#14 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

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:

👉GT: 1936

👉Wealth of Nation: 1776

👉Principles Of Economics: Alfred Marshall-1980

👉Affluent Society: 1958- John Kenneth Arrow

👉John Von Neumann- Enrico Fermi Award- 1972

👉Kenneth Arrow- Nobel Prize 1972

👉Robert Lucas Jr.- Nobel Prize- 1995

👉Robert Solow- Nobel Price 1987

👉Alan T. Peacock &Jack Wiseman Hypothesis- "The Growth of Public Expenditure in the United Kingdom-1961"

👉Voluntary Exchange Approach- 1939

👉Laffer Curve- 1974

👉Cannon of Taxation-1776

.......and more...


Playlist Link: "Only 10 Question"Series

#13 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

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:

👉Genral Theory of Employment Intrest and Money-J. M. Keynes

👉Surplus Value- Karl Marx

👉Reveald Preference Theory- P.M.Samuelson

👉General Equilibrium- Walras

👉Inverted U shaped curve - (1950-60s) or Kuznets Curve : Simon Kuznets

👉Knife edge problem: Harrod-Domer Model

👉Strong Ordering: P. Samuelson

👉Public Goods- Richard A. Musgrave

👉Innovations- J.A. Schumpeter

👉Uncertainty Theory of Profit:Frank H. Knight

👉Input-Output Analysis- Wassily Wassilyevich Leontief

👉Romar, Paul M.- Research and Development

👉Lucas,Robert E. Jr. - Human Capital

👉Arrow, Kenneth- Leaving by Doing

👉Solow,Robert M. - Exogenous Technical Progress

👉Foreign Trade Policy- Exim Policy

👉Industrial Policy- FEMA

👉Agricultural Policy- Minimum Support Prices

👉Fiscal Policy- Balanced Budget

👉Cournot Model Of Duopoly- Sub Optimal Solution

👉Pareto Optimality- Limited application

👉New Welfare School- Hypothetical Compensation

👉Bain's Model- Limit Pricing

👉Planned Expenditure:
   ✔Development Expenditure
   ✔Medical Health
   ✔Education
   ✔Development of Agriculture
   ✔Scientific Research and Development

👉Non-Planned Expenditure:
   ✔Defense
   ✔General Administration
   ✔Interest Payments
   ✔Tax Collection
   ✔Subsidy on Food

👉Okun's Law



Playlist Link: "Only 10 Question"Series

#12 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

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:

👉Good Substitute- Indifference Curve Shape- Approach to a straight line

👉Modern Firms Uses Reserve Capacity to ensure Greater flexibility in operations

👉Average Cost Pricing Principle-
    ✔which is developed by many eminent economists-Hall&Hitch, R. Barback, H. R. Edwards,P.W.S. Andrews...
   ✔Opt "Price leadership" to protect from the threat of Potential entry and Potential entrant or Potential Competition
  ✔Note- we will discuss all these theories and models incoming sessions like,
1. Average Cost Pricing Principle
2. Bain's Limit pricing model
3. Sylos-Labini Model
4. Franco-Modigliani Model
5. Bhagwati Model
6. Pashigian Model.....

👉Social Choice Theory or General Possibility Theorem or Arrow's impossibility Theorem- Kenneth Arrow- 1951

👉Elasticity of Demand for the "rectangular hyperbole" shape of demand curve- unitary elastic or Ed=1
  ✔Perfect Elasticity(Ed=infinity)
  ✔Perfect Inelastic (Ed=0)
  ✔Elastic or More than Unitary elastic(Ed 'Greater than 1')
  ✔Inelastic or Less than Unitary elastic (Ed 'less than 1')

👉We have discussed a wonderful numerical in this session which is based on "Shifting of IS curve ".

👉"Restatement of Quantity Theory of Money" by Milton Friedman- 1956
   ✔Emphasis on Demand for Money

👉Concept of Multiplier:
   ✔F.A. Kahn's Multiplier or Employment Multiplier
   ✔J.M. Keynes's Multiplier or income Multiplier and Investment Multiplier

👉Sustainable Development:
    ✔Brundtland Commission-1987
    ✔'Our Common Future'
    ✔"The needs of the present generation without compromising the needs of the future generation."

