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1. If a.b < c.d, where a, b, c, d are non-zero numbers, then it must be that
(a) a/c < d/b (b) a/c < d/b, if a.b > 0 (c) a/c > d/b, if a.b > 0 (d) None of the above
If the answer is c), won't a=-2, b=-4, c=6 d=8, disprove the option (-1/3 not less than -2)?
2. The long-run equilibrium in a competitive industry is taken to be where
(a) Price=LRMC (b) Price=LRAC (c) Price=min LRAC (d) Price=min LRMC
3. For a competitive firm, the short-run supply curve is given by
(a) Short-run MC curve (b) Short-run MC curve above the short-run average cost curve
(c) Upward portion of the short-run average cost curve (d) Upward portion of the short-run average cost curve above the short run ACV curve
4. Assume that the saving propensity is 18%, incremental capital-output ratio is 5, population growth rate is 3%, there is no technical progress and there are constant returns to scale
(a) The warranted rate of growth is greater than the natural rate of growth (b) The warranted rate of growth is lower than the natural rate of growth
(c) The economy will grow at 3% rate of growth (d) The economy will grow at more than 3% rate of growth
5.The proposition that public investment ‘crowds out’ private investment is based on the assumption that
(a) Public and private investment compete because they are invested in the same sector of the economy
(b) There already exists excess capacity in the public sector units
(c) There already exists excess capacity in the private sector units
(d) There is full employment of resources like labour and machinery
6. Which of the following is not a measure of inequality
(a) Median (b) Coefficient of variation
(c) Range (d) Gini Coefficient
7. The coefficient of variation of income of people in a country is 5%. Due to change in units of currency, everybody’s income is doubled. The coefficient of variation will now become
(a) 10 (b) 5 (c) 12 (d) 12/5
8. The random variable X has two properties : (i) the mean of X is 2, and (ii) the mean of X2 in 9. What is the variance of 4X?
(a) 80 (b) 20 (c) 144 (d) 112
9. 7. A monopolist manufactures widgets. The quantity, q that the monopolist produces must be a non-negative integer. The total cost C(q) of producing q units is C(q) = 10q. The inverse demand curve for widgets is p(q) = 20/q, where p denotes the market price of widgets. What is the monopolist’s profit maximizing q?
(a) The problem does ot have a solution. (b) 1 (c) Infinity (d) 0
10. In a rectangular array (matrix) of distinct positive numbers, which has m rows and n columns, let x denote the largest of the smallest number in each column [i.e., x = maximum of (xj | j ε (1, 2, …; and xj is the smallest number in column A] and y the smallest of the largest number in each row [i.e., y = minimum of y, ] i.e. 1, 2 …; m and y, is the largest number in row 1]. Then one can infer.
(a) x > y (b) y > x (c) x =y (d) None of the above
11. Populations of two species A and B at time O are equal. If the instantaneous rates of growth of populations of species A and B are u and u + 1 respectively, u>0; then a’ time 1 the population of species B would be
(a) twice the population of species A (b) log 10 times of the population of species A
(c) cu times the population of species A (d) e times the population of species A
12.Current account balance of payments deficit of an open economy is
(a) deficit of foreign trade + inflow of foreign direct investment
(b) imports of goods and services -0 exports of goods and services + depletion of foreign exchange reserve
(c) imports of goods and services – exports of goods and services + external assistance and foreign commercial borrowing
(d) imports of goods and services – exports of goods and services – net remittances out of factor incomes received from abroad
13. 17. In 1990-91, the price index of agricultural commodities was 200 and that of manufactured products 150. In a year’s time both the indices increased by 15 [i.e., the price index of agricultural commodities became 215 and that of manufactured products 165]
Consequently, the terms of trade between agriculture and industry
(a) moved in favour of agriculture (b) moved in favour of industry
(c) remained unchanged (d) None of the above
14. An individual ranks any two bundles (x, y) and (x’ y’) in the following manner; if either x > x’ or if x = x’ and y > y’, the individual prefers (x, y) to (x’, y). Given that the individual has an Income of Rs. 100 per week and the price of good x is Rs. 2 per unit while the price of good y is Re 1 per unit, the individual will purchase every week.
(a) 25 units of good x and 50 units of good y.
(b) 100 units of good y.
(c) 50 units of good x.
(d) 45 units of good x and 10 units of good y. 1
15. Payasia is a closed economy in which only three commodities are produced; milk, rice and payasam (made out of milk and rice). In the year 2001, Rs.1,000 worth of rice, Rs. 600 worth of milk and Rs. 800 worth of payasam were produced; Rs. 200 worth of rice and Rs. 300 worth of milk were used up to produce the payasam that year. Assuming that Payasia had no stocks of rice and milk at the beginning of the year 2001, the GNP in Payasia in 2001 was
(a) Rs. 2,400 (b) Rs. 1,900 (c) Rs. 1,600 (d) Rs. 2,100
16. In a closed economy, the marginal propensity to consume halves but the level of investment remains the same. Assuming all other things do not change, at the new equilibrium, in comparison to the earlier one.
(a) Savings doubles. (b) Income halves. (c) Savings is unchanged. (d) We cannot necessarily claim any of the above.
17.If ą, β are real numbers such that for any c>0, ą<β + c then
(a) ą<β necessarily (b) ą>β necessarily (c) ą=β necessarily (d) ą≤β necessarily.
18. 10. The function y = ax, where a is a positive number, has a derivative at x=2 which is given by
(a) a*2log10a (b) 2 a (c) a*2log10a (d) None of the above
19. 12. A the group of persons, the mean age is 12, and the median is 10. The probability that a randomly selected person from the group will be 12 years or older is
(a) Equal to 0.5 (b) Less than 0.5 (c) Less than or equal to 0.5 (d) Greater than 0.5
20. 18. If demand facing a monopolist is measured in kilograms (kgs) and the price is measured in Rs. per kg, the deadweight loss due to the monopolist charging a profit maximizing price is measured.
(a) In Rs. (b) In kgs (c) In Rs. per kg (d) As a pure number
Please explain the numericals!
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