Showing posts with label Economics Paper III. Show all posts
Showing posts with label Economics Paper III. Show all posts

5/11/2019

UGC-NET Solved Paper - III Economics (Previous Questions)

5/11/2019 0
UGC-NET Solved Paper - III Economics (Previous Questions)




UGC-NET Solved Paper - III Economics

(Previous Questions)

Economics / Rural Economics /Co-operation / Demography / Development Planning/ Development Studies / Econometrics/ Applied Economics/Development Eco./Business Economics














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1Economics Solved Paper III 2012 JuneClick Here
2Economics Solved Paper III 2012 DecemberClick Here
3Economics Solved Paper III 2013 JuneClick Here
4Economics Solved Paper III 2013 SeptemberClick Here
5Economics Solved Paper III 2013 DecemberClick Here
6Economics Solved Paper III 2017Click Here









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10/20/2017

UGC NET Solved Question Paper III in Economics { 2013 Secember }

10/20/2017 0


1. A firm operating in perfectly competitive product and input markets. Maximizes its total profit when?







































Answer: (D)





2. Shadow price refers to


(A) Change in the value of the constraint per unit change in the objective function.


(B) Change in the value of objective function per unit change in any one of the constraints.


(C) The change in the value of the primal solution per unit change in the dual solution.


(D) All the above.


Answer: (B)





3. In an economy of two individuals (A & B) and two commodities (X and Y) general equilibrium of exchange is reached when


(A) MRTSXY = MRTSYX


(B) MRSXY = PX / PY


(C) (MRSXY)A = (MRSXY)B


(D) MRSXY = PY / PX


Answer: (C)





4. Match the items in List – I with items in List – II:


List – I                                                                                                                                    List – II


a. Various combinations that a consumer can purchase                                                          1. Indifference Map


b. Various combination of two commodities that give the consumer equal satisfaction        2. Budget Line


c. A set of indifference curves                                                                                                3. Consumer Equilibrium


d. Point of tangency of a budget line and indifference curve                                                4. Indifference Curves


Codes:


a          b          c          d


(A)       2          4          1          3


(B)       2          1          4          3


(C)       4          1          2          3


(D)       4          2          1          3


Answer: (A)





5. Match the items in List – I with items in List – II:


List – I                                                List – II


a. Residual Claimant Theory               1. Nut. K. Wicksel


b. Loanable Funds Theory                  2. Bergson-Samuelson


c. Compensation Criteria                    3. Walker


d. Social Welfare Function                 4. Kaldor- Hicks


Codes:


a          b          c          d


(A)       3          1          4          2


(B)       3          2          1          4


(C)       2          1          3          4


(D)       2          3          4          1


Answer: (A)





6. Assertion (A): An Iso Cost Line is a straight line.


Reason (R): The market rate of exchange between the two inputs is constant.


Codes:


(A) Both (A) and (R) are true and (R) is correct explanation of (A).


(B) Both (A) and (R) are true, but (R) is not correct explanation of (A).


(C) (A) is true, but (R) is false.


(D) (A) is false, but (R) is true.


Answer: (A)





7. Assertion (A): The rate of fall of MR Curve is more than twice the rate of fall of AR.


Reason (R): The MR & AR Curves are linear and negatively sloped.


Codes:


(A) Both (A) and (R) are true and (R) is correct explanation of (A).


(B) Both (A) and (R) are true, but (R) is not a correct explanation of (A).


(C) (A) is true, but (R) is false.


(D) (A) is false, but (R) is true.


Answer: (D)





8. Which of the following is true with regard to peak-load pricing?


(a) It is applicable only for electrical public utilities.


(b) It leads to substitution in consumption from the period of peak demand to the period of low demand.


(c) It leads to reduction in consumer welfare.


(d) It leads to higher consumer welfare during peak periods when demand and marginal costs are low.


Codes:


(A) (a) & (b) only.


(B) (a) & (c) only.


(C) (b) and (d) only.


(D) (b) & (c) only.


Answer: (C)





9. In the long run, the autonomous consumption will


(A) Be infinity


(B) Remains unchanged


(C) Decline but will remain positive


(D) Be zero


Answer: (D)





10. Which of the following statements is not true in case of the balanced budget multiplier?


(A) The first round contractionary effect of additional tax revenue (–b, ΔT; b = MPC) is less than the explanatory effect of additional Government expenditure (= ΔG).


(B) The value of tax multiplier for proportional taxes is – b / (1 – b + bt) (where b = MPC and t = tax rate).


(C) The value of balanced budget multiplier is unity when taxes are lump sum taxes.


(D) None of the above


Answer: (D)


11. For a small economy in a flexible exchange rate system that begins in the long-run equilibrium point, a higher rate of inflation in the short run will be followed by


(A) An increase in the exchange rate and decline in net exports.


(B) Decrease in the exchange rate and an increase in net exports.


(C) Contractionary monetary policy and real exchange rate appreciation.


(D) Explanatory monetary policy and real exchange rate depreciation.


Answer: (C)





12. Speculative demand for money is zero when market rate of interest is


(A) more than the ‘critical rate’.


(B) More than the market rate of interest but less than the critical rate (i.e. capital gains occur).


(C) less than the market rate of interest.


(D) Lowest (i.e. in liquidity trap).


Answer: (A)





13. A positively sloped aggregate supply curve indicates that


(A) An increase in aggregate demand will be associated with an increase in the price level and no change in equilibrium output.


(B) An increase in aggregate demand will be associated with an increase in both the price level and equilibrium output.


(C) An increase in aggregate demand will be associated with an increase in equilibrium output and no change in the price level.


(D) None of the above.


Answer: (B)





14. The capacity creating aspect of investment in growth theory was emphasised by


(A) R.F. Harrod


(B) E.D. Domar


(C) R.M. Solow


(D) P.A. Samuelson


Answer: (B)





15. Which of the following is not an interpretation of the golden rule of accumulation?


(A) ‘Invest your profits, consume your wages.’


(B) The share of profit in output is equal to the ratio of investment to output.


(C) Saving ratio should be equal to the elasticity of output with respect to capital.


(D) None of the above.


Answer: (D)





16. The rational expectations hypothesis does not imply:


(A) People do not make systematic errors.


(B) On average the economy will be close to Long-run Average Supply (LAS) Curve.


(C) Policy makers have better information about the economy than other economic actors.


