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PG Exam 2003 : Economics (Bharathiar University (BU), Coimbatore)

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Ravi
Bharathiar University (BU), Coimbatore
M.Sc Econometrics Econometrics

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PAPER-II ECONOMICS Signature and Name of Invigilator 1. (Signature) __________________________ (Name) ____________________________ 2. (Signature) __________________________ (Name) J 1 OMR Sheet No. : ............................................... (To be filled by the Candidate) Roll No. (In figures as per admission card) ____________________________ 0 1 Roll No.________________________________ (In words) 1 3 Time : 1 / hours] [Maximum Marks : 100 4 Number of Pages in this Booklet : 16 Instructions for the Candidates 1. Write your roll number in the space provided on the top of this page. 2. This paper consists of fifty multiple-choice type of questions. 3. At the commencement of examination, the question booklet will be given to you. In the first 5 minutes, you are requested to open the booklet and compulsorily examine it as below : (i) To have access to the Question Booklet, tear off the paper seal / polythene bag on the booklet. Do not accept a booklet without sticker-seal / without polythene bag and do not accept an open booklet. (ii) Tally the number of pages and number of questions in the booklet with the information printed on the cover page. Faulty booklets due to pages/questions missing or duplicate or not in serial order or any other discrepancy should be got replaced immediately by a correct booklet from the invigilator within the period of 5 minutes. Afterwards, neither the Question Booklet will be replaced nor any extra time will be given. (iii) After this verification is over, the OMR Sheet Number should be entered on this Test Booklet. 4. Each item has four alternative responses marked (A), (B), (C) and (D). You have to darken the circle as indicated below on the correct response against each item. Example : where (C) is the correct response. 5. Your responses to the items are to be indicated in the OMR Sheet given inside the Paper I Booklet only. If you mark at any place other than in the circle in the OMR Sheet, it will not be evaluated. 6. Read instructions given inside carefully. 7. Rough Work is to be done in the end of this booklet. 8. If you write your Name, Roll Number, Phone Number or put any mark on any part of the OMR Sheet, except for the space allotted for the relevant entries, which may disclose your identity, or use abusive language or employ any other unfair means, you will render yourself liable to disqualification. 9. You have to return the original OMR Sheet to the invigilators at the end of the examination compulsorily and must not carry it with you outside the Examination Hall. You are however, allowed to carry duplicate copy of OMR Sheet on conclusion of examination. 10. Use only Blue/Black Ball point pen. 11. Use of any calculator or log table etc., is prohibited. 12. There is no negative marks for incorrect answers. J-01-13 Number of Questions in this Booklet : 50 1. 2. 3. - , - (i) - : - - / / / - (ii) , - - (iii) 4. OMR 5. - (A), : (B), (C) (D) (C) I OMR OMR , 6. 7. 8. (Rough Work) OMR , , , , , 9. OMR 10. 11. OMR / ( ) 12. 1 P.T.O. ECONOMICS Paper II Note : This paper contains fifty (50) objective type questions of two (2) marks each. All questions are compulsory. 1. 