UGC NET Mock Test 3 on Economics – 20 Questions for Practice

1. Shadow price refers to

2. In India, Five Year Plan is formulated by

3. Which of the following is true with regard to peak-load pricing?
(a) It is applicable only for electrical public utilities.
(b) It leads to substitution in consumption from the period of peak demand to the period of low demand.
(c) It leads to reduction in consumer welfare.
(d) It leads to higher consumer welfare during peak periods when demand and marginal costs are low.

4. A positively sloped aggregate supply curve indicates that

5. ‘Aam Admi Bima Yojana’ provides social security to

6. Which of the following is not an interpretation of the golden rule of accumulation?

7. For testing the equality of population variances the test to be applied is

8. The rational expectations hypothesis does not imply:

9. The capacity creating aspect of investment in growth theory was emphasised by

10. Assertion (A): The rate of fall of MR Curve is more than twice the rate of fall of AR.
Reason (R): The MR & AR Curves are linear and negatively sloped.

11. According to A.K. Sen, famines occurred in India because of

12. Assertion (A): An IsoCost Line is a straight line.
Reason (R): The market rate of exchange between the two inputs is constant.

13. In the long run, the autonomous consumption will

14. Indian planning mechanism was criticised by

15. Which of the following statements is not true in the case of the balanced budget multiplier?

16. In which year, the Wildlife Board in India was established?

17. For a small economy in a flexible exchange rate system that begins in the long-run equilibrium point, a higher rate of inflation in the short run will be followed by

18. In an economy of two individuals (A & B) and two commodities (X and Y) general equilibrium of exchange is reached when

19. Which of the following are true of disguised unemployment?
I. It represents potential savings.
II. The marginal productivity of labour is zero or extremely low.
III. It is due to the existence of joint family system.
IV. It is confined to the rural areas.

20. Speculative demand for money is zero when market rate of interest is