1. Which among the following, according to Milton Friedman, is a desirable property of a good theory?

realism of assumptions

predictive ability of the theory

internal structure of theory

simplicity of assumptions of the theory

2. In testing a hypothesis, the common error is

Type I

Type I and II

Type II

None of these

3. Which one of the following is an example of probability sampling technique for data collection?

Lottery method

Snow-balling method

Quota sampling method

Purposive sampling method

4. Which of the following methods of data collection may not be suitable to the illiterate respondents?

Personal interview

Telephonic interview

Schedule

Mailed questionnaire

5. Which of the following is a form of group discussion?

Panel discussion

Workshop

Symposium

All of the above

6. In any discipline, the nature and the method of construction of knowledge of the concerned field is known as

Philology

Epistemology

Entomology

Phenomenology

7. When a conclusion or statement does not logically follow from the premIse of the argument, it is called the

Fallacy of Populace

Red Herring

Non Sequitur

Fallacy of Ambiguity

8. An argument must have

more than one premise

more than one conclusion

at least one premise and at most one conclusion

at most one premise

9. Which of the following should be the basis of creation of knowledge?

Experience

Divine thinking

Reason

Experience and reason

10. "Reasoning from general situation to particular situation" is called

Deduction

Induction

Observation

Experience

11 . Measurement of inequality in wealth and income distribution is measured with help of

Measurement of bimodaling

Measurement of outliers

Measurement of uniformity

Measurement of variability

12. When the given population is heterogeneous with respect to characteristics of variable(s) under study, then which of following methods is used.

Simple random sampling

Stratified random sampling

Interval sampling

Multi-stage sampling

13. When one is able to define a thing or a phenomenon, such a definition is usually aimed to avoid

description

reason

difficulty

ambiguity

14. "A system of systematically interrelated concepts, definitions and propositions that are advanced to explain and predict phenomena" is a

Fact

Value

Theory

Generalization

15. For scientific validity of research claims about a population under study, the required sample size must be larger as,

the degree of variability (variance of the population parameter) is smaller

permissible error of the estimate is smaller

degree of required confidence level is smaller

all of the above

16. Let "Some stockholders are not businessmen" be a true statement. Which among the following can be derived as a true statement from the above?

All non-businessmen are stockholders

Some non-businessmen are stockholders

No businessmen are stockholders

No stockholders are businessmen

17. No valid argument

Can have false premise

Can have false conclusion

Can have neither false premise nor false conclusion

Can have true premise along with false conclusion

18. All nest-builders are great workers. Some birds are nest-builders. Therefore,

All birds are great workers

Some birds are great workers

All great workers arc nest-builders

All nest-builders are birds

19. Consider the following qualities:

persistence;

Keenness of observation

Faith;

Logical reasoning;

industriousness; and

Verbal communication.

Which of these are essential for a researcher?

ii, iii, iv

ii, iv, v

ii, iii, iv, vi

ii, iii, vi

20. A hypothesis should be

related to the existing body of theory and fact

economical, farsighted and prudent

formulated in a way that can be tested and verified directly

all of the above

21. Circularity is a

formal fallacy

informal fallacy

both a formal and an informal fallacy

neither a formal nor an informal fallacy

22. Consider the following two sentences:

Number of mobile connections in India has increased rapidly over the past 5 years

Number of private universities in India has increased rapidly over the past 5 years

Choose the correct answer:

Both P and Q are true and P is the correct explanation for Q

Both P and Q are true but P is not the correct explanation for Q

P is true but Q is false

Both P and Q are false

23. In the estimates of the values of national income with reference to the value added by self-employed, family enterprises, small and tiny enterprises, non-wage, non-salaried services etc., is based on the

Census data

Sample Survey data

Contingent Valuation data

Imputed Valuation data

24. The appropriate method employed for calculating the national income in an economy where bulk of producers pay income tax and rest of workers make a regular social security payments which is linked to their incomes is the

Expenditure Method

Income Method

Consumption Method

Tax and Social Security Method

25. The method of calculating the price indices by using current year weights is referred to as

Lespeyres Index

Friedman Index

Paasche Index

Fischer Index

26. For testing the structural stability in a multiple regression model, one can use the

t-test

Dickey-Fuller test

Chow test

None of the above

27. Why is it important to read original articles when you are reviewing the literature?

to look for flaws in the method,

to obtain an overview of methods and procedures,

to examine the validity of the conclusions,

all of the above

28. Assume the following 4 statements to be true:

Specialization leads to increase in productive capacity.

