PAPER-II ECONOMICS Signature and Name of Invigilator
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D 0 1 1 3

Time 1 1/4 hours] [Maximum Marks 100




Number of Pages in this Booklet 16 Number of Questions in this Booklet 50 Instructions for the Candidates
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English version will be taken as final.

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ECONOMICS Paper II Note This paper contains fifty objective type questions of two marks each. All
questions are compulsory.

1. The cost incurred by the firm in hiring labour is called as

Explicit Cost


Implicit Cost


Marginal Cost


Total Cost



2. The locus of Pareto Optimality in Production and Consumption is given by

The Social Welfare Function


The Utility Possibility Curve


The Transformation Curve


The Grand Utility Possibility



Curve
3. List I List II
a. Tea and Coffee 1. Veblen goods
b. Car and 2. Substitutes
Petrol
c. Gold and Diamonds 3. Giffen goods
d. Ragi and Bajra Codes 4. Complementary
a b c d
2 1 2 4 4 1 4 3 3 4 1 3 2 3 1 2

4. Assertion In the short run under perfect competition, given the market demand and market supply the industry is in equilibrium at that price which clears the market.
Reason In the long run all the firms in the industry earn profit.

Codes

Both and are true and is the correct explanation of


Both and are true, but

is not the correct explanation of


is true, but is false.


is false, but is true.



5.

6.

7.

8.


Put the following in chronological order on the basis of development
i. Law of Demand
ii. Revealed Preference Analysis
iii. Indifference Curve Analysis
iv. Law of Diminishing Marginal Utility
i iii ii iv
i iv iii ii
i ii iv iii
i iii iv ii

If the monopolist incurs loss in the short run, then in the long run
a.
he will go out of business

b.
he will stay in business

c.
he will break even

d.
any of the above is possible



a and b a and c


a only d only

The condition of Pareto Optimality holds correct under


Perfect Competition


Monopolistic Competition


Oligopoly


Monopoly


Assertion Compared to the individual supply curve, the aggregate supply curve is more elastic.
Reason There is the possibility of moving between being out of the labour force and being in the labour force.
Choose amongst the following the correct answer.
Codes

is correct, but is not the correct explanation of


is correct and is the correct explanation of


is correct, but is incorrect.


is incorrect, but is correct.






†£ÖÔ¿ÖÖáÖ

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… ¯ÖÏŸµÖêÛú ¯ÖÏ¿®Ö Ûêú ¤üÖê †ÓÛú Æïü … ÃÖ³Öß ¯ÖÏ¿®Ö †×®Ö¾ÖÖµÖÔ Æïü …
1.

2.

3.

4.


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ºþ¯ÖÖ®ŸÖ¸ü ¾ÖÛÎú


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ÃÖæ"Öß I ÃÖæ"Öß II
a.
"ÖÖµÖ ‹¾ÖÓ ÛúÖò±úß 1. ¾Öî²Ö»Ö®Ö ¾ÖßÖã‹Ñ

b.
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c.
þÖÞÖÔ ‹¾ÖÓ Æü߸êü 3. ×ÝÖ×±ú®Ö ¾ÖßÖã‹Ñ

d.
¸üÖÝÖß ‹¾ÖÓ ²ÖÖ•Ö¸üÖ 4. ¯Öæ¸üÛú ¾ÖßÖã‹Ñ




Ûæú™üü
a b c d

2 1 3 4


2 4 1 3


4 1 2 3


4 3 1 2


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†
»¯ÖÛúÖ»Ö ²ÖÖ•ÖÖ¸ü ´ÖÖÑÝÖ ‹¾ÖÓ ²ÖÖ•ÖÖ¸ü

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Ûæú™ü

†Öî¸ü ¤üÖê®ÖÖë ÃÖŸµÖ Æïü †Öî¸ü

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ÃÖŸµÖ Æîü, ¯Ö¸ü®ŸÖã †ÃÖŸµÖ Æîü …


