UGC NET ECONOMICS · 2023 · UNIT 2
Macro Economics PYQs
समष्टि अर्थशास्त्र के प्रश्न
June2023 · 20June2023 · ShiftI
जून2023 · 20जून2023 · पालीI
Monetary theories
मौद्रिक सिद्धांत
Question 11 / प्रश्न 11
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In the extreme case of liquidity trap
Extreme liquidity trap में investors का bond outlook?
(a) Bonds खरीदने की tendency।
(b) Bearish bond-price expectations।
(c) Cash कम preferred।
(d) Bond prices low।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Bearish bond-price expectations।
Explanation: Low interest/high bond prices can create bearish expectations of future bond losses and strong cash preference.
व्याख्या: Very low current interest/high bond prices पर future rate rise/capital loss की आशंका cash preference बढ़ाती है। Money demand interest-elastic हो जाती है।
Question 35 / प्रश्न 35
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Give below are two statements: Statement I: Friedman's theory of the demand for money is partly Keynesian and partly non-Keynesian. Statement II: It is non-Keynesian in that Friedman neglects completely Keynes' clarification of the motives for holding money and the corresponding components of demand for money In light of the above statements,
I Friedman money demand partly Keynesian/partly non Keynesian; II motives के separate components कीजगह unified asset demand।
(a) दोनों सही।
(b) दोनों गलत।
(c) I सही, II गलत।
(d) I गलत, II सही।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) दोनों सही।
Explanation: Friedman uses a unified portfolio demand rather than separate motive-specific money-demand functions.
व्याख्या: Friedman money को wealth portfolio का asset मानते हैं; demand relative asset returns/permanent income पर निर्भर है। Motive-wise अलग demand functions नहीं बनाना non Keynesian aspect है; liquidity/asset choice common ground है। “Neglects completely” को motives irrelevant होने का claim न मानें।
Question 85 / प्रश्न 85
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Match List I with List II.
Money theories match करें।
| ListI सूचीI |
ListII सूचीII |
|---|---|
| A J M Keynes कीन्स |
I Inventorytransactionapproach भंडारपद्धति |
| B Kydland–Prescott किडलैंडप्रेस्कॉट |
II Liquiditypreference तरलतापसंदगी |
| C Baumol–Tobin बॉमॉलटोबिन |
III Timeinconsistency समयअसंगति |
| D Friedman–Schwartz फ्रीडमैनश्वार्ट्ज |
IV Monetary History US अमेरिकाकामौद्रिकइतिहास |
(a) II III IV I
(b) III II I IV
(c) III I II IV
(d) II III I IV
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) II III I IV
Explanation: The associations are liquidity preference, time inconsistency, inventory money demand, and Monetary History.
व्याख्या: AII BIII CI DIV। Inventory model में bond-conversion fixed cost और interest opportunity cost tradeoff से square root money demand निकलती है।
National income and multiplier
राष्ट्रीय आय और गुणक
Question 13 / प्रश्न 13
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Which of the following is/are true about paradox of thrift? A. Paradox of thrift was popularized by J. M. Keynes. B. It states that personal savings can be detrimental to overall economic growth. C. It shows the relationship between output growth and rate of unemployment. D. It shows the relationship between inflation and rate of interest. E. It states that individuals saving during an economic recession leads to fall in aggregate demand.
Paradox of thrift: A Keynes ने popularise किया; B saving attempts demand/growth घटा सकते; C output-unemployment law; D inflation-interest relation; E recession saving demand घटाती।
(a) A, B, C केवल
(b) B, C, D केवल
(c) C, D, E केवल
(d) A, B, E केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) A, B, E केवल
Explanation: Higher desired saving during a demand-constrained recession can reduce aggregate demand and income.
व्याख्या: A B E demand-constrained short-run paradox बताते हैं। Everyone more saving चाहे तो consumption/income घट सकते हैं और aggregate saving जरूरी नहीं बढ़े। C Okun-type relation है।
Question 14 / प्रश्न 14
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Given the income multiplier formula 1 m =, lower the marginal propensity 1– MPC to save,
Multiplier=1/(1−MPC): MPS कम होने पर?
(a) Multiplier अधिक।
(b) Multiplier कम।
(c) हमेशा infinite।
(d) हमेशा zero।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) Multiplier अधिक।
Explanation: The multiplier equals1/MPS, so a lower positive MPS raises it.
व्याख्या: k=1/MPS, इसलिए positive MPS घटने पर k बढ़ता है। Infinite केवल limiting MPS0 पर simple model में होगा।
Question 63 / प्रश्न 63
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When MPS is 0.25 and initial increase in autonomous spending is Rs. 100, then the expenditure multiplier and resultant increase in GDP respectively are:
MPS.25 और autonomous spending100 में k और ΔGDP?
(a) 1, Rs. 100
(b) 0.75, Rs. 75
(c) 4, Rs. 400
(d) 1.33, Rs. 133
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) 4, Rs. 400
Explanation: 1/.25=4; the income increase is400.
