NTA UGC NET/JRF Exam, Dec. 2019 Economics (Shift-I)

Alfred Marshall presented his Cardinal theory of consumer behavior in his 1890 book principles of ecnomics. The theory is based on the idea that satisfaction levels from consuming goods and services can be measured in numbers, or utils.

However, economists in the 1940's proved that ordinal utilities can imply cardinal utilities under certain condition. This result is known as the Von Neumann Morgenstern utility theory.

The main limitatiation of cardinal utility is that it assumes that utility can be measured in absolute and comparable terms. This assumption is often not realistic because people have different ways of experiencing and expressing satisfaction.

In 1906 Vilfredo Pareto in 1906 concentrated on an indifference curve map. This placed on an indifference curve map. This placed preference on bundles of goods but did not attempt to say how much. John Hicks and Roy Allen in 1934 first produced a paper which mentioned ordinal utility.

Revealed preference theory, in economics, a theory, introduced by the American economist Paul Samuelson in 1938, that holds that consumer's preferences can be revealed by what they purchase under different circumstances, particularly under different circumstances, particuarly under different income and price circumstances.

The linear expenditure system was introduced by Stone in 1954.

Fisher Theory of Investment-Fisher is probably best remembered today in neoclassical economics for his theory of capital, investment and interest rates, first exposited in his. The Nature of capital and income (1906) and elaborated on in the Rate of Interest (1907).

2. Hayek's theory of investment: This theory came into existence in 1941. The theory is also known as monetary over investment theory. It focuses on the imbalances between actual and desired investments.

3. Jorgenson's (1963) neo-classical model of investment, which as well as allowing a role for quantity factors also introduces the relative cost of capital. As will be seen, the basic building blocks of Jorgenson's model are similar to the building blocks of accelerator theory.

4. Markowitz worked to create a management system that would transform the landscape of modern investing processes and published his new theory in the journal of finance in 1952.

1. T. Haavelmo - 1943
2. L.R. Klein - 1947, “Theories of effective demand and employment."
3. H. Theil - 1967, "Еconomics and information theory"
4. A.L. Nagar - 1974, “The Nagar Expansion"

1. Francosi Quesnay -1759
2. Karl Marx -  1848
3. Leontief - 1930
4. Hawkins-Simon - 1949

1. Theory of absolute cost - 1776
2. Theory of comparative cost - 1817
3. Theory of opportunity cost - 1914
4. Factor price equalisation theorem - 1948

1. Taxation Enquiry  - 1925
Commission (Mathur Committee)
2. The Direct Tax Enquiry - 1971
Committee (Wanchoo Committee)
3. The Indirect Tax Enquiry - 1976
Committee (Jha Committee)
4. Tax Reforms Committee - 1991
(R.J. Chellaiah Committee)

1. Reverse Repo Rate - 3.35%
2. Repo Rate - 6.50%
3. MSFR - 6.75%
4. SLR - 18%

1. Das Capital - 14 Sept. 1867
2. Accumulation of Capital - 1913
3. Value and capital - 1939
4. Capital and Growth - 1965

1. Brundtlant Commission - 1987
2. Rio Earth Summit - 3 June, 1992
3. Kyoto Protocol - 11 December, 1997
4. Paris Climate Agreement - 12 December, 2015

1. First Phase of Nationalisation of commercial Banks - 19 July, 1969
2. Establishment of EXIM Bank of India  -  1 January, 1982
3. Establishment of Narashiman - 14  August, 1991
4. Enactment of FEMA Act  - 29 December, 1999