†ÃÖŸµÖ Æîü, ¯Ö¸ü®ŸÖã ÃÖŸµÖ Æîü …



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i. ´ÖÖÑÝÖ ÛúÖ ×®ÖµÖ´Ö
ii. †×³Ö¾µÖŒŸÖ †×¬Ö´ÖÖ®Ö ×¾Ö¿»ÖêÂÖÞÖ
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iv. ÈüÖÃÖ´ÖÖ®Ö ÃÖß´ÖÖ®ŸÖ ˆ¯ÖµÖÖê×ÝÖŸÖÖ ÛúÖ ×®ÖµÖ´Ö

i iii ii iv


i iv iii ii


i ii iv iii


i iii iv ii



6. µÖפü ‹Ûú ‹ÛúÖ׬ÖÛúÖ¸üß †»¯ÖÛúÖ»Ö ´Öë ÆüÖ×®Ö ˆšüÖŸÖÖ Æîü ŸÖÖê ×±ú¸ü ¤üß'ÖÔÛúÖ»Ö ´Öë ¾ÖÆü

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ˆ¯ÖµÖãÔŒŸÖ ´Öë ÃÖê ÛúÖê‡Ô ³Öß ÃÖÓ³ÖÖ×¾ÖŸÖ Æîü …



a †Öî¸ü b a †Öî¸ü c


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‹ÛúÖ׬ÖÛúÖ¸ü



8. †×³ÖÛú£Ö®Ö ¾µÖ׌ŸÖÝÖŸÖ ¯ÖæÙŸÖ ¾ÖÛÎú Ûúß ŸÖã»Ö®ÖÖ ÃÖ´ÖÝÖÏ ¯ÖæÙŸÖ ¾ÖÛÎú •µÖÖ¤üÖ »ÖÖê"Ö¤üÖ¸ü ÆüÖêŸÖÖ Æîü … ÛúÖ¸üÞÖ ÁÖ´Ö ²Ö»Ö ÃÖê ²ÖÖÆü¸ü ÆüÖê®Öê ŸÖ£ÖÖ ÁÖ´Ö ²Ö»Ö ´Öë ÆüÖê®Öê Ûêú ²Öß"Ö †Ö®Öê-•ÖÖ®Öê Ûúß ÃÖÓ³ÖÖ¾Ö®ÖÖ ¸üÆüŸÖß Æîü …
×®Ö´®Ö×»Ö×ÜÖŸÖ ´Öë ÃÖê ÃÖÆüß ˆ¢Ö¸ü ÛúÖ "ÖµÖ®Ö Ûú¸ëü


Ûæú™ü

ÃÖÆüß Æîü, ¯Ö¸ü®ŸÖã Ûúß ÃÖÆüß ¾µÖÖܵÖÖ ®ÖÆüà Æîü …


ÃÖÆüß Æîü †Öî¸üü Ûúß ÃÖÆüß ¾µÖÖܵÖÖ Æîü …


ÃÖÆüß Æîü, ¯Ö¸ü®ŸÖã ÝÖ»ÖŸÖ Æîü …


ÝÖ»ÖŸÖ Æîü, ¯Ö¸ü®ŸÖã ÃÖÆüß Æîü …



9. Assuming life cycle hypothesis, let a person starts working when he is 20 years old, works until the age of 60 and expects to die at the age of 70. If this person earns, say 1.50 lac annually when he is 20-30 years, 2 lac annually when he is 30-45 years, and 3 lac annually when he is 40­60 years, then his life time average propensity to consume is

0.60


0.70


0.80


0.90



10. With reference to demand for money, match List I with List II
List I List II
a.
Demand for 1. J.M. money is stable Keynes

b.
Liquidity 2. W. Preference as Baumol behaviour towards risk

c.
Inventory 3. James Theoretic Tobin Approach

d.
No portfolio 4. Milton diversification Friedman




Codes
a b c d

4 3 1 2


3 4 1 2


2 1 3 4


4 3 2 1



11. The negative relationship between the gap between actual GDP and its trend value and the difference between actual unemployment rate and its equilibrium value is called

The Aggregate Supply Curve


The Phillips Curve


The Natural Rate of Unemployment Hypothesis


Okun's Law



12. It is often true that as the economy begins to recover from a recession, the unemployment rate rises because

as the economy initially recovers from a recession the demand for goods and services falls, so the demand for workers falls.


as the economy begins to recover from a recession, workers who were previously discouraged about their chances of finding a job begin to look for work again.


as the economy begins to recover from a recession because of the errors in the way the data are collected.


as the economy initially recovers from a recession, firms do not immediately increase the number of workers they hire. Firms wait to hire more individuals until they are convinced that the recovery is strong.



