[2023] Ugc Net Economics Mock Test-Mcq With Question Answer Pdf

Ugc Net Economics Mock Test I Mock Test For Economics

1. Which among the following is/are true for a Cartel ?
I. It aims at maximising of individual firm’s profit.
II. It decides the total output in the industry to which Cartel represents .
III. It does not fix the price at which members sell their output.
Answer from the code below :
(1) All are true. (2) I and II are true.
(3) Only II is true. (4) Only I and III are true.

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2. Why does demand curve have a negative slope ?
I. Due to income effect only II. Due to substitution effect
Answer from the code below :
(1) Both I and II (2) Only I
(3) Only II (4) Neither I nor II

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3. In the entry prevention model of Bain, firms charge premium over
(1) Long period competitive price (2) Short period competitive price
(3) Lowest average cost (4) None of the above

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5. The slope of the production possibility curve is the
(1) marginal rate of exchange
(2) marginal rate of substitution
(3) average rate of transformation
(4) marginal rate of transformation

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7. The demand for rare paintings, and rare stamps etc. is explained by which among the
following effect ?
(1) Snob effect (2) Bandwagon effect
(3) Veblen effect (4) None of the above

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8. A market is said to be economically efficient if it maximises
(1) consumer surplus
(2) producer surplus
(3) aggregate of consumer and producer surplus
(4) None of the above

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9. Who among the following economists are associated with the concept of Quasi rent ?
I. A. Marshal
II. J. Robinson
III. D. Ricardo
Answer from the code below :
(1) Only I and III (2) I and II
(3) All the three (4) Only III

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Ugc Net Economics Mock Test

13. 1973 oil crisis also triggered a wide spread economic crisis in USA and some European
nations. In this context which statements are true ?
(1) It led to disillusionment with established policies based on Keynesian economics.
(2) There emerged a malady known as stagflation.
(3) New classical economics emerged as a challenge to Keynesian economic ideas.
(4) All of the above are true .

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14. As per IS-LM framework, an increase in government expenditure will result in :
(1) increase in income and interest rate both.
(2) increase in income only.
(3) decrease in investment and interest rate both.
(4) decrease in income and interest rate both.

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15. Which of the following can be considered as leakages in the force of the multiplier ?
(1) Higher propensity to import (2) Higher marginal propensity to save
(3) Both (1) and (2) above (4) Neither (1) nor (2) above

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16. According to Robinson-Uzawa theorem, steady state growth is possible if the technical
progress is :
(1) only Hicks neutral (2) only Harrod neutral
(3) only Solow neutral (4) Both Hicks and Harrod neutral

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17. Which one of the following is not an assumption of permanent income hypothesis ?
(1) Transitory income can be both positive and negative.
(2) Permanent income depends on human and non-human wealth.
(3) Transitory consumption can be both positive and negative.
(4) Average propensity to consume is greater than marginal propensity to consume.

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18. The Accelerator model predicts that changes in investment are determined by the changes
in
(1) Interest (2) Output
(3) Capital (4) Inventory

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19. Which among the following statements are true for Schumpeter’s theory of economic
development ?
I. Development is evolutionary.
II. Development is financed by real savings.
III. Capitalism keeps its character intact overtime.
Of the above which statement(s) is/are true ? Answer from the code below :
Codes :
(1) Only I (2) Only I and II
(3) All the above (4) None of the above

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Ugc Net Economics Question Papers With Answers

20. Who among the following has not given his model based on the concept of unlimited
supply of labour ?
(1) D.W. Jorgenson (2) Ranis-Fei
(3) W.A. Lewis (4) Gunnar Myrdal

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21. Which aspect of economic development did Gunnar Myrdal concentrate upon ?
(1) Capital scarcity (2) Human resource scarcity
(3) Regional inequalities (4) Population exp loitation

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22. Fei-Ranis’s theory of economic development is based on
(1) dualistic approach to development
(2) presence of disguised unemployment
(3) importance of agricultural development
(4) All of the above

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24. In a Harrodian economy, ICOR is 4.5 : 1, population growth is 2% per annum, and the
investment rate is 27%. Hence the annual growth of per capita will be :
(1) 2.5 % (2) 9 %
(3) 6 % (4) 4 %

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25. Which among the following is not correctly matched ?
Author Book
(1) M. Friedman – Capitalism and Freedom
(2) Amartya Sen – Argumentative Indian
(3) Joseph Stiglitz – In Defense of Globalization
(4) Ruchir Sharma – The Rise and Fall of Nations

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Economics Ugc Net Mock Test

26. Which among the following statements is not true for the Golden Age equilibrium in the
growth model of Mrs. Joan Robinson ?
(1) Rate of profit tends to rising.
(2) Level of real wages rise with output per worker.
(3) Technical progress is neutral.
(4) Population is growing at a steady rate.