(D) Macroeconomic policy changes must came as a surprise in order to have an impact on the real economy.


Answer: (C)





17. Which of the following are true of disguised unemployment?


I. It represents potential savings.


II. The marginal productivity of labour is zero or extremely low.


III. It is due to the existence of joint family system.


IV. It is confined to the rural areas.


Codes:


(A) II and IV


(B) III and IV


(C) I, II and III


(D) I, II, III and IV


Answer: (D)





18. According to A.K. Sen, famines occurred in India because of


(A) Lack of proper distribution mechanism


(B) Lack of demand


(C) Lack of transportation


(D) Shortage of foodgrains


Answer: (A)





19. In India, Five Year Plan is formulated by


(A) C.S.O.


(B) Planning Commission


(C) Finance Commission


(D) Planning Ministry


Answer: (D)





20. In which year, the Wildlife Board in India was established?


(A) 1952


(B) 1968


(C) 1986


(D) 1992


Answer: (A)


21. Indian planning mechanism was criticised by


(A) A.K. Sen


(B) Jagdish Bhagwati


(C) L.K. Jha


(D) Bimal Jalan


Answer: (B)





22. ‘Aam Admi Bima Yojana’ provides social security to


(A) All labour in rural areas


(B) All landless labour living below poverty line in rural areas


(C) All labour in urban areas


(D) All labour in both rural and urban areas


Answer: (B)





23. List – I                              List – II


i. 1st Five Year Plan                a. Agriculture


ii. 2nd Five Year Plan             b. Heavy industries


iii. 5th Five Year Plan             c. Anti-poverty Programmes


d. Luxury items


Codes:


(A) i – a, ii – b, iii – c


(B) i – d, ii – b, iii – c


(C) i – d, ii – c, iii – a


(D) i – c, ii – a, iii – b


Answer: (A)





24. Which State in India has the lowest Infant Mortality Rate?


(A) Maharashtra


(B) Goa


(C) Gujarat


(D) Kerala


Answer: (D)





25. Assertion (A): In the agricultural lending mechanism of India, moneylenders despite their usurious rates of interest are still predominant.


Reason (R): Most often the commercial banks could not meet the target of 18% of their total lending for the agricultural sector in the country.


Codes:


(A) Both (A) and (R) are true and (R) is the correct explanation of (A).


(B) Both (A) and (R) are true, but (R) is not the correct explanation of (A).


(C) (A) is true and (R) is false.


(D) (A) is false and (R) is true.


Answer: (A)





26. Which one of the following does not come under land reforms in India?


(a) Abolition of Intermediaries and Tenancy Legislation


(b) Ceiling on Land Holding and Co-operating Farming


(c) Tenancy Legislation and Technology Upgradation


(d) Abolition of Intermediaries and Green Revolution


Codes:


(A) (a) and (c)


(B) (a) and (d)


(C) (a) and (b)


(D) (a), (b), (c) and (d)


Answer: (C)





27. Assertion (A): In India, ‘Green Revolution’ was also criticized as Wheat Revolution.


Reason (R): The productivity of wheat in India during the1970’s was one of the highest in the world.


Codes:


(A) Both (A) and (R) are true and(R) is the correct explanation of (A).


(B) Both (A) and (R) are true, but(R) is not the correct explanation of (A).


(C) (A) is true, but (R) is false.


(D) (A) is false, but (R) is true.


Answer: (A)





28. Assertion (A): Agricultural income is taxed by the Union Government.


Reason (R): Agriculture is a State subject.


Codes:


(A) Both (A) and (R) are true and (R) is the correct explanation of (A).


(B) Both (A) and (R) are true and (R) is not the correct explanation of (A).


(C) (A) is true, but (R) is false.


(D) (A) is false, but (R) is true.


Answer: (D)





29. Match items given in List – I with those in List – II:


List – I                                    List – II


a. Green Revolution                1. Oilseeds


b. Yellow Revolution              2. Milk


c. White Revolution                3. Fish


d. Blue Revolution                  4. Wheat


Codes:


a          b          c          d


(A)       4          1          2          3


(B)       4          2          1          3


(C)       2          1          3          4


(D)       2          4          3          1


Answer: (A)





30. The fundamental cause for the collapse of the Bretton Woods System was


(A) The liquidity problem


(B) The adjustment problem


(C) The confidence problem


(D) All of the above


Answer: (D)





31. Hedging refers to


(A) The acceptance of a foreign exchange risk


(B) The covering of a foreign exchange risk


(C) Foreign exchange speculation


(D) Foreign exchange arbitrage


Answer: (B)





32. Members of the World Trade Organization are required to


(A) Eliminate all tariffs.


(B) Allocate quotas on a first come first basis.


(C) Prevent their firms from “dumping”.


(D) Enforce patent rights for patent holders from other countries.


Answer: (D)





33. Which of the following is not related with optimum currency area?


(A) Optimal geographical area for several currencies whose exchange rates are relatively pegged.


(B) Single currency do not fluctuate vis-à-vis other currencies.


(C) Single currency or the pegged currencies fluctuate jointly visà-vis other currencies.


(D) Optimal geographical area for a single currency.


Answer: (B)





34. Which of the following issues did the Uruguay Round not address?


(A) Migration


(B) Intellectual Property Rights


(C) Services


(D) Tariff


Answer: (A)





35. The experience with managed exchange rates since 1973


(A) Strongly supports a fixed exchange rate system.


(B) Strongly supports a freely flexible exchange rate system.


(C) Mildly supports a flexible exchange rate system.


(D) Supports some restriction on exchange rate fluctuations.


Answer: (D)





36. List – I                  List – II


a. Free trade area         1. No restrictions on trade and factor movement


b. Customs union        2. Trade is free and no Customs Duties


c. Common market      3. No Customs Duties but duties on nonmembers


d. Economic union      4. Advanced stage of integration


Codes:


a          b          c          d


(A)       2          1          3          4


(B)       3          2          4          1


(C)       2          3          1          4


(D)       1          3          4          2


Answer: (C)





37. An example of a Euro currency is


(A) A Dollar deposit outside the U.S.


(B) A Pound Sterling deposit outside the U.K.


(C) A Mark deposit outside Germany


(D) All of the above


Answer: (D)





38. Which one of the following tax is within the jurisdiction of the State Governments as enumerated in List – II of the Constitution of India?


(A) Taxes other than stamp duties on transactions in stock exchange and future markets.