Total productive capacity determines wealth of a nation.

Division of labour facilitates specialization.

Division of labour takes place when the size of market is large.

Assume further that market exists only in two states of nature -it is either large or small (and small is not large). Then,

Division of labour leads to lower productivity.

Large market implies greater wealth of a nation

Market size is irrelevant for economic performance.

None of the above.

29. An argument is sound if and only if

the conclusion follows from the premise

the conclusion is true

the premise is true

the argument is valid and the premise is true

30. In a valid inductive argument, the conclusion follows from the premise

necessarily

contingently

both necessarily and contingently

neither necessarily nor contingently

31. A suitable decision should incorporate:

list of alternative courses of action

complete prediction of future

summary list of pros and cons

all of the above

32. Consider the statement: "Geetha and Seetha are economists". Its negation is:

Neither Geetha nor Seetha is an economist.

Geetha is an economist but Seetha is not.

Geetha is not an economist but Seetha is.

At least one of the two (Geetha/Seetha) is not an economist

33. A function of sample values is called a ....

Parameter,

Core Value,

Statistic

Variable 6

34. The difference between the mean of a researcher's sample and the mean of the population of the sample is known as the

standard deviation,

sampling error

confidence interval

level of significance

Following data Table 1 shows the marks obtained by four students Bon, Zak and San) in four examinations. Answer the following two questions (35 and 36) based on the following data Table 1.

Table 1. Marks obtained by four students

Tom Bon Zak San
Exam 1 98 91 75 45
Exam 2 80 45 75 75
Exam 3 70 65 75 85
Exam 4 52 99 75 95
Standard deviation 19.2 24.7 0.0 21.6

35. Which is true in Table

Average marks obtained by four students are similar and equal to 85

Average marks obtained by four students are similar and equal to 75

Average marks obtained by four students are not similar

None of the above

36. Based on the coefficient of variation values, which of the following ranking of students is true (from the highest fluctuation to the lowest fluctuation of marks across four examinations)

Bon, Zak, San and Tom

Bon, Tom, Zak and San

Zak, San, Tom and Bon

Bon, San, Tom and Zak

37-40

The following column diagram (Figure shows the ratio of the amount of imports by India to the amount of its exports to Mexico over the period from 2011-12 to 2015-16. Answer the following four questions (37 to 40) based on the following data Figure 1.

<img src='./qimages/16032-37.jpg'>

37. In how many of the given years, India's imports were more than its exports to Mcxico?

l

2

3

4

38. If the import amount ofIndia in 2011-12 was 2580 million US dollars, the export amount of India in the same year was

1067 million US dollars

1167 million US dollars

1267 million US dollars

1367 million US dollars

39. What was the percentage increase in India's exports from 2011-12 to 2015-16?

45%

49%

51%

data inadequate

40. Of the two statements:

"India's imports were more than its exports in both 2011-12 and 2015-16" and

"India's imports were less than exports in 2015-16",

Both statements are correct

Only statement is correct

Only statement is correct

Both statements are incorrect

41. The marginal product of labour is

the change in total cost when an extra worker is employed,

the change in total output when an extra worker is employed

the change in profits when an extra worker is employed,

the change in wages when an extra worker is employed

42. The statement that marginal cost marginal revenue leads to the total profit maximization or loss minimization is true

all the time

only in the long run

only if the slope ofMC is greater than the slope of MR at the point of equality

only if the average cost is falling at the point of equality

43. In general, for normal goods, a change in the welfare of a Consumer, when the price of the good changes, can be measured by the concept of:

Compensating Variation in Income

Equivalent variation in Income

Marshallian Consumer Surplus

Any of the three concepts listed above

44. In a Cournot Oligopoly model with two firms,

Each firm assumes the strategy of the other firm to be given and fixed and incorporates this while making its decisions.

Each firm negotiates with the other firm in reaching equilibrium.

One firm sets the price/ quantity for the other firm to take as given while maximizing its profits.

Both firms take independent decisions regardless of the other firm's decisions.

45. The factor that distinguishes between classical and Keynesian macroeconomics is

the speed of price adjustment

the slope of the aggregate demand curve.

the degree of monopoly power in the economy.

the assumption about the transmission mechanism of monetary policy.