5. (A) If MPL/MPK does not change with any proportionate change in labour and capital then the production function is (A) Linear (B) Non-linear (C) Homogeneous (D) Homothetic 6. Match the items in the List I with items in List II. Select the correct answer from the code given below : List I List II I. Agency 1. O.E. Williamson Theory of Firm II. X2. M.C. Jensen and inefficiency W.J. Meckling III. The Utility 3. Wilfredo Pareto Maximisation Model IV.Edgeworth 4. Harvey box diagram Leibenstein first used by Codes : I II III IV (A) 3 2 1 4 (B) 1 2 4 3 (C) 2 3 4 1 (D) 3 4 1 2 7. Under Cournot Model of Duopoly, each duopolist will produce At the point of tangency between short- run average total cost and longrun average cost, the short-run marginal cost (A) greater than long-run marginal cost (B) less than long-run marginal cost (C) is far above long-run marginal cost (D) equals long-run marginal cost half the output (B) one-fourth of the output (C) one-sixth of the output (D) one-third of the total output 2. As long as the substitution effect dominates the income effect, the labour supply curve is (A) negatively sloped (B) positively sloped (C) bend backward (D) shifting towards left 3. The distinguishing characteristics of monopolistic competition are I. Product differentiation II. Non-price competition III. Large number of firms and freedom to entry and exit IV. Firms are interdependent Codes : (A) I & III are correct. (B) I, II and IV are correct. (C) I, II and III are correct. (D) I, III and IV are correct. 4. Assertion (A) : Monopoly is Pareto inefficient. Reason (R) : It would be possible to change the allocation of resources to make the amount of income he would be prepared to pay in exchange of the reduction in price. Codes : (A) Both (A) and (R) are correct and (R) is the correct explanation of (A). (R) is (B) (A) is correct, but not correct. (C) Both (A) and (R) are correct, but (R) is incorrect explanation of (A). (D) (R) is correct, but (A) is incorrect. Paper-II 2 J-01-13 8. The equilibrium in a market is incomplete with increasing returns to scale only in the case of (A) imperfectly competitive market (B) monopolistic market (C) perfectly competitive market 12. Match the theory/criterion of investment determination as given below in List II with their propounders given below in List I : List I List II I. Dale a. Q-Theory Jorgenson II. J.M. Keynes b. Neo-classical (D) none of the above 9. 10. 11. If 1 = Involuntary unemployment; 2 = Disguised unemployment; 3 = Frictional unemployment; and 4 = Structural unemployment, then full employment is consistent with (A) 1 & 2 (B) 2 & 3 (C) 3 & 4 (D) 1 & 4 III. James Cohin IV. James Clark Codes : I (A) a (B) b (C) c (D) c In Keynes equation of absolute income hypothesis, C = 0 + by, where C = Consumption expenditure; 0 = Consumption expenditure when income (y) is zero; and b = Marginal Propensity to Consume (MPC), then which of the following statements is false ? (A) MPC is independent of the level of income. (B) MPC is dependent on the level of income. (C) APC falls as income rises. (D) APC > MPC. (A) The balanced budget multiplier is unity when taxes are lump sum taxes. (B) The balanced budget multiplier is less than unity when taxes are ad valorem taxes. (C) Tax multiplier is less than government expenditure multiplier. (D) Tax multiplier is more than government expenditure multiplier. (D) III b a a d IV c c b b Both (A) and (R) are incorrect. 14. The rate of net investment spending per time period depends on steepness of the downword slope of (A) Marginal efficiency of Investment Schedule (B) Marginal efficiency of Capital Schedule (C) LM-Schedule (D) IS-Schedule 4 not a d. Present Value Criterion 13. Assertion (A) : In liquidity trap, the demand for money is perfectly interest elastic. Reason (R) : Because in this situation, all the investors expect the market rate of interest to rise towards the natural rate of interest. Codes : (A) (A) and (R) both are correct and (R) is the correct explanation of (A). (B) (A) and (R) both are correct, but (R) is not the correct explanation of (A). but (R) is (C) (A) is correct, incorrect. Which of the following statements is false ? Paper-II 15. Which of the following is specifically mentioned as determinant of the demand for money ? II d d d a Theory c. Accelerator Theory J-01-13 20. Arrange the proponents of classical theory of development in a sequential order : I. David Ricardo (A) Wealth (B) Nominal yield on assets (C) Inflation rate (D) Real rate of interest II. Adam Smith III. J.S. Mill IV. Robert Malthus Codes : (A) II IV III (B) IV III I (C) III II IV (D) I II III alternative 16. Whose model of the following economists makes use of the stock adjustment principle to explain business cycles ? (A) N. Kaldor (B) J.R. Hicks (C) P. Samuelson (D) J.M. Keynes 17. 