NTA UGC NET/JRF Exam, (Cancelled) June-2024 Economics

Total Questions: 100

81. Match List-I with List-II.

List-I (Concept)List-II (Economist/s)
A. Rat Race ProblemI. A. Peacock and J. Wiseman
B. Displacement EffectII. C.M. Tiebout
C. Optimal TaxationIII. George Akerlof
D. Local Public GoodsIV. Diamond, P.A. and Mirrlees J.A.

Choose the correct answer from the options given below:

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

The correct match is as follows -

List-I (Concept)List-II (Economist/s)
A. Rat Race ProblemIII. George Akerlof
B. Displacement EffectI. A. Peacock and J. Wiseman
C. Optimal TaxationIV. Diamond, P.A. and Mirrlees, J.A.
D. Local Public GoodsII. C.M. Tiebout

82. Which of the following statement about price leadership is false?

Correct Answer: (d) Price leadership breaks down if input prices or demand conditions change.
Solution:

Price Leadership :- Under this one firm will set its price which will be followed by other firms. Price Leadership :

(1) Low cost firm - set a low price which is to be followed by high cost firms.
(2) Dominant Price Leadership firms with maximum market share leads.
(3) Barometric Price Leadership firm which is oldest and most experienced.
Note:- So, statement 4th is false.

83. Arrange the following states based on Gross State domestic product at constant price (₹lakhs) in ascending order in year 2022-23:

A. Haryana
B. Rajasthan
C. Telengana
D. Madhya Pradesh
E. West Bengal
Choose the correct answer from the options given below:

Correct Answer: (b) A, D, B, C, Е
Solution:

Gross state domestic product at constant price (₹lakhs) in ascending order.
Haryana
Madhya Pradesh
Rajasthan
Telengana
West Bengal

84. Which of the following strategies can never be used in a Nash Equilibrium?

Correct Answer: (b) Strongly dominated strategy
Solution:

A Nash Equilirbrium will never involve a strategy that is strictly dominated as the player will never choose a strategy that is strictly dominated.

dominant strategy equilibrium only requires weak dominance.
Dominant strategy -
Firm A will adopt best strategy regardless of firm B will do.
Nash equilibrium -
Firm A will adopt best strategy, given other's strategy.

85. Which of the following are true in case of Solow model?

A. Saving is determined endogenously
B. Population grows at constant rate
C. There is constant returns to scale
D. Saving ratio is constant
E. Entrepreneurs invest for the new ideas
Choose the correct answer from the options given below:

Correct Answer: (a) B, Cand D only
Solution:

Case of solow model → population grows at constant rate there is constant returns to scale saving ration is constant.

86. Arrange the books according to the year of publication (starting from the oldest):

A. The General Theory of Employment, Interest and Money
B. The Theory of Moral Sentiments
C. Principles of Political Economy and Taxation
D. An Essay on the principle of population
E. Das Kapital
Choose the correct answer from the options given below:

Correct Answer: (c) B, D, C, E, A
Solution:

(B) The theory of moral sentiments - 1759 - Explore human morality and ethics.
(D) An Essay on the principle of population - 1798
(C) Principles of Political Economy and Taxation 1817 - Ricardo
(E) Das Kapital - 1867
(A) The General Theory of Employment Interest and Money - 1936(Keynes)

87. Match List-I with List-II.

List-I (Financial Institution)List-II (Year of Establishment)
A. IFCI (Industrial Finance Corporation of India)I. 1982
B. IRBI (Industrial Reconstruction Bank of India)II. 1948
C. NABARD (National Bank for Agriculture and Rural Development)III. 1971
D. ICICI (Industrial Credit and Investment Corporation of India)IV. 1955

Choose the correct answer from the options given below:

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

The correct match is as follows -

List-I (Financial Institution)List-II (Year of Establishment)
A. IFCI (Industrial Finance Corporation of India)II. 1948
B. IRBI (Industrial Reconstruction Bank of India)III. 1971
C. NABARD (National Bank for Agriculture and Rural Development)I. 1982
D. ICICI (Industrial Credit and Investment Corporation of India)IV. 1955

88. Match List-I with List-II.

List-I: StateList-II: SDGs Score in 2020
A. Uttar PradeshI. 60
B. KarnatakaII. 72
C. Madhya PradeshIII. 62
D. Tamil NaduIV. 74

Choose the correct answer from the options given below:

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

The correct match is as follows-

List-I: StateList-II: SDGs Score in 2020
A. Uttar Pradesh60
B. Karnataka72
C. Madhya Pradesh62
D. Tamil Nadu74

89. Match List-I with List-II.

List-I (Description)List-II (Economic Term)
A. Low quality of goods can drive high quality goods out of marketI. Moral Hazard
B. A party whose actions are unobserved can affect the probability or magnitude of a paymentII. Ratchet effect
C. Individuals tend to value an item more when they own it than when they do notIII. Lemons Problem
D. Preference of government is to make sustained expenditureIV. Endowment effect

Choose the correct answer from the options given below:

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

The correct match is as follows -

List-I (Description)List-II (Economic Term)
A. Low quality of goods can drive high quality goods out of marketIII. Lemons Problem
B. A party whose actions are unobserved can affect the probability or magnitude of a paymentI. Moral Hazard
C. Individuals tend to value an item more when they own it than when they do notIV. Endowment effect
D. Preference of government is to make sustained expenditureII. Ratchet effect

90. Which of the following properties is satisfied in case of "fishing in an ocean"?

Correct Answer: (b) Non-excludable but rival
Solution:

Goods can also be non-excludable but rivalrous, which means that everyone can access them. Still, their consumption can affect the overall supply and the units left for other consumers to use.
For e.g., students in a dormitory experiencing poor water supply can use tap water for bathing and other purpose anytime.

An example for this is 'a fish in the ocean'. It is rivalrous in consumption because if one person catches the fish.

However, it is non-excludable because its nearly impossible to prevent people from fishing in the open sea.