CSIR UGC NET, GATE (ENGINEERING), GATE (Science), IIT-JAM, UGC...

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CSIR UGC NET, GATE (ENGINEERING), GATE (Science), IIT-JAM, UGC NET, TIFR, IISc, NIMCET, JEST etc. Phone: 0744-2429714 Mobile: 9001297111 , 9829567114, 9829597114, 9001297242 Website: www.vpmclasses.com E-Mail: [email protected] /[email protected] Address: 1-C-8, Sheela Chowdhary Road, SFS, TALWANDI, KOTA, RAJASTHAN, 324005 Page 1 For IIT-JAM, JNU, GATE, NET, NIMCET and Other Entrance Exams 1-C-8, Sheela Chowdhary Road, Talwandi, Kota (Raj.) Tel No. 0744-2429714 Web Site www.vpmclasses.com [email protected] Pattern of questions : MCQs UGC NET - ECONOMICS Total marks : 150 Duration of test : 2.5 Hours MOCK TEST PAPER l l l This paper contains 75 objective type questions l Attempt all the questions. PAPER - III Each question carries 2 marks. l l

Transcript of CSIR UGC NET, GATE (ENGINEERING), GATE (Science), IIT-JAM, UGC...

Page 1: CSIR UGC NET, GATE (ENGINEERING), GATE (Science), IIT-JAM, UGC NET…examprep.vpmclasses.com/images/uploads/UGC NET_… ·  · 2014-03-28CSIR UGC NET, GATE (ENGINEERING), GATE (Science),

CSIR UGC NET, GATE (ENGINEERING), GATE (Science), IIT-JAM, UGC NET, TIFR, IISc, NIMCET, JEST etc.

Phone: 0744-2429714 Mobile: 9001297111 , 9829567114, 9829597114, 9001297242 Website: www.vpmclasses.com E-Mail: [email protected] /[email protected] Address: 1-C-8, Sheela Chowdhary Road, SFS, TALWANDI, KOTA, RAJASTHAN, 324005 Page 1

For IIT-JAM, JNU, GATE, NET, NIMCET and Other Entrance Exams

1-C-8, Sheela Chowdhary Road, Talwandi, Kota (Raj.) Tel No. 0744-2429714

Web Site www.vpmclasses.com [email protected]

Pattern of questions : MCQs

UGC NET - ECONOMICS

Total marks : 150

Duration of test : 2.5 Hours

MOCK TEST PAPER

l

l

l

This paper contains 75 objective type questions

l

Attempt all the questions.

PAPER - III

Each question carries 2 marks.

l

l

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PAPER – III 1. Liquidity preference is a theory of

(A) Supply of money

(B) Saving

(C) Investment

(D) Demand for money

2. What is one result of an increase in the money supply?

(A) Short-run increase in demand

(B) Short-run increase in the level of output

(C) Long-run increase in demand

(D) Long-run increase in the level of output

3. As interest rate increases, money supply tends to

(A) Increase

(B) Decrease

(C) Remain constant

(D) Not related to interest rate

4. Keynes regards employment as a function of

(A) Supply

(B) Price

(C) Income

(D) Demand

5. According to Keynes consumption is a function of

(A) Investment

(B) Capital

(C) Saving

(D) Income

6. The problem why rational people are unwilling to participate in a fair game, refers to

(A) Leontiff paradox

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(B) St. Petersburg Paradox

(C) Bernoulli’s Paradox

(D) Neumann’s Paradox

7. A person who refuses a fair gamble is said to be

(A) Risk bearer

(B) Risk lover

(C) Risk averse

(D) Both (B) and (C)

8. The economist who popularized indifference curve approach is

(A) Simon Kuznets

(B) Paul Samuel son

(C) J.R. Hicks

(D) Sweezy

9. Public debt implies loans raised by government

(A) Within the country

(B) Outside the country

(C) Within and outside the country

(D) Not applicable

10. Which one of the following is not the type of internal public debt of the government of India

(A) Permanent debt

(B) Floating debt

(C) Foreign financial institutions

(D) Outstanding liabilities

11. At present, the RBI is issuing notes of the denominations of

(A) Rs. 1, 5, 2

(B) Rs. 10, 20, 50, 100

(C) One rupee coins, and small coins

(D) Loins of rs. 1, 2, 5 and 10

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12. Which is the dominant objective of monetary policy which the RBI has been trying to

achieve?