(B) Taxes on Railway freights and fares.


(C) Taxes on mineral rights subject to any limitations imposed by the Parliament.


(D) Rate of stamp duty in respect of certain financial documents.


Answer: (C)





39. Match the items given in List – I with those in List – II:


List – I                                                List – II


I. Third Finance Commission              1. J.M. Shelat


II. Sixth Finance Commission            2. A.K. Chanda


III. Seventh Finance Commission      3. K.C. Pant


IV. Tenth Finance Commission          4. K. Brahmananda Reddy


Codes:


I           II         III        IV


(A)       4          1          3          2


(B)       3          4          1          2


(C)       2          3          4          1


(D)       2          4          1          3


Answer: (D)





40. Which of the following are Government of India debt obligations?


I. State Provident Funds


II. Small Savings


III. Reserve Money


IV. Reserve Funds and Deposits


Codes:


(A) I and II are correct.


(B) I, II and IV are correct.


(C) II and IV are correct.


(D) I, II and III are correct.


Answer: (B)





41. Arrange the following in chronological order:


I. Task Force on Direct and Indirect Taxes (Kelkar Committee)


II. Replacement of State Sales Taxby Value Added Tax


III. Introduction of MODVAT


IV. Fiscal Responsibility and Budget Management Act


Codes:


(A) III, II, IV, I


(B) III, I, IV, II


(C) III, IV, I, II


(D) II, III, IV, I


Answer: (B)





42. Which of the following tax is introduced in India in 1953 and abolished in 1985?


(A) Estate Duty


(B) Expenditure Tax


(C) Gift Tax


(D) Agricultural Income-tax


Answer: (A)





43. Match different deficit indicators given in List – I with the value in List – II for the Union Budget 2013-14:


List – I                                    List – II


i. Revenue deficit                    a. 1.5


ii. Effective revenue deficit    b. 1.8


iii. Fiscal deficit                      c. 3.3


iv. Primary deficit                   d. 4.8


Codes:


i           ii          iii         iv


(A)       a          c          b          d


(B)       b          c          d          a


(C)       c          b          d          c


(D)       a          d          c          b


Answer: (C)





44. As per the revised estimate, the plan expenditure of the budget estimate for 2012-13 in India has been lowered by


(A) 9.0 percent


(B) 15.0 percent


(C) 18.0 percent


(D) 23.0 percent


Answer: (C)





45. Find out the items which are not in the scope of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM):


(A) Internal earmarking within local body budgets for basic services to the urban poor.


(B) Provide legal and financial support to metro/mono-rail projects in urban areas.


(C) Earmarking of at least 20-25percent of developed land in all housing projects for the economically weaker sections and low income groups category.


(D) Implementation of a seven point charter for provisioning of seven basic entitlements/services.


Answer: (B)





46. Which Economic Survey has introduced a new chapter on “Sustainable Development and Climate Change”?


(A) Economic Survey 2004-05


(B) Economic Survey 2007-08


(C) Economic Survey 2009-10


(D) Economic Survey 2011-12


Answer: (D)





47. Match the different Five Year Plans of India given in List – I with the annual growth rate of National Income (at 2004-05 prices) given in List – II:


List – I                        List – II


i. Eighth Plan              a. 5.5 percent


ii. Ninth Plan               b. 6.7 percent


iii. Tenth Plan              c. 7.5 percent


iv. Eleventh Plan         d. 7.8 percent


Codes:


i           ii          iii         iv


(A)       b          a          c          d


(B)       a          c          d          b


(C)       b          d          a          b


(D)       d          b          c          a


Answer: (A)





48. What has been the monthly per capita expenditure (Uniform Reference Period) for urban population of India (at 2004-05 prices) as per the 68th Round of NSSO (2011-12)?


(A) Rs. 707.24


(B) Rs.1,359.75


(C) Rs. 1,785.81


(D) Rs. 2,401.68


Answer: (B)





49. Which of the following programmes is not included in rural infrastructure development in India?


(A) Integrated Low Cost Sanitation Scheme (ILCS)


(B) Bharat Nirman


(C) Indira Awas Yojana (IAY)


(D) Total Sanitation Campaign (TSC)


Answer: (A)





50. What is the formula for tax devolution used by the Thirteenth Finance Commission of India?


Formula           Population (%) (1971)             Area (%)          Fiscal capacity distance (%)    Fiscal Discipline


(A)                   25.0                                         17.5                 10.0                                         47.5


(B)                   10.0                                         25.0                 47.5                                         17.5


(C)                   25.0                                         10.0                 47.5                                         17.5


(D)                   17.5                                         10.0                 25.0                                         47.5


Answer: (C)





51. For a firm in long-run equilibrium producing anallocatively efficient level of output where marginal cost is equal to demand, which of the following does not apply?


(A) Price is sufficient to cover the opportunity cost.


(B) Profit of the firm becomes zero.


(C) Price is sufficient to covercosts.


(D) This situation also satisfies the consumers.


Answer: (B)





52. What will be the value of Herfindahl-Hirschmann Index of market concentration for the following industry?


Share of firms Firm-1 Firm-2 Firm-3 Firm-4 Firm-5 Firm-6


Industry          30        25        15        15        10        5


(A) 55


(B) 35


(C) 2100


(D) None of the above


Answer: (C)





53. Make out a correct combination from the following sets I & II in the context of the industrial economics:


Set – I                                                 Set – II


i. SCP Approach                     a. James Buchanan


ii. Transaction Cost Theory     b. Neoclassical Theory


iii. Public Choice Theory         c. Herfindahl-Hirschmann Index


iv. Industrial Concentration    d. Williamson


Codes:


i           ii          iii         iv


(A)       b          d          a          c


(B)       c          d          b          c


(C)       a          c          d          b


(D)       d          b          a          c


Answer: (A)





54. Backward-bending supply curve of labour suggests that


(A) When wage rate increases, supply of labour declines.


(B) When wage rate declines, supply of labour increases.


(C) There is no relationship between wage rate and labour supply.


(D) When wage rate increases, initially labour supply increases and after some point with the increase in wage rate, labour supply decreases.


