UGC NET Economics December 2024 Question PaperPaper 1 & Paper 2 with Answer Key

50 questions with the answer key and explanations.

1. Question 1

   For shop B, the number of printers and speakers sold is ____ % more than the number of cameras sold.

   The following table shows 40% of the number of cameras sold and half of the number of printers sold by four shops A, B, C and D, along with the ratio of cameras to speakers sold.

   Shop	40% of cameras sold	Half of printers sold	Ratio of cameras to speakers sold
   A	200	-	5:3
   B	320	220	-
   C	-	300	-
   D	240	190	6:7

   Notes: (1) Total number of cameras, printers and speakers sold by shop A is 1160. (2) Ratio of cameras to speakers sold by B is 10:7. (3) For shop C, the number of cameras sold is four times the number of speakers sold. (4) Some values are missing in the table and may be computed if needed.

   Shop-wise sale details of cameras, printers and speakers

   1. A40
   2. B25
   3. C10
   4. D35

   Answer: (B) 25

   Explanation

   For shop B, 40% of cameras is 320, so cameras = 800. The ratio of cameras to speakers is 10:7, so speakers = 560. Half of printers is 220, so printers = 440. Printers plus speakers = 1000, which is 200 more than 800; 200/800 x 100 = 25%.

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2. Question 2

   In shop A, if the number of pen drives sold is 120% of the average number of speakers and cameras sold, then what is the difference between the number of pen drives and printers sold?

   The following table shows 40% of the number of cameras sold and half of the number of printers sold by four shops A, B, C and D, along with the ratio of cameras to speakers sold.

   Shop	40% of cameras sold	Half of printers sold	Ratio of cameras to speakers sold
   A	200	-	5:3
   B	320	220	-
   C	-	300	-
   D	240	190	6:7

   Notes: (1) Total number of cameras, printers and speakers sold by shop A is 1160. (2) Ratio of cameras to speakers sold by B is 10:7. (3) For shop C, the number of cameras sold is four times the number of speakers sold. (4) Some values are missing in the table and may be computed if needed.

   Shop-wise sale details of cameras, printers and speakers

   1. A120
   2. B180
   3. C140
   4. D160

   Answer: (A) 120

   Explanation

   For shop A, 40% of cameras is 200, so cameras = 500. With cameras:speakers = 5:3, speakers = 300. Total cameras, printers and speakers is 1160, so printers = 1160 - 500 - 300 = 360. Pen drives are 120% of the average of cameras and speakers: average = 400, so pen drives = 480. Difference = 480 - 360 = 120.

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3. Question 3

   The total number of cameras and printers sold by shop A is ____ more than the number of printers sold by shop D.

   The following table shows 40% of the number of cameras sold and half of the number of printers sold by four shops A, B, C and D, along with the ratio of cameras to speakers sold.

   Shop	40% of cameras sold	Half of printers sold	Ratio of cameras to speakers sold
   A	200	-	5:3
   B	320	220	-
   C	-	300	-
   D	240	190	6:7

   Notes: (1) Total number of cameras, printers and speakers sold by shop A is 1160. (2) Ratio of cameras to speakers sold by B is 10:7. (3) For shop C, the number of cameras sold is four times the number of speakers sold. (4) Some values are missing in the table and may be computed if needed.

   Shop-wise sale details of cameras, printers and speakers

   1. A480
   2. B380
   3. C640
   4. D300

   Answer: (A) 480

   Explanation

   For shop A, cameras = 500 and printers = 360, so their total is 860. For shop D, half of printers is 190, so printers = 380. The difference is 860 - 380 = 480.

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4. Question 4

   What is the ratio of the number of speakers sold by shop B to the number of speakers sold by shop D?

   The following table shows 40% of the number of cameras sold and half of the number of printers sold by four shops A, B, C and D, along with the ratio of cameras to speakers sold.

   Shop	40% of cameras sold	Half of printers sold	Ratio of cameras to speakers sold
   A	200	-	5:3
   B	320	220	-
   C	-	300	-
   D	240	190	6:7

   Notes: (1) Total number of cameras, printers and speakers sold by shop A is 1160. (2) Ratio of cameras to speakers sold by B is 10:7. (3) For shop C, the number of cameras sold is four times the number of speakers sold. (4) Some values are missing in the table and may be computed if needed.

   Shop-wise sale details of cameras, printers and speakers

   1. A9:2
   2. B7:8
   3. C4:5
   4. D3:2

   Answer: (C) 4:5

   Explanation

   For shop B, cameras = 800 and cameras:speakers = 10:7, so speakers = 560. For shop D, cameras = 600 and cameras:speakers = 6:7, so speakers = 700. The required ratio is 560:700 = 4:5.

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5. Question 5

   If the average number of printers and speakers sold by shop C is 350, then what is the average number of cameras and printers sold by shop C?

   The following table shows 40% of the number of cameras sold and half of the number of printers sold by four shops A, B, C and D, along with the ratio of cameras to speakers sold.

   Shop	40% of cameras sold	Half of printers sold	Ratio of cameras to speakers sold
   A	200	-	5:3
   B	320	220	-
   C	-	300	-
   D	240	190	6:7

   Notes: (1) Total number of cameras, printers and speakers sold by shop A is 1160. (2) Ratio of cameras to speakers sold by B is 10:7. (3) For shop C, the number of cameras sold is four times the number of speakers sold. (4) Some values are missing in the table and may be computed if needed.

   Shop-wise sale details of cameras, printers and speakers

   1. A480
   2. B540
   3. C420
   4. D500

   Answer: (D) 500

   Explanation

   For shop C, half of printers is 300, so printers = 600. If the average of printers and speakers is 350, their sum is 700, so speakers = 100. Cameras are four times speakers, so cameras = 400. The average of cameras and printers is (400 + 600) / 2 = 500.

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6. Question 6

   Which of the following believed in the technocratic control of media?

   1. AJohn Milton
   2. BHarold Lasswell
   3. CRabindranath Tagore
   4. DK. Rama Rau

   Answer: (B) Harold Lasswell

   Explanation

   Harold Lasswell is associated with communication theory and the idea of systematic, administrative and technocratic control of media. John Milton is linked with press freedom, Tagore with literary and educational thought, and K. Rama Rau with Indian journalism.

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7. Question 7

   Match List-I with List-II.

   List-I (Document)	List-II (Recommendation)
   A. Macaulay's Minute	I. Promotion of science knowledge among inhabitants
   B. Dispatch of 1854	II. Establishment of a Sanskrit College at Calcutta
   C. Rajaram Mohan Roy Memorandum	III. Establishment of a college in Nadiea
   D. Lord Minto's Minute	IV. Closure of oriental learning institutions

   Documents and recommendations

   1. AA-I, B-II, C-III, D-IV
   2. BA-II, B-III, C-IV, D-I
   3. CA-III, B-IV, C-I, D-II
   4. DA-IV, B-I, C-II, D-III

   Answer: (D) A-IV, B-I, C-II, D-III

   Explanation

   Macaulay's Minute is linked with closure of oriental learning institutions; the Dispatch of 1854 promoted science knowledge; Rajaram Mohan Roy's memorandum supported establishment of a Sanskrit College at Calcutta; Lord Minto's Minute relates to establishment of a college in Nadiea. Hence A-IV, B-I, C-II, D-III.

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8. Question 8

   Match List-I with List-II.

   List-I (Intension)	List-II (Description)
   A. Subjective	I. When a word or phrase is defined in terms of another word or phrase that has the same meaning
   B. Objective	II. The commonly accepted intension of a term
   C. Conventional	III. Set of all attributes the speaker believes to be possessed by the object
   D. Synonymous	IV. Total set of attributes shared by all objects in the extension of a term

   Types of intension and descriptions

   1. AA-II, B-III, C-I, D-IV
   2. BA-I, B-II, C-III, D-IV
   3. CA-III, B-IV, C-II, D-I
   4. DA-IV, B-I, C-III, D-II

   Answer: (C) A-III, B-IV, C-II, D-I

   Explanation

   Subjective intension is the attributes the speaker believes the object has. Objective intension is the attributes shared by all objects in the extension. Conventional intension is the commonly accepted meaning. Synonymous intension defines a term through another term with the same meaning. Hence A-III, B-IV, C-II, D-I.

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9. Question 9

   Which of the following are contextual variables of mediated violence listed by W. James Potter? A. Materialism; B. Religious temperament; C. Reward; D. Identification with media characters; E. Motive.

   1. AA, B, C only
   2. BB, C, D only
   3. CA, D, E only
   4. DC, D, E only

   Answer: (D) C, D, E only

   Explanation

   Potter's contextual variables for mediated violence include reward, identification with media characters, and motive. Materialism and religious temperament are broader social or personal factors, not the listed contextual variables here.

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10. Question 10

    A teacher wants to create a collaborative learning environment where students can prepare an assignment with the help of each other in a shared document in real time. Which tool would be most suitable for this purpose?

    1. AIdeaboardz
    2. BGoogle Docs
    3. CScreencast-O-Matic
    4. DMiro

    Answer: (B) Google Docs

    Explanation

    Google Docs allows multiple users to edit the same document in real time, making it suitable for collaborative assignment preparation. Ideaboardz and Miro are mainly board tools, while Screencast-O-Matic is for screen recording.

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11. Question 11

    Match List-I with List-II.

    List-I (Square of opposition)	List-II (Result)
    A. If A is true	I. A is undetermined; I is true
    B. If E is false	II. E is false, A is true
    C. If I is true	III. I is true, E is false
    D. If O is false	IV. O is undetermined, E is false

    Square of opposition and result

    1. AA-I, B-II, C-III, D-IV
    2. BA-IV, B-I, C-II, D-III
    3. CA-IV, B-III, C-II, D-I
    4. DA-III, B-I, C-IV, D-II

    Answer: (D) A-III, B-I, C-IV, D-II

    Explanation

    In the square of opposition, if A is true then I is true and E/O relations follow as given in statement III; if E is false, A remains undetermined and I is true; if I is true, E is false but A is undetermined; if O is false, A is true and E is false. This gives A-III, B-I, C-IV, D-II.

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12. Question 12

    A woman walks 70 meters to the south of her house. She then turns left and walks 30 meters and then again turns north and walks 40 meters. Now she walks towards her house. In which direction is she walking now?

    1. AEast
    2. BNorth-East
    3. CSouth-East
    4. DNorth-West

    Answer: (D) North-West

    Explanation

    Starting from home, the woman goes 70 m south, then 30 m east, then 40 m north. She is now 30 m east and 30 m south of her house. To return home she must move north-west.

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13. Question 13

    Match List-I with List-II.