9. •Öß¾Ö®Ö "ÖÛÎú ¯ÖÏÖŒÛú»¯Ö®ÖÖ ´ÖÖ®ÖŸÖê Æãü‹, ´ÖÖ®Ö »ÖÖê ‹Ûú ¾µÖ׌ŸÖ •Ö²Ö ¾ÖÆü 20 ¾ÖÂÖÔ Ûúß †ÖµÖã ÛúÖ ÆüÖêŸÖÖ Æîü ÛúÖ´Ö Ûú¸ü®ÖÖ ¯ÖÏÖ¸ü´³Ö Ûú¸üŸÖÖ Æîü, 60 ¾ÖÂÖÔ Ûúß †ÖµÖã ŸÖÛú ÛúÖ´Ö Ûú¸üŸÖÖ Æîü †Öî¸ü 70 ¾ÖÂÖÔ Ûúß †ÖµÖã ŸÖÛú ´Ö¸ü®Öê Ûúß †¯ÖêõÖÖ Ûú¸üŸÖÖ Æîü … µÖפü µÖÆü ¾µÖ׌ŸÖ,
•Ö²Ö 20-30 ¾ÖÂÖÔ ÛúÖ ÆüÖêŸÖÖ Æîü ´ÖÖ®Ö »ÖÖê,
1.50 »ÖÖÜÖ ¾ÖÖÙÂÖÛú Ûú´ÖÖŸÖÖ Æîü, •Ö²Ö ¾ÖÆü 30-45 ¾ÖÂÖÔ Ûúß †ÖµÖã ÛúÖ Æîü ŸÖÖê 2 »ÖÖÜÖ ¾ÖÖÙÂÖÛú Ûú´ÖÖŸÖÖ Æîü, †Öî¸ü •Ö²Ö ¾ÖÆü 40-60 ¾ÖÂÖÔ ÛúÖ ÆüÖêŸÖÖ Æîü ŸÖÖê 3 »ÖÖÜÖ ¾ÖÖÙÂÖÛú Ûú´ÖÖŸÖÖ Æîü, ŸÖÖê ˆ¯Ö³ÖÖÝêÖ Ûúß ˆÃÖÛúß •Öß¾Ö®Ö ÛúÖ×»ÖÛú †ÖîÃÖŸÖ ¯ÖϾÖé×¢Ö ŒµÖÖ ÆüÖêÝÖß

0.60 0.70


0.80 0.90



10. ´Öã¦üÖ Ûúß ´ÖÖÑÝÖ Ûêú ÃÖ´²Ö®¬Ö ÃÖæ"Öß-I ÛúÖê ÃÖæ"Öß-II Ûêú ÃÖÖ£Ö ÃÖã´Öê×»ÖŸÖ Ûú¸ëü


ÃÖæ"Öß I ÃÖæ"Öß II
a.
´Öã¦üÖ Ûúß ´ÖÖÑÝÖ 1. •Öê.‹´Ö. Ûúß®ÃÖ ×ãָü Æîü

b.
•ÖÖê×ÜÖ´Ö Ûêú ¯ÖÏ×ŸÖ 2. ›ü²»µÖæ. ²ÖÖò´ÖÖê»Ö ¾µÖ¾ÖÆüÖ¸ü Ûêú ºþ¯Ö ´Öë ŸÖ¸ü»ÖŸÖÖ ¾Ö¸üßµÖŸÖÖ

c.
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d.
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Ûæú™üü
a b c d

4 3 1 2


3 4 1 2


2 1 3 4


4 3 2 1



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†Öî¸ü ˆÃÖÛêú ÃÖÓŸÖã»Ö®Ö ´Öæ»µÖ Ûêú ²Öß"Ö •ÖÖê †®ŸÖ¸ü Æîü ¤üÖê®ÖÖë Ûêú ²Öß"Ö ŠúÞÖÖŸ´ÖÛú ÃÖ´²Ö®¬Ö ŒµÖÖ ÛúÆü»ÖÖŸÖÖ Æîü