Answer: (D)





55. Who among the following is not associated with the collective bargaining by the labour with the management?


(A) R.G. Lipsey


(B) Neil W. Chamberlain


(C) Carl M. Stevens


(D) Bevars D. Mabry


Answer: (A)





56. The M1 definition of money is


(A) Currency outside banks and checking deposits


(B) Currency outside banks, checking deposits and travellers checks


(C) Currency outstanding and checking deposits


(D) Currency outstanding, checking deposits and money market deposit accounts


Answer: (B)





57. The biggest component of reserve money in India is


(A) Treasury bills


(B) Currency in circulation


(C) Bankers deposits with RBI


(D) Other deposits with RBI


Answer: (B)





58. The components of the organized sector of the money market


I. Bill market


II. Stock market


III. Gift-edged market


IV. Bank loan market


Codes:


(A) I and III are correct.


(B) I, III and IV are correct.


(C) I, II and IV are correct.


(D) I and IV are correct.


Answer: (D)





59. Assertion (A): The prices of Government securities in gift-edged market are not formed freely.


Reason (R): The Reserve Bank of India has a monopoly dealer position and the demand for Government securities has a captive nature.


Codes:


(A) (A) is true, but (R) is false.


(B) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).


(C) (A) is not correct, but (R) is correct.


(D) Both (A) and (R) are correct and (R) is the correct explanation of (A).


Answer: (D)





60. Find out the correct answer from the codes given below:


Credit Rating Agencies in India


I. CRISIL


II. ICRA


III. TDICI


IV. CARE


Codes:


(A) I and II are correct.


(B) I, II and III are correct.


(C) I and IV are correct.


(D) I, II and IV are correct.


Answer: (D)





61. Regression coefficient is independent of change in


(A) Origin but not of scale


(B) Both origin and scale


(C) Scale but not of origin


(D) None of these


Answer: (A)





62. In a multiple regression with two independent variables and 12 observations F value calculated is to be tested. What will be degrees of freedom for numerator and denominator in testing procedure?


(A) 1 and 12


(B) 2 and 11


(C) 2 and 10


(D) 1 and 10


Answer: (C)





63. For a viable input-output system which conditions are postulated?


(A) Hawkins-Simon conditions


(B) Kuhn-Tucker conditions


(C) Bhagwati-Eckaus conditions


(D) Von Neumann conditions


Answer: (A)





64. Given that C.E.S. production function is


P = γ [δL–ρ + (1 – δ)K–ρ] –μ/ρ


List – I            List – II


a. γ                   i. Distribution parameter


b. δ                  ii. Substitution parameter


c. ρ                  iii. Returns to scale parameter


d. μ                  iv. Efficiency parameter


Codes:


a          b          c          d


(A)       ii          iii         i           iv


(B)       iii         iv         ii          i


(C)       iv         i           ii          iii


(D)       i           ii          iii         iv


Answer: (C)





65. Linear Programming Technique was developed for the first time by


(A) Koopmans


(B) Dantzig


(C) Leontief


(D) Mahalanobis


Answer: (B)





66. Given Harrod’s Growth Model as under:


S(t) = αY(t)


I(t) = β[Y(t) – Y(t – 1)]


S(t) = I(t)


α, β > 0.


In this model sustained growth is indicated by satisfying the condition


(A) β/(β – α) > 0


(B)  β/(β – α) < 0


(C)  β/(β – α) > 1


(D) β/(β – α) < 1


(E)  Answer: (C)





67. Cobb-Douglas production function Q = ALα K1–α does not possess the characteristics of


(A) Constant Returns to Scale


(B) Unit Elasticity of Substitution


(C) Variable Elasticity of Substitution


(D) Linear homogeneity


Answer: (C)





68. Estimate of Total Fertility Rate (TFR) from the given Age-Specific Fertility Rates (ASFR):


Age Group      ASFR


15 – 19            19.6


20 – 24            147.3


25 – 29            132.9


30 – 34            56.2


35 – 39            18.1


40 – 44            3.8


45 – 49            1.0


(A) 1.56


(B) 1.86


(C) 2.39


(D) 2.62


Answer: (B)





69. Which of the following is not correct about a population pyramid?


(A) On the right side of the pyramid women’s age structure is shown.


(B) It shows age and sex distribution of a population.


(C) An expansive pyramid is narrow at the base but it expands as it moves up towards higher ages.


(D) Population pyramids can be used to find the economic dependents supported in a particular population.


Answer: (C)





70. The situation of people in villages and towns of strong emigration receiving high amount of remittances has been described as “private affluence and public squalor” by


(A) M. Todaro


(B) John K. Galbraith


(C) Arthur Lewis


(D) Gunar Myrdal


Answer: (B)





71. Which of the following models can be estimated using OLS following suitable transformation, if necessary? Here e denotes the exponential.


(i) yt = α + β × t + ut


(ii) yt = α + β ext + ut


(iii) yt = α + β x2t + ut


(iv) ln (yt) = α + β ln(xt) + ut


Codes:


(A) (i) only


(B) (i) and (iii) only


(C) (i), (iii) and (iv) only


(D) (i), (ii), (iii) and (iv)


Answer: (C)





72. Suppose that observations are available on the monthly bond prices of 100 companies for five years. What type of data are these?


(A) Cross Sectional


(B) Time Series


(C) Panel


(D) Qualitative


Answer: (C)





73. What is the meaning of the term “heteroscedasticity”?


(A) The variance of errors is not constant.


(B) The variance of dependent variable is not constant.


(C) The errors are not linearly independent of one another.


(D) The errors have non-zero mean.


Answer: (A)





74. Which of the following estimation techniques are available for the estimation of over-identified systems of simultaneous equations?


(i) OLS


(ii) ILS


(iii) 2SLS


(iv) IV


Codes:


(A) (iii) only


(B) (iii) and (iv) only


(C) (ii), (iii) and (iv) only


(D) (i), (ii), (iii) and (iv)


Answer: (B)





75. The order condition is


(A) A necessary and sufficient condition for identification.


(B) A necessary but not sufficient condition for identification.


(C) A sufficient but not necessary condition for identification.


(D) A condition that is neither necessary nor sufficient for identification.


Answer: (B)


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UGC NET Solved Question Paper III in Economics { 2013 June }

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UGC NET Solved Question Paper III in Economics { 2013 June }


1. Who is widely known as the founder of Austrian School?





(A) W.S. Jevons





(B) Leon Walras





(C) Knut Wicksell





(D) Karl Menger





Answer: (D) 





2. For substitutes, cross elasticity of demand is





(A) Positive





(B) Negative





(C) Zero





(D) Always less than one





Answer: (A) 





3. Reservation wage means





(A) Fair wage at which workers are willing to work.





