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UGC NET Economics Mock Test 2

UGC NET Economics Mock Test by Economics Harbour


  • The test will be for 2 hours and has 100 questions, all of which are compulsory.
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1. An economic coalition among countries within a geographic region, usually characterised by liberalised internal trade and uniform restrictions on external trade, designed to promote regional economic integration and growth is called
2. The classical economists assumed _____ in the rate of exchange.
3. If the physical volume of exports increases more than in proportion to the fall in the export prices, the income terms of trade improves even when
4. The classical economists assumed a
5. If an economy is interested in raising the rate of growth of income in the short period it should
6. Range, which is the simplest measure of dispersion, is used a great deal in
7. Quite often when production is expanded, ____ units of ____ factors of production are used.
8. Primary product export dependence has an unstable effect on the economy because of
9. Rootless growth causes
10. The ____ elasticity is a measure of average elasticity.
11. Law of growth or the exponential law is most useful in economics in case of
12. If organised sector employment is largely urban employment, then the relatively high rate of growth of urban employment is due to
13. The Small Industries Development Organisation was set up in
14. Income effect and substitution effect can be traced from
15. Price elasticity at the mid-point of a linear demand curve is
16. Expansion in demand is concerned with
17. If the slope of Average Cost Curve is positive then
18. A fall in interest will produce the best effect on investment if investment demand schedule is
19. The value of marginal revenue at unit elasticity is
20. The level of utilisation of the plant which firms consider as “normal” is called
21. “Reflation” refers to
22. The concept of net barter terms of trade ignores the impact of
23. Each isoquant represents
24. Who defined full employment as “that level of employment at which any further increase in spending would result in an inflationary spiral of wages and prices”?
25. The higher the economy’s capital-output ratio the _____ will be rate of GNP growth.
26. Deficit financing is a technique
27. Relationship between Arithmetic, Geometric and Harmonic Mean is
28. According to A.P. Rao, Krishna Bhardwaj and Usha Rani, farm size does
29. Which of the following is NOT the assumption of Say’s Law of Markets?
30. Those cash payments which firms make to outsiders for their services and goods are called
31. Net indirect taxes is calculated by
32. Which is the primary source of energy in India?
33. When aggregate supply price exceeds aggregate demand price, employment level shows a tendency to
34. Development of indigenous technologies appropriate to a country’s resource endowment is a policy that is
35. The net barter terms of trade, also called the commodity terms of trade measures
36. Which of the following is emphasised upon in the income theory of value of money?
37. A bank with a large proportion of demand deposits may have to
38. The concept of economic planning in a narrow sense implies
39. The concept of primary deficit, calculated by subtracting the total interest payments from the fiscal deficit, was introduced for the first time in the
40. Since most of the households save a part of their income, the average propensity to consume is
41. ‘Subsistence fund’ refers to which of the following instances?
42. International Development Association was established on 24 September
43. Behaviouristic theory is based on
44. As employment expands, producers expect correspondingly ____ amounts of proceeds.
45. The sign of the cross elasticity of demand is____ if both the goods are complementary.
46. The new development strategy assumes
47. What is the relationship between mean, median and mode?
48. The increasing part of the SAVC curve reflects
49. The study of price determination of the price of a single product on the assumption that the other prices are constant or given is a case of
50. The International Monetary Organisation was established on December 27, 1945 in
51. The total area at various points on the average fixed cost curve shows
52. In international trade perfect equality of prices can hardly be achieved because of
53. Who estimated the number of persons below the poverty line on the basis of an average calorie intake of 2250 per capita per day?
54. The real terms of trade may rise as a result of a change in the
55. What type of rate is the Current Daily Status Unemployment rate?
56. The demand effect of economic development refers to the
57. In India, fiscal imbalance has been caused mainly by imprudent increase in
58. The Asian Development Bank was established in December 1946 and started its functions on January 1
59. General equilibrium theory does not help in
60. When output increases as a result of expansion in employment, aggregate demand increases at a
61. Ricardo showed that as long as the price ratios differ between countries, in the absence of trade, every country will have ______ advantage.
62. Deficits on current account in the balance of payments refers to
63. Secondary deposits refers to
64. Price elasticities at a price on two straight line demand curves originating from the same point on the ____ are equal.
65. According to John W. Mellor, the new technology reduces the cost of food production and thereby lowers down the food prices and increases demand for labour and thus the effects of new technology are
66. Which of the following is an inversely U-Shaped curve?
67. Dualistic development thesis focuses on coexistence which is
68. Increasing marginal product, when one input alone increases, could be due to
69. When the given values of X form a geometric progression and X values form an arithmetic progression, the relationship between the variables is given by a/an
70. The proportion of a country’s national income that is devoted to consumption is called
71. Stagflation is a state of the economy in which economic activity is
72. Production possibility curve assumes constancy of the following:
73. The sum obtained after discounting the expected future yields over the entire life of a machine at the market rate of interest is known as its
74. “Warranted growth” of Harrod-Domar guarantees
75. Which of the following can be defined as the percentage by which the entire set of a nation’s trade barriers raises the industry’s value added per unit of output?
76. Increasing opportunity cost leads to
77. Labour-deepening technical progress increases the MP(L)
78. Which of the following is correct?
79. The aggregate supply response of agriculture in India is
80. Real income effect leads to
81. Full employment implies
82. In the third stage of demographic transition
83. A budget surplus will lead to
84. The States have been requested to take the following measure to empower the Gram Sabha
85. The problem of cyclical unemployment in developed economies originates from
86. The vertical distance between average total cost curve and average variable cost curve goes on _____ as output level increases.
87. Supernormal profit refers to
88. What is considered as relatively stable in the Keynesian theory of employment?
89. Median and mode both are called
90. Investment function is given by (I = Investment, i= interest rate, F and G = coefficients)
91. According to Keynes, the aggregate demand is made up of
92. The objectives of United Nations Conference on Trade and Development are
93. At an income level higher than the critical level, income raising forces are _____ than/as income depressing forces.
94. An export duty hurts exporting producers more than it helps consumers or gives revenue to the government, leaving a net cost to the nation, if the nation faces a ____ world price for its exports.
95. Suppose a given family had an income of Rs. 10,000 and saved Rs. 500. What would be its average propensity to consume?
96. The single factoral terms of trade is the net barter terms of trade adjusted for changes in the efficiency of a country’s factor in the
97. Which of the following would not be termed “Near Money”?
98. The alternative formulation of the comparative cost doctrine developed by Hecksher and Ohlin explains
99. Something which is freely used and generally accepted as a medium of exchange and as a unit of account is called
100. “Flight from money” refers to