(A) Price Stability

(B) Reduce Deficit

(C) Encourage exports

(D) Growth

13. The term sustainable development was first used by

(A) World conservation strategy

(B) The world development Report 1999

(C) The world development Report 2000

(D) None of these

14. The effect of population growth on per capita income is

(A) Favourable

(B) Unfavourable

(C) No effect

(D) Very low

15. The age pyramid is also known as

(A) Demography pyramid

(B) Gender pyramid

(C) Population density pyramid

(D) Population pyramid

16. A normal good can be defined as one which consumers purchase more of as

(A) Prices

(B) Income fall

(C) Prices rise

(D) Income increase

17. Selling a product in a foreign market at a lower price than in home market is called

(A) Cartel

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(B) Dumping

(C) Subsidy

(D) Import Quota

18. Which protective device aims at restricting and regulating imports?

(A) Dumping

(B) Subsidy

(C) Import Quota

(D) Tariff quota

19. The definition of small scale industry in India is based on

(A) Investment in Machines and equipment

(B) Sale of the unit

(C) Market coverage

(D) Export capacity

20. Industrial policy resolution of 1948 divided industries into

(A) 3 categories

(B) 4 categories

(C) 5 categories

(D) 6 categories

21. How many mills are there in our country?

(A) 870 mills

(B) 1250 mills

(C) 1100 mills

(D) 900 mills

22. Absenteeism refers to

(A) The absence of employer from work

(B) The absence of employee from work that is authorized, explained and unavoidable

(C) The absence of employee from work that is unauthorized, unexplained, avoidable and

willful

(D) None of these

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23. The function that shows the functional relationship between utility and quantity of goods is

known as

(A) General utility function

(B) Specific utility function

(C) Total utility function

(D) Marginal utility function

24. What is the first order condition of consumer’s equilibrium?

(A) Bordered Hessian Determinant > 0

(B) 2 1

1 2

f pf p

(C) Bordered Hessian Determinant < 0

(D) 2 2

1 1

f p 0f p

25. Price elasticity at a given price is not affected by

(A) The price of substitutes

(B) The price of complements

(C) A change in supply

(D) The price of substitutes

26. The coefficient of correlation according to Karl Pearson is always:

(A) ±1

(B) –1

(C) +1

(D) 0

27. Who is the exponent of the principle of correlation?

(A) Bowleg

(B) Spearman

(C) Connor

(D) Karl Pearson

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28. x y

xyrN

refers to

(A) Price index

(B) Karl Pearson’s coefficient of correlation

(C) Spearman’s rank Differences methods

(D) Mean Deviation

29. Agricultural Development banks are sponsored by

(A) RBI

(B) Nationalized Banks

(C) SBI

(D) Cooperative Banks

30. Most of the disguised unemployed persons in India are found in

(A) Transport

(B) Industry

(C) Agriculture

(D) Trade

31. In India, who is the originator of green revolution?

(A) M.S. Swaminathan

(B) Garry Becker

(C) Norman E. Borlug

(D) Hanumante Rao

32. The co-operative credit institutions are classified into too categories, these are

(A) Agricultural and non – agricultural

(B) Industrial and non – industrial

(C) Internal and external

(D) State and national

33. Central cooperative banks are

(A) Permitted to borrow or lend among themselves

(B) Not permitted to borrow or lend among them

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(C) Permitted to borrow from people

(D) None of the above

34. The PACs has advanced loans worth Rs. 23 crores in 1950 – 51 and this rose to in 2000 –

01.

(A) Rs 200 crores

(B) 25, 250 crores

(C) 36, 540 crores

(D) 34, 520 crores

35. Keynes defined Money demand as

(A) Cash + Time deposit

(B) Cash + Demand deposit

(C) Cash + High powered money

(D) Cash + Saving with post office

36. Keynes only considered

(A) Induced investment

(B) Autonomous investment

(C) Both (A) and (B)

(D) None of the above

37. Cross elasticity of demand between tea and sugar is

(A) Positive

(B) Negative

(C) Zero

(D) Infinity

38. Horizontal equity refers to

(A) Equal treatment of equals

(B) Unequal treatment of unequals

(C) Equal treatment of unequals

(D) Unequal treatment of equals

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39. How many members/ persons are needed to form a PACS (Primary agricultural credit

societies.