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28. While recommending horizontal distribution, which of the following criterion got the least
weightage by the 14th Finance Commission ?
(1) Demographic change (2) Area
(3) Population (4) Income distance

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29. If in a year, the gross fiscal deficit of Government is ` 3,00,000 crores, revenue deficit is
` 1,50,000 crores and interest payments are ` 80,000 crores, which of the following is the
primary deficit of the Government in the year ?
(1) ` 70,000 crores (2) ` 23,000 crores
(3) ` 2,20,000 crores (4) ` 1,50,000 crores

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30. As per proposals of Union Budget of 2016-17, which of the following tax contributes
maximum share out of total tax revenue collection ?
(1) Corporation tax (2) Union Excise Duty
(3) Custom (4) Income Tax

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31. Concepts of concentration and displacement effect in public expenditure are attributed to
(1) Allen T. Peacock and Jack Wiseman
(2) A.R. Prest and I.M.D. Little
(3) A.C. Pigou and J.K. Mehta
(4) Kenneth Arrow and Paul A. Samuelson

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32. Which one of the following statements is true for the Verdoon’s law ?
(1) Long run productivity generally grows proportionally to the square root of output
growth.
(2) Short run productivity generally grows proportionally to the growth of output.
(3) The value of Verdoon’s coefficient is nearly equal to 1.
(4) Verdoon’s law is quite in consonance with Solow model’s functioning.

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Ugc Net Mock Test Paper 2 Economics

33. Which among the following can contribute to improvement in industrial climate of the
region ?
(1) Development banks (2) Trade unions
(3) Natural resources (4) All of the above

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34. Researchers indicate that income velocity of money is falling overtime due to
(1) income elasticity of demand for money is greater than unity.
(2) income elasticity of demand for money is less than unity.
(3) income elasticity of demand for money is equal to unity.
(4) All of the above

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35. According to Monetarists, demand for money function is
(1) stable and interest inelastic (2) constant and interest elastic
(3) stable and interest elastic (4) unstable and interest inelastic

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36. Arrange the following liquid assets in decreasing order
(a) Time deposits (b) Saving deposits
(c) Currency (d) Demand deposits
Select the answer from the codes given below :
(1) d, a, b, c (2) c, d, b, a
(3) a, b, d, c (4) b, a, c, d

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39. A population pyramid of a country shows the :
(1) age structure of male and female population
(2) age structure of male population
(3) age structure of female population
(4) age structure of rural and urban population

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Ugc Net Economics Online Mock Test I Ugc Net Economics Mock Test

40. If the actual unemployment rate is below the natural rate of unemployment, it would be
expected that
(1) the rate of inflation would increase.
(2) wages would fall.
(3) the Phillips curve would shift to the right.
(4) the natural rate of unemployment would fall.

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41. Demographic transition means :
(1) Shift from the condition of low birth and high death rates to high birth and high
death rates.
(2) Shift from the condition of high birth and high death rates to low birth and low death
rates.
(3) Shift from the condition of high death and low birth rates to high death and high
birth rates.
(4) None of the above.

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42. In the context of International Trade dumping refers to
(1) Free distribution of used products by developed countries in developing countries.
(2) Selling a commodity cheaper in foreign market and costly in domestic market.
(3) Sending cheap goods to developing countries by developed countries.
(4) None of the above

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44. A deficit in balance of payments can be corrected by :
(1) a reduction in interest rate (2) discouraging capital inflows
(3) an increase in interest rate (4) restricting remittances

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45. In the terminology of WTO, which among the following is not an amber box subsidy ?
(1) Minimum support price of cereals
(2) Subsidy on seeds
(3) Subsidy on irrigation rates
(4) Cost of government pest control and management