(B) Subsistence wage at which an individual is willing to work.





(C) Minimum wage at which an individual is willing to work.





(D) Maximum wage at which an individual is willing to work.





Answer: (C) 





4. An economic region of production consists of





(A) The positively sloped portions of all isoquants





(B) The negatively sloped portions of all isoquants





(C) The middle of all isoquants





(D) The highest points of all isoquants





Answer: (B) 





5. Elasticity of substitution is





(A) The substitution of cheaper inputs for dearer inputs.





(B) The rate at which the inputs (labour and capital) are substituted.





(C) A measure of the responsiveness of input ratio to a change in input-price ratio.





(D) A measure of the responsiveness of input prices and the substitution of the cheaper inputs.





Answer: (C) 





6. In game theory model, strategies include





I. The potential choices to change the price





II. To develop new or differentiated products





III. To introduce a new or different advertisement campaign





IV. To build excess capacity





Codes:





(A) II and III are correct.





(B) I and II are correct.





(C) I, II and III are correct.





(D) All are correct.





Answer: (D) 





7. Pareto optimum implies





(A) A resource allocation for which a Pareto improvement is possible.





(B) A resource allocation in which social improvement is possible.





(C) A resource allocation for which atleast one is better off and nobody is worse off.





(D) A resource allocation for which there are no Pareto improvements.





Answer: (D) 





8. A model of oligopoly in which one business sets output before the other business do is





(A) Cournot oligopoly model





(B) Bertrand oligopoly model





(C) Stackelberg oligopoly model





(D) Chamberlin oligopoly model





Answer: (C) 





9. Assertion (A): Sunk costs are not relevant to economic decisions.





Reason (R): The opportunity cost of such resources is zero.





Codes:





(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).





(B) (A) is correct, but (R) is not correct.





(C) Both (A) and (R) are correct, but (R) is incorrect explanation of (A).





(D) (R) is correct, but (A) is incorrect.





Answer: (A) 





10. Match the statement given in List – I with that given in List – II and choose the correct code:





List – I                                                                                    List – II





I. Employment and output are determined solely by the factors operating on the supply side of the labour market, according to                                        i. Karl Marx





II. The term ‘classical’ was coined by                                    ii. Classical economists





III. The classical production function was used to derive the aggregate supply function by





iii. J.M. Keynes





IV. A linear aggregate consumption function was used by    iv. Keynesian economists





Select correct code for the correct answer from the following:





Codes:





I           II         III        IV





(A)       ii          iii         i           iv





(B)       iv         i           ii          iii





(C)       i           iii         iv         ii





(D)       ii          i           iii         iv





Answer: (D)





11. The permanent income hypothesis is consistent with cross-section and time series data because





(A) Higher-income households are savers since their current income includes positive transitory components.





(B) Higher-income households are savers since their current income includes negative transitory components.





(C) Lower-income households are savers since their current income includes negative transitory components.





(D) Lower-income households are savers since their current income includes positive transitory components.





Answer: (A)





12. Which of the following statements is true?





(A) Net investment is more stable than gross investment when replacement investment is constant over time.





(B) Gross investment is more stable than net investment when replacement investment is constant over time.





(C) Replacement investment equals capital-output ratio times the expected increase in output





(ν – Δy).





(D) Net investment is greater than ν-Δy when the capital-output ratio (ν) decreases.





Answer: (B) 





13. Match the demand for money approach given in List – I with their propounders given in List – II and choose the correct code:





List – I                                                                        List – II





I. Inventory Theoretic Approach                                i. Milton Friedman





II. Cash Balance Approach                                         ii. James Cohin





III. Portfolio Optimization Approach                         iii. W.J. Baumol





IV. Quantity Theory of Money                                  iv. Cambridge Economists





Codes:





I           II         III        IV





(A)       iv         ii          iii         i





(B)       iv         i           iii         ii





(C)       iii         iv         ii          i





(D)       ii          iv         iii         i





Answer: (-) 





14. Assertion (A): According to Keynes, individuals hold either cash or all bonds.





Reasoning (R): Because, according to him, the speculative demand for money is associated with uncertainty.





Codes:





(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).





(B) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).





(C) (A) is correct, but (R) is incorrect.





(D) Both (A) and (R) are incorrect.





Answer: (C) 





15. Which one of the following is not a correct interpretation of the Golden Rule of Accumulation? It is that capital per person at which





(A) Savings per person and investment per person are maximum.





(B) Marginal productivity of capital is equal to the rate of growth of population.





(C) Marginal productivity of capital is equal to saving ratio.





(D) Elasticity of output with respect to capital is equal to saving ratio.





Answer: (A)








16. For particular high values of marginal propensity to consume and the accelerator coefficient, explosive non-oscillatory cycles will occur in the model of the business cycles propounded by





(A) Paul A. Samuelson





(B) J.R. Hicks





(C) Nicholas Kaldor





(D) All of the above





Answer: (A)








17. In the context of IS-LM framework, which of the following statements is false?





(A) IS curve is steeper, the lower the value of the Keynesian multiplier and the lower the interest sensitiveness of investment demand.





(B) Crowding out is effective when money demand is perfectly interest inelastic and investment is perfectly interest elastic.





(C) The fiscal policy is least effective and the monetary policy is most effective, the higher the interest sensitiveness of money demand and the lower the interest sensitiveness of investment demand.





(D) The Pigou effect restores the effectiveness of monetary policy even under the liquidity trap.





Answer: (C) 





18. Assertion (A): The fiscal policy is less effective in an open economy than in a closed economy.





Reasoning (R): Because the value of the multiplier in an open economy is less than that in a closed economy.





Codes:





(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).





(B) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).





(C) (A) is correct, but (R) is incorrect.





(D) Both (A) and (R) are incorrect.