(A) 30 or more

(B) 20 or more

(C) 10 or more

(D) more than 50

40. Age is given on the vertical axis so that the youngest age group is ………….and the oldest

age group is ……….. (A) At the bottom; at the top

(B) At the top; at the bottom

(C) On the left side; on the right side

(D) On the right side,; on the left side

41. Which kind of barriers are hidden

(A) Non – tariff barriers

(B) Tariff

(C) Both (A) and (B)

(D) Not fixed

42. SAIL is

(A) Small – scale industry

(B) Large – scale industry

(C) Cottage industry

(D) Tiny industry

43. Who is known as the father of input output analysis?

(A) W.W Leontiff

(B) Hicks

(C) Samuelson

(D) Trance is Quesnay

44. Between income and consumption there is generally

(A) No correlation

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(B) Positive correlation

(C) Negative correlation

(D) Partial correlation

45. In regression of y on x, x is

(A) A dependent variable

(B) A constant variable

(C) An independent variable

(D) None of these

46. Blue revolution is related to

(A) Poultry

(B) Fisheries

(C) Drinking water

(D) Space research

47. The share of agriculture in GDP was around 55% in 1950 – 51 and it declined to in 2007 –

08

(A) 42%

(B) 17.8%

(C) 23.7%

(D) 12.5%

48. How many state co-operative banks are there in state at present?

(A) 25

(B) 31

(C) 42

(D) 16

49. Land development banks were initially known by the name of

(A) Land mortgage banks

(B) Co-operative banks

(C) Land credit societies

(D) Agricultural co – operative banks

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50. Narrow definition of money is

(A) M4

(B) M3

(C) M2

(D) M1

51. Change in capital stock is called

(A) Production

(B) Income

(C) Investment

(D) Lost

52. In case of inferior goods, the income effect is

(A) Positive

(B) Negative

(C) Zero

(D) Infinite

53. Vertical equity refers to

(A) Equal treatment of equals

(B) Unequal treatment of unequals

(C) Equal treatment of unequals

(D) Unequal treatment of equals

54. Which bank meets the long-term credit needs of agriculturists?

(A) Primary agricultural credit societies

(B) Central cooperative bank

(C) Land Development bank

(D) State cooperative banks

55. A normal good can be defined as one which consumers purchase more of as

(A) Prices fall

(B) Income fall

(C) Prices rise

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(D) Income increase

56. Price elasticity at a given price is not affected by

(A) The price of substitutes

(B) The price of complements

(C) A change in supply

(D) The price of substitutes

57. Globalization signifies a process of

(A) Internationalization

(B) Liberalisation

(C) Internationalization and liberalization

(D) Privatization

58. Input output analysis was developed by

(A) Walras

(B) Samuelson

(C) Heckscher – ohlin

(D) W.W heontiff

59. According to Harrod-Domar Growth Model, Growth is directly related to

(A) k/o ratio and inversely related to savings

(B) Savings and inversely related to k/o ratio

(C) Savings and k/o ratio

(D) Savings and k/o ratio directly

60. In 1971 collapse of Brettonwood system was largely due to

(A) Fall of gold standard

(B) Rise in the value of paper currency

(C) Rise in the value of gold

(D) Failure to manage international liquidity

61. Euro-currency market is a means of transferring

(A) Long term and medium term funds with in the country

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(B) Short – term and medium term funds with in the country

(C) Short – term and medium term funds from one country to another country.

(D) Long term funds from one country to another

62. According to the minimum wage Act, 1948

(A) Wages for agricultural labourers are to be fixed by the state governments

(B) Wages for agricultural labourers are to be fixed by the central governments

(C) Wages for industrial labours are to be fixed by the entrepreneurs

(D) Wages for industrial labours are to be fixed by the central governments

63. An act of simultaneously buying a currency in one market and selling it in another to earn

profits from the difference between the exchange rates in the two markets, is termed as

(A) Dumping

(B) Market Hedging

(C) Arbitrage

(D) Devaluation

64. Bretton woods led to formation of

(A) GATT

(B) IBRO

(C) INF

(D) All of the above

65. Agricultural Refinance and Development corporation was set up in

(A) 1952

(B) 1963

(C) 1975

(D) 1960

66. Total wheat production of India in 1998 – 99 was

(A) 50 million tones (m.t)

(B) 60 m.t.

(C) 70 m.t.

(D) 80 m.t.

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67. Who is the chairman of economic Advisory council of the Prime minister in India?