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46. The weight of manufacturing in old IIP (base 1993-94) was 76.36% which has now been
changed in the new IIP (base 2004-05) at
(1) 75.53% (2) Unchanged at 76.36%
(3) 78.22% (4) 79.39%

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47. Which of the following agricultural holdings have largest percentage in India ?
(1) Marginal Holdings (2) Small Holdings
(3) Large Holdings (4) Semi-Medium Holdings

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Economics Mock Test Paper 2 I Ugc Net Economics Mock Test

48. First two States/Regions in India having highest yield of rice in 2013-14 were
(1) National Capital Territory of Delhi and Punjab
(2) Punjab and West-Bengal
(3) Andhra Pradesh and Haryana
(4) Punjab and Uttar Pradesh

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49. Which among the following rates is independently determined in India ?
(1) Repo rate (2) Reverse repo rate
(3) Both (1) and (2) (4) Neither (1) nor (2)

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50. The main objectives of the 12th Five Year Plan are
(1) inclusive growth and poverty reduction
(2) inclusive and sustainable growth
(3) Faster, sustainable and more inclusive growth
(4) Sustainable and inclusive growth to reduce poverty and unemployment

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53. Which of the following are not considered as flow variables in economic analysis ?
(1) Supply and demand (2) Saving and investment
(3) Money supply and public debt (4) Exports and imports

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54. If the Reserve Bank of India wishes to decrease the money supply, it should
(1) raise statutory liquidity ratio (2) buy treasury bills in the open market
(3) raise the discount rate (4) lower the reserve requirements

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55. Which of the following is included in M1 ?
(1) Savings deposits
(2) Demand deposits
(3) Gold stock
(4) Assets under money market mutual funds

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Online Mock Test For Ugc Net Economics Paper 2

58. Arrange the following climate events in chronological order :
I. Kyoto Protocol
II. Earth Summit
III. Bali Summit
Answer from the codes below :
Codes :
(1) II, I, III (2) II, III, I
(3) III, I, II (4) I, II, III

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66. The production function Q = 150 L0.7 K05, exhibits the returns to scale as :
(1) Constant (2) Increasing
(3) Decreasing (4) Fluctuating

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67. In an open economy Input-Output model, A is the input-coefficients matrix, the viability
condition to be satisfied is
(1) |I – A| ≠ 0
(2) |I – A| > 0
(3) |I – A| < 0
(4) All principal minors of the matrix (I – A) must be positive.

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In a two-variable regression Y is dependent variable and X is independent variable. If the
correlation coefficient between Y and X is 0.7, then which one of the following result is
correct ?
(1) 7% variations in Y are explained by X.
(2) 70% variations in Y are explained by X.
(3) 49% variation in Y are explained by X.
(4) 0.7% variations in Y are explained by X.

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73. Koyck’s approach to econometric analysis deals with relationships involving :
(1) Lagged explanatory variables
(2) Qualitative explanatory variables
(3) Exponential explanatory variables
(4) None of the above

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74. For the demand function P = 10 – 2x – 0.5 x2, what is price elasticity of demand at x = 2 ?
(1) Zero (2) 0.5
(3) 1 (4) 1.5

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75. In a regression with 3 independent variables and 20 observations F value calculated is to
be tested. What will be degrees of freedom for numerator and denominator in testing
procedure ?
(1) 2, 18 (2) 3, 17
(3) 3, 16 (4) 3, 20

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Ugc Net Economics Live Mock Test

2. In 2016, the Nobel prize in Economics was awarded for :
(1) analysis of trade pattern and location of economic activity
(2) analysis of asset prices
(3) analysis of globalization
(4) contributions to contract theory

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3. Which of the following is not true for perfect competition ?
(1) Price =LAC
(2) Market demand curve for a commodity is horizontal to X-axis
(3) Firms earn normal profits
(4) In the long run firms operate at the minimum point of average cost

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4. Which amongst the following statements is correct ?
(1) The minimum point of AVC and MC are at the same level of output
(2) Minimum of AVC is at lesser output than the minimum of MC
(3) Minimum of AVC is at larger output than the minimum of MC
(4) Any of the above is possible depending upon operating of the law of returns

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5. A firm in monopolistic competition advertises in order to :
(1) make its product more similar to its competitors’
(2) shift the demand curve for its product to the left
(3) make the demand for its product less price elastic
(4) reduce the industry’s price