👉Sen's Poverty Index:
   ✔1976
   ✔include- Poverty gap ratio, Head count ratio, Gini Coefficient(The distribution of Income)


Playlist Link: "Only 10 Question"Series

#11 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

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:

👉Stagnant Economy:
    ✔Slow Growth + rise in Unemployment
    ✔Government should opt Expansionary Monetary policy in which increase spending or expenditure and cut in tax rate

👉12th Finance Commission Chairman: C. Rangrajan
11th FCC: A.M. Khusro
13th FCC: Vijay Kelker
14th FCC: Y. V. Reddy
15th FCC: N.K. Singh
✔Bimal Jalan Committee.....????

👉Increase in Government Debt➡️Debt to GDP ratio will increase ➡️Higher intrest payment ➡️Decline in Savings ➡️Bad Ratings by Credit Rating Agencies ➡️Investment will also decline....

👉Balanced Growth: Balanced development of Different sectors of economy
✔Prof Nurkse.......
✔Lwis.....
✔Rogesteen Rodan....
✔Nelson......

👉Canon of Taxation By Adam Smith-1776
✔Canon of Equality
✔Canon of Certainty
✔Canon of Economy
✔Canon of Convenience

By Modern Economists
✔Canon of Elasticity
✔Canon of Productivity
✔Canon of Simplicity
✔Canon of Diversity

👉Relation Between Regression Coefficient and Correlation Coefficient:

✔Correlation Coefficient(r) is the Geometric mean of regression coefficient of both regression lines( X on Y and Y on X)

👉Marshall-Lerner Approach
    ✔Elasticity of Exports +Electricity of Imports must be grater than 1.

👉Match the following:
✔General Theory of Employment intrest and Money-J.M. Keynes(1936)
✔Surplus Value- Karl Marx (with Friedrich Engles)
✔Revealed Preference Theory-P. Samuelson
✔General Equilibrium- Leon Walras -(1874)-"Element Of Pure Economics"

👉Bretton Woods System-(1944-1971)
✔Fixed Exchange Rate


“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.”
– Alexander Graham Bell



Playlist Link: "Only 10 Question"Series

Implicit GDP Deflator

Anurag Educational Academy

👉Implicit GDP Deflator =Implicit Price Deflator
 =(Nominal GDP/Real GDP)×100

✔Nominal GDP-Gross domestic product at current or market price
✔Real GDP-Gross domestic product at base year price

👉GDP Deflator measures the level of price change(inflation) over the time

👉Pasche's Method(assumes Current year quantity as a weight)

👉Laspeyre's Method(assumes base year quantity as a weight)

👉Irving Fisher- (calculate the Geometric Mean using Pasche and Laspeyre's Method)

Playlist Link: "Only 10 Question"Series

#10 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

👉Mutually Exclusive events

👉Mutually Exhaustive events

👉Mutually Likely Events

👉Random variable

👉Public Goods
    ✔Non-rival in Consumption
    ✔Non-excludibility
    ✔Non-rejectable

👉Entry Preventing Price(Limit Price)- J. S. Bain

👉Strong Ordering-P.A.Samuelson

👉Differential Rent-David Recardo

👉Four Consumption Surplus-J.R.Hicks

👉Revealed Preference Theory Ignored Substitution Effect and The Concept of Utility

👉IC curve for Bad Substitute, For Perfect Substitute and For Perfect Comlement, Bad Complement

👉Iso-Revenue Line- shows the various combinations of quantities whose sale yields the same revenue.

👉Iso-Cost Line- which shows the various combinations of factors that will result in same level of total cost.

👉Iso-Quant Curve or Iso-Product Curve or Production Indifference Curve- shows the different possible combinations of two factor inputs yielding the same amount of output.

👉Production Possibility Curve (PPC) or Production Possibility Frontier(PPF) or Transformation Curve- shows the alternative production possibilities facing an economy.



