## UGC NET Economics Previous Year Papers – 1 Welcome to your UGC NET Economics Previous Year Papers - 1

When the marginal cost is equal to average cost, the slope of the average cost is
Match List 1: Concept with List 2: Economist
a. Profit as a dynamic surplus (i) J. Schumpeter
b. Profit as reward for innovation (ii) M. Kalecki
c. Profit as reward for uncertainty bearing (iii) F.H. Knight
d. Profits arise due to monopoly power enjoyed by the producer (iv) J.B. Clark
Answer in the way which matches the order
a b c d
In the context of oligopoly, consider the following statements
a. Cournot's equilibrium is a nash equilibrium.
b. Stackelberg equilibrium is a nash equilibrium.
Select the correst answer from the code given below
Consider the following matrix which describes the respective strategies and the corresponding pay-offs of firms A and B operating in a duopoly:
Firm B
Firm A
Which of the following statements is/are true for the above game?
a. Firm A has no dominant strategy
b. Firm B has no dominant strategy
c. The game has a Nash equilibrium
d. Neither Firm A nor Firm B has a dominant strategy

Which of the following will be true for both monopoly and monopolistic competition in the short run?
The first fundamental theorem of Welfare economics requires
Which amongst the following is a correct description of inverse demand function?
p = price, D = Demand and y = income
After the price change, the price line moves outwards on the X-Axis while the origin on Y-axis remains the same. According to the new equilibrium, the consumer now purchases more of the good labelled on Y-axis and lesser of the good labelled on x-axis. Imagine the diagram and state what is true for the good labelled on X-axis?
When an information asymmetry is observed after an agreement is obtained between individuals, it is called
For the function Q = A. K (raise to the power α) . L (raise to the power β), which of the following is correct?
Gilt-edged market means
According to Friedman, Quantity theory of Money is the theory of
'Menu costs' in relation to inflation refers to
Consider the following statements:
a. 'Liquidity trap' is a situation when people refer to hold money rather than investing it.
b. 'Liquidity preference' is the situation when people prefer to invest money rather than hold it.
c. 'Liquidity crunch' is a situation of short supply of money in the money market.
d. 'Credit crunch' is a short supply of money in the loan market.
Select the correct statements using the code given below:
The theory in which trade cycle is generated due to excess of actual over the desired investment has been given by who amongst the following?
Prebisch-Singer Hypothesis relates to
Which amongst the following is not correctly matched with regard to balance of payment account?
'The absorption approach' of analysing balance of payments was formulated by
Consider the following statements regarding Marginal Standing Facility (MSF).
a. MSF is on the line of existing LAF and is a part of it.
b. MSF is a costlier route than Repo.
c. MSF functions as the last resort for banks to borrow short term funds.
d. MSF is linked to the net demand and time liabilities of the banks.
Choose the correct code
Which of the following is likely to be most inflationary in its impact?
There is incomplete specialisation in production when country faces
According to Mercantilists, trade is a
Which of the following would cause Rupee to depreciate against U.S. Dollar, other things being equal?
Let elasticity of demand for exports for a certain country be x and elasticity of demand for imports be m. Assume that the country devalues its currency. Its balance of payments  will almost certainly show an improvement if
Which of the following statements about India's balance of payments is not correct?
Which amongst the following would be most effective in mitigating the effect of externalities?
Which of the following is a capital receipt in the government budget?
Which method can help in obtaining a welfare improvement if externalities exist?
Income tax is generally based on the principle of
New Keynesians use which of the following to explain price and wage stickyness?
Non Accelerating Inflation Rate of Unemployment (NAIRU) means
The relationship described by the Expectations-Augmented Phillips Curve is correct in which of the following?
Statutory incidence of a tax deals with
Maximum social advantage is achieved when
What is the nature of equilibrium in the IS-LM model?
In an economy, the GDP deflator is found to be 110 for the current year. If the GDP has registered an annual growth rate of 15 per cent in the same year, then the rate of growths of real GDP will be
Which of the following growth models assume neutral technical progress?
For the capitalist economy, the primary objective of the New Classical Economics is to explain which of the following?
Consider the following statements:
a) Effective demand in the market is the demand for a product or service which occurs when purchasers are constrained in a different market.
b) Notional demand is the demand that occurs when purchasers are not constrained in any market.
Which of the above statements is/are correct?
Which of the following statements about the AK model (Y = AK) of growth is false?
Which among the following is not the feature of J.E. Meade's model?
According to neo-classical theory of distribution, constancy in the wage share in national income would come about only when the elasticity of factor substitution
If marginal propensity to import is 0.1 and the marginal propensity to consume is 0.7, the value of income multiplier will be
"Workers must own the capital to which their savings has given rise.' This is an important assumption of the growth model developed by
Leibenstein in his critical minimum effort thesis treats population as a factor that is
Dusenberry was of the opinion that less developed countries will have serious and adverse effect on balance of payment due to
In Solow's growth model, the output per capita is a function of
Which of the following is not the correct feature for the absolute convergence to hold good?
Which of the following is/are true for National Action Plan for Climate Change?
Which one of the following committees recommended to establish the National Bank for Agriculture and Rural Development?
Which of the following is the cause of disequilibrium between warranted rate of growth and actual rate of growth in the Harrod model?
Which of the following is true for demand side vicious circle of poverty?
Which of the schemes is not a scheme for the upliftment of women in India?
Which of the following is often referred to as the 'hedonic price' method for valuing environmental assets?
Identify the correct statement about the relationship between total fertility rate and gross reproduction rate.
In the long period, which one of the following curves would aptly represent the time path of population for a developing economy?
Which of the following is portrayed in the population pyramid of a country?
The share of agriculture in the GDP of India has declined over the years. Which of the following is not a correct reason for this?