ÃÖ´ÖÝÖÏ ¯ÖæÙŸÖ ¾ÖÛÎú


×±ú×»Ö¯ÃÖ ¾ÖÛÎú


²Öê¸üÖê•ÖÝÖÖ¸üß Ûúß ¯ÖÏÖÛéúןÖÛú ¤ü¸ü Ûúß ¯ÖÏÖŒÛú»¯Ö®ÖÖ


†ÖêÛú®Ö ÛúÖ ×®ÖµÖ´Ö



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13. When additional government expenditure is financed by selling government securities, then what will be the nature of crowding out effect, given in List I in the context of the situation given in List II
List I List II Crowding out Situation effect
a.
Full 1. Keynesian Range

b.
Partial 2. Classical Range

c.
Nil 3. Intermediate Range



Codes
a b c

2 3 1


3 1 2


1 3 2


1 2 3



14. Match items given in List I with those in List II
List I List II
a.
Equation of 1. J.M. Exchange Keynes

b.
Cash Balances 2. Irving Approach Fisher

c.
Regressive 3. W.J. Expectation Baumol model of Demand for Money

d.
Square Root 4. A.C. Formula of Pigou Demand for and Money Alfred


Marshall
Codes
a b c d

2 4 1 3


3 2 4 1


4 3 1 2


1 3 2 4



15. The premise, that benefit of economic growth will reach all sections of population is called

Trickle up effect


Trickle down effect


Take-off effect


Backlash effect



16. In whose growth model, entrepreneur's significance is pivotal

Keynes


Schumpeter


Harrod


Domar



17. The classical model of economic development emphasises

Laissez-Faire Policy


Capital Accumulation


Both and


None of these



18. Which one of the following pairs is not correctly matched

Author Book

Simon Asian Drama Kuznets


J. Robinson Essays in the Theory of Economic Growth


Karl Marx Das Kapital


A.W. Lewis Theory of Economic Growth



19. What does change in economic growth

Structure of economy


Mindsets of people


National Income


None of these



13. •Ö²Ö †×ŸÖ׸üŒŸÖ ÃÖ¸üÛúÖ¸üß ¾µÖµÖ ÃÖ¸üÛúÖ¸üß ¯ÖÏןֳÖæןֵÖÖë Ûêú ×¾ÖÛÎúµÖ Ûêú «üÖ¸üÖ ×¾Ö¢Ö¯ÖÖê×ÂÖŸÖ ÆüÖêŸÖÖ Æîü ŸÖÖê ×±ú¸ü ÃÖæ"Öß-II ´Öë ¤üß ÝÖ‡Ô ×ãÖ×ŸÖ Ûêú ÃÖ®¤ü³ÖÔ ´Öë ÃÖæ"Öß-I ´Öë פüµÖê ÝÖµÖê ÛÎúÖ‰úØ›üÝÖ †Ö‰ú™ü ¯ÖϳÖÖ¾Ö Ûúß ¯ÖÏÛéú×ŸÖ ŒµÖÖ ÆüÖêÝÖß


ÃÖæ"Öß I ÃÖæ"Öß II
(ÛÎúÖ‰úØ›üÝÖ †Ö‰ú™ü (×ãÖןÖ) ¯ÖϳÖÖ¾Ö)
a.
¯ÖæÞÖÔ 1. Ûúß®ÃÖ¾ÖÖ¤üß ×¾ÖßÖéןÖ

b.
†ÖÓ׿ÖÛú 2. Œ»ÖÖ×ÃÖÛú»Ö ×¾ÖßÖéןÖ

c.
¿Öæ®µÖ 3. ´Ö¬µÖ¾ÖŸÖá ×¾ÖßÖéןÖ




Ûæú™üü
a b c

2 3 1


3 1 2


1 3 2


1 2 3



14. ÃÖæ"Öß-I ´Öë ¤üß ÝÖ‡Ô ´Ö¤üÖë ÛúÖê ÃÖæ"Öß-II ´Öë ¤üß ´Ö¤üÖë Ûêú ÃÖÖ£Ö ÃÖã´Öê×»ÖŸÖ Ûú¸ëü

ÃÖæ"Öß I ÃÖæ"Öß II
a.
×¾Ö×®Ö´ÖµÖ ÛúÖ 1. •Öê.‹´Ö. Ûúß®ÃÖ ÃÖ´ÖßÛú¸üÞÖ

b.
®ÖÛú¤ü ¿ÖêÂÖ ˆ¯ÖÖÝÖ´Ö 2. ‡¸üؾÖÝÖ ×±ú¿Ö¸ü

c.
´Öã¦üÖ Ûúß ´ÖÖÑÝÖ ÛúÖ 3. ›ü²»µÖæ.•Öê. ²ÖÖò´ÖÖê»Ö ¯ÖÏןÖÝÖÖ´Öß ¯ÖÏŸµÖÖ¿ÖÖ ´ÖÖò›ü»Ö

d.
´Öã¦üÖ Ûúß ´ÖÖÑÝÖ ÛúÖ 4. ‹.ÃÖß. ¯ÖßÝÖæ ‹¾ÖÓ ¾ÖÝÖÔ´Öæ»Ö ±úÖò´ÖæÔ»ÖÖ †»±Ïêú›ü ´ÖÖ¿ÖÔ»Ö