21. Assertion (A) : In Marxian scheme of things, M C M', where M' > M and M' M is surplus value. Reason (R) : The main cause of this surplus value is raw materials, machines, etc. Codes : (A) (A) is wrong but (R) is correct. (B) (A) is correct but (R) is wrong. (C) Both (A) and (R) are correct. The concept of vicious circle of poverty is associated with (A) J.M. Keynes (B) Ragner Nurkse (C) Karl Marx (D) J.S. Mill 18. (D) Both (A) and (R) are wrong. Inverted U shaped income distribution hypothesis is associated with (A) J.B. Clark (B) David Ricardo (C) Simon Kuznets (D) Adam Smith 19. Components of HDI are I. Longevity II. Infant mortality III. Educational attainment IV. Decent standard of living Codes : (A) I, II and III are correct. (B) II, III and IV are correct. (C) II, I, and IV are correct. (D) I, III and IV are correct. Paper-II 23. Match the items in the List I with items in List II : List I List II I. Critical Minimum 1. R.F. Kahn Effort Thesis II. Knife-edge 2. RosenteinEquilibrium Rodan III. Bastard Golden 3. Leibenstein Age I II I IV 22. Match the items in the List I with items in List II : List I List II I. Structural view of 1. Classical Underdevelopment Economists II. Laissez-faire Policy 2. Hollis Chenery III. Departmental 3. Steady State Scheme of Growth Expanded Reproduction IV. Golden Age of 4. Karl Marx Accumulation Codes : I II III IV (A) 2 1 4 3 (B) 4 2 3 1 (C) 1 4 2 3 (D) 3 4 1 2 6 J-01-13 27. Provide the correct answer about the desired growth target of the manufacturing sector in the medium term as per the National Manufacturing Policy of India. (A) 6 8 percent (B) 8 10 percent (C) 10 12 percent (D) 12 14 percent IV. Big Push Theory Codes : I II III (A) 3 4 1 (B) 1 3 4 (C) 2 1 3 (D) 4 2 1 4. Harrod 28. Which of the following countries have better Human Development Index (HDI) as per the HDR 2011 ? I. Sri Lanka II. Pakistan III. Kenya IV. Egypt Codes : (A) Sri Lanka and Egypt (B) Sri Lanka and Kenya (C) Pakistan and Sri Lanka (D) Pakistan and Kenya IV 2 2 4 3 24. Which years in India have been the best and the worst in terms of growth rate of national income ? (A) 2007-08 and 1997-98 (B) 2006-07 and 1966-67 (C) 1988-89 and 1979-80 (D) 2003-04 and 1957-58 29. What was the amount of outlay under MGNREGA in 2011-12 by the Government of India ? (A) ` 25,000 crore (B) ` 30,000 crore (C) ` 40,000 crore (D) ` 55,000 crore 25. Rank the States in ascending order of the crude birth rate in the recent years : I. Andhra Pradesh II. Karnataka III. Madhya Pradesh IV. Uttar Pradesh Codes : (A) I, II, III, IV (B) II, III, I, IV (C) I, II, IV, III (D) II, I, IV, III 26. 30. Provide correct answer about the share of India in the world merchandize exports in 2010 : (A) 0.5 percent (B) 0.9 percent (C) 1.1 percent (D) 1.5 percent Which five year plan of India has recorded the largest gap in terms of growth rate between the services sector and the industrial sector ? (A) Seventh Plan (B) Eighth Plan (C) Ninth Plan (D) Tenth Plan Paper-II 31. If the cost of transporting a goods between two nations exceeds the pretrade difference for the goods between two nations, then trade in that goods is (A) possible (B) impossible (C) reversal (D) cannot say 8 J-01-13 32. According to the Rybczynski theorem, the growth of only one factor at constant relative commodity prices, leads to an absolute expansion in the output of (A) both commodities 35. Which of the following is true with respect to the monetary approach to the balance of payments ? (A) It views the balance of payments as an essentially monetary phenomenon. (B) A balance of payments deficit results from an excess demand of money in the nation. (B) the commodity using the growing factor intensively (C) the commodity using the non-growing factor intensively (D) any of the above (C) A balance of payments surplus results from an excess supply of money. (D) Balance of payments disequilibrium are not automatically