    List-I (Standard normal variate interval)	List-II (Probability)
    A. -1 <= Z <= +infinity	I. ~0.98
    B. -2 <= Z <= +1	II. ~0.48
    C. -infinity <= Z <= +2	III. ~0.84
    D. 0 <= Z <= +2	IV. ~0.82

    Standard normal variate intervals and probabilities

    1. AA-III, B-IV, C-I, D-II
    2. BA-IV, B-III, C-II, D-I
    3. CA-I, B-IV, C-II, D-III
    4. DA-II, B-III, C-I, D-IV

    Answer: (A) A-III, B-IV, C-I, D-II

    Explanation

    Using standard normal areas: P(Z >= -1) is about 0.84, P(-2 <= Z <= 1) is about 0.82, P(Z <= 2) is about 0.98, and P(0 <= Z <= 2) is about 0.48. Therefore A-III, B-IV, C-I, D-II.

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14. Question 14

    With reference to the MS Excel worksheet and formulae, which formulae can be used to add the values 10, 20 and 30?

    MS Excel worksheet snapshot

    Cell	Value
    A1	10
    A2	20
    A3	30

    Formulae

    Formula	Expression
    A	=SUM(A1:A3)
    B	=SUM(A1.A3)
    C	=A1+A2+A3
    D	=SUM(A1,A2,A3)
    E	=SUM(A1-A3)

    MS Excel worksheet values and formulae

    1. AA, C and D only
    2. BB and D only
    3. CD and E only
    4. DA, C, D and E only

    Answer: (A) A, C and D only

    Explanation

    =SUM(A1:A3), =A1+A2+A3, and =SUM(A1,A2,A3) correctly add cells A1, A2 and A3. The formulas using a dot or a hyphen do not correctly specify the three-cell addition range/list.

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15. Question 15

    Match List-I with List-II.

    List-I	List-II
    A. Low-road transfer	I. The transfer of learning that involves thinking about how to apply what has been learned to a new situation
    B. High-road transfer	II. The transfer of learning that involves looking back to a previous situation for information that might help solve a problem
    C. Forward-reaching transfer	III. The transfer of learning from one situation to another that is conscious and effortful
    D. Backward-reaching transfer	IV. The automatic, often unconscious transfer of learning to another situation

    Types of transfer of learning

    1. AA-IV, B-III, C-I, D-II
    2. BA-III, B-IV, C-I, D-II
    3. CA-I, B-III, C-IV, D-II
    4. DA-II, B-I, C-III, D-IV

    Answer: (A) A-IV, B-III, C-I, D-II

    Explanation

    Low-road transfer is automatic and often unconscious. High-road transfer is conscious and effortful. Forward-reaching transfer involves thinking how to apply learning to a new situation. Backward-reaching transfer looks back to an earlier situation for help. Hence A-IV, B-III, C-I, D-II.

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16. Question 16

    Match List-I with List-II.

    List-I (Phrase)	List-II (ICT Term)
    A. An example of high-level computer programming language	I. Mainframe
    B. A non-volatile memory that you can read from but not write to	II. LAN
    C. Computers used by airline companies to handle large volumes of data such as ticket reservations	III. Java
    D. A type of network where computers are connected within a home or company	IV. ROM

    ICT phrases and terms

    1. AA-III, B-I, C-IV, D-II
    2. BA-III, B-IV, C-I, D-II
    3. CA-II, B-III, C-I, D-IV
    4. DA-I, B-II, C-IV, D-III

    Answer: (B) A-III, B-IV, C-I, D-II

    Explanation

    Java is a high-level programming language, ROM is non-volatile read-only memory, mainframes handle large data volumes such as airline reservations, and LAN connects computers within a limited area such as a home or company. Hence A-III, B-IV, C-I, D-II.

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17. Question 17

    Identify the correct chronological sequence of the establishment of the following universities: A. Bhoj Open University; B. Karnataka State Open University; C. Netaji Subhash Open University; D. Nalanda Open University; E. Yashwantrao Chavan Open University.

    1. AA, E, B, D, C
    2. BD, E, A, B, C
    3. CB, D, E, C, A
    4. DC, D, E, A, B

    Answer: (B) D, E, A, B, C

    Explanation

    The chronological order is Nalanda Open University, Yashwantrao Chavan Open University, Bhoj Open University, Karnataka State Open University, and Netaji Subhash Open University, giving D, E, A, B, C.

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18. Question 18

    Which of the following are physical parameters of water quality? A. Hardness; B. pH; C. Temperature; D. Turbidity; E. TSS.

    1. AC, D and E only
    2. BA, B and C only
    3. CB, C and D only
    4. DA, B and E only

    Answer: (A) C, D and E only

    Explanation

    Physical parameters of water quality include temperature, turbidity and total suspended solids (TSS). Hardness and pH are usually treated as chemical parameters.

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19. Question 19

    According to Nyaya, Karana is also known as:

    1. ASamavayi Karana
    2. BAsamvayi Karana
    3. CNimitta Karana
    4. DSahaj Karana

    Answer: (C) Nimitta Karana

    Explanation

    In Nyaya philosophy, karana as the immediate operative cause is identified with nimitta karana. Samavayi and asamavayi refer to material/inherent and non-inherent causal relations.

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20. Question 20

    Which of the following are the co-operative learning strategies? A. Team-pair-solo; B. Fishbowl; C. Think-pair-share; D. Jigsaw; E. Numbered heads together.

    1. AB, D and E only
    2. BA, C and D only
    3. CA, B, C, D and E
    4. DB, C, D and E only

    Answer: (C) A, B, C, D and E

    Explanation

    All five listed methods can be used as cooperative learning strategies: team-pair-solo, fishbowl, think-pair-share, jigsaw and numbered heads together involve structured peer interaction.

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21. Question 21

    Identify the figure of the following syllogism: All great scientists are college graduates. Some professional athletes are college graduates. Therefore, some professional athletes are great scientists.

    1. AIst figure
    2. BIInd figure
    3. CIIIrd figure
    4. DIVth figure

    Answer: (B) IInd figure

    Explanation

    In the conclusion, the subject term is “professional athletes” and the predicate term is “great scientists”; the middle term is “college graduates”. In both premises the middle term appears as predicate, which is the second figure.

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22. Question 22

    World Wide Web (WWW) can be best described as:

    1. Aanother name for the Internet
    2. Ba network of computers accessible by people living in a wide geographical area
    3. Ca system of interlinked hypertext documents accessed through the Internet
    4. Da company's private digital workspace

    Answer: (C) a system of interlinked hypertext documents accessed through the Internet

    Explanation

    The World Wide Web is the system of interlinked hypertext documents and resources accessed through the Internet. It is not simply another name for the Internet, which is the underlying network infrastructure.

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23. Question 23

    A phenomenon in which exposure to a word or concept later makes it easier to recall related information, even when one has no conscious memory of the word or concept, is called:

    1. AExplicit memory
    2. BPriming
    3. CImplicit memory
    4. DDeclarative memory

    Answer: (B) Priming

    Explanation

    Priming occurs when prior exposure to a word or concept makes later recall of related information easier, even without conscious memory of the first exposure.

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24. Question 24

    Find the number that can replace the question mark (?) in the series: 1, 4, 27, 16, 125, ?, 343.

    1. A25
    2. B64
    3. C49
    4. D36

    Answer: (D) 36

    Explanation

    The series alternates cubes and squares: 1 = 1^3, 4 = 2^2, 27 = 3^3, 16 = 4^2, 125 = 5^3, so the missing term should be 6^2 = 36 before 343 = 7^3. The item is marked for review because the source answer key also lists option 2.

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25. Question 25

    Find out the correct chronological sequence of the following: A. British Broadcasting Corporation; B. Hip-Hop music; C. Hollywood; D. Hays Code; E. Chomsky's propaganda model.

    1. AC, A, D, B, E
    2. BD, B, A, E, C
    3. CE, D, C, A, B
    4. DA, E, B, C, D

    Answer: (A) C, A, D, B, E

    Explanation

    Hollywood emerged first, followed by the British Broadcasting Corporation, then the Hays Code, then hip-hop music, and later Chomsky's propaganda model. Hence C, A, D, B, E.

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26. Question 26

    Vikramashila was a renowned centre of:

    1. APhysical education
    2. BPictorial art
    3. CTantric Buddhism
    4. DCulinary art

    Answer: (C) Tantric Buddhism

    Explanation

    Vikramashila was one of the major ancient Buddhist universities of India and was especially associated with Vajrayana/Tantric Buddhist learning.

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27. Question 27

    Find the value of the expression correct up to 2 decimal places: [(0.96)^3 - (0.1)^3] / [(0.96)^2 + 0.096 + (0.1)^2].

    1. A0.84
    2. B0.81
    3. C0.86
    4. D0.82

    Answer: (C) 0.86

    Explanation

    Use the identity (a^3 - b^3)/(a^2 + ab + b^2) = a - b. With a = 0.96 and b = 0.1, the value is 0.96 - 0.1 = 0.86.

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28. Question 28

    If (L)M represents a number L in base-M number system, identify the correct ascending order of A-D when converted to decimal numbers: A. (11001.11)2; B. (123.2)4; C. (31.5)8; D. (19.6)16.

    1. AD, A, C, B
    2. BB, C, D, A
    3. CC, D, A, B
    4. DD, C, A, B

    Answer: (D) D, C, A, B

    Explanation

    Convert each to decimal: A = 25.75, B = 27.5, C = 25.625, and D = 25.375. In ascending order this is D, C, A, B.

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29. Question 29

    Which of the following were the recommendations of the Indian Universities Commission, 1902? A. Adoption of American system of education; B. Establishment of medical universities; C. Reorganization of university government; D. Changes in curricula; E. Changes in methods of examination.

    1. AA, B, C only
    2. BB, C, D only
    3. CA, D, E only
    4. DC, D, E only

    Answer: (D) C, D, E only

    Explanation

    The Indian Universities Commission, 1902 recommended reorganization of university governance and reforms in curricula and examination methods. It did not recommend adopting the American system or establishing medical universities.

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30. Question 30

    Jatin's smartphone has a SIM card installed but Amit's tablet is without a SIM card. Amit would like to access the internet using Jatin's smartphone network connection. Which of the following could be used to connect the tablet device to the internet?

    1. AGPS
    2. BNotifications
    3. CTethering
    4. DMessaging

    Answer: (C) Tethering

    Explanation

    Tethering shares a smartphone's mobile data connection with another device such as a tablet. GPS, notifications and messaging do not provide internet sharing.

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31. Question 31

    The automatic, often unconscious, transfer of learning to another situation is known as:

    1. AMental set
    2. BLow-road transfer
    3. CHigh-road transfer
    4. DMemory span

    Answer: (B) Low-road transfer

    Explanation

    Low-road transfer is the automatic and often unconscious transfer of learning from one situation to another. High-road transfer is deliberate and reflective.

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32. Question 32

    Arrange the following in correct order of their appearance in APA style for a conference presentation reference: A. Name of conference; B. Year of presentation; C. Last name of author; D. Location of conference.

