UGC NET Mock Test 1 on Economics - 20 Questions for Practice

1. Suppose that observations are available on the monthly bond prices of 100 companies for five years. What type of data are these?

a.Time Series

b.Panel

c.Qualitative

d.Cross Sectional

2. The biggest component of reserve money in India is

a.Treasury bills

b.Other deposits with RBI

c.Currency in circulation

d.Bankers deposits with RBI

3. The components of the organized sector of the money market
I. Bill market
II. Stock market
III. Gift-edged market
IV. Bank loan market

a.I, III and IV are correct.

b.I, II and IV are correct.

c.I and III are correct.

d.I and IV are correct.

4. The M1 definition of money is

a.Currency outside banks, checking deposits and traveler's checks

b.Currency outstanding and checking deposits

c.Currency outstanding, checking deposits and money market deposit accounts

d.Currency outside banks and checking deposits

5. Who among the following is not associated with the collective bargaining by the labour with the management?

a.Neil W. Chamberlain

b.Carl M. Stevens

c.Bevars D. Mabry

d.R.G. Lipsey

6. Which of the following estimation techniques are available for the estimation of over-identified systems of simultaneous equations?
(i) OLS
(ii) ILS
(iii) 2SLS
(iv) IV

a.(ii), (iii) and (iv) only

b.(iii) and (iv) only

c.(i), (ii), (iii) and (iv)

d.(iii) only

7. Backward-bending supply curve of labour suggests that

a.When wage rate increases, supply of labour declines.

b.When wage rate declines, supply of labour increases.

c.When wage rate increases, initially labour supply increases and after some point with the increase in wage rate, labour supply decreases.

d.There is no relationship between wage rate and labour supply.

8. Cobb-Douglas production function Q = ALα K1–α does not possess the characteristics of

a.Constant Returns to Scale

b.Unit Elasticity of Substitution

c.Linear homogeneity

d.Variable Elasticity of Substitution

9. The order condition is

a.A condition that is neither necessary nor sufficient for identification.

b.A necessary and sufficient condition for identification.

c.A necessary but not sufficient condition for identification.

d.A sufficient but not necessary condition for identification.

10. Which of the following is not correct about a population pyramid?

a.It shows age and sex distribution of a population.

b.An expansive pyramid is narrow at the base but it expands as it moves up towards higher ages.

c.Population pyramids can be used to find the economic dependents supported in a particular population.

d.On the right side of the pyramid women’s age structure is shown.

11. Assertion (A): The prices of Government securities in gift-edged market are not formed freely.
Reason (R): The Reserve Bank of India has a monopoly dealer position and the demand for Government securities has a captive nature.

a.Both (A) and (R) are correct and (R) is the correct explanation of (A).

b.(A) is true, but (R) is false.

c.Both (A) and (R) are correct, but (R) is not the correct explanation of (A).

d.(A) is not correct, but (R) is correct.

12. Linear Programming Technique was developed for the first time by

a.Dantzig

b.Leontief

c.Mahalanobis

d.Koopmans

13. Find out the correct answer from the codes given below:
Credit Rating Agencies in India
I. CRISIL
II. ICRA
III. TDICI
IV. CARE

a.I, II and IV are correct.

b.I and II are correct.

c.I, II and III are correct.

d.I and IV are correct.

14. In a multiple regression with two independent variables and 12 observations F value calculated is to be tested. What will be the degrees of freedom for the numerator and denominator in testing procedure?

a.1 and 10

b.2 and 11

c.1 and 12

d.2 and 10

15. Which of the following programmes is not included in rural infrastructure development in India?

a.Bharat Nirman

b.Integrated Low Cost Sanitation Scheme (ILCS)

c.Total Sanitation Campaign (TSC)

d.Indira Awas Yojana (IAY)

16. For a viable input-output system which conditions are postulated?

a.Kuhn-Tucker conditions

b.Von Neumann conditions

c.Hawkins-Simon conditions

d.Bhagwati-Eckaus conditions

17. What is the meaning of the term “heteroscedasticity”?

a.The errors have non-zero mean.

b.The variance of errors is not constant.

c.The errors are not linearly independent of one another.

d.The variance of dependent variable is not constant.

18. For a firm in long-run equilibrium producing an allocatively efficient level of output where marginal cost is equal to demand, which of the following does not apply?

a.Price is sufficient to cover the opportunity cost.

b.Price is sufficient to cover costs.

c.Profit of the firm becomes zero.

d.This situation also satisfies the consumers.

19. The situation of people in villages and towns of strong emigration receiving high amount of remittances has been described as “private affluence and public squalor” by

a.Arthur Lewis

b.Gunar Myrdal

c.John K. Galbraith

d.M. Todaro

20. Regression coefficient is independent of change in

a.None of these

b.Origin but not of scale

c.Both origin and scale

d.Scale but not of origin

UGC NET Mock Test 1 on Economics – 20 Questions for Practice

UGC NET Mock Test 1 on Economics – 20 Questions for Practice

Take Test 1 20 questions for Practice – Economics Test 1

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