Ûæú™üü
a b c d

2 4 1 3


3 2 4 1


4 3 1 2


1 3 2 4



15. µÖÆü ¬ÖÖ¸üÞÖÖ ×Ûú †ÖÙ£ÖÛú ÃÖÓ¾Öéרü ÛúÖ »ÖÖ³Ö
•Ö®ÖÃÖÓܵÖÖ Ûêú ÃÖ³Öß ¾ÖÝÖÖí ÛúÖê ¯ÖÆãÑü"ÖêÝÖÖ ŒµÖÖ ÛúÆü»ÖÖŸÖß Æîü

×™ÒüÛú»Ö †¯Ö ¯ÖϳÖÖ¾Ö


×™ÒüÛú»Ö ›üÖ‰ú®Ö ¯ÖϳÖÖ¾Ö


™êüÛú-†Öò±ú ¯ÖϳÖÖ¾Ö


¯ÖÏ×ŸÖ ¯ÖϳÖÖ¾Ö (²ÖîÛú»Öî¿Ö ¯ÖϳÖÖ¾Ö)



16. ×ÛúÃÖÛêú ÝÖÏÖê£Ö ´ÖÖò›ü»Ö ˆª´Öß ÛúÖ ´ÖÆü¢¾Ö ×®ÖÞÖÖÔµÖÛú µÖÖ ¬Öã¸üÖÝÖÏßµÖ ÆüÖêŸÖÖ Æîü

Ûúß®ÃÖ ¿Öã´¯Öß™ü¸ü


Æîü¸üÖê› ›üÖê´Ö¸ü



17. †ÖÙ£ÖÛú ×¾ÖÛúÖÃÖ ÛúÖ Œ»ÖÖ×ÃÖÛú»Ö ´ÖÖò›ü»Ö ×ÛúÃÖ ¯Ö¸ü
•ÖÌÖê¸ü ¤êüŸÖÖ Æîü

†ÆüßÖõÖê¯Ö ®ÖßןÖ


¯ÖæÑ•Öß ÃÖÓ"ÖµÖ


†Öî¸ü ¤üÖê®ÖÖë


‡®Ö´Öë ÃÖê ÛúÖê‡Ô ®ÖÆüà



18. ×®Ö´®Ö×»Ö×ÜÖŸÖ ´Öë ÃÖê ÛúÖî®Ö ÃÖÖ µÖãÝ´Ö ÃÖÆüß ´Öê×»ÖŸÖ ®ÖÆüà Æîü
»ÖêÜÖÛú ¯ÖãßÖÛú

ÃÖÖ‡´Ö®Ö Ûãú•Ö®Öê™ËüÃÖ ‹×¿ÖµÖ®Ö ›ÒüÖ´ÖÖ


•Öê. ¸üÖêײ֮ÖËÃÖ®Ö †ÃÖêÃÖ ‡®Ö ¤üß £µÖÖê¸üß †Öò±ú

‡ÛúÖê®ÖÖê×´ÖÛú ÝÖÏÖê£Ö


ÛúÖ»ÖÔ ´ÖÖŒÃÖÔ ¤üÖÃÖ Ûîú¯Öß™ü»Ö


‹. ›ü²»µÖæ. »Öê×¾ÖÃÖ £µÖÖê¸üß †Öò±ú


‡ÛúÖê®ÖÖê×´ÖÛú ÝÖÏÖê£Ö

19. †ÖÙ£ÖÛú ÃÖÓ¾Öéרü ´Öë ŒµÖÖ ¯Ö׸ü¾ÖÙŸÖŸÖ ÆüÖêŸÖÖ Æîü

†£ÖÔ¾µÖ¾ÖãÖÖ Ûúß ÃÖÓ¸ü"Ö®ÖÖ


»ÖÖêÝÖÖë Ûúß ´ÖÖ®Ö×ÃÖÛúŸÖÖ


¸üÖ™ÒüßµÖ †ÖµÖ


‡®Ö´Öë ÃÖê ÛúÖê‡Ô ®ÖÆüà



20. Which States/U.Ts. have been placed at first three places in Gender Development Index List 2006 made by the Government of India

Kerala, Cha