corrected in the long run. 33. The exchange rate is kept the same in all parts of the market by (A) exchange arbitrage (B) interest arbitrage (C) hedging (D) speculation 36. When a nation imposes an import tariff, the nation s offer curve will (A) shift away from the axis are relevant conditions assumed by the factor price equalization theorem ? I. The countries are characterised by different factor endowments. AI. The countries are characterised by different production functions. BI. The industries are characterised by different factor intensities. IV. Each country will export the commodity which uses its abundant factor relatively intensively. Codes : measuring commodity. 34. Which (A) I, II, III, IV (B) away from the (C) axis not shift. (D) any of the above is possible. 37. If the international terms of trade settle at a level that is between each country s opportunity cost then (A) there is no basis for gainful trade for either country. (B) I, II, IV (D) shift export measuring its import commodity. I, III, IV (C) (B) its I, III, II both countries gain from trade. (C) only one country gains from trade. (D) one country gains and the other country loses from trade. Paper-II 10 38. Arrange the following in chronological order : I. The Indirect Tax Enquiry Committee (Jha Committee) AI. Tax Reforms Committee (Chelliah Committee) BI. Taxation Enquiry Commission (Matthur Commission) IV. The Direct Tax Enquiry Committee (Wanchoo Committee) Codes : (A) III, II, IV, I (B) III, I, IV, II (C) II, III, I, IV (D) III, IV, I, II 39. Which of the following are relevant in Zero Base Budgeting ? I. AI. Each item of expenditure is challenged in pre-budget review. No minimum level of expenditure is allowed to be taken as given. BI. Expenditure of each increased marginally. IV. item is Most item of expenditure is taken for granted when budget is prepared for the next year. Codes : (A) I and III are correct. (B) I, II and IV are correct. (C) I and II are correct. (D) I, III and IV are correct. Match the items given in List I with those in List II : List I List II I. Optimal 1. Charles Tiebout Income Taxation AI. An Economic 2. Peter A. Phyrr Theory of Politics III. Local Public 3. F. Ramsey Goods IV.Zero Base 4. Anthony Downs Budgeting Codes : I II III IV (A) 3 1 4 2 (B) 2 3 1 4 (C) 3 2 1 4 (D) 3 4 1 2 41. Which of the following is tantamount to absence of taxation ? (A) Shifting of the tax (B) Tax transformation (C) Evasion of tax (D) Tax capitalisation 42. Which of the following tax is within the jurisdiction of States as enumerated in List II of the Schedule VII of the Constitution of India ? (A) Taxes on Railway freights and fares. (B) Taxes on sale and purchase of newspapers and on advertisement therein. (C) Rate of stamp duty in respect of certain financial documents. (D) Taxes on luxuries, including entertainments, betting and gambling. Paper-II 43. Cohin Clark has argued that for most countries of the world, the safe upper limit of taxation is (A) 40 percent of national income (B) 30 percent of national income (C) 25 percent of national income 12 48. Ran (A) (B) (C) (D) 20 percent of national income 44. Which of the following tax can be shifted easily ? (A) Lump-sum tax imposed on the monopolist (B) Tax imposed on residential house (C) Capital goods meant for sale (D) Succession duty 45. In a binomial distribution, the sum of mean and variance is 15 and the product of mean and variance is 54, then the number of observations (n) is equal to (A) 27 (B) 30 (C) 24 (D) 33 46. If r is the correlation coefficient and byx and bxy are the regression coefficients of the regression lines y on x and x on y respectively, then r = (A) bxy byx (B) bxy / byx (C) 1 bxy byx (D) bxy byx 47. 2 (chi-square) test is used to test (A) analysis of variance (B) association between the qualitative variables (C) difference between means of two distributions drawn from the same population. (D) difference between the means of two distributions drawn from different population. Paper-II

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