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Q. Nos. 1 – 10 : Read the following
questions and find correct answer from the
choices given below these questions.
1. Marginal Revenue of a Monopoly firm
is less than the price. Because :
(A) Demand curve has a positive
slope.
(B) Demand curve has a negative
slope.
(C) Monopolist incurs losses.
(D) Monopolist is in equilibrium.
2. For an inferior goods, income
consumption curve and Engles curves
are
(A) Positively sloped
(B) Negatively sloped
(C) Are the same
(D) Income consumption curve
positively sloped and the Engles
curve is negatively sloped
3. The classical economists focussed on
the role of money as
(A) medium of exchange
(B) medium of distribution
(C) wealth
(D) link between present and future
4. If the demand for money is perfectly
interest inelastic, the LM schedule will
be
(A) Upward sloping
(B) Downward sloping
(C) Horizontal line
(D) Vertical line
5. Harrod-Domar model of economic
growth is based on the equilibrium
between
(A) Income generation and
productive capacity creation
(B) Equilibrium between income and
consumption
(C) Equilibrium between savings and
investment
(D) None of the above
6. In calculating the buoyancy of a tax,
we consider
(A) Only discretionary changes
(B) Only automatic changes
(C) Both (A) and (B)
(D) Neither (A) nor (B)
7. Which of the following measures of
the central tendency suits the data best
if the objective is to assess the
distribution of values ?
(A) Arithmetic mean
(B) Mode
(C) Median
(D) Kurtosis
8. Comparative cost advantage in
Ricardo’s international trade theory
arises due to
(A) Labour cost differences
(B) Differences in factor endowment
(C) Factor abundance defined in
terms of factor prices
(D) All of the above
9. In India, in 2004-05 the number of
poor persons below poverty line was
the highest in the State of
(A) Bihar
(B) Uttar Pradesh
(C) Madhya Pradesh
(D) Rajasthan
10. Which of the following is not a
component of Bharat Nirman ?
(A) Rural housing
(B) Rural electrification
(C) Agro-based industries
(D) Rural telephony
Q. Nos. 11 – 20 : Read the following
questions and find out correct answer from
the codes given below these questions.
11. A point of ‘Kink’ in the kinked
demand curve indicates
I. Price rigidity
II. Quantity rigidity
III. Price flexibility
IV. Quantity flexibility
Codes :
(A) I and II are correct.
(B) II and III are correct.
(C) III and IV are correct.
(D) I and IV are correct.
12. Improvement in the BOP deficit may
be effected through
I. Import control
II. Export promotion
III. Foreign exchange control
IV. Devaluation
Codes :
(A) I and II are correct.
(B) I, II, III and IV are correct.
(C) II and III are correct.
(D) I, II and III are correct.
13. The problem relating to burden of
public debt has been dealt by
I. A.P. Learner
II. E.D. Domar
III. A.C. Pigou
IV. A.H. Henson
Codes :
(A) I and II are correct.
(B) II and III are correct.
(C) I and IV are correct.
(D) II and III are correct.
14. Fiscal policy relates to the Government
decision in respect of
I. Taxation
II. Government spending
III. Government borrowing
IV. Public Debt
Codes :
(A) III and IV are correct.
(B) II, III and IV are correct.
(C) I and II are correct.
(D) All the above are correct.
15. HDI is entrusted with reference to :
I. Life expectancy at birth
II. Real GDP/per capita
III. Infant mortality
IV. Morbidity
Codes :
(A) I and II are correct.
(B) II and III are correct.
(C) III and IV are correct.
(D) All the above
16. The doctrine of unbalanced growth
was propounded by
I. Hirschman
II. Robert Solow
III. Singer
IV. Ragnar Nurkse
Codes :
(A) I and II are correct.
(B) II and III are correct.
(C) III and IV are correct.
(D) I and III are correct.
17. Harrod-Domar model of economic
growth is based upon
I. Warranted growth rate
II. Investment growth rate
III. Productivity growth rate
IV. Natural growth rate
Codes :
(A) I and II are correct.
(B) II and III are correct.
(C) III and IV are correct.
(D) I and IV are correct.
18. In Keynesian system speculative
demand for money arises because of
I. Uncertainty of future interest rates
II. Unexpected expenditures
III. To bridge the gap between income
and eventual expenditure
IV. Relationship between changes in
the interest rates and bond prices
Codes :
(A) I and III are correct.
(B) I and IV are correct.
(C) II and III are correct.
(D) III and IV are correct.
19. According to Milton Friedman Theory
of permanent component of
consumption-expenditure depends on
I. Transitory income alone
II. Transitory and permanent income
III. Permanent income alone
IV. Windfall gains
Codes :
(A) I and II are correct.
(B) I and III are correct.
(C) II and IV are correct.
(D) Only III is correct.
20. The Planning Commission of India has
recently made announcement regarding
Poverty Line :
I. ` 42 per capita per day in urban area
II. ` 26 per capita per day in rural area
III. ` 32 per capita per day in urban area
IV. ` 32 per capita per day in rural area
Codes :
(A) I and II are correct.
(B) I and III are correct.
(C) II and III are correct.
(D) III and IV are correct.
Q. Nos. 21 – 30 : Read the following
questions of given Assertions with their
Reasoning and find correct answer from the
codes given below these questions.
21. Assertion (A) : Giffin’s paradox rarely
occurs in the real world.
Reason (R) : Inferior goods are
narrowly defined for which
suitable substitutes are available.
Codes :
(A) Both (A) and (R) are correct and
(R) is the correct explanation of
(A).
(B) Both (A) and (R) are correct and
(R) is not the correct explanation
of (A).
(C) (A) is correct, but (R) is
incorrect.
(D) (A) is incorrect, but (R) is
correct.
22. Assertion (A) : According to the Life
Cycle Theory of consumption, an
individual level of consumption
depends not just on current
income but also on long run
expected earnings.
Reason (R) : Individuals are assumed
to plan a pattern of expenditure
based on expected earnings over
life time.
Codes :
(A) (A) is true, but (R) is false.
(B) Both (A) and (R) are false.
(C) (A) is not correct, but (R) is
correct.
(D) Both (A) and (R) are correct and
(R) is correct explanation of (A).
23. Assertion (A) : Effective demand can be
increased by more equitable
distribution of wealth.
Reason (R) : Thirty or forty entities
with income averaging between
1 lakh and 5 lakhs would create
much more effective demand
than a single entity having
income of 10 lakhs a year.
Codes :
(A) Both (A) and (R) are correct and
(R) is not the correct explanation
of (A).
(B) Both (A) and (R) are correct and
(R) is the correct explanation of
(A).
(C) (A) is correct, but (R) is
incorrect.
(D) (A) is incorrect, but (R) is
correct.
24. Assertion (A) : During the period
2004-05 to 2007-08 fiscal
consolidation process was
witnessed in India.
Reason (R) : There was buoyancy in
tax revenue during this period.
Codes :
(A) Both (A) and (R) are correct and
(R) is the correct explanation of
(A).
(B) Both (A) and (R) are correct and
(R) is not the correct explanation
of (A).
(C) (A) is correct, but (R) is
incorrect.
(D) (A) is incorrect, but (R) is
correct.
25. Assertion (A) : K/L ratio will adjust
through time in the direction of
equilibrium ratio.
Reason (R) : Because the technical coefficient
of production are
variable.
Codes :
(A) Both (A) and (R) are correct and
(R) is not the correct explanation
of (A).
(B) Both (A) and (R) are correct and
(R) is the correct explanation of
(A).
(C) (A) is correct, but (R) is incorrect.
(D) (A) is incorrect, but (R) is
correct.



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