P(B)
(3) P (A, B) = P(A) P(B) (4) P (A, B) = P(A) + P(B)

50. -I -II :
I - II
(a) (i)
(b) (ii)
(c) (iii)
(d) > (iv)
:
(a) (b) (c) (d)
(1) (iv) (ii) (iii) (i)
(2) (i) (ii) (iii) (iv)
(3) (iv) (iii) (ii) (i)
(4) (iii) (iv) (ii) (i)
__________

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 Space For Rough Work

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