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7. Assume that people like onions on their hamburgers. If the supply of hamburgers decreases,
the demand for onions will most likely :
(1) remain unchanged because hamburgers and onions are different goods
(2) increase because hamburgers and onions are substitutes
(3) increase because hamburgers and onions are complements
(4) decrease because hamburgers and onions are complements

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8. In the shortrun, which of the following costs must continuously decrease as output
increases ?
(1) Total variable cost (2) Total fixed cost
(3) Average variable cost (4) Average fixed cost

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9. If export price increases by 5 percent and import price by 20 percent, the commodity terms of
trade is :
(1) 0.91 (2) 0.87 (3) 0.25 (4) 4

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Nta Net Economics Mock Test

10. If economic agents perfectly anticipate policy changes and if all prices, including wages, are
completely flexible, which of the following will be true in the long run ?
(1) There will be no trade – off between inflation and unemployment
(2) The unemployment rate will be less than the natural rate of unemployment
(3) The price level will be constant
(4) Changes in the money supply will not lead to changes in the price level

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11. Who made the statement, “Inflation is everywhere and always a monetary phenomenon’’ ?
(1) Milton Friedman (2) James Tobin
(3) T.W. Swan (4) A.W. Phillips

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13. Who argued that Keynes’s theory of equilibrium with involuntary unemployment is a special
case of the general equilibrium model, augmented to include money ?
(1) W. Leontief (2) J.R Hicks (3) M. Friedman (4) D. Patinkin

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17. A Country can have an increased surplus in its balance of trade as a result of :
(1) declining imports and rising exports
(2) higher tariffs imposed by its trading partners
(3) an increase in domestic inflation
(4) an increase in capital inflow

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19. Which amongst the following economists can be classified as strong advocate of protectionist
policy of trade ?
(1) F. List and A. Hamilton (2) Adam Smith and David Ricardo
(3) J.S. Mill and P. Krugman (4) A. Hamilton and J.S. Mill

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20. An increase in which of the following would be most likely to increase Long – run growth
in developing countries ?
(1) Tariffs on imported capital goods
(2) Subsidies to business for purchases of capital goods
(3) Unemployment compensations
(4) Pension payments

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Ugc Net Mcq Mock Test For Economics

21. What is Baran’s explanation for under development in Asia, Africa and Latin America ?
(1) Monopolistic business from abroad
(2) Conservative ruling coalitions
(3) Weak domestic middle class
(4) All of the above

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22. The Benefit Theory of allocation of tax burden was given by :
(1) Seligman (2) Lindhal (3) Dalton (4) Pigou

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24. If marginal propensity to consume (m.p.c) = average propensity to consume (a.p.c) for all
levels of income (Y) then the corresponding consumption function will be :
(1) C=a+bY
(2) C=bY
(3) C=bY2
(4) C=a+bY2

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25. Which of the following goods is covered under GST as on 1st July, 2017 ?
(1) Electricity (2) Liquified Petroleum Gas
(3) High Speed Diesel (4) Petroleum Crude

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26. The greater the elasticity of supply, the greater is :
(1) Incidence of tax on buyers
(2) Incidence of tax on sellers
(3) Impact of tax on sellers
(4) Impact of tax on buyers

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27. The ability – to – pay principle of taxation is logically most consistent with the normative
notion of :
(1) tax neutrality (2) horizontal equity
(3) value – added taxation (4) vertical equity

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28. Principle of maximum social advantage is concerned with :
(1) Taxation only
(2) Public expenditure only
(3) Public debt only
(4) Both taxation and public expenditure

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30. Which of the following is a distinctive implication of the New Trade Theory developed by
Melitz as different from the New Trade Theory ?
(1) Trade increases the average productivity as more productive firms expand
(2) Helpful state intervention
(3) Trade encourage R & D and lead to new products
(4) A country may both export and import the goods from the same industry

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31. The conjecture that inequalities of income first increase with development and then decrease
with further development also known as ‘Inverted U’ hypothesis has been :
(1) Supported by all empirical studies
(2) Supported mainly by cross section studies and not by time series studies
(3) Supported by time series and not by cross section studies
(4) Generally repudiated by empirical studies

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