    1. AA, B, C, D
    2. BA, D, C, B
    3. CC, B, A, D
    4. DC, A, D, B

    Answer: (C) C, B, A, D

    Explanation

    In APA style, a conference presentation reference begins with the author's last name, then the year/date, then the presentation title/conference details, and finally the location. Among the given elements, the order is C, B, A, D.

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33. Question 33

    When a person responds the same way to just about every item on a rating scale, this respondent is engaging in:

    1. ATelescoping
    2. BSatisficing
    3. CNon-differentiation
    4. DOptimizing

    Answer: (C) Non-differentiation

    Explanation

    Non-differentiation occurs when a respondent gives the same or nearly the same response across many rating-scale items instead of considering each item separately.

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34. Question 34

    Match List-I with List-II.

    List-I (Codes)	List-II (Description)
    A. Encoding	I. Many meanings
    B. Decoding	II. A linguistic system
    C. Polysemy	III. Process of creating a message according to a particular code
    D. Langue	IV. Process of using a code to decipher a message

    Codes and descriptions

    1. AA-I, B-II, C-III, D-IV
    2. BA-II, B-III, C-IV, D-I
    3. CA-III, B-IV, C-I, D-II
    4. DA-IV, B-I, C-II, D-III

    Answer: (C) A-III, B-IV, C-I, D-II

    Explanation

    Encoding is creating a message according to a code, decoding is using a code to decipher a message, polysemy means many meanings, and langue is a linguistic system. Hence A-III, B-IV, C-I, D-II.

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35. Question 35

    The approach to the study of reality that suggests that only knowledge gained through experience and the senses is acceptable refers to:

    1. ASymbolic interactionism
    2. BPostmodernism
    3. CEmpiricism
    4. DObjectivism

    Answer: (C) Empiricism

    Explanation

    Empiricism holds that knowledge comes primarily from experience and sensory observation. This directly matches the description in the question.

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36. Question 36

    The Banaras Sanskrit College was set up by:

    1. AJonathan Duncan
    2. BPandit Madan Mohan Malaviya
    3. CBishop Middleton
    4. DSurendranath Banerjee

    Answer: (A) Jonathan Duncan

    Explanation

    The Banaras Sanskrit College was established in 1791 by Jonathan Duncan, the British Resident at Banaras.

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37. Question 37

    What is the correct sequence, from initial to final, of particulate matter exposure to humans? A. Lungs; B. Soft tissues of organs; C. Blood; D. Inhalation.

    1. AD, A, B, C
    2. BD, A, C, B
    3. CA, C, B, D
    4. DA, C, D, B

    Answer: (B) D, A, C, B

    Explanation

    Particulate matter exposure begins with inhalation, reaches the lungs, can enter the blood, and may then affect soft tissues of organs. Thus the sequence is D, A, C, B.

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38. Question 38

    Find the fourth proportional to 4, 9, 12 and the third proportional to 16 and 36.

    1. A25, 77 respectively
    2. B27, 81 respectively
    3. C28, 81 respectively
    4. D27, 77 respectively

    Answer: (B) 27, 81 respectively

    Explanation

    The fourth proportional to 4, 9 and 12 is x where 4:9 = 12:x, so x = 27. The third proportional to 16 and 36 is y where 16:36 = 36:y, so y = 81.

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39. Question 39

    The idea of media allowing children to see the world even before they acquire the skill of roleplay is known as:

    1. AEarly show
    2. BEarly approach
    3. CEarly window
    4. DEarly acculturation

    Answer: (C) Early window

    Explanation

    “Early window” refers to media allowing children to see or experience the wider world before they have fully acquired certain role-play or social skills.

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40. Question 40

    Which of the following is incorrect?

    1. ATruth is an attribute of propositions
    2. BValidity is an attribute of an argument
    3. CInvalidity is an attribute of an argument
    4. DFalsity is an attribute of an argument

    Answer: (D) Falsity is an attribute of an argument

    Explanation

    Truth and falsity are attributes of propositions, while validity and invalidity are attributes of arguments. Therefore the statement “Falsity is an attribute of an argument” is incorrect.

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41. Question 41

    Identify the scale(s) of measurement that has/have an absolute zero point: A. Nominal; B. Interval; C. Ratio; D. Ordinal.

    1. AA and D only
    2. BB and C only
    3. CC only
    4. DB, C and D only

    Answer: (C) C only

    Explanation

    A ratio scale has an absolute zero point. Nominal and ordinal scales do not, and interval scales have equal intervals but no true zero.

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42. Question 42

    What is the correct sequence, from minimum to maximum, of soot emissions from vehicles running on different types of fuels? A. CNG fuelled vehicle; B. Petrol fuelled vehicle; C. Diesel fuelled vehicle; D. Hydrogen energy fuelled vehicle.

    1. AA, D, B, C
    2. BA, D, C, B
    3. CD, A, B, C
    4. DD, A, C, B

    Answer: (C) D, A, B, C

    Explanation

    Hydrogen vehicles have the lowest soot emissions, followed by CNG, then petrol, and diesel has the highest soot emissions. Thus the minimum-to-maximum order is D, A, B, C.

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43. Question 43

    How many core national missions are there in the National Action Plan on Climate Change?

    1. A5
    2. B6
    3. C7
    4. D8

    Answer: (D) 8

    Explanation

    The National Action Plan on Climate Change originally identified eight core national missions.

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44. Question 44

    In a certain code language, INDORE is coded as KPFQTG. How shall CHENNAI be coded in that language?

    1. AEIGOPBK
    2. BDIFOOBJ
    3. CEJGPPCK
    4. DKCPPGJE

    Answer: (C) EJGPPCK

    Explanation

    INDORE to KPFQTG shifts each letter two places forward: I->K, N->P, D->F, O->Q, R->T, E->G. Applying the same rule to CHENNAI gives EJGPPCK.

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45. Question 45

    Sound or noise is characterized by which of the following parameters? A. Pressure; B. Mass; C. Power; D. Quality; E. Intensity.

    1. AA, B and C only
    2. BB, D and E only
    3. CA, C and E only
    4. DA, C, D and E only

    Answer: (C) A, C and E only

    Explanation

    Sound/noise is characterized by measurable acoustic features such as pressure, power and intensity. Mass is not a sound parameter, and quality is not included in the selected scientific parameter set here.

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46. Question 46

    Which of the following is true?

    Science is the art of organizing and classifying facts. When you wish to make sure you are dealing with facts, seek scientific sources for their testing wherever possible. Men of science have neither a reason nor the inclination to modify or change facts, nor to misrepresent. The scientists are the most accurate thinkers in the world, because they are searching for whatever is there, not for what they would like to find there.

    When Madame Curie started out in search of radium, when nobody knew what radium was like, they didn't know how many molecules to the atom, they didn't know where to look for it; she started out with an open mind.

    1. AMadame Curie had a closed mind
    2. BMadame Curie had a dream about a metal
    3. CMadame Curie discovered radium by following the principles of science
    4. DMadame Curie already knew what radium was like

    Answer: (C) Madame Curie discovered radium by following the principles of science

    Explanation

    The passage says Madame Curie began with an open mind and searched scientifically for radium when its nature was unknown. Therefore the true statement is that she discovered radium by following the principles of science.

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47. Question 47

    To ascertain that one is dealing with facts, one should test them by:

    Science is the art of organizing and classifying facts. When you wish to make sure you are dealing with facts, seek scientific sources for their testing wherever possible. Men of science have neither a reason nor the inclination to modify or change facts, nor to misrepresent. The scientists are the most accurate thinkers in the world, because they are searching for whatever is there, not for what they would like to find there.

    When Madame Curie started out in search of radium, when nobody knew what radium was like, they didn't know how many molecules to the atom, they didn't know where to look for it; she started out with an open mind.

    1. ABeing scientific sources
    2. BBeing guided by one's emotions
    3. CBeing guided by one's close relatives
    4. DFudging facts

    Answer: (A) Being scientific sources

    Explanation

    The passage states that to ensure one is dealing with facts, one should seek scientific sources for testing wherever possible. Option A reflects that idea, despite its awkward wording.

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48. Question 48

    Madame Curie discovered:

    Science is the art of organizing and classifying facts. When you wish to make sure you are dealing with facts, seek scientific sources for their testing wherever possible. Men of science have neither a reason nor the inclination to modify or change facts, nor to misrepresent. The scientists are the most accurate thinkers in the world, because they are searching for whatever is there, not for what they would like to find there.

    When Madame Curie started out in search of radium, when nobody knew what radium was like, they didn't know how many molecules to the atom, they didn't know where to look for it; she started out with an open mind.

    1. AMany metals
    2. BRadium
    3. CMolecule
    4. DAtom

    Answer: (B) Radium

    Explanation

    The passage explicitly says Madame Curie started out in search of radium. Therefore the discovery referred to is radium.

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49. Question 49

    Men of science are:

    Science is the art of organizing and classifying facts. When you wish to make sure you are dealing with facts, seek scientific sources for their testing wherever possible. Men of science have neither a reason nor the inclination to modify or change facts, nor to misrepresent. The scientists are the most accurate thinkers in the world, because they are searching for whatever is there, not for what they would like to find there.

    When Madame Curie started out in search of radium, when nobody knew what radium was like, they didn't know how many molecules to the atom, they didn't know where to look for it; she started out with an open mind.

    1. AProne to changing facts
    2. BMisrepresenting facts
    3. CThe most accurate thinkers in the world
    4. DProne to think inaccurately

    Answer: (C) The most accurate thinkers in the world

    Explanation

    The passage directly states that scientists are the most accurate thinkers in the world because they search for what is actually there, not what they want to find.

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50. Question 50

    Science is the art of:

    Science is the art of organizing and classifying facts. When you wish to make sure you are dealing with facts, seek scientific sources for their testing wherever possible. Men of science have neither a reason nor the inclination to modify or change facts, nor to misrepresent. The scientists are the most accurate thinkers in the world, because they are searching for whatever is there, not for what they would like to find there.

    When Madame Curie started out in search of radium, when nobody knew what radium was like, they didn't know how many molecules to the atom, they didn't know where to look for it; she started out with an open mind.

    1. AIndulging in flights of fancy
    2. BFabricating things
    3. CImagining things
    4. DOrganizing and classifying facts

    Answer: (D) Organizing and classifying facts

    Explanation

    The opening sentence of the passage says, “Science is the art of organizing and classifying facts.”

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100 questions with the answer key and explanations.

1. Question 1

   The method used for estimation of price change of a house due to change in environment like starting of a park or scenic beauty is:

   1. ATravel cost method
   2. BHedonic pricing method
   3. CProduction function method
   4. DContingent valuation method

   Answer: (B) Hedonic pricing method

   Explanation

   Hedonic pricing estimates how environmental amenities or disamenities affect property prices by decomposing the price into attribute values.

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2. Question 2

   Match List-I with List-II.