Answer: (B) 





19. Embodied technical change model is based on which production function?





(A) CES





(B) Cobb-Douglas





(C) Translog





(D) VES





Answer: (B) 





20. “A technical change is neutral if at a constant rate of profit or interest, the capital output ratio also remains constant.” This concept was propounded by





(A) Kaldor





(B) Hicks





(C) Solow





(D) Harrod





Answer: (D)





21. Endogenous growth models have been developed by





I. Kenneth J. Arrow





II. Paul M. Romer





III. Robert E. Lucas





IV. R.M. Solow





Codes:





(A) I and II





(B) III and IV





(C) I, II and III





(D) II, III and IV





Answer: (C) 





22. Kaldor’s growth model is based on the following assumptions:





I. Output consists of wages and profits only.





II. Investment output ratio is an independent variable.





III. MPS and MPC are constant.





IV. There is less than full employment.





Codes:





(A) I and IV





(B) II and III





(C) III and IV





(D) I and II





Answer: (D) 





23. Assertion (A): Innovations in one field rarely induce innovations in related fields.





Reason (R): Once an innovation becomes profitable, other entrepreneurs follow it in “Swarm like clusters”.





Codes:





(A) (A) is not correct and (R) is correct.





(B) (A) is correct and (R) is not correct.





(C) Both (A) and B are not correct.





(D) Both (A) and (R) are correct.





Answer: (A) 





24. Arrange the concepts of Endogenous growth model in a sequential order :





I. Production of ideas by research.





II. Learning by doing.





III. Learning by investment.





IV. Learning by watching.





Codes:





(A) III, I, II, IV





(B) IV, III, I, II





(C) I, II, IV, III





(D) II, IV, III, I





Answer: (D)








25. Match the items in List – I with List – II:





List – I                                                                                                            List – II





I. Increasing outlay on education leads to rapid Economic Growth              i. C.P. Blacker





II. Spread Effects                                                                                           ii. Kaldor





III. Theory of Demographic Transition: Five Stages of Population Growth  iii. T.W. Schultz & others





IV. Widows Curse                                                                                          iv. Gunnar Myrdal





Codes:





I           II         III        IV





(A)       i           ii          iv         iii





(B)       ii          i           iii         iv





(C)       iv         iii         ii          i





(D)       iii         iv         i           ii





Answer: (D)








26. Match the items in List – I with List – II:





List – I                                                                        List – II





I. Capitalist rules of the game                                     i. Karl Marx





II. Embodied Technical Change                                 ii. UNDP





III. Industrial Reserve Army                                      iii. Robert Solow





IV. Human Development Report                               iv. Joan Robinson





Codes:





I           II         III        IV





(A)       iii         iv         ii          i





(B)       i           ii          iv         iii





(C)       ii          i           iii         iv





(D)       iv         iii         i           ii





Answer: (D) 





27. Assertion (A): Dependence of Less Developed Countries (LDCs) on Developed Countries (DCs) is the main cause for the underdevelopment of the former.





Reason (R): “This is because of historical evolution of a highly unequal international capitalist system of rich-poor country relationships.”





Codes:





(A) (A) is correct and (R) is the correct reason for (A).





(B) (A) is incorrect, but (R) is correct.





(C) Both (A) and (R) are incorrect.





(D) Both (A) and (R) are correct.





Answer: (C)








28. Which of the following is relevant for Wagner’s Law of Increasing State Activities?





(A) Public expenditure does not increase in a smooth and continuous manner.





(B) Public expenditure increases in step like fashion.





(C) There are inherent tendencies for the activities of the Government to increase both intensively and extensively.





(D) Economy grows faster than the governmental sector.





Answer: (C) 





29. The share of the tax borne by the seller will be larger





(A) if the demand for the product is less elastic.





(B) if the demand for the product is inelastic.





(C) if the demand for the product has greater elasticity .





(D) if the elasticity of supply of the product is larger.





Answer: (C) 





30. The non-plan revenue expenditure of Central Government on Revenue Account include:





I. Interest payments





II. Subsidies





III. Grants-in-aid





IV. Loans to Public Enterprises





Codes:





(A) I and II are correct.





(B) I, II and III are correct.





(C) I, II and IV are correct.





(D) I, II, III and IV are correct.





Answer: (B) 





31. The Constitution of India provides for transfer of resources from Centre to States in the form of





I. Tax sharing





II. Loans





III. Grants-in-aid





IV. Grants for implementation of Five Year Plans





Codes:





(A) I, II and III are correct.





(B) I and III are correct.





(C) I, III and IV are correct.





(D) All are correct.





Answer: (A) 





32. Identify the correct chronology of implementation of the following taxes in India :





I. Service taxes





II. Fringe benefits tax





III. Personal income-tax





IV. Expenditure tax





Codes :





(A) III, I, II, IV





(B) III, II, I, IV





(C) III, IV, I, II





(D) IV, III, II, I





Answer: (C) 





33. The taxes which Kaldor proposed for India in 1956 to check tax evasion, supplementing income tax are





I. Capital gains tax





II. Annual tax on wealth





III. Personal expenditure tax





IV. Gift tax





Codes:





(A) II and III are correct.





(B) I, II and III are correct.





(C) II, III and IV are correct.





(D) All are correct.





Answer: (D)








34. According to the cost based definition of dumping, dumping occurs when a firm sells a product abroad at a price that is less than





(A) Average Total Cost





(B) Average Variable Cost





(C) Marginal Cost





(D) Average Fixed Cost





Answer: (A)





35. Select the correct statement out of the following:





(A) Multilateral Trade Negotiations are a process of increasing tariffs to trade among member countries.





(B) Multilateral Trade Negotiations are a process of increasing nontariff barriers to trade.





(C) Multilateral Trade Negotiations are a process of increasing tariffs but decreasing non-tariff barriers to trade.





(D) Multilateral Trade Negotiations are a process of reducing tariff and non-tariff barriers to trade among member countries of GATT or WTO.


Answer: (D)





36. Consider the following statements:





As per the Trade Related Investment Measures (TRIMs)





1. all restrictions on foreign capital companies are to be scrapped.





2. no restrictions will be imposed on any area of investment.





3. imports of raw materials are to be allowed freely.





4. export of part of the output will be mandatory.





Which of the above statements are correct?





Codes:





(A) 1, 3 and 4





(B) 1, 2 and 3





(C) 1, 2 and 4





(D) 2, 3 and 4





Answer: (B) 





37. The fundamental cause for the collapse of the Brettonwoods System was





(A) the liquidity problem





(B) the adjustment problem





(C) the confidence problem





(D) all of the above





Answer: (D) 





38. Match List – I with List – II and select the correct answer using the codes given below the lists:





List – I                                                List – II





I. Forward exchange                           i. A device of covering exchange risk against the price rise of foreign currency.





II. Hedging                                         ii. A contract to buy and sell foreign exchange against another currency at some fixed rate in the future at a price agreed upon now.





