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

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

a.Kuhn-Tucker conditions

b.Von Neumann conditions

c.Bhagwati-Eckaus conditions

d.Hawkins-Simon conditions

2. 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.M. Todaro

b.John K. Galbraith

c.Gunar Myrdal

d.Arthur Lewis

3. Backward-bending supply curve of labour suggests that

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

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

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

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

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

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

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

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

5. The biggest component of reserve money in India is

a.Treasury bills

b.Bankers deposits with RBI

c.Other deposits with RBI

d.Currency in circulation

6. 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 and IV are correct.

b.I, II and IV are correct.

c.I, II and III are correct.

d.I and II are correct.

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

a.The variance of dependent variable is not constant.

b.The errors have non-zero mean.

c.The variance of errors is not constant.

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

8. 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.(iii) and (iv) only

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

c.(iii) only

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

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

a.R.G. Lipsey

b.Bevars D. Mabry

c.Neil W. Chamberlain

d.Carl M. Stevens

10. Regression coefficient is independent of change in

a.Scale but not of origin

b.Origin but not of scale

c.None of these

d.Both origin and scale

11. The M1 definition of money is

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

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

c.Currency outstanding and checking deposits

d.Currency outside banks and checking deposits

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

a.Indira Awas Yojana (IAY)

b.Integrated Low Cost Sanitation Scheme (ILCS)

c.Total Sanitation Campaign (TSC)

d.Bharat Nirman

13. 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 10

c.1 and 12

d.2 and 11

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

a.Variable Elasticity of Substitution

b.Unit Elasticity of Substitution

c.Constant Returns to Scale

d.Linear homogeneity

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

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

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

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

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

16. 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, II and IV are correct.

b.I and IV are correct.

c.I, III and IV are correct.

d.I and III are correct.

17. 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.This situation also satisfies the consumers.

b.Profit of the firm becomes zero.

c.Price is sufficient to cover the opportunity cost.

d.Price is sufficient to cover costs.

18. The order condition is

a.A sufficient but not necessary condition for identification.

b.A necessary and sufficient condition for identification.

c.A necessary but not sufficient condition for identification.

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

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

a.Qualitative

b.Time Series

c.Cross Sectional

d.Panel

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

a.Mahalanobis

b.Dantzig

c.Koopmans

d.Leontief

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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