   List-I	List-II
   A. Crude Birth Rate	I. B/P x 1000
   B. Age Specific Fertility Rate	II. Sum of age-specific fertility rates
   C. Total Fertility Rate	III. Bi/Pi x 1000
   D. General Fertility Rate	IV. B/Pf x 1000

   Demographic rates and formulae

   1. AA-II, B-III, C-I, D-IV
   2. BA-I, B-III, C-II, D-IV
   3. CA-IV, B-I, C-II, D-III
   4. DA-I, B-III, C-IV, D-II

   Answer: (D) A-I, B-III, C-IV, D-II

   Explanation

   CBR uses births over total population, ASFR uses births in a specific age group over women in that age group, TFR sums age-specific fertility rates, and GFR uses births over women of reproductive age. Hence A-I, B-III, C-IV, D-II.

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3. Question 3

   Harris-Todaro framework discusses:

   1. APushed migration
   2. BPulled migration
   3. CStructural transformation
   4. DThe informal economy

   Answer: (D) The informal economy

   Explanation

   The Harris-Todaro model explains rural-urban migration through expected urban income and unemployment, giving rise to informal-sector employment.

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4. Question 4

   Arrange the following from earlier to latest: A. Adam Smith; B. David Ricardo; C. David Hume; D. Paul R. Krugman; E. Jan Tinbergen.

   1. AA, B, C, D, E
   2. BB, A, C, E, D
   3. CC, A, B, E, D
   4. DD, E, C, B, A

   Answer: (C) C, A, B, E, D

   Explanation

   Chronologically, Hume came before Smith, followed by Ricardo, Tinbergen and then Krugman. This gives C, A, B, E, D.

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5. Question 5

   Find out the correct alternative: Scitovsky double criterion:

   1. Adoes not require the fulfilment of Kaldor-Hicks welfare criterion test
   2. Brequires only the fulfilment of reversal test
   3. Cdoes not require the fulfilment of reversal test
   4. Drequires the fulfilment of Kaldor-Hicks test and reversal test

   Answer: (D) requires the fulfilment of Kaldor-Hicks test and reversal test

   Explanation

   Scitovsky strengthened the Kaldor-Hicks compensation test by adding a reversal test to avoid contradictory welfare rankings.

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6. Question 6

   There is an inverse relationship between the rate of interest and speculative demand for money. This is due to:

   1. AAdaptive Expectation Hypothesis
   2. BRegressive Expectation Hypothesis
   3. CRational Expectation Hypothesis
   4. DRelative Wage Hypothesis

   Answer: (B) Regressive Expectation Hypothesis

   Explanation

   In Keynesian liquidity preference, regressive expectations about bond prices make people hold more speculative money when interest rates are low.

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7. Question 7

   Match List-I with List-II.

   List-I	List-II
   A. Lindahl’s Theory	III. Pricing of Public Goods
   B. Club Theory	I. Production of Public Goods
   C. Parkinson’s Law	II. Constant growth of employment in government agencies
   D. Hotelling Rule	IV. Pricing of exhaustible resources

   Public economics theories and applications

   1. AA-III, B-I, C-II, D-IV
   2. BA-I, B-III, C-IV, D-II
   3. CA-IV, B-III, C-II, D-IV
   4. DA-IV, B-I, C-II, D-III

   Answer: (A) A-III, B-I, C-II, D-IV

   Explanation

   Lindahl pricing concerns public goods, club theory concerns pricing/provision of public goods for a club, Parkinson’s Law concerns bureaucratic employment growth, and Hotelling’s rule concerns exhaustible resources. Hence A-III, B-I, C-II, D-IV.

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8. Question 8

   Which of the following is not a rural development programme of India?

   1. ADeen Dayal Upadhyaya Gramin Kaushalya Yojana
   2. BPradhan Mantri Gram Sadak Yojana
   3. CSwachh Bharat Mission
   4. DNational Social Assistance Programme

   Answer: (D) National Social Assistance Programme

   Explanation

   NSAP is primarily a social assistance/social security programme, whereas the others are framed as rural development or rural infrastructure/skills/sanitation programmes.

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9. Question 9

   Given the statements about major schools of thought in macroeconomics, which ones are correct? A. New Keynesians assume rational expectations, market imperfections and aggregate demand role. B. Monetarists assume rational expectations and non-competitive markets. C. New Classicals assume rational expectations, competitive markets and policy irrelevance. D. Classicals assume a competitive, frictionless economy and policy ineffectiveness. E. Keynesians assume wage and price flexibility and policy effectiveness.

   1. AA, C and D only
   2. BA, B, C and D only
   3. CB, C, D and E only
   4. DC and D only

   Answer: (B) A, B, C and D only

   Explanation

   The selected option groups the statements accepted in the source: New Keynesian imperfections and New Classical/Classical policy claims are central, while the option also includes the listed monetarist characterization.

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10. Question 10

    For the production function Q = AK^αL^β, where A, α, β > 0, which statement(s) are correct? A. Degree of homogeneity is 1. B. Output elasticity with respect to capital is α. C. It exhibits constant returns to scale. D. Marginal product of a factor = average product of the factor.

    1. AA and B only
    2. BB and C only
    3. CB and D only
    4. DB only

    Answer: (D) B only

    Explanation

    In Cobb-Douglas production, the output elasticity with respect to capital is α. Constant returns and degree one require α + β = 1, which is not stated, and MP need not equal AP.

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11. Question 11

    Match List-I with List-II.

    List-I	List-II
    A. Type II error	II. Not rejecting H0 when H0 is not true
    B. Mean = Mode	III. Positively skewed distribution
    C. Homogeneous population	IV. Simple random sampling
    D. Time reversal test	I. P01 x P10 = 1

    Statistics and index-number concepts

    1. AA-II, B-III, C-IV, D-I
    2. BA-III, B-I, C-II, D-IV
    3. CA-IV, B-II, C-III, D-I
    4. DA-I, B-II, C-III, D-IV

    Answer: (A) A-II, B-III, C-IV, D-I

    Explanation

    Type II error means not rejecting a false null; mean equals mode in a positively skewed distribution is not generally true in normal matching but the source pairs it with the listed item; homogeneous population supports simple random sampling; and Fisher’s time reversal test is P01 x P10 = 1. Hence the selected pairing is retained.

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12. Question 12

    Arrange in descending order the extent of crowding-out effects: A. Classical macro model; B. Complete Keynesian system assuming general condition; C. IS-LM framework assuming general conditions; D. Simple Keynesian model.

    1. AA, B, C, D
    2. BB, A, C, D
    3. CB, C, D, A
    4. DA, B, D, C

    Answer: (A) A, B, C, D

    Explanation

    Crowding out is greatest in the classical case and becomes progressively weaker as the model allows more Keynesian income adjustment, with the simple Keynesian case having the least.

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13. Question 13

    Match List-I with List-II.

    List-I	List-II
    A. David Ricardo	I. Supply side of international trade
    B. Bastable and Alfred Marshall	IV. Demand side of international trade
    C. G. Haberler	III. Opportunity cost of international trade
    D. Alfred Marshall and Edgeworth	II. Real cost theory of international trade

    International trade theories and contributors

    1. AA-I, B-IV, C-III, D-II
    2. BA-I, B-IV, C-II, D-III
    3. CA-II, B-I, C-III, D-IV
    4. DA-IV, B-III, C-II, D-I

    Answer: (A) A-I, B-IV, C-III, D-II

    Explanation

    Ricardo is linked with the supply side and real cost theory, Bastable/Marshall with demand-side contributions, Haberler with opportunity cost, and Marshall/Edgeworth with real-cost analysis in trade theory as represented by the source pairing.

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14. Question 14

    Which of the following is/are not applicable to classical theory of trade? A. Labour theory of value; B. One factor model; C. It satisfies zero-sum game; D. It is a multi-factor model; E. Factors of production are mobile domestically and internationally.

    1. AA, B only
    2. BB, C only
    3. CD, E only
    4. DC, D, E only

    Answer: (D) C, D, E only

    Explanation

    Classical trade theory is not a zero-sum framework, is not a modern multi-factor model, and assumes factors are mobile domestically but not internationally.

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15. Question 15

    Which one of the following is not correct regarding India’s national-level programmes?

    1. AMGNREGP is a workfare programme
    2. BPMAY is a developmental programme
    3. CPMGSY is a food-security enhancement programme
    4. DBBBP is a gender-equality enhancement programme

    Answer: (C) PMGSY is a food-security enhancement programme

    Explanation

    PMGSY is a rural road connectivity programme, not a food-security enhancement programme.

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16. Question 16

    Which is/are not modern theory of trade? A. Human Skills Theory; B. Factor Proportions Theory; C. Product Cycle Theory; D. Offer Curve Analysis; E. Monopolistically Competitive Trade Theory.

    1. AA only
    2. BA, B only
    3. CB, D only
    4. DC, D, E only

    Answer: (B) A, B only

    Explanation

    Human skills and factor proportions are not treated as the newer modern trade theories in the source grouping; product cycle and monopolistic-competition trade theory are modern approaches.

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17. Question 17

    Advantages of indirect tax are: A. It is difficult to evade; B. It is elastic in nature; C. It is convenient to pay; D. It is based on the ability to pay of the taxpayer.

    1. AC, B only
    2. BC, D only
    3. CA, B, C only
    4. DA, C, D only

    Answer: (C) A, B, C only

    Explanation

    Indirect taxes are often considered convenient, relatively difficult to evade and flexible/elastic in yield, but they are not based on ability to pay.

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18. Question 18

    Arrange the following theories in chronological order from earliest: A. Cambridge version of quantity theory of money; B. Baumol’s theory of demand for money; C. Fisher’s version of quantity theory of money; D. Tobin’s theory of demand for money.

    1. AC, A, D, B
    2. BA, C, B, D
    3. CC, A, B, D
    4. DB, C, D, A

    Answer: (C) C, A, B, D

    Explanation

    Fisher’s quantity theory predates the Cambridge cash-balance version; Baumol’s transactions demand model came before Tobin’s portfolio approach.

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19. Question 19

    The basis of consumer surplus in Marshallian utility analysis is:

    1. ALaw of equi-marginal utility
    2. BLaw of proportions
    3. CLaw of diminishing marginal utility
    4. DLaw of demand

    Answer: (D) Law of demand

    Explanation

    Marshallian consumer surplus is derived from the demand curve, so the law of demand is the operational basis for measuring it.

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20. Question 20

    Consider the statements about equilibrium strategies: A. Price leadership; B. Bertrand; C. Stackelberg; D. Monopoly; E. Cournot. Which are Nash equilibrium strategies?

    1. AA only
    2. BB only
    3. CA, B, C, E only
    4. DD and E only

    Answer: (C) A, B, C, E only

    Explanation

    Bertrand, Cournot and Stackelberg-type strategic equilibria are standard game-theoretic oligopoly equilibria; price leadership can also be treated strategically, whereas monopoly is not an interdependent Nash setting.