(A) Jagdish Bhagwati

(B) C.Rangrajan

(C) Vijay kelkar

(D) Suresh Tendulkar

68. Which country rank first in the world production of sugar and sugarcane.

(A) China

(B) Punjab

(C) India

(D) Kerela

69. MTFRP stands for

(A) Medium – term financial reforms programme

(B) Mid – term for reforms programme

(C) Major tax for rural programme

(D) Medium – term fiscal reforms programme

70. Who was the first general Director of WTO?

(A) Lamy Paseal

(B) Peter Sutherland

(C) William Diamond

(D) Alan Greenspan

71. The LPG model of development was introduced by

(A) Vijay kelkar

(B) V. K. R. V Rao

(C) Jagdish Bhagwati

(D) Dr. Manmohan singh

72. Which one of the following is not can indicator of globalization?

(A) Opening of the economy for unrestricted imports and exports

(B) Allowing free capital movement among nations

(C) Free movement of technology among nations

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(D) Achieving exchange rate stability

73. In new economic policy of 1991

(A) Government has restricted foreign investment policy

(B) Government has liberalized foreign

(C) Several concessions and facilities have been given on foreign direct investment

(D) Both (B) and (C)

74. The new endogeneous growth theory was developed as a reaction to missions and

deficiencies in

(A) Hicks – Samuelson model

(B) Jargenson’s neo – classical model

(C) Solow – swan neo – classical growth model

(D) Meade’s Neo – classical Model of economic growth

75. How much is the population density in china?

(A) 300 person per km2

(B) 95 person per km2

(C) 250 person per km2

(D) 132 person per km2

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ANSWER KEY Question 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20Answer D B D C D B D C C C B A A B D C B C A BQuestion 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40Answer C C A B D A D B C C C A B D C B B A C AQuestion 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60Answer A B A B C B B B A D C B B C D C C D B DQuestion 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Answer C A C D D C B C D B D D D C D

HINTS AND SOLUTIONSI 1. (D) Keynes formulated the theory of liquidity preference in which he suggested three motives of

money

1. Transactions demand 2. Precautionary demand 3. Speculative demand.

2.(B) An increase in the money supply will enable manufactures to briefly increase output.

3.(B) As interest rate increases, money supply tends to decrease.

4.(C) According to Keynes, employment depends upon effective demand; effective demand

results in output and output creates income.

5.(D) When income rises, consumption also rises but not as much as income.

6.(B) According to Bernoulli’s paradox, a rational individual will take decision under risky and

uncertain situations on the basis of expected utility rather then expected monetary value.

7.(D) A person who refuses a fair gamble is said to be Risk lover, Risk averse (A risk averse is

one who prefers a given income with certainty to a risky gamble with the same expected

value of income.)

8.(C) The economist J.R. Hicks popularized indifference curve approach. According to this

approach, a higher indifference curve shows higher utility.

9.(C) Public authorities can raise loans within or outside the country to fulfill their requirements.

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10.(C) Foreign financial institutions .(Government raise financial resources from foreign financial

institutions to meet the need).

11.(B) RBI is issuing notes of the denominations of Rs. 10, 20, 50, 100 (Coins and small coins are

issued by the Ministry of finance of the government of India.)

12.(A) Price Stability is the dominant objective of monetary policy which the RBI has been trying to

achieve (Price stability provides the appropriate environment in which growth can take place

and social justice can be insured, price stability also augment our exports.)

13.(A) The term was first used by the ‘world conservation strategy’ presented by international union

for the conservation of Nature and natural rescores in 1980.

14.(B) The effect of population growth on per capita income is Unfavourable. Population growth

increases the pressure of population on land, it leads to rise in costs of consumption goods

and increase in family members, increase expenses, which adversely affects per capital

income.

15.(D) The age pyramid describes the population by age group.

16.(D) There is positive relationship between normal good and income. If income increases

consumption of normal good also increases.

17.(B) Selling a product in a foreign market at a lower price than in home market is called dumping.

It is also one of the methods of protection.

18.(C) In order to protect domestic industries from foreign competition and to correct disequilibrium

in the balance of payments, import quota aims.

19.(A) The definition of small scale industry in India is based on Investment in Machines and

equipment. All enterprise which had capital investment from Rs. 35 lakes are considered as

small scale industries.

20.(B) The industries were divided into categories –

(a) The manufacture of arms and ammunition the production and control of atomic energy

etc.