46. The natural rate of unemployment can be defined as the unemployment rate that exists when the economy

is neither growing nor shrinking

has zero inflation

has only cyclical and structural unemployment

produces at the potential output level

47. Which among following is not a component of the international reserve

Foreign currency assets

Special Drawing Rights

Gold

Cash Reserve Ratio

48. Which of the following statements is true about the supply-side economics?

The main change made by the tax laws of 1981 and 1986 was to increase marginal tax rates in order to balance the budget

The Laffer Curve says that, if marginal tax rates fall, tax revenues will rise, and the budget deficit will decrease

If the tax laws of 1981 and 1986 had their intended effect, consumption would have risen, causing an increase in both real GDP and in the price level

All of the above

49. In the Indian agriculture, two terms 'Green Revolution' and 'Yellow Revolution' respectively are used to denote mainly the successes achieved in the production of

green energy production and oilseeds

foodgrains and tamarind

foodgrains and oilseeds

leafy vegetables and Sunflowers

50. Consider following three statements for Indian Economy.

Statement The share of agriculture in the country's total GDP has been declining in the post-reform period.

Statement The share of agricultural sector's contribution to GDP and the share of the main workforce in the agriculture have been declining in the post return1 period.

Statement The decline in the share of workforce engaged in the agriculture sector has been faster than the decline in the agriculture's share of contribution to the country's total GDP over time. Which of the following is correct?

Statement 1 and 3 are true

Only Statement 1 is true

Statement 1 and 2 are true

All three statements are true

51. As per the countrywide "Situation Assessment Survey of Agricultural Households" in India for the 2012-13 crop year, about 58% of rural households in India were engaged in fanning activity, which, in tum, contributed only about 60% to their average total monthly incomes. Which of the following conducted this survey?

Registrar General of India Office

Central Statistical Office

(c)NABARD

National Sample Survey Office

52. The Sovereign debt includes:

The external debt outstanding on account of loans received by the sovereign under the 'external assistance' programme, and civilian component of domestic currency debt.

Other government debt comprising borrowings from International Monetary Fund, defense debt component of domestic currency debt as well as foreign currency defense debt.

The foreign institutional investor investment in government securities.

All of the above

53. Which of the following hypothetical situations would lend support to the applicability of the Keynesian view over the Classical view?

Unemployment rises briefly, but settles back to a low and stable rate without any government intervention,

Unemployment rises and stays high for a long period of time without any government intervention

Unemployment stays at a stable and low rate for a long period of time without any government intervention,

Unemployment rises when the government increases its spending

54. Who is regarded as the first Economist to systematize "how investments in education can affect productivity in agriculture as well as the economy as a whole", according to his 1979 Nobel citation?

Mirrlees

Trygve Haavelmo

Charles Hutchinson

Theodore W. Schultz

55. "The tangible forms of capital are not the only type of capital but schooling, a computer training course, expenditures on medical care, and lectures on the virtues of punctuality and honesty arc also capital assets". This statement is closely related to

the human capital index of the UNO,

the human capital formation theory propounded by Gary S. Becker (1977)

the human capital theory propounded by Gary S. Becker (1964)

none of the above

56. In the words of the Hartog Committee by stagnation in education,

we mean the retention in a lower class of a child for a period of more than one year,

we mean the retention in a lower class of a child for a period of more than two years,

we mean premature withdrawal of children from schools at any stage before completion of the primary courses,

we mean the drop-outs of children from the primary school

57. Consider three statements related to Karl Marx's Theory of Surplus Value:

Marx did not himself invent the term "Surplus Value" but he developed the concept,

According to Marx's theory, the surplus value is defined as the value extracted through the surplus labour over the necessary labour of workers

According to Marx's theory, surplus value is equal to the new value created by workers in excess of their own labour-cost, which is appropriated by the capitalist as profit when products are sold. Which is correct?

Only statement is correct

Only statement and are correct

All three statements are false

All three statements are true

58. Which one of the following statements is true with respect to the Tendency ofRate of Profit to Fall (TRPF) hypothesis of Adam Smith in Economics?

the falling tendency resulted from increased competition which accompanied the growth of capital and intensifying competition itself would drive down the average profit rate

the competition could only level out differences in profit rates on investments, but not lower the general profit rate as a whole,

the tendency of the rate of profit to fall is an expression peculiar to the capitalist mode of production of the progressive development of the social productivity of labor.

technological improvement and use of labour-saving modes of production would reduce overall profit rate.

