UGC NET Mock Test 16 on Economics - 20 Questions for Practice

UGC NET Mock Test 16 on Economics – 20 Questions for Practice

Take Test 16 20 questions for Practice – Economics Test 16

1. Identify the correct chronology of the following :
I. Fisher’s test of significance of differences between means of three or more samples.
II. Kendall's partial rank correlation.
III. Gossest’s T test of significance between means of two samples.
IV. X2 test of goodness of fit of the curve and randomness of the sample values.

a.IV, III, II, I

b.III, I, II, IV

c.I, II, III, IV

d.I, II, IV, III

2. Assertion (A) : Investment has a supply effect.
Reason (R) : Because it raises the capacity to produce.

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

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

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

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

3. Identify the correct chronological order of the following classical economists :

a.Adam Smith, Malthus, Ricardo, J.S. Mill

b.Adam Smith, J.S. Mill, Ricardo, Malthus

c.Adam Smith, Ricardo, Malthus, J.S. Mill

d.Adam Smith, Malthus, J.S. Mill, Ricardo

4. The producer will substitute capital for labour till he reaches that point of isoquant at which

a.The price of the good he produces equals wage rate.

b.Marginal rate of technical substitution equals the ratio of marginal productivity of labour and capital.

c.Marginal rate of technical substitution equals marginal revenue.

d.Marginal rate of technical substitution equals interest rate.

5. The sequencing process of Schumpeter model of development is _____

a.Breaking circular flow, Innovation, Bank credit, Swarm like Clusters

b.Swarm like Clusters, Innovation, Bank credit, Breaking circular flow

c.Bank credit, Innovation, Swarm like Clusters, Breaking circular flow

d.Innovation, Bank credit, Breaking circular flow, Swarm like Clusters

6. Select the correct statement of Adding up Theorem.

a.Total income derived from the output will be exhausted if all factors are paid at the same rate.

b.Total income will be exhausted if all factor rewards are proportional to commodity prices.

c.Total income derived from the output will be exhausted if all factors are paid according to their marginal productivity.

d.If the income generated by the given output produced during the given period is distributed according to average productivity of all factors, total income will be exhausted.

7. Assertion (A) : K/L ratio will adjust through time in the direction of equilibrium ratio.
Reason (R) : Because the technical coefficient of production is variable.

a.Both (A) and (R) are correct and (R) is not the correct explanation of (A).

b.(A) is correct, but (R) is incorrect.

c.(A) is incorrect, but (R) is correct.

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

8. Assertion (A) : Gold standard was finally given up after the Second World War.
Reason (R) : Countries had different rates of inflation.

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

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

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

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

9. Arrange the following theories in chronological order :
I. Restatement of the Quantity Theory
II. Income Theory
III. Quantity Theory
IV. Cash Balance Approach
Select the correct answer from the given codes :

a.IV, III, I, II

b.III, I, II, IV

c.I, II, IV, III

d.III, IV, II, I

10. Arrange the following theories in the order in which they appear:
I. Comparative Cost Advantage Theory
II. Absolute Cost Advantage Theory
III. Leontief Paradox
IV. Factor Endowment Theory

a.I, IV, II, III

b.II, III, IV, I

c.I, III, II, IV

d.II, I, IV, III

11. Arrange the stages of economic growth in a sequential order :
I. The age of high mass consumption
II. The traditional society
III. The take-off stage
IV. The drive to maturity

a.III, I, II, IV

b.II, IV, I, III

c.II, III, IV, I

d.I, III, IV, II

12. Assertion (A) : Disguised unemployment is present in Indian agriculture.
Reason (R) : Marginal productivity of agriculture is close to zero.

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

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

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

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

13. Arrange the origin of money in a sequential order
I. Cheque
II. Metallic money
III. Commodity money
IV. Paper money

a.IV, I, III, II

b.I, III, II, IV

c.III, II, IV, I

d.II, IV, I, III

14. Identify the sequence of implementation of the following taxes.
Select the correct answer from the given codes :
I. Land Revenue
II. Sales tax
III. MODVAT
IV. Service tax

a.I, II, III, IV

b.IV, II, I, III

c.III, II, IV, I

d.II, IV, I, III

15. A solution of Walrasian general equilibrium will exist if and only if,

a.Pareto’s condition of optimality is satisfied.

b.Hick’s stability conditions are satisfied.

c.Condition of fixed point theorem is satisfied.

d.The condition of Pareto’s law of income distribution is satisfied.

16. Consider the following schemes:
I. EAS
II. TRYSEM
III. JRY
IV. RLEGP
The correct chronological sequence of the launching of these schemes is _____

a.IV, III, I, II

b.II, IV, III, I

c.II, IV, I, III

d.IV, II, III, I

17. Assertion (A) : Financial inclusion is desirable to help weaker sections of society in the country.
Reason (R) : Investment activity needs to be promoted to facilitate access to development benefits for the masses.

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

b.Both (A) and (R) are correct and (R) is not the correct explanation of (A).

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

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

18. Arrange the following in chronological order :
I. CES production function.
II. Cobb-Douglas production function
III. Translog production function
IV. The law of variable proportions

a.III, I, IV, II

b.IV, II, I, III

c.I, IV, II, III

d.II, III, I, IV

19. Assertion (A) : Stationary state is the end of the process of capital formation.
Reason (R) : Scarcity of natural resources as also capital leads the economy to the stationary state.

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

b.Both (A) and (R) are correct and (R) is not the correct explanation of (A).

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

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

20. Arrange the proponents of the marginal productivity theory of factor reward in chronological order :
1. J.B. Clark
2. Marshall
3. Walras
4. Jevons
Select the correct code for correct answer :

a.1, 4, 2, 3

b.1, 3, 4, 2

c.4, 3, 1, 2

d.2, 1, 4, 3

Also See :

UGC NET Mock Test 16 on Economics – 20 Questions for Practice

UGC NET Mock Test 16 on Economics – 20 Questions for Practice

Take Test 16 20 questions for Practice – Economics Test 16

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