III. Arbitrage                                      iii. The movement of exchange rate between two limits set by the cost of moving gold from one country to another.





IV. Specie points                                iv. A mechanism which merges two separate physical markets into a single market in economic sense.





Codes:





I           II         III        IV





(A)       iv         iii         ii          i





(B)       ii          i           iv         iii





(C)       iv         i           ii          iii





(D)       ii          iii         iv         i





Answer: (B) 





39. Arrange the following WTO ministerials in the chronological order:





I. Seattle





II. Cancun





III. Singapore





IV. Hong-Kong





Codes:





(A) III, IV, I, II





(B) III, I, II, IV





(C) II, III, IV, I





(D) II, IV, I, III





Answer: (B)








40. If Hong-Kong and Taiwan have identical production possibility curves that are subject to increasing opportunity costs, then





(A) trade would depend on differences in demand conditions.





(B) trade would depend on economies of large scale production.





(C) trade would depend on the use of different currencies.





(D) there would be no basis for gainful trade.





Answer: (A) 





41. Trade deflection is the diversion of exports to a country within a free trade area that has





(A) higher tariffs on goods





(B) highest tariffs on exports





(C) lower tariffs on goods





(D) none of the above





Answer: (C) 





42. The formula that shows the correct relationship between:





i. Total demand and time liabilities (L)





ii. Excess Reserves (ER)





iii. Current-account balances with other banks (CB)





iv. Investment in unencumbered government and other approved securities (I*)





v. Statutory Liquidity Ratio (SLR) is





Codes:





(A) SLR = (ER + I* – CB)/ L





(B) SLR = (ER + I*)/ (L + CB)





(C) SLR = (L + CB + ER)/ I*





(D) SLR = (ER + I* + CB)/ L





Answer: (D) 





43. Consider the following:





I. RBI





II. SBI





III. NABARD





IV. LIC





The financial intermediaries among the above are:





Codes:





(A) All the four





(B) II, III, IV





(C) II, III





(D) II, IV





Answer: (D)





44. Real balance effect relates to





(A) the effect which a change in value of the real cash balances held by the public produces in the economy.





(B) the effect which a change in value of the real cash balances held by the commercial banks produces in the economy.





(C) the effect which a change in value of the real cash balances held by the multi-national banks produces in the economy.





(D) the effect which a change in value of the real cash balances held by the NBFIs produces in the economy.





Answer: (A) 





45. Assertion (A): Reserve Bank of India raises money supply through purchase of securities in the money market.





Reason (R): Increase in money supply may result in the expansion of investment and employment.





Codes:





(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).





(B) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).





(C) Both (A) and (R) are incorrect.





(D) (A) is correct, but (R) is incorrect.





Answer: (B) 





46. Match the items in List – I against the items in List – II and select the answer from the codes given below:





List – I                                                List – II





I. Simple Deposit System                   i. 100% backing of metallic reserves





II. Maximum Fiduciary System          ii. Certain percentage of total notes is kept in specific reserves.





III. Percentage Deposit System          iii. Maximum note issuing is statutorily fixed.





IV. Bonus Deposit System                 iv. Reserves of IOUs and short period loans.





Codes:





I           II         III        IV





(A)       iii         iv         ii          i





(B)       i           ii          iii         iv





(C)       ii          i           iv         iii





(D)       i           iii         ii          iv





Answer: (D) 





47. As per Micro, Small and Medium Enterprises Development Act, 2006, micro enterprises are those with investments:





(A) < Rs. 25 lakhs





(B) Rs. 25 lakhs to Rs. 5 crores





(C) Rs. 5 crores to Rs. 10 crores





(D) > Rs. 10 crores





Answer: (A) 





48. Match the items given in List – I with those in List – II:





List – I                                                            List – II





I. Rangrajan Committee                                  i. Report on small Industries





II. Karve Committee                                       ii. Disinvestment of shares in PSE’s





III. Dr. R.K. Hazari Committee                     iii. Review of the Policy for Public Enterprises





IV. Arjun Sengupta Committee                      iv. Industrial Licensing





Codes:





I           II         III        IV





(A)       i           iii         iv         ii





(B)       iii         ii          iv         i





(C)       ii          i           iv         iii





(D)       ii          iv         i           iii





Answer: (C) 





49. The Eleventh Five Year Plan aimed at generating





(A) 15 million work opportunities





(B) 35 million work opportunities





(C) 58 million work opportunities





(D) 100 million work opportunities





Answer: (C)








50. The Unorganised Workers Social Security Act came in existence in the year





(A) 2001





(B) 2005





(C) 2008





(D) 2012





Answer: (C)








51. The share of industry in India’s GDP in the year 2006-07 is estimated at





(A) 20 %





(B) 15 %





(C) 45 %





(D) 26 %





Answer: (D)





52. According to Hotelling rule about the exhaustible natural resources, which of the following is used for price variation of the exhaustible natural resources:





(A) Rate of interest





(B) Labour cost





(C) Rent and royalties of mines





(D) Production cost and royalty of mines





Answer: (A) 





53. Suggest the correct answer about the ‘Pigovian Tax’:





I. Provides solution in order to ‘internalize’ the total costs of an activity into the market.





II. Provides solution to reduce the production of pollutants through public policy.





III. It helps in increasing the factor productivity in the real sector.





IV. It acts like a severance tax.





Codes:





(A) I & II





(B) III & IV





(C) I, II & IV





(D) I, II, III & IV





Answer: (C) 





54. Which of the following is correct about the Contingent Valuation Method (CVM) used in Environmental Economics?





(A) It is used only for pollutants.





(B) It is used only for items with positive utilities.





(C) It is used for items under market failures.





(D) It is used only for natural resources.





Answer: (C) 





55. Natural growth of population is the outcome of the following:





I. Crude Birth Rate





II. Crude Death Rate





III. Migration





IV. Marriages





Codes:





(A) Only I





(B) Only III





(C) II & IV





(D) I & II





Answer: (D)








56. Identify the correct statement about the relationship between total fertility rate and gross-reproduction rate:





(A) TFR > GRR is possible.





(B) TFR = GRR is possible.





(C) TFR < GRR is possible.





(D) All the above is possible.