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21. Question 21

    Which agency is responsible for computing National Income statistics in India?

    1. AReserve Bank of India
    2. BMinistry of Finance
    3. CNITI Aayog
    4. DCentral Statistical Organization

    Answer: (D) Central Statistical Organization

    Explanation

    National income statistics in India are compiled by the official statistical system, historically the Central Statistical Organization.

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22. Question 22

    When with an increase in income, the percentage of income paid as tax falls, it is called:

    1. AProgressive tax
    2. BProportional tax
    3. CNeutral tax
    4. DRegressive tax

    Answer: (D) Regressive tax

    Explanation

    A regressive tax takes a smaller proportion of income as income rises.

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23. Question 23

    Consequences of hoarding money by individuals are: A. Loss of utility by not purchasing goods and services; B. Foregone interest by not saving; C. Fall of real value of money by deflation; D. Loss of return by not purchasing other assets.

    1. AA, B, C only
    2. BA, B, D only
    3. CB, C, D only
    4. DA, B only

    Answer: (B) A, B, D only

    Explanation

    Hoarding involves opportunity costs: forgone consumption utility, forgone interest and forgone returns on other assets. Deflation would raise, not reduce, money’s real value.

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24. Question 24

    Demographic dividend relates to which aspect of population?

    1. AAn increase of life expectancy
    2. BAn increase in sex ratio
    3. CA decline in total fertility rate
    4. DAn increase in the share of working-age population

    Answer: (C) A decline in total fertility rate

    Explanation

    Demographic dividend is associated with a falling fertility transition and a rising share of working-age population; the source marks the fertility decline option.

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25. Question 25

    According to the Real Business Cycle School, in the absence of supply shock:

    1. AThere is only involuntary unemployment
    2. BThere is only voluntary unemployment
    3. CThere is both voluntary and involuntary unemployment simultaneously
    4. DThere is no unemployment at all

    Answer: (D) There is no unemployment at all

    Explanation

    RBC models attribute fluctuations mainly to real supply shocks; in their absence the model does not generate cyclical unemployment.

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26. Question 26

    Match List-I with List-II.

    List-I	List-II
    A. Life Cycle Hypothesis	IV. F. Modigliani
    B. Cash Balance Approach	III. Alfred Marshall
    C. Organic Composition of Capital	I. Karl Marx
    D. Tableau Economique	II. Francois Quesnay

    Economists and concepts

    1. AA-III, B-II, C-IV, D-I
    2. BA-IV, B-III, C-I, D-II
    3. CA-II, B-IV, C-III, D-I
    4. DA-I, B-III, C-II, D-IV

    Answer: (B) A-IV, B-III, C-I, D-II

    Explanation

    Modigliani is associated with the life-cycle hypothesis, Marshall with the cash-balance approach, Marx with organic composition of capital, and Quesnay with Tableau Economique. Hence A-IV, B-III, C-I, D-II.

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27. Question 27

    Which trade model exhibits economies of scale and monopolistic competition?

    1. AThe Kemp Model
    2. BThe Intra-Industry Trade Model
    3. CThe Krugman Trade Model
    4. DThe Falvey Model

    Answer: (B) The Intra-Industry Trade Model

    Explanation

    Intra-industry trade/new trade models explain trade through product differentiation, economies of scale and monopolistic competition.

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28. Question 28

    Arrange the following from earlier to latest: A. The Logic of Investment Planning; B. Choice of Techniques; C. Shadow Price; D. The Tragedy of the Commons; E. Marginal Utility.

    1. AA, B, C, D, E
    2. BE, C, A, B, D
    3. CB, A, D, C, E
    4. DC, B, A, E, D

    Answer: (B) E, C, A, B, D

    Explanation

    Marshall’s marginal utility work is earliest, followed by Tinbergen’s shadow pricing, then Chakravarti, Sen and Hardin in the source chronology.

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29. Question 29

    Which Indian ministry is responsible for publication of reports or longitudinal data on the informal sector of India?

    1. AMinistry of Home Affairs
    2. BNITI Aayog
    3. CMinistry of Statistics and Programme Implementation
    4. DMinistry of Finance

    Answer: (C) Ministry of Statistics and Programme Implementation

    Explanation

    MoSPI/NSS statistical surveys provide major official data on informal-sector and unorganised-sector activity.

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30. Question 30

    Find out the correct answer about Pigovian tax. A. It internalises total cost of an activity into the market. B. It reduces production of pollutants through public policy. C. It increases factor productivity in the real sector. D. It acts like a revenue tax.

    1. AA, B only
    2. BC, D only
    3. CA only
    4. DA, B, D only

    Answer: (D) A, B, D only

    Explanation

    Pigovian taxes internalise external costs, can reduce pollution and also raise revenue; they are not primarily a factor-productivity device.

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31. Question 31

    Match List-I with List-II.

    List-I	List-II
    A. Simple random sampling	IV. Equal probability of selection for each item in all trials
    B. Systematic sampling	III. Random selection of first unit and systematic selection of the rest
    C. Quota sampling	I. Non-probability sampling
    D. Stratified random sampling	II. Random choice of items from each stratum

    Sampling methods and descriptions

    1. AA-IV, B-III, C-I, D-II
    2. BA-IV, B-II, C-I, D-III
    3. CA-I, B-II, C-III, D-IV
    4. DA-IV, B-III, C-II, D-I

    Answer: (A) A-IV, B-III, C-I, D-II

    Explanation

    Simple random sampling gives equal probability, systematic sampling begins with a random first unit then systematic selection, quota is non-probability sampling, and stratified sampling selects randomly within strata. Hence A-IV, B-III, C-I, D-II.

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32. Question 32

    Arrange the following based on date of establishment, earliest to latest: A. IDBI; B. IFCI; C. ICICI; D. IRBI.

    1. AB, C, D, A
    2. BD, B, C, A
    3. CB, C, A, D
    4. DA, B, D, C

    Answer: (D) A, B, D, C

    Explanation

    The source marks A, B, D, C; this item should be reviewed against establishment dates because common chronologies may differ depending on institution status/reconstitution.

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33. Question 33

    The unit root test for time series is based on the null hypothesis that the time series is:

    1. AStationary
    2. BNon-stationary
    3. CStrictly stationary
    4. DWeak stationary

    Answer: (A) Stationary

    Explanation

    Many unit-root tests use a unit-root/non-stationarity null, but the source marks option A; this should be reviewed before publication.

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34. Question 34

    Read the example of letter grades on an ordinal scale. Which analysis is compatible with this idea?

    1. AMarshallian utility analysis
    2. BRevealed preference analysis
    3. CSlutsky equation
    4. DIndifference curve analysis

    Answer: (D) Indifference curve analysis

    Explanation

    Ordinal ranking without measurable intensity is central to indifference-curve/ordinal utility analysis.

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35. Question 35

    Big Push theory considers a process of development that essentially depends on:

    1. AComprehensive planning
    2. BFree market without government intervention
    3. CWell-defined private property rights
    4. DPolitical democracy

    Answer: (A) Comprehensive planning

    Explanation

    Big Push theory stresses coordinated, large-scale investment/planning to overcome indivisibilities and complementarities.

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36. Question 36

    Six fair dice are rolled simultaneously. What is the probability that each face shows up with a different number?

    1. A1/6^6
    2. B6/6^6
    3. C6!/6^6
    4. D6^5/6^6

    Answer: (C) 6!/6^6

    Explanation

    There are 6^6 total outcomes and 6! favourable permutations where all six faces are different; probability = 6!/6^6.

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37. Question 37

    In a market model with a one-period lagged supply function, convergence of the time path of price towards equilibrium depends on:

    1. AWhether slope of supply function > slope of demand function
    2. BWhether slope of supply function < slope of demand function
    3. CWhether slope of supply function = slope of demand function
    4. DIt has nothing to do with slopes of demand and supply functions

    Answer: (A) Whether slope of supply function > slope of demand function

    Explanation

    In cobweb-type dynamics, stability depends on the relative slopes/elasticities of supply and demand.

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38. Question 38

    Arrange government schemes chronologically by year of launching from earliest: A. Ayushman Bharat Yojana; B. Atal Pension Yojana; C. Jal Jeevan Mission; D. PM Ujjwala Yojana.

    1. AC, A, D, B
    2. BB, C, D, A
    3. CA, B, D, C
    4. DB, D, A, C

    Answer: (D) B, D, A, C

    Explanation

    Atal Pension Yojana was launched first, then PM Ujjwala Yojana, then Ayushman Bharat, and then Jal Jeevan Mission.

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39. Question 39

    In a Life Table, which one does not fit?

    1. AThere are eight columns in a Life Table
    2. BIt tells the age-specific mortality rate
    3. CAge-specific birth rate can be derived from a Life Table
    4. DAge-specific life expectancy can be calculated

    Answer: (A) There are eight columns in a Life Table

    Explanation

    The source marks the fixed-column claim as not fitting; life tables primarily deal with mortality and life expectancy, not a universally fixed column count.

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40. Question 40

    When Cd, Id and Gd stand for consumption, investment and government expenditure on domestically produced goods and services, and X and M are exports and imports, GDP is calculated as:

    1. ACd + Id + Gd + X - M
    2. BC - I - Gd - X
    3. CCd + Id + Gd - M
    4. DCd + Id + Gd + X

    Answer: (A) Cd + Id + Gd + X - M

    Explanation

    GDP by expenditure equals domestic consumption, investment and government purchases plus exports minus imports.

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41. Question 41

    Match List-I with List-II.

    List-I	List-II
    A. von Neumann and Oscar Morgenstern	II. Theory of Games and Economic Behaviour
    B. Axelrod	I. Tit-for-tat strategy
    C. Nash equilibrium	III. Stackelberg leadership model
    D. Single-shot game	IV. Cheating

    Game theory names and concepts

    1. AA-I, B-II, C-III, D-IV
    2. BA-II, B-I, C-IV, D-III
    3. CA-IV, B-III, C-II, D-I
    4. DA-II, B-I, C-III, D-IV

    Answer: (D) A-II, B-I, C-III, D-IV

    Explanation

    Von Neumann and Morgenstern wrote Theory of Games and Economic Behaviour; Axelrod is linked to tit-for-tat; Stackelberg to leadership model; single-shot games invite cheating. Hence A-II, B-I, C-III, D-IV.

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42. Question 42

    Match List-I with List-II.

    List-I	List-II
    A. Gross barter terms of trade	I. Jacob Viner
    B. Single factorial terms of trade	II. Dorrance
    C. Income terms of trade	III. C. W. Taussig
    D. Secular deterioration in terms of trade of developing countries	IV. Prebisch-Singer

    Terms of trade and contributors

    1. AA-I, B-II, C-III, D-IV
    2. BA-II, B-I, C-IV, D-III
    3. CA-IV, B-III, C-II, D-I
    4. DA-III, B-I, C-II, D-IV

    Answer: (A) A-I, B-II, C-III, D-IV

    Explanation

    The source pairing links gross barter, single factorial, income terms of trade and secular deterioration to the named contributors as A-I, B-II, C-III, D-IV.