59. The basic statement of the Heckscher-Ohlin theorem is that

a country will import goods that use its abundant factors intensively, and export goods that use its scarce factors intensively.

a country will export goods that use its abundant factors intensively, and import goods that use its scarce factors intensively

a country will export goods that use its abundant factors intensively, and will not import any goods,

a country will import goods that use its abundant factors intensively, and will not export any goods

60. The predatory dumping in international trade is a kind of price discrimination in which

a monopolist continuously sells a portion of his commodity at a high price in the domestic market and the remaining output at a low price in the foreign market,

the producer sells the unsold stocks at a low price in the foreign market without reducing the domestic price,

a monopolist firm sells its commodity at a very low price or even at a loss in the foreign market in order to drive out some competitors

All of the above

61. According to the crowding-out hypothesis in public finance

Public investment is complementary to private investment

Public investment is supplementary to private investment

Public investment displaces private investment

Public investment encourages private investment

62. The threshold level of emission is

The maximum level of emission

Zero level of emission

The minimum level of emission to begin to cause a damage

The uncontrolled level of emission

63. Modified value added tax (MODVAT) is basically a tax on

Consumption

Production

Services

None of the above

64. An "ad valorem tax" is typically imposed

on the total business income of a person

at the time of transaction as in the case of a sales tax

on the extra earning of an employee

on the capital gains

65. While making distinctions between "Health" and "Health Care", which one of the following statements is correct?

Health is not a commodity but health care is a commodity which can be purchased in the market,

Health cannot be traded in the market but health care is tradable,

Health can only have value-in-use and not in exchange but health care has both value-in-use and exchange.

All of the above

66. Which is the major source of health care financing in India?

Social insurance

Charity

External funding

Out-of-pocket expenditure

67. In India, the law relating to labour and employment is also known as

The Employee Welfare Law

The Industrial Law

The Worker Protection Law

None of the above

68. Lionel Robbins defined economics as a science that studies the relationship between unlimited wants and scarce resources which have alternative uses. By this definition, the central concern of economics is strictly

Redistribution

Allocative efficiency alone

Redistribution as well as allocative efficiency

Consumer choice

69. The definition of the Head Count Ratio of poverty based on calorie norm re±1ects the poverty.

Multi-dimensional

(b)Income

Relative

Absolute

70. In the Solow growth model, when the propensity to save increases, then the aggregate production function

Shifts Down

Remains Constant

Shifts upwards

Becomes Linear

71. In the Harrod model of growth, the incremental capital-output ratio is assumed to be

Increasing continuously

Decreasing

Increasing first and then decreasing

Constant

72. In the Harrod-Domar model, the warranted growth rate is determined by

Savings ratio and technical coefficient

Incremental capital to incremental output ratio

Savings ratio and marginal product of capital

Technical coefficient and marginal product of capital

73. If MC 2-O.4q 3q^2 is the marginal cost function of a firm where q is the level of output, the average variable cost at q 10 units will be:

1000 units

zero

100 units

Cannot be calculated from the given data

74. The concept of duality in a linear programming problem refers to the following property

the optimal solution values of choice variables are equal for both minimization and maximization programs,

all constraints are satisfied with equality signs only,

objective function values of minimization and maximization programs are equal, provided the optimal solutions do exist

all of the above

75. The spurious regression is related to the

non-stationary process

stationary process

Stochastic process

none of the above

76. The statement that -"There can be more than one sample regression function representing the population regression function" is

always true

always false

sometimes false, sometimes true

none of the above

77. In Financial Economics, an "American option" is an option (call or that can be exercised

by the buyer only on the maturity date

by the buyer on any business date from the initiation to maturity

by the seller only on the maturity date

by the authorized seller only

78. Which of the following is often referred to as the "Hedonic Price" method for valuing environmental assets?

Using 'existence value' to estimate the value of an environmental asset

Using travel costs to estimate the value of an environmental asset

Using the 'willingness to pay' to value an environmental asset

Using linkages between variations in house prices and geographical proximity to an environmental asset

79. According to the Urban Hierarchy Theory, any given country should

Have few large and complex cities than small towns

Have small towns that serve as hubs for high order economic functions

Have many megalopolises

Have the same number of small towns and megacities

80. With an increase in money supply, the LM curve will take

leftward shift

rightward shift

no shift at all

none of above