NTA UGC NET/JRF Exam, (Cancelled) June-2024 Economics

Total Questions: 100

11. Arrange the following Nobel Laureates according to their year of Award (latest being the first):

A. Sir Arthur Lewis
B. Simon Kuznet
C. Douglas C. North
D. Claudia Goldin
E. Ronald Coase
Choose the correct answer form the options given below:

Correct Answer: (b) D, E, C, B, A
Solution:
EconomistYear Awarded
Claudia Goldin2023
Ronald Coase1991
Douglas C. North1993
Simon Kuznets1971
Sir Arthur Lewis1979

12. In a random arrangement of the letters of the word 'VIOLENT', find the chance of that vowels I, O, Е оссирy odd positions only.

Correct Answer: (b) 4/35
Solution:

VIOLENT
Vowels - I, O, E
Vowels = 3
Odd = 4
So, 4c3*3!, Consonents = 4
Remaining places = 4 so 4!
Total places = 7

13. Solve the following equation:

Correct Answer: (c) 90
Solution:



14. Which of the following states the Gravity model correctly?

Correct Answer: (d)
Solution:

The gravity equation in international trade state that bilateral exports are proportional to economic size and inversely proportional to geographie distance. While the role of size is well understood, that distance remains mysterious.

15. Arrange the following countries with respect to their value added from Agriculture, forestry and fishing as percent to GDP for the year 2022, in descending order:

A. China
B. Bangladesh
C. India
D. Nepal
E. Sri Lanka
Choose the correct answer from the options given below:

Correct Answer: (c) D, C, B, E, A
Solution:

Agriculture, forestry, and fishing, value added (% of GDP) World Bank national accounts data files.

1. Nepal - 21.1%
2. India - 16.7%
3. Bangladesh - 11.2%
4. Sri Lanka - 8.7%
5. China - 7.3%
In descending order;
Nepal, India, Bangladesh, Sri Lanka, China.

16. For a regression through the origin, state which of these statement is not true?

Correct Answer: (b)
Solution:

2ⁿᵈ statement is wrong. As the raw r² computed satisfies O < r < 1 and is not directly comparable or not equivalent to the conventionally computed r².

17. Which of the following is true for Environment Kuznet Curve?

Correct Answer: (b) As the per capita GNP increases, pollution increases upto a point and then start declining.
Solution:

As the percapita GNP increases, pollution increases upto a point and then start declining.

18. Match List-I with List-II.

List-I (Concept)List-II (Theorist/Author)
A. Economics of IdeaI. Adam Smith
B. Learning by doingII. John Maynard Keynes
C. Animal SpiritIII. K.J. Arrow
D. Invisible HandIV. Paul Romer

Choose the correct answer from the options given below:

Correct Answer: (b) A-IV, B-III, C-II, D-1
Solution:
List-I (Concept)List-II (Theorist/Author)
A. Economics of IdeaIV. Paul Romer
B. Learning by doingIII. K.J. Arrow
C. Animal SpiritII. John Maynard Keynes
D. Invisible HandI. Adam Smith

19. As per Union budget 2023-24 arrange the following components on the basis of their revenue share to total revenue generation, starting from the highest:/

A. Non-Tax receipt
B. Non-debt capital receipt
C. Custom duty
D. Income Tax
E. Union Excise duty
Choose the correct answer from the options given below:

Correct Answer: (a) D, E, A, C, B
Solution:

Union budget 2023-24
(1) Income Tax - 15%
(2) Union Excise Duties -7%
(3) Corporation tax -15%
(4) Goods & service tax & other taxes -17%
(5) Borrowing and other Liabilities -34%
(6) Non Tax Receipt - 6%
(7) Non-Debt Capital receipts -2%
(8) Customs -4%

20. According to RCK model, which of the following correctly depicts growth rate of consumption per worker?

Correct Answer: (c)
Solution:

The growth rate of consumption per worker in the RCK model is given by the formula that balances the interest rate and the discount rate, adjusted by the elasticity of marginal utility.
(r)t→ interest rate
p→ rate of tome preference /discount rate
θ→intertemporal elasticity of substitution.