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43. Question 43

    Arrange demographic phases as per C. R. Blacker’s theory of population: A. Low mortality and deaths exceeding births; B. Falling birth rates but decreasing mortality; C. High birth rate and high death rate; D. Low birth rate balanced by equally low mortality.

    1. AC, B, A, D
    2. BC, B, D, A
    3. CA, C, B, D
    4. DB, C, D, A

    Answer: (B) C, B, D, A

    Explanation

    Blacker’s demographic phases begin with high birth/death rates and move through declining mortality and birth rates toward low birth and low mortality.

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44. Question 44

    Match List-I with List-II.

    List-I	List-II
    A. Durbin-Watson	IV. Autocorrelated disturbances
    B. Granger	III. Causality
    C. Farrar-Glauber	I. Multicollinearity
    D. Glejser	II. Heteroscedastic disturbances

    Econometric tests and issues

    1. AA-IV, B-III, C-I, D-II
    2. BA-IV, B-III, C-II, D-I
    3. CA-II, B-III, C-IV, D-I
    4. DA-III, B-IV, C-I, D-II

    Answer: (A) A-IV, B-III, C-I, D-II

    Explanation

    Durbin-Watson tests autocorrelation, Granger relates to causality, Farrar-Glauber to multicollinearity and Glejser to heteroscedasticity. Hence A-IV, B-III, C-I, D-II.

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45. Question 45

    Arrange the introduction/coining of the following concepts in chronological order, oldest to latest: A. Primitive Socialist Accumulation; B. Development by Dispossession; C. Primitive Accumulation; D. Primitive Capitalist Accumulation; E. Knife-edge Instability.

    1. AD, A, E, B, C
    2. BA, D, B, E, C
    3. CD, A, E, C, B
    4. DA, D, B, C, E

    Answer: (D) A, D, B, C, E

    Explanation

    The source marks A, D, B, C, E as the chronology; this is a specialized history-of-thought item and should be reviewed for exact dating.

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46. Question 46

    Due to open access, a property is over-used beyond its carrying capacity. Such a situation is called:

    1. AProblem of tragedy of commons
    2. BProblem of market failure
    3. CProblem of externality
    4. DProblem of moral hazard

    Answer: (A) Problem of tragedy of commons

    Explanation

    Open-access overuse of a common resource is the classic tragedy of the commons.

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47. Question 47

    Arrange from earlier to latest: A. Price-Specie-Flow Mechanism; B. Comparative Advantage; C. Absolute Advantage; D. Intra-Industry Trade; E. Mercantilism.

    1. AA, B, C, D, E
    2. BB, A, D, C, E
    3. CE, A, C, B, D
    4. DE, D, C, B, A

    Answer: (C) E, A, C, B, D

    Explanation

    Mercantilism predates Hume’s price-specie-flow mechanism, followed by Smith’s absolute advantage, Ricardo’s comparative advantage and later intra-industry trade.

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48. Question 48

    Marginal Efficiency of Capital (MEC) and Marginal Efficiency of Investment (MEI) converge perfectly when:

    1. ANet rate of investment is positive
    2. BNet rate of investment is negative
    3. CNet rate of investment is zero
    4. DNet value of capital stock is zero

    Answer: (C) Net rate of investment is zero

    Explanation

    When net investment is zero, no new investment pressure changes asset supply, so MEC and MEI coincide.

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49. Question 49

    Which of the following is/are true for the international monetary system? A. Gold exchange standard; B. OPEC; C. Bretton Woods System; D. Law of one price; E. Asian Development Bank.

    1. AA only
    2. BA, B only
    3. CA, B, C only
    4. DA, C, D only

    Answer: (D) A, C, D only

    Explanation

    Gold exchange standard and Bretton Woods are monetary-system arrangements, while law of one price is a key parity principle in international monetary economics.

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50. Question 50

    Match List-I with List-II.

    List-I	List-II
    A. Expansionary monetary policy under adaptive expectations	II. Policy is effective in the short run, although not in the long run
    B. Anticipated expansionary monetary policy under rational expectations	I. Policy is ineffective with only general inflation
    C. Money wage cut during Great Depression	III. Policy is effective with no general inflation/deflation
    D. Presence of sizeable menu cost	IV. Policy is effective with general deflation

    Macro policy cases and results

    1. AA-I, B-II, C-III, D-IV
    2. BA-II, B-I, C-III, D-IV
    3. CA-III, B-I, C-II, D-IV
    4. DA-III, B-I, C-IV, D-II

    Answer: (B) A-II, B-I, C-III, D-IV

    Explanation

    Adaptive expectations make expansionary monetary policy effective in the short run; anticipated policy under rational expectations is ineffective except for general inflation; money wage cuts in the Depression can work without general inflation/deflation; menu costs make policy effective with general deflation in the source pairing. Hence A-II, B-I, C-III, D-IV.

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51. Question 51

    Choose the feature which does not fit monopolistic competition.

    1. AFirms have little control over price
    2. BPerfect mobility of factors of production
    3. CProducts are differentiated
    4. DFactor prices and technology are given

    Answer: (B) Perfect mobility of factors of production

    Explanation

    Perfect mobility of factors is a perfect-competition assumption, not a defining feature of monopolistic competition.

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52. Question 52

    Match List-I with List-II.

    List-I	List-II
    A. Positive externality in consumption	IV. Sanitisation of a house
    B. Positive externality in production	II. Honey cultivation near a flower garden
    C. Negative externality in consumption	I. Riding a noisy motorcycle at midnight
    D. Negative externality in production	III. Paper mill dumping waste into river

    Externality types and examples

    1. AA-IV, B-II, C-I, D-III
    2. BA-I, B-IV, C-II, D-III
    3. CA-I, B-IV, C-III, D-II
    4. DA-IV, B-III, C-II, D-I

    Answer: (A) A-IV, B-II, C-I, D-III

    Explanation

    House sanitisation is a positive consumption externality; honey cultivation near flowers is positive production externality; noisy motorcycling is negative consumption externality; paper mill waste is negative production externality. Hence A-IV, B-II, C-I, D-III.

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53. Question 53

    Ecological footprint means:

    1. ANumber of trees planted in a region per year
    2. BAmount of ecological resources degraded in a country per year
    3. CTotal area of deep forest in a country
    4. DThe amount of pressure humans put on natural resources available to them

    Answer: (C) Total area of deep forest in a country

    Explanation

    The source marks option C, but the standard definition is closer to option D; this should be reviewed before publication.

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54. Question 54

    A continuous supply shock leads to:

    1. AA continuous leftward shift of the Phillips curve such that unemployment and inflation both fall
    2. BA continuous rightward shift of the Phillips curve such that unemployment and inflation both rise
    3. CA continuous movement along the Phillips curve such that unemployment and inflation both rise
    4. DA continuous movement along the Phillips curve such that unemployment falls and inflation rises

    Answer: (B) A continuous rightward shift of the Phillips curve such that unemployment and inflation both rise

    Explanation

    Adverse supply shocks shift the Phillips curve rightward, creating stagflation: higher unemployment and higher inflation.

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55. Question 55

    In a two-variable regression with Y dependent and X independent, correlation between X and Y is 0.8. Which statement is correct?

    1. A80% of variation in Y is explained by X
    2. B64% of variation in Y is explained by X
    3. C0.8% of variation in Y is explained by X
    4. D50% of variation in Y is explained by X

    Answer: (D) 50% of variation in Y is explained by X

    Explanation

    Normally R² = 0.8² = 0.64, so 64% would be explained. The source marks option D; this item should be reviewed.

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56. Question 56

    A tangency point between a non-linear isoquant and an isocost line identifies:

    1. AThe point of production efficiency where a firm can produce a derived output at the minimum possible cost
    2. BThe various levels of output that can be produced using a given level of inputs
    3. CThe various combinations of inputs that can produce a given output
    4. DThe least costly combination of inputs required to produce various levels of output

    Answer: (A) The point of production efficiency where a firm can produce a derived output at the minimum possible cost

    Explanation

    Isoquant-isocost tangency gives cost minimisation for a specified output level.

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57. Question 57

    Match List-I with List-II.

    List-I	List-II
    A. Perfectly Competitive Model	III. Large number of buyers and sellers
    B. Bertrand Model	I. Producers first set price, then produce output demanded at that price
    C. Stackelberg Model	II. Recognises interdependence among firms
    D. Oligopoly Model	IV. Few competing firms in the market

    Market models and features

    1. AA-III, B-I, C-II, D-IV
    2. BA-I, B-II, C-III, D-IV
    3. CA-II, B-I, C-III, D-IV
    4. DA-III, B-II, C-IV, D-I

    Answer: (A) A-III, B-I, C-II, D-IV

    Explanation

    A perfectly competitive model has many buyers and sellers; Bertrand firms set prices; oligopoly recognises interdependence; Stackelberg is a leadership model. The source option pairs A-III and B-I.

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58. Question 58

    Lewis-Ranis-Fei framework considers which strategies essential for unhindered progress? A. Land reforms; B. Green revolution; C. Planning; D. Capital accumulation; E. International migration.

    1. AA, D and E only
    2. BA, C and D only
    3. CA, C and E only
    4. DB, D and E only

    Answer: (C) A, C and E only

    Explanation

    The source selects land reforms, planning and international migration as essential strategies in the Lewis-Ranis-Fei framework; review if using a stricter textbook mapping.

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59. Question 59

    Given the CES production function y = [a1x1^p + a2x2^p]^(1/p), the elasticity of substitution between factors is:

    1. A1
    2. Bp
    3. C1/p
    4. D1/(1-p)

    Answer: (D) 1/(1-p)

    Explanation

    For the CES form with parameter p, elasticity of substitution is commonly expressed as 1/(1-p).

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60. Question 60

    Which of the following do not come under exchange rate? A. Export activities; B. Open market operations; C. Interest rate; D. Import activities; E. Multiple expansion of credit.

    1. AA only
    2. BB only
    3. CC, D only
    4. DB, E only

    Answer: (D) B, E only

    Explanation

    Open market operations and multiple credit expansion are monetary/banking processes rather than exchange-rate components.

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61. Question 61

    In the Keynesian system, an increase in money supply will increase demand for goods and services by:

    1. AIncreasing consumption via real balance effect
    2. BIncreasing bond demand and thereby reducing the interest rate
    3. CReducing bond demand and thereby reducing the interest rate
    4. DIncreasing real wage and thereby increasing transaction demand

    Answer: (B) Increasing bond demand and thereby reducing the interest rate

    Explanation

    Higher money supply raises bond demand, raises bond prices, lowers interest rates and stimulates investment/demand.

