Income elasticity of demand will be zero when a given change in income brings about

Assertion: Stratified random sampling is often used for socio-economic surveys.

Reason: Social stratification is a social reality.

In the New Economy, the share of industrial sector

Economic development, as a concept is more relevant for

Expenditure on consolidated fund has to be approved by

Objective test of social welfare maximisation was devised by

Which of the major port in India celebrated its Golden Jubilee in January 2012?

If marginal benefit is greater than marginal cost, a rational choice involves

Which of the following is not a government transfer?

The Baumol-Tobin analysis suggests that

A consistency model for India’s Fourth Five Year Plan was developed by

In the Keynesian model in the short run, the amount of employment is determined by the effective labour demand curve and the level of

Money is non-neutral because

According to United Nation, definition of natural resource is

An appropriate fiscal policy for a severe recession is

Since 1971, world has been operating under

Indian planning mechanism has been criticised by

If the demand for money is perfectly interest inelastic, the LM schedule will be

Bring out the incorrect statement regarding India’s textile sector:

The regression coefficient is independent of

Concept of disguised unemployment was introduced by

Which of the following statements is true concerning the consumption function?

Assertion: The market demand for an input is not the simple horizontal summation of the demand curves of individual firms.

Reason: As the price of the input falls all firms will seek to employ more of this factor and expand their output.

‘Open Market Operations’ refers to

Assertion: The New Industrial Policy was announced on July 24, 1991.

Reason: The New Industrial Policy was announced by the V.P. Singh Government.

Conspicuous consumption refers to

In Cournot’s duopoly model there are two firms operating with

In case of gold standard system, decrease in the value of currency with respect to gold is called

Coefficient of correlation is independent of

Imperfect competition arises when

Assertion: Green Revolution benefitted only Punjab, Haryana and Western Uttar Pradesh.

Reason: Irrigation was necessary for the success of Green Revolution.

The Cobb-Douglas production function assumes that the elasticity of substitution is

Friedman’s argument that competition among banks will tend to keep the difference between the return on bonds and money relatively constant implies that

Flexible exchange rate is based on the concept of

The Keynesian theory of money demand emphasizes the importance of

Which one of the following is correct regarding stabilisation and structural adjustment as two components of the new economic policy adoption in India?

Mint parity theory is applicable only when countries are on

Which one of the following schemes is not included in the Rashtriya Krishi Vikas Yojana?

Which among the following rural banks has been named after a mountain?

When two kinds of money are in circulation, the problem before government is to keep them simultaneously in circulation. This problem was explained by

Assertion: Rosenstein Rodan advocated high rate of investment to take the underdeveloped economies out of shackles of underdevelopment.

Reason: Underdeveloped countries face various types of indivisibilities.

Equilibrium amount of real planned investment is determined at the point where

In the aggregate expenditures-output model, if aggregate expenditures are greater than GDP, then

Assertion: Removal of poverty remains a central concern of planning in India.

Reason: Development is not just about factories, dams and roads. It is basically about people.

The velocity of money is

The basic difference between the ‘short run’ and the ‘long run’ is that

Set A contains the following elements: 1, 3, 5, 8, 10. Set B contains the following elements: 2,4,6,8,10. The notation B ℇ A would contain

When inflationary expectations are added to the Phillips Curve, the non-accelerating inflation rate of unemployment is defined as that unemployment where the

In the ‘golden age’ equilibrium occurs when

New Keynesian economists critique rational expectations theory by arguing that

The book “Planned Economy for India” was written by

Economies and diseconomies of scale explain why the

Immersing growth refers to a situation where

Assertion: The new endogenous growth theory examines production function that shows increasing returns.

Reason: Because of specialisation and investment in knowledge capital.

Unfair trade practices are included in

An increase in supply of a commodity causes

In the liquidity trap

According to Rostow, which is the transition stage?

Which of the following is the simplest to measure?

Lorenz is a

Increase in capital stock between two periods of time is called

Assertion: Balance of capital account is the difference between foreign exchange earned and foreign exchange spent by the economy.

Reason: Balance of invisibles is the difference between exports and imports of services.

Total utility of a commodity can be found by

Welfare is a/an

An autonomous investment rises, Keynesians expect increases in

Who advocated tax on expenditure?

Golden Age hypothesis is concerned with

Circular test is an extension of

Which of the following is not an assumption of Harrod’s model of growth?

Intellectual property rights regime is managed by

Which of the following is true in a perfectly competitive market?

Assertion: Depreciation of exchange rate tends to increase the price level.

Reason: It is assumed that the Central Bank undertakes no stabilisation policies.

The monopolistically competitive seller’s demand curve will become more elastic the

If the consumer price index decreased from 125 ten years ago to 100 for the current year, one could say that consumer prices

Leontief tested his paradox theory for the USA for the year

The French Economist J.B. Say transformed the equality of total output and total spending into a law that can be expressed as follows

Which of the following is not the assumption of Say’s law of markets?

The Keynesian theory is consistent with the business cycle fact that inflation is

What does Hedging mean?

Assertion: Gold standard broke down after first world war.

Reason: Countries had a different rate of inflation.

Physiocracy which developed as commercial capitalism was yielding place to

The major difference between Harrod-Domar and Solow models of growth lies in

Golden Age hypothesis is concerned with

The marginal propensity to consume measures the ratio of the

Which of the following models of business cycle generates constrained cycles?

Which one of the following is the correct description about the bank rate in the Indian money market?

Keynes reasoned that consumer expenditure is most closely related to

Which of the following is a characteristic of pure monopoly?

Gradual adjustment of prices and wages to an increase in the aggregate demand curve implies that the aggregate supply curve is

For economic development, Schumpeter gave importance to

Major commercial banks of India were nationalised in

In a sample having 23 pairs of observations, the correlation coefficient is 0.52 and in another sample having 28 observations, the correlation coefficient is 0.71. Is there significant difference between the two sample coefficients?

In Harrod’s model of economic growth, if warranted rate is below the natural rate of growth then it is possible to maintain steady state growth at the warranted rate with

A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to

Which of the following is not true regarding determination of wages under perfectly competitive conditions?

Demand-pull inflation is caused by

In the case of monopolistic competition

In the context of Agricultural development, the trickle down theory has been interpreted to suggest that

For a nine year moving average, how many fewer moving average values will there be at the beginning and end of the time series?

Cutting the money supply by one-third is predicted by the quantity theory of money to cause