Playlist Link: "Only 10 Question"Series

Reserve Requirements

Anurag Educational Academy

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:

Policy -
1. Fiscal Policy- Owned by Government
2. Monetary Policy- Owned by Central Bank
👉Monetary Policy- Monetary Measures-(Quantitative and Qualitative measures)
👉Quantitative Measures
✔Bank Rate
✔Repo Rate
✔Reverse Repo Rate
✔Reserve Requirement
     -CRR(Cash Reserve Ratio)
     -SLR(Statuary Liqidity Ratio)
✔Open Market Opration
     -Opration Twist
✔MSF(Marginal Standing Facilitie)
✔LTRO(Long term Repo Oprations)

Playlist Link: "Only 10 Question"Series

#09 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

 👉Revealed Preference Theory-Paul A. Samuelson

👉Re-Statement of Quantity Theory of Money-Milton Friedman-1956

👉Rational Expectation Hypothesis-John Muth-1961
(People are rational in nature, forward looking Approach)

👉Financial Intermediaries-
   ✔Banks-Commercial Banks,Regional Rural Banks, Development banks,All Indian Finance Institution(NABARD,SIDBI,NHB...)
   ✔insurance companies-LIC,GIC...
   ✔pension funds-NPS,EPFO,...
   ✔mutual funds
   ✔NBFCs-Muthut Finance,Manapuram Gold Loan...

👉10th five year plan(2002-2007)

👉Reserve Requirement

👉Gross Root Planning=Panchayat Raj
   ✔Centre-State-District-Block-Village
   ✔73rd and 74th Constitutional Amendment in 24th April 1993
   ✔Panchayat Raj Divas-24 April
   ✔Committee-
    Balwant Rai Mehta Committee-1957
    Ashok Mehta Committee-1977
    GVK Rao Committee-1985
    LM Thungan Committee-1986
    VN Gadgil Committee-1989

👉Imlicit GDP Deflator



Playlist Link: "Only 10 Question"Series

Bretton-Woods System(1944-1971)

Anurag Educational Academy

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:

👉Bretton-Woods System(1944-1971)
     ✔For:
1. Global Economic Stability
2. Promote International Economic Cooperation   

     ✔United Nation Monetary and Finance Conference

     ✔Bretton-Woods Agreement

      ✔constitutes two institutions

1. International Banks For Reconstruction and Development(IBRD) OR well known WORLD BANK:For Post war construction like, Poverty alleviation.....

2. International Monetary Fund(IMF):For Economic Growth of developing countries(To deal with external surplus and Deficit of its members)

  ✔Work in Force:1947

👉Bretton-Woods System was based on "Fixed Exchange Rates"

👉U.S. Dollar has made principal currency and pegged with gold and linked with other currencies.

👉Collapse:15 August 1971

👉U.S. came out from Fixed Exchange Rates to Floating or Flexible Exchange Rates and U.S. Dollars convert in to Fiat currency.....


Playlist Link: "Only 10 Question"Series

New Agricultural Policy(Green Revolution)

Anurag Educational Academy 

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:

👉New Agricultural Strategy (Green Revolution)1966

  ✔3rd Five Year Plan

  ✔Plan Holiday- 3 times In India(total 6 years)

  ✔Pilot Project-7 district-Intensive Area Development Program(IADP)-1960

  ✔144 district -Intensive Agricultural Areas Programme (IAAP)-1965

  ✔Whole India Covered- High Yielding Varieties Programme (HYVP)-1966

  ✔ Norman D. Borlaug- Father of World Green Revolution 

  ✔M.S. Swaminathan- Father of Indian Green Revolution

  ✔Green Revolution also called Modern Agricultural Technology

Playlist Link: "Only 10 Question"Series

#08 UGC NET/JRF PRACTICE QUESTION ECONOMICS

Anurag Educational Academy

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:

👉Bretton Woods System

👉New Agricultural Policy

👉The Secular Deterioration In The Terms of Trade Hypothesis-1950-Raul Prebisch and Hans Singer

👉Adam Smith -Division Of Labour- 1776

👉Factor Endowment Theory- H-O Theory(1919-1933)

👉Real Balance Effect-D. Patinkin-1956

👉Tax On Inherited Property

👉Deprecation of Rupee

👉Devaluation of currency

👉Friedrich List-"The National System of Political Economy"-1841

👉Factor Price Equalization Theorem- H-O Theory

    ✔Paul A. Samuelson-1948- "International Trade and The Equalization of factor Price"

👉Opportunity Cost Theory-G. Von Haberler-1936

👉Absolute Cost Advantage Theory-Adam Smith



Playlist Link: "Only 10 Question"Series