Answer: (A) 





57. Why does the share of agriculture in developing economies decline when national economy is growing rapidly?





I. Food becomes like inferior commodity.





II. Growth of agriculture cannot be very fast.





III. Industrial sector grows faster.





IV. Public spending on the farm factor is not enough.





Codes:





(A) I, II, III & IV





(B) II, III & IV





(C) II & III





(D) I, II & IV





Answer: (A)








58. Share of fishing in the GDP of India in recent years has been around





(A) 0.8 percent





(B) 1.2 percent





(C) 1.7 percent





(D) 2.1 percent





Answer: (A) 





59. What is the economic cost of foodgrains to the Food Corporation of India?





(A) Minimum support price and bonus paid to farmers + transportation costs.





(B) Minimum support price + bonus + interest cost.





(C) Minimum support price + bonus + procurement incidentals + charges for godowns.





(D) Minimum support price (including bonus, if any) + procurement incidentals + distribution cost.





Answer: (D)





60. What is meant by farm mechanization?





(A) Using only machines for farm operations.





(B) Replacement of biological sources of energy by the mechanical sources of energy for farm operations.





(C) Using machines, tractors, tube wells, etc. for agricultural production.





(D) Using machines, tractors, tube wells, fertilizers, etc. besides soil testing and certified seeds for agricultural production.





Answer: (B)





61. Inter-sectoral terms of trade in an economy refers to





(A) ratio of prices received and paid by the farmers.





(B) ratio of domestic and international price of farm commodities.





(C) terms at which government purchases farm produce.





(D) trade of industrial products in the foreign markets.





Answer: (A)





62. The utility function is given as





U = f(x, y), where U = total utility and x & y are two goods consumed.





The budget constraint is given as





C = px x + py y, where px and py are the prices of ‘x’ and ‘y’ respectively.





The condition for maximisation of utility is





(A) ∂f/∂x / ∂f/∂y = py/px





(B) ∂f/∂x / ∂f/∂y = px/py





(C) ∂f/∂x = ∂f/∂y = px/py





(D) ∂f/∂x = ∂f/∂y = py/px





Answer: (B)





63. The total cost function and the market demand function of a competitive firm are C =





1/3 x3 – 10x2 + 9x + 1000 and x = (12 – p)/9 respectively. The level of output at which profits will be maximised?





(A) 1





(B) 2





(C) 3





(D) 4





Answer: (C)





64. An input-output model which has endogenous final demand vector is known as





(A) Open Input-Output Model





(B) Closed Input-Output Model





(C) Static Input-Output Model





(D) Dynamic Input-Output Model





Answer: (B)





65. Let the two regression lines be given as: 3x = 10 + 5y and 4y = 5 + 15x. Then the correlation coefficient between x and y is





(A) – 0.40





(B) 0.40





(C) 0.89





(D) + 1.05





Answer: (B)








66. The estimated regression equation of the form y = α0 + α1x1 + α2x2 + e is y = – 6.79 + 1.79(x1) + 0.97 x2 and SE (α0) = 1.32, SE (α1) = 0.41 and SE (α2) = 0.53. To test H0 : α1 ≠ 0, the test statistic | t | is equal to





(A) 5.144





(B) 4.366





(C) 1.830





(D) 3.377





Answer: (B)





67. Given that the Cobb-Douglas production function is: y = ALα Kβ, α, β > 0





Match List – I with List – II and select the answer from the codes given below:





List – I                                                            List – II





I. Increasing returns to scale                           i. α + β = 1





II. Decreasing returns to scale                                    ii. α + β > 1





III. Constant returns to scale                          iii. α + β < 1





IV. Diminishing returns to factors                  iv. α, β < 1





Codes:





I           II         III        IV





(A) i ii iii iv





(B) i iii iv ii





(C) ii iii i iv





(D) iv ii iii i





Answer: (C) 





68. In the presence of heteroscadasticity, the best linear unbiased estimators are provided by the method of





(A) Ordinary Least Squares





(B) Indirect Least Squares





(C) Weighted Least Squares





(D) Instrumental Variables





Answer: (C) 





69. To test the stationarity of the series in time series analysis, the following test will be used:





(A) Unit Root Test





(B) Random Walk Test





(C) Cochrane-Orcutt Iterative Procedure Test





(D) Durbin-Watson Statistic Test





Answer: (A) 





70. Match List – I with List – II and select the answer from the codes given below:





List – I                                                                        List – II





I. Koyck’s Lagged Model                                          i. Adjustment Equation





II. Almon’s Lagged Model                                         ii. Geometric Progression





III. Nerlov’s Model                                                    iii. Adaptative Expectation





IV. Cogan’s Model                                                     iv. Approximation Polynomial





Codes:





I           II         III        IV





(A)       iv         i           ii          iii





(B)       ii          iii         iv         i





(C)       ii          iv         i           iii





(D)       iv         i           iii         ii





Answer: (C)





71. Identify the Five Year Plans when actual growth realisation has been higher than the growth target :





I. Fifth Plan





II. Seventh Plan





III. Ninth Plan





IV. Tenth Plan





Codes:





(A) I, II & III





(B) II, III & IV





(C) I & II





(D) III & IV





Answer: (C) 





72. Which of the following development programmes is receiving 100 percent funding as centrally sponsored scheme from the Government of India?





I. Accelerated Power Development & Reform Programme (APDRM)





II. Rashtriya Krishi Vikas Yojana





III. National Social Assistance Programme (NSAP)





IV. Women & Child Development Programme





Codes:





(A) I, II, III & IV





(B) I & II





(C) III & IV





(D) I, II & III





Answer: (D) 





73. Rank the States in descending order of their size of State Domestic Product at current prices in the recent years:





I. Karnataka





II. Maharashtra





III. Uttar Pradesh





IV. Tamil Nadu





Codes:





(A) I, IV, III & II





(B) III, IV, I & II





(C) II, IV, I & III





(D) II, III, IV & I





Answer: (D) 





74. What has been the share of the ‘food, beverages and tobacco’ in the private final consumption expenditure in India in the recent years?





(A) 25 percent





(B) 33 percent





(C) 45 percent





(D) 56 percent





Answer: (B) 





75. Find out the incorrect statements from the following statements:





I. Savings, credits and insurance are the parts of microfinance.





II. Share of agriculture in the GDP has come down to below 11 percent in India recently.





III. CSO has revised the consumer price index series on new base 2011 = 100.





IV. Poverty estimation in India is done on NSSO data.





Codes:





(A) I & IV





(B) I & II





(C) I & III





(D) II & III





Answer: (D)


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