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I have some doubts from previous year papers, please discuss:
1. the distribution of the number of printing mistakes per page of a book is Poisson with
mean 3. Given that a -3 = 0.049787, the probability that there is some mistake in a
page is (How to solve)
(a) 0.049787 (b) 0.950212
(c) 0.905020 (d) None of the above
2. The optimal trade policy for a country is always
a. free trade
b. restricted trade with tariff
c. subsidies
d. Can't say
3. A car manufacturing company wants to decide where to locate a new plant. The only
inputs used in cars are steel and labour, and the production function is f (S, L) = S2L2 ,
where S is tons of steel and L is units of labour. The company can locate its plant either
in country A or in country B. In country A, steel costs Rs 70 a ton and labour costs
Rs 70 per unit. In country B, steel costs Rs 80 per ton and labour costs Rs 60 per unit.
In which of the two countries should the company locate its new plant?
(a) Country A
(b) Country B
(c) It is indifferent between country A and country B
(d) The information given is not sufficient to determine
4. The probability mass function of a discrete random variable is given as f (x) = b for
x = I, 2, 3, 4, 5 and zero elsewhere. The mean and variance of the distribution are
(a) 3; 2
(b) 3; 11
(c) 3; 9
(d) 3; 3
5. worker's utility is increasing in wages received and decreasing in the effort exerted.
What is the sh&pe of the indifference curve in the wage-effort space?
(a) Upward sloping
(b) Downward sloping
(c) Straight line parallel to the X-axis
(d) Straight line parallel to the Y-axis
6. the home marginal propensity to consume exportable is greater than the elasticity of
the foreigner's offer curve, then in the absence of inferior goods, a tariff
(a) lowers the domestic prices of importable
(b) increases the domestic prices of importable
(c) No impact on domestic prices
(d) Cannot say
7. The average income of the people in province A is greater than the average income of
the people in province B. Some people migrate from province A to province B and as a
result the average income of both the provinces rise." Is the statement feasible?
(a) This can never happen
(b) This will always happen
(c) This is possible if the richer people of province A migrate to province B
(d) None of the given options
8. There are two countries A and B with their currencies denoted as 'A$' and B$'
respectively. Their nominal exchange rates in terms of US Dollars (USD) are as follows :
A$ 50 = USD 1; B$ 1 = USD 1.5
The nominal prices of petrol per litre in the two countries are A$ 75 per litre and
B$ 1 per litre respectively. It is reported that in purchasing power parity (PPP) terms,
petrol prices are three times higher in country A than in country B. Compare a resident
of country A earning AS 50,000 per month with a resident of country B earning
B$ 2,000 per month. In PPP terms
(a) resident of country A is better off than resident of country B
(b) resident of country A is at par with resident of country B
(c) resident of country A is worse off than resident of country B
(d) Cannot say
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