(b) The second category covered coal, iron and steel, aircraft manufacture, ship building etc.

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(c) The third category was made up of industries of such basic importance that the central

government would feel it necessary to plan and regulate them

(d) A fourth category, comprising the ‘remainder of the industrial field’ was left open to

private enterprise, individual as well as co-operative.

21.(C) 1100 mills are there in our country, Out of which 900 are spinning mills and 200 are

composite mills.

22.(C) Absenteeism refers to the absence of employee from work that is unauthorized,

unexplained, avoidable and willful. Absenteeism is the most common feature of industrial

labour of India.

23.(A) The function that shows the functional relationship between utility and quantity of goods is

known as :

General utility function

U = f(q1, q2).

24.(B) The first order condition of consumer’s equilibrium is 2 1

1 2

f pf p . 1

2

ff

is slop of indifference

curve, 1

2

pp

is slope of budget line. It means when the indifference curve touches the price

line or budget line, this is the first order condition of consumers equilibrium.

25.(C) Price elasticity Pr oportionate change inquantity demandedPr oportionate change in price

and price elasticity is not affected

by change in supply.

26.(A) The coefficient of correlation according to Karl Pearson is always ±1. When r = +1, it means

there is perfect positive correlation between the variables and when r = –1 then there is

perfect negative correlation between variables.

27.(D) Karl Pearson is the exponent of the principle of correlation Correction helps us in

determining the degree of relationship between two or more variables.

28.(B) x y

xyrN

refers to Karl Pearson’s coefficient of correlation

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x x x y y y

�x = standard deviation of series x

�y = standard deviation of series y

N = Number of pairs of observations

r = correlation coefficient.

29.(C) Agricultural Development banks are sponsored by SBI – State bank of India.

30.(C) Most of the disguised unemployed persons in India are found in Agriculture. In agricultural

sector, the population is which is working is more than it is needed.

31.(C) In India Norman E. Borlug is the originator of green revolution The traditional agricultural

practices are gradually being replaced by modern technology and farm practices. Later the

high-fielding varieties programme was also added and this strategy is known as green

revolution.

32.(A) The co-operative credit institutions are classified into too categories, these are agricultural

and non – agricultural. Agricultural credit institution dominates the entire co-operative credit

structure.

33.(B) Central cooperative banks are not permitted to borrow or lend among them. Cooperative

banks finance, control and supervise the central cooperative banks and through them the

primary credit societies.

34.(D) PACs has advanced loans worth Rs. 23 crores in 1950 – 51 and this rose to 34, 520 crores

in 2000 – 01. The PACs (Primary agricultural credit society) have stepped up their advances

to the weaker sections particularly the small and marginal farmers.

35.(C) Keynes defined Money demand as Cash + High powered money. High powered money is

sum of commercial bank reserves and currency (notes and coins) held by the public.

36.(B) Keynes only considered autonomous investment. Autonomous investment is independent

of the level of income and is thus income inelastic.

37.(B) Cross elasticity of demand between tea and sugar is negative. As the demand of tea

increase, the price of sugar decreases.

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38.(A) Horizontal equity refers to equal treatment of equals. Horizontal inequality meant that people

of equal economic position are not treated equally.

39.(C) 10 or more members/ persons are needed to form a PACS (Primary agricultural credit

societies. Any person can become member of PACS by purchasing a minimum number of

shares.

40.(A) Age is given on the vertical axis so that the youngest age group is at the bottom and the

oldest age group is at the top.

Youngest age group (eg. 0 to 4 years olds)

Oldest age group (eg. Over 100 years olds).

41.(A) Non – tariff barriers are hidden.

Tariffs are transparent because these are visible to every person and organization is terms

of percentage or advalorem duty while NTB’s are hidden from the public which does not

know that they have been levied.

42.(B) SAIL is a large – scale industry

SAIL – The steel authority of India limited was created in 1974 and was made responsible

for the development of the steel industry and also for the major inputs for the industry eg

cooking coal, iron ore.

43.(A) W.W Leontiff is known as the father of input output analysis.

Leontiff published his work in 1941.

44.(B) Between income and consumption there is generally a positive correlation. As income

increases, consumption also increases, that’s why they are positively correlated.

45.(C) In regression of y on x, x is an independent variable. The regression line of y on x gives the

most probable values of y for given values of x.

46.(B) As green revolution is related to agricultural strategies, blue revolution is related to fisheries.