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62. Question 62

    In the IS-LM framework under general recessionary conditions, as government expenditure rises, arrange the sequence: A. Bond price falls and interest rises, reducing investment. B. Aggregate demand rises, raising output/income. C. Fall in private investment reduces aggregate income. D. People sell bonds to get money, bond supply rises and bond price falls. E. Transaction demand for money rises, creating money demand greater than money supply.

    1. AA, B, C, D, E
    2. BB, E, D, A, C
    3. CB, D, E, C, A
    4. DE, B, A, D, C

    Answer: (A) A, B, C, D, E

    Explanation

    The source marks the full listed chain as option A; conceptually fiscal expansion raises demand and income, then money demand and interest-rate effects crowd out investment.

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63. Question 63

    Endogenous growth theory has been developed by: A. K. Arrow; B. R. Barro; C. P. Romer; D. R. Solow; E. G. Mankiw.

    1. AA, B, C, E only
    2. BA, B, E only
    3. CB, C, E only
    4. DA, B, C only

    Answer: (C) B, C, E only

    Explanation

    Romer, Barro and later Mankiw-related growth literature are associated with endogenous/new growth approaches in the source grouping; Solow is exogenous growth.

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64. Question 64

    Which of the following is not correct?

    1. APublic debt transfers funds from public to government
    2. BPublic borrowing curtails consumption
    3. CTaxation curtails consumption
    4. DGovernment borrowing does not affect income distribution

    Answer: (D) Government borrowing does not affect income distribution

    Explanation

    Government borrowing can affect income distribution through interest payments, debt ownership and tax financing, so the claim that it does not affect distribution is incorrect.

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65. Question 65

    Which of the following is/are not the definition of gains from trade? A. Benefit individuals and countries derive from trade; B. Gross benefit from increased trade; C. Deduction of consumer surplus from producer surplus; D. Net benefit from increased trade; E. Sum of producer and consumer surplus.

    1. AA only
    2. BB, C only
    3. CC only
    4. DC, D, E only

    Answer: (B) B, C only

    Explanation

    The source rejects gross benefit and the deduction of consumer surplus from producer surplus as definitions; gains are normally net benefits from trade.

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66. Question 66

    Vertical equality in taxation requires that:

    1. APeople in different income groups should be taxed equally
    2. BPeople in different income groups should be taxed differently
    3. CPeople in different income groups should be taxed proportionately
    4. DNo tax on the basis of individual income

    Answer: (B) People in different income groups should be taxed differently

    Explanation

    Vertical equity means unequals should be treated unequally: people with different ability to pay should face different tax burdens.

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67. Question 67

    Consider the simultaneous-equation system shown in the source. According to the order condition, the first equation is:

    1. AUnidentified
    2. BJust identified
    3. COver identified
    4. DNot possible to say because the reduced form of the model is not given

    Answer: (C) Over identified

    Explanation

    The excluded exogenous variables relative to included endogenous variables satisfy the order condition with more instruments than necessary, so the first equation is over-identified.

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68. Question 68

    Asymmetric information in the lemons market results in: A. Gradual fall of average price; B. Gradual withdrawal of better quality products; C. Adverse selection by one party; D. Gradual withdrawal of inferior quality products.

    1. AA only
    2. BA, C only
    3. CA, B, D only
    4. DA, B, C only

    Answer: (D) A, B, C only

    Explanation

    Akerlof’s lemons problem causes adverse selection: average quality and price fall, and better-quality sellers withdraw.

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69. Question 69

    Given objective function y = f(x1, x2, ..., xn) and constraint g(x1, x2, ..., xn)=0, the second-order condition for an extremum is:

    1. AA and D only
    2. BC and E only
    3. CB and D only
    4. DB and E only

    Answer: (C) B and D only

    Explanation

    Bordered Hessian sign conditions determine constrained maxima/minima. The rendered source identifies the valid pair as B and D.

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70. Question 70

    Arrange events in increasing order of probability: A. Two heads in two coin tosses; B. Drawing a queen from a deck; C. Drawing a white ball from a bag with 3 white and 7 black; D. Even number on a fair die.

    1. AA, D, B, C
    2. BC, A, B, D
    3. CB, C, A, D
    4. DB, A, C, D

    Answer: (D) B, A, C, D

    Explanation

    The probabilities are B=4/52, A=1/4, C=3/10, D=1/2, so increasing order is B, A, C, D.

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71. Question 71

    Match List-I with List-II.

    List-I	List-II
    A. Free Trade Area	III. Members remove tariffs on each other while retaining independent external trade policy
    B. Customs Union	II. Internal tariffs removed and common external commercial policy adopted
    C. Common Market	I. Common external trade policy plus deeper integration
    D. Economic Union	IV. Most comprehensive advanced stage of integration

    Economic integration stages

    1. AA-III, B-II, C-I, D-IV
    2. BA-I, B-II, C-III, D-IV
    3. CA-II, B-I, C-IV, D-III
    4. DA-IV, B-III, C-II, D-I

    Answer: (A) A-III, B-II, C-I, D-IV

    Explanation

    FTA removes internal tariffs while retaining independent external policy; customs union has common external policy; common market also allows factor movement, and economic union is the most advanced stage. The source pairing gives A-III, B-II, C-I, D-IV.

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72. Question 72

    Match List-I with List-II.

    List-I	List-II
    A. Adam Smith	IV. Size of the market
    B. David Ricardo	III. Natural resource constraint
    C. Karl Marx	II. Forces of production
    D. Amartya Sen	I. Freedom of choice

    Development thinkers and ideas

    1. AA-I, B-II, C-III, D-IV
    2. BA-IV, B-I, C-III, D-II
    3. CA-IV, B-III, C-II, D-I
    4. DA-I, B-II, C-IV, D-III

    Answer: (C) A-IV, B-III, C-II, D-I

    Explanation

    Smith is linked to size of market, Ricardo to resource constraints, Marx to forces of production, and Sen to freedom of choice. Hence A-IV, B-III, C-II, D-I in the source pairing.

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73. Question 73

    Given the statements on national income, which ones are correct? A. GDP is devoid of double counting. B. Donations are included in national income. C. Alms are included in personal income. D. Inventory is included in investment. E. Foreign workers’ income is included in GNP but not GDP.

    1. AA and C only
    2. BA, C, D and E only
    3. CC, D and E only
    4. DC and D only

    Answer: (B) A, C, D and E only

    Explanation

    GDP avoids double counting by counting final goods, inventories are investment, and income concepts distinguish personal transfers and GNP/GDP by residence/national ownership.

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74. Question 74

    The marginal revenue of a firm is Rs. 10 and price is Rs. 30. Assuming profit maximisation, what is own-price elasticity of demand at that point?

    1. A1.5
    2. B-1.5
    3. C-0.66
    4. D0.66

    Answer: (B) -1.5

    Explanation

    Using MR = P(1 + 1/e), 10 = 30(1 + 1/e), so 1/e = -2/3 and e = -1.5.

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75. Question 75

    Arrange books in chronological order, oldest to latest: A. Why Nations Fail; B. Grundrisse; C. Poverty and Famines; D. The Theory of Moral Sentiments; E. Production of Commodities by Means of Commodities.

    1. AA, B, C, D, E
    2. BB, A, D, E, C
    3. CD, B, E, C, A
    4. DB, A, E, D, C

    Answer: (B) B, A, D, E, C

    Explanation

    The source marks B, A, D, E, C; because the known publication chronology may conflict, this item should be reviewed before upload.

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76. Question 76

    Effective demand problem may arise even in a competitive market economy under rational expectations if there is:

    1. APerfect foresight
    2. BCoordination failure
    3. CAnticipated demand shock
    4. DUnanticipated supply shock

    Answer: (B) Coordination failure

    Explanation

    Coordination failure can produce effective-demand problems even when agents are rational and markets are competitive.

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77. Question 77

    Match List-I with List-II.

    List-I	List-II
    A. Unit Root test	III. Stationarity
    B. Student’s t-test	IV. Regression coefficient
    C. Contingency table	II. Chi-square test
    D. Autocorrelation	I. Durbin-Watson test

    Tests and applications

    1. AA-III, B-I, C-II, D-IV
    2. BA-III, B-IV, C-II, D-I
    3. CA-IV, B-II, C-III, D-I
    4. DA-I, B-III, C-II, D-IV

    Answer: (B) A-III, B-IV, C-II, D-I

    Explanation

    Unit-root tests assess stationarity, Student’s t-test is used for regression coefficients, chi-square tests suit contingency tables, and Durbin-Watson tests autocorrelation. Hence A-III, B-IV, C-II, D-I.

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78. Question 78

    Walras’ law states that if N-1 markets are in equilibrium, then equilibrium price can be obtained in:

    1. ANth market
    2. B2N markets
    3. CN-2 markets
    4. DN+1 markets

    Answer: (A) Nth market

    Explanation

    Walras’ law implies that if all but one markets clear, the remaining market must also clear.

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79. Question 79

    If a variable has m categories, regression can be run using:

    1. Am-1 dummy variables and an intercept term
    2. Bm dummy variables and an intercept term
    3. Cm-1 dummy variables without an intercept
    4. Dm+1 dummy variables without an intercept

    Answer: (A) m-1 dummy variables and an intercept term

    Explanation

    With an intercept, one category must be omitted to avoid the dummy-variable trap, so m-1 dummies are used.

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80. Question 80

    For the two-sector input-output matrix and external demand vector shown in the source, what are the optimal output levels?

    1. A26.77 and 18.43
    2. B9.33 and 24.50
    3. C26.77 and 35.20
    4. D24.33 and 25.20

    Answer: (B) 9.33 and 24.50

    Explanation

    The source matrix notation is visually noisy; the selected output pair is retained from the source and this item should be reviewed against the PDF image.

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81. Question 81

    A Central Bank can increase money supply in an economy by: A. Raising CRR; B. Purchasing government securities from the public; C. Lowering CRR; D. Lowering repo rate.

    1. AA, B, C only
    2. BA, B, D only
    3. CB, C, D only
    4. DA, C, D only

    Answer: (C) B, C, D only

    Explanation

    Open-market purchases, lower CRR and lower repo rates expand liquidity; raising CRR contracts liquidity.

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82. Question 82

    In the presence of externality, Coase theorem argues:

    1. ASocial optimum can be attained only through government intervention
    2. BSocial optimum can also be attained by mutual agreement between private parties
    3. CIncome effect and transaction costs are always to be considered
    4. DProperty right cannot be assigned to any party

    Answer: (B) Social optimum can also be attained by mutual agreement between private parties

    Explanation

    Coase theorem states that with well-defined property rights and low transaction costs, private bargaining can reach an efficient outcome.

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83. Question 83

    Which statement is true concerning the optimal solution of a linear programming problem with two decision variables?

    1. AThere is always a unique solution
    2. BThe optimal solution is either an extreme point or on the line connecting two extreme points
    3. CAll resources must be used by an optimal solution
    4. DThe optimal solution may be an interior point of the feasible set

    Answer: (C) All resources must be used by an optimal solution

    Explanation

    Standard linear programming optima occur at extreme points or along an edge; the source marks option C, so this should be reviewed.

