1.The laws of returns to scale assume:
(A) Technique of production is unchanged
(B) All units of factors are homogeneous
(C) Returns are measured in physical terms
(D) All of the above
2.Payment of interest as a factor reward is explained by:
(A) Productivity Theory
(B) Abstinence Theory
(C) Time Preference Theory
(D) All of the above
3.In the light of Revealed Preference Theory,consider the following axioms,and select the right answer from the code given below:
(a)Rationality (b)Consistency
(c)Transitivity (d)Non-satiation
Code:
(A) (a) and (b) are correct
(B) All the four axioms are correct
(C) (a) and (c) are correct
(D) (a),(b) and (c) are correct
4. Match the items in group-I with those of Group-II and select the correct answer form the code given below :
Group-I Group-II
a) kinked Demand curve i) Baumol
b) Full cost pricing ii) Bain
c) Sales maximisation iii) Sweezy
d) Limit pricing model iv) Hall & Hitch
v) Modigliani
Codes:
a) b) c) d)
A) (iii) (i) (iv) (ii)
B) (ii) (i) (v) (iii)
C) (iii) (iv) (i) (ii)
D) (iv) (v) (ii) (iii)
5. Starting from the earliest, arrange the following concepts in terms of their development in Demand theory :
(i) Revealed Preference (ii) Neumann and Morgenstern utillity Theory
(iii) Ordinal utility (iv) Cardinal utility
Codes :
(A) (iii) (i) (iv) (ii)
(B) (iv) (iii) (ii) (i)
(C) (i) (ii) (iii) (iv)
(D) (iv) (iii) (i) (ii)
6. The notion of production funtion implies :
(A) Economic Efficiency (B) Technical Efficiency
(C) Allocative Efficiency (D) All of the above
7. The core of an economy contains:
(A) All Pareto optimal allocations
(B) All Competitive allocations
(C) All Pareto improving allocations of the initial endowments
(D) All the feasible allocations
8. Demand for consumer durables and human capital forms part of the consumption demand model developed by which economist ?
(A) Friedman
(B) Tobin
(C) Rosenstein Rodan
(D) Baumol
9. Money multiplier determines :
(A) Total supply of money in the economy
(B) High powered money
(C) Components of money supply
(D) Employment and output in the economy
10) Match the items in Group -I with those of Group-II and select the correct answer from the codes given below :
Group - I Group - I
(a) MV=PT (i) Marshall
(b) MV = k PY (ii) Friedman
(c) MV = f (r, y, w) (iii) Fisher
(d) Md/P=√2bT/r (iv)Baumol
(v)Ando
Codes:
(a) (b) (c) (d)
(A) (iv) (iii) (ii) (i)
(B) (i) (ii) (iii) (iv)
(C) (ii) (iv) (i) (ii)
(D) (iii) (i) (ii) (iv)
This video contain questions and their answers on the basis of UGC NET/JRF (Economics) Syllabus as well as brief discussion about the following important topics:
👉Laws of Returns to Scale
👉Productivity Theory by J.B. Clark and F.H. Knight
👉Abstinence or Waiting Theory by Senior (Waiting Theory by Marshall)
👉Austrian or Agio Theory 1834
👉Reveald Preference Theory 1948 by Paul A. Samuelson
👉Production Function
👉Permanent Income Hypothesis 1957
👉Cash-Balance Approach
👉Fisher's Equation 1911
👉Baumol's Equation.....
👉Kinked Demand Curve 1939 by Paul M. Sweezy
👉Full Cost Pricing by Hall and Hitch 1939
👉Sales Maximisation 1959 by Baumol
👉Limit Pricing Model (1949 and 1956)-J.Bain