47.(B) The share of agriculture in GDP was around 55% in 1950 – 51 and it declined to 17.8% in

2007 – 08 One of the reason for such high decline is that the share of the manufacturing

and service sectors are increasing.

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48.(B) 31 state co-operative banks are there in state at present. The STCB finances and controls

the working of the District central co-operative banks in the state.

49.(A) Land development banks were initially known by the name of Land mortgage banks In

recent years these banks are renamed as cooperative agricultural and rural development

banks. (CARDBs).

50.(D) Narrow definition of money is M1. M1 includes currency with public, demand deposits in

banks, other deposits with RBI.

51.(C) Change in capital stock is called Investment. Capital refers to real assets like factories.

Plants, equipment and inventories of finished and semi-finished goods.

52.(B) In case of inferior goods, the income effect is negative. As consumer’s income increases,

the consumption of inferior goods decreases.

53.(B) Vertical equity refers to unequal treatment of unequal.

Vertical inequalities means that the people of unequal economic position are not treated

unequally in the spheres of tax payment and public expenditures.

54.(C) Land Development bank meets the long-term credit needs of agriculturists.

These banks earlier known as Land Mortgage banks.

55.(D) A normal good can be defined as one which consumers purchase more of as income

increase. There is positive relationship between normal good and income. If income

increases consumption of normal good also increase.

56.(C) Pr oportionate change in quality demandedPr ice elasticityPr oportionate change in price

And price elasticity is not affected

by change in supply.

57.(C) Globalization is the process of integrating various economics of the world without creating

any hindrances in the free flow of goods and services, technology, capital and even labour

or human capital..

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58.(D) Input output analysis was developed by W.W Heontiff. American economist Prof. Leonfiff

developed input output analysis to give a practical shape to the general equilibrium analysis

of Walras.

59.(B) According to Harrod-Domar Growth Model, Growth is directly related to savings and

inversely related to k/o ratio. Harrod Domar concentrates in his growth model that how can

steady growth rate be achieved with a fixed capital output ratio i.e. capital co-efficient and

the fixed saving income ratio i.e. propensity to save.

60.(D) In 1971 collapse of Brettonwood system was largely due to failure to manage international

liquidity

The increase in liquidity was in the form of dollars arising from BOP deficits of the US. But

as the US was unable to adjust its deficits and excessive dollar accumulated in foreign

countries, there was crisis of confidence in dollar and the Breton Woods system broken-

down.

61.(C) Euro-currency market is a means of transferring short – term and medium term funds from

one country to another country.

Euro-currency market is a means of transferring short term and medium term funds from

one country to another country.

62.(A) According to the minimum wage Act, 1948, Wages for agricultural laborers are to be fixed by

the state governments.

The measure taken up by the government for the benefit and welfare of the agricultural

laborers is the minimum wages Act, 1948.

63.(C) An act of simultaneously buying a currency in one market and selling it in another to earn

profits from the difference between the exchange rates in the two markets, is termed as

Arbitrage.

64.(D) GATT – General Agreement on Tariff and Trade.

IBRO – International bank for reconstruction and development

IMF – International monetary fund.

65.(D) Agricultural Refinance and Development corporation was set up in 1960

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66.(C) Total wheat production of India in 1998 – 99 was 70 m.t.

67.(B) C.Rangrajanis the chairman of economic Advisory council of the Prime minister in India.

68.(C) India rank first in the world production of sugar and sugarcane.

69.(D) MTFRP stands for Medium – term fiscal reforms programme

The main objectives of MTFRP are

(i) The consolidated fiscal deficit to sustainable levels.

(ii) The consolidated revenue deficit so that in the aggregate, the revenue deficit is

eliminated altogether by 2005.

70.(B) Peter Sutherland was the first general Director of WTO

71.(D) Liberalization, privatization and globalization (LPG) model was introduced in 1991 by the

finance Minister Dr. Man Mohan Singh with a big bang was intended to charter a new

strategy with emphasis on LPG.

72.(D) Achieving exchange rate stability is not an indicator of globalization.

73.(D) In new economic policy of 1991 Government has liberalized foreign and Several

concessions and facilities have been given on foreign direct investment

74.(C) The new endogenous growth theory was developed as a reaction to missions and

deficiencies in Solow – swan neo – classical growth model

75.(D) The population density in china is 132 person per km2 China is the world’s most populous

country, and the majority.