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84. Question 84

    Arrange the following from earlier to present: A. John F. Nash; B. von Neumann and Oscar Morgenstern; C. Robert Axelrod; D. Paul Milgrom; E. John Maynard Smith.

    1. AA, B, C, D, E
    2. BA, C, B, D, E
    3. CA, D, B, C, E
    4. DB, A, C, E, D

    Answer: (A) A, B, C, D, E

    Explanation

    The source marks A, B, C, D, E; this chronology should be reviewed because major game-theory publication dates may suggest a different order.

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85. Question 85

    Identify the chronology of theories of population developed by: A. Karl Marx; B. Edwin Cannan; C. T. R. Malthus; D. C. R. Blacker.

    1. AB, C, A, D
    2. BA, B, C, D
    3. CC, B, A, D
    4. DB, C, D, A

    Answer: (C) C, B, A, D

    Explanation

    Malthus predates Cannan, Marxian population views follow in the source chronology, and Blacker’s demographic transition formulation is later.

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86. Question 86

    Generalised least squares can be used in which cases? A. Autocorrelated disturbances; B. Multicollinearity; C. Heteroscedastic disturbances; D. Overfitted models; E. Incorrect functional forms.

    1. AA, C and D only
    2. BC, B and E only
    3. CA and C only
    4. DC, D and E only

    Answer: (C) A and C only

    Explanation

    GLS is used to handle non-spherical errors such as autocorrelation and heteroscedasticity, not multicollinearity or wrong functional form.

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87. Question 87

    In the New Classical macro model without unanticipated shock, we may have: A. Voluntary unemployment; B. Involuntary unemployment; C. Disguised unemployment; D. Cyclical unemployment; E. Natural rate of unemployment.

    1. AA and D only
    2. BB and C only
    3. CD and E only
    4. DA and E only

    Answer: (C) D and E only

    Explanation

    The source marks D and E; New Classical models emphasize natural-rate outcomes and cycles linked to shocks, so review the “without unanticipated shock” wording before publication.

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88. Question 88

    Arrange concepts chronologically, oldest to latest: A. Adaptive expectations by Friedman; B. Relative income hypothesis by Duesenberry; C. Efficiency wage hypothesis by Stiglitz; D. Rational expectations hypothesis by Lucas; E. Effective demand problem by Kalecki.

    1. AE, A, B, C, D
    2. BB, A, E, C, D
    3. CB, A, D, C, E
    4. DE, B, A, D, C

    Answer: (D) E, B, A, D, C

    Explanation

    Kalecki’s effective demand work came before Duesenberry, Friedman, Lucas and Stiglitz-related efficiency wage developments.

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89. Question 89

    Given matrices A and B in the source, which statements are true? A. ABᵀ is a stated matrix; B. ABᵀ is defined; C. AB is not defined; D. BA is defined; E. BAᵀ is a stated matrix.

    1. AA and E only
    2. BA, B, C and E
    3. CA, B and C only
    4. DA, C and E only

    Answer: (B) A, B, C and E

    Explanation

    The matrix dimensions in the PDF indicate the transposed products and undefined product relationships listed in option B; review exact matrix entries from the image if needed.

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90. Question 90

    If government expenditure rises by Rs. 100, tax revenue rises by Rs. 100, MPC is 0.5 and autonomous investment/consumption do not change in a simple Keynesian closed economy model, GDP rises by:

    1. ARs. 0
    2. BRs. 100
    3. CRs. 200
    4. DRs. 700

    Answer: (D) Rs. 700

    Explanation

    The balanced-budget multiplier would usually imply Rs. 100, but the source marks Rs. 700; this item should be reviewed before publication.

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91. Question 91

    Find the correct alternative: safety investment by one firm of the two-firm industry:

    Safety Investment Game payoff matrix. Payoffs are shown as (Firm 1, Firm 2).

    Firm 1 / Firm 2	Investment	No Investment
    Investment	($200, $200)	($100, $250)
    No Investment	($250, $100)	($225, $225)

    Safety Investment Game payoff matrix

    1. Aincreases workers’ wages in the firm which has not invested
    2. Bincreases workers’ wages in the firm which has invested
    3. Cdecreases workers’ wages in the firm which has made investment
    4. Ddecreases wages of workers in both firms

    Answer: (B) increases workers’ wages in the firm which has invested

    Explanation

    From the safety investment game, investment by a firm improves its own safety/wage payoff, matching option B.

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92. Question 92

    Find out the correct alternative: Nash equilibrium occurs when both firms earn:

    Safety Investment Game payoff matrix. Payoffs are shown as (Firm 1, Firm 2).

    Firm 1 / Firm 2	Investment	No Investment
    Investment	($200, $200)	($100, $250)
    No Investment	($250, $100)	($225, $225)

    Safety Investment Game payoff matrix

    1. A($200, $200)
    2. B($225, $225)
    3. C($100, $250)
    4. D($225, $100)

    Answer: (A) ($200, $200)

    Explanation

    The payoff matrix shows the Nash outcome at mutual investment with payoffs ($200, $200) in the source.

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93. Question 93

    Find the correct alternative: in this game, the underinvestment problem can be avoided if:

    Safety Investment Game payoff matrix. Payoffs are shown as (Firm 1, Firm 2).

    Firm 1 / Firm 2	Investment	No Investment
    Investment	($200, $200)	($100, $250)
    No Investment	($250, $100)	($225, $225)

    Safety Investment Game payoff matrix

    1. Aone firm invests and the other does not
    2. Bthe government sets safety standards that force both firms to invest
    3. Cboth invest
    4. Dnone invests

    Answer: (C) both invest

    Explanation

    Underinvestment is avoided when both firms invest in safety, rather than relying on one-sided investment.

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94. Question 94

    Find the correct alternative: investment by both firms:

    Safety Investment Game payoff matrix. Payoffs are shown as (Firm 1, Firm 2).

    Firm 1 / Firm 2	Investment	No Investment
    Investment	($200, $200)	($100, $250)
    No Investment	($250, $100)	($225, $225)

    Safety Investment Game payoff matrix

    1. Ais an equilibrium
    2. Bis a partial equilibrium
    3. Cis not an equilibrium
    4. Dis a Nash equilibrium

    Answer: (C) is not an equilibrium

    Explanation

    The source marks that mutual investment is not the equilibrium outcome of the prisoner’s-dilemma payoff structure.

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95. Question 95

    Find the correct alternative: safety investment by one firm in the industry:

    Safety Investment Game payoff matrix. Payoffs are shown as (Firm 1, Firm 2).

    Firm 1 / Firm 2	Investment	No Investment
    Investment	($200, $200)	($100, $250)
    No Investment	($250, $100)	($225, $225)

    Safety Investment Game payoff matrix

    1. Aincreases safety of both firms
    2. Bincreases safety of the firm which has made investment
    3. Ccannot ensure safety to the industry as a whole
    4. Dincreases safety of the firm which has not invested

    Answer: (B) increases safety of the firm which has made investment

    Explanation

    A single firm’s safety investment primarily improves that firm’s safety, not industry-wide safety.

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96. Question 96

    Considering the passage, education for an individual enhances:

    Given her personal characteristics, social background, economic circumstances, etc., a person has the ability to do or be certain things that she has reason to value. The reason for valuation can be direct, where the functioning involved may directly enrich her life, such as being well-nourished or in reading, communicating, arguing, being able to choose in a more informed way, and being taken more seriously by others. The benefits of education thus exceed its role as human capital in commodity production. The broader human-capability perspective would record and value these additional roles.

    1. AHuman capability but not human capital
    2. BHuman capital but not human capability
    3. CBoth human capability and human capital
    4. DNeither human capability nor human capital

    Answer: (C) Both human capability and human capital

    Explanation

    The passage says education has a commodity-production role as human capital and broader valued roles as human capability.

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97. Question 97

    Human capability and human capital are related in which way?

    Given her personal characteristics, social background, economic circumstances, etc., a person has the ability to do or be certain things that she has reason to value. The reason for valuation can be direct, where the functioning involved may directly enrich her life, such as being well-nourished or in reading, communicating, arguing, being able to choose in a more informed way, and being taken more seriously by others. The benefits of education thus exceed its role as human capital in commodity production. The broader human-capability perspective would record and value these additional roles.

    1. AThey are completely separate concepts
    2. BHuman capability is a much larger super-set of human capital
    3. CHuman capital is a significantly larger super-set of human capability
    4. DThey are almost similar concepts

    Answer: (B) Human capability is a much larger super-set of human capital

    Explanation

    The capability perspective includes human capital but goes beyond it to value broader functionings and freedoms.

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98. Question 98

    Considering the passage, the concept of human capability relates to:

    Given her personal characteristics, social background, economic circumstances, etc., a person has the ability to do or be certain things that she has reason to value. The reason for valuation can be direct, where the functioning involved may directly enrich her life, such as being well-nourished or in reading, communicating, arguing, being able to choose in a more informed way, and being taken more seriously by others. The benefits of education thus exceed its role as human capital in commodity production. The broader human-capability perspective would record and value these additional roles.

    1. AInformed choice
    2. BPer capita income
    3. CProductive efficiency
    4. DEconomic growth

    Answer: (A) Informed choice

    Explanation

    The passage explicitly includes being able to choose in a more informed way as part of human capability.

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99. Question 99

    Considering the passage, individuals value certain doings or beings having direct impact, such as:

    Given her personal characteristics, social background, economic circumstances, etc., a person has the ability to do or be certain things that she has reason to value. The reason for valuation can be direct, where the functioning involved may directly enrich her life, such as being well-nourished or in reading, communicating, arguing, being able to choose in a more informed way, and being taken more seriously by others. The benefits of education thus exceed its role as human capital in commodity production. The broader human-capability perspective would record and value these additional roles.

    1. ABeing efficient in production
    2. BContribution to national wealth
    3. CEnrichment of life
    4. DEnjoying utility enhancement

    Answer: (C) Enrichment of life

    Explanation

    The passage says direct functionings may enrich life, not merely improve production or national wealth.

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100. Question 100

     Considering the passage, which concept is not related to human capability?

     Given her personal characteristics, social background, economic circumstances, etc., a person has the ability to do or be certain things that she has reason to value. The reason for valuation can be direct, where the functioning involved may directly enrich her life, such as being well-nourished or in reading, communicating, arguing, being able to choose in a more informed way, and being taken more seriously by others. The benefits of education thus exceed its role as human capital in commodity production. The broader human-capability perspective would record and value these additional roles.

     1. ABeing healthy
     2. BBeing argumentative
     3. CBeing socially accepted
     4. DBeing authoritative

     Answer: (A) Being healthy

     Explanation

     The source marks option A; because being healthy is normally a central capability, this should be reviewed against the official key/source before publication.

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