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