व्याख्या: k=1/.25=4; ΔY=4×100=400। Output increase का एक quarter100 initial spending leakages के बराबर होता है।
Consumption and investment
उपभोग और निवेश
Question 17 / प्रश्न 17
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The concept of "excess sensitivity" and "excess smoothness" are explained by following statement(s). A. 'Excess sensitivity' refers to a situation where consumption over responds to temporary income shocks. B. 'Excess smoothness' refers to a situation where consumption under responds to temporary income charges. C. With excess sensitivity, anticipated rise in income is associated with relatively small change in consumption. D. With excess smoothness, changes in aggregate income are associated with relatively large changes in aggregate consumption. E. 'Excess sensitivity' and 'Excess smoothness' are related to the empirical evidences of permanent income hypothesis.
PIH evidence: A temporary income पर excess response; B income changes पर undersmoothingresponse; C anticipated rise पर small change को excess sensitivity; D smoothness में large consumption change; E दोनों PIHevidence।
(a) A, B, C, D केवल
(b) A, B, C, E केवल
(c) A, B, D केवल
(d) A, B, E केवल
Answer & Explanation / उत्तर और व्याख्या
Explanation: Excess sensitivity concerns predictable income; excess smoothness concerns insufficient response to unexpected permanent-income news.
व्याख्या: Excess sensitivity predictable income changes पर consumption response है; excess smoothness unexpected permanent-income news के relative too small response है। A/B wording over simplified है; C/D descriptions उलटी और E सही है। Temporary-vs-permanent shock distinction जरूरी है।
Question 25 / प्रश्न 25
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According to Tobin's Q theory of investment, when should a firm invest? A. there is increase in the price of output B. there is an increase in marginal product of capital C. there is an increase in rate of interest D. there is a decrease in rate of depreciation E. marginal benefit of investment exceeds marginal cost
Tobin Q investment favourable: A output price↑; B MPK↑; C interest↑; D depreciation↓; E marginal benefit>marginal cost।
(a) B, C, D, E केवल
(b) A, C, D, E केवल
(c) A, B, D, E केवल
(d) A, B, C, D केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) A, B, D, E केवल
Explanation: Higher output prices/productivity and lower depreciation support investment; higher interest works against it.
व्याख्या: A/B returns बढ़ाते और D user cost घटाता है; E investment condition है। Higher interest user cost बढ़ाकर investment/q घटाता है। इसलिए A B D E।
Question 82 / प्रश्न 82
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In the national income identity Y = C + I + G, investment (I) is a function of,
Basic IS model में investment किसका function होता है?
(a) Realincomeonly।
(b) Nominalincomeonly।
(c) Realinterestrate।
(d) Nominalinterestrateonly।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) Realinterestrate।
Explanation: Real interest affects investment in the behavioural IS model; the accounting identity alone does not specify it.
व्याख्या: Expected real financing cost/user cost investment को प्रभावित करता है। Nationalincome identity अपने आप behavioural function तय नहीं करती; I=I(r) simple model की additional assumption है।
IS LM and open economy
IS LM और खुली अर्थव्यवस्था
Question 38 / प्रश्न 38
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Which one of the following is not correct about LM schedule?
LM schedule पर कौन गलत ?
(a) Usualupwardslope।
(b) Highinterestelasticity पर flat।
(c) M बढ़नेपर down/rightshift।
(d) Investment और interest के money-market-equilibriumcombinations।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) Investment और interest के money-market-equilibriumcombinations।
Explanation: LM relates income and interest, not investment and interest.
व्याख्या: LM combinations income Y और interestratei की होती हैं, investment I की नहीं। L(Y, i)=M/P में Y↑transaction demand↑, fixed M पर i↑ चाहिए।
Question 70 / प्रश्न 70
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Match List I with List II.
Three-equation model relations match करें।
| ListI सूचीI |
ListII सूचीII |
|---|---|
| A Centralbankloss केंद्रीयबैंकहानि |
I yₜ=A−arₜ₋₁ |
| B Monetaryrule मौद्रिकनियम |
II πₜ=πₜ₋₁+α(yₜ−yₑ) |
| C Phillipscurve फिलिप्सवक्र |
III yₜ−yₑ=−αβ(πₜ−πᵀ) |
| D Dynamic IS गतिशील IS |
IV L=(yₜ−yₑ)²+β(πₜ−πᵀ)² |
(a) II III IV I
(b) III II IV I
(c) IV III II I
(d) IV III I II
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) IV III II I
Explanation: Squared gaps define the loss; the other equations are the monetary rule, Phillips curve, and dynamic IS.
व्याख्या: Loss squared gaps; MR optimal inflation-outputtradeoff; PC inflation adjustment; IS lagged real interest rate demand response। AIV BIII CII DI।
Question 73 / प्रश्न 73
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Which of the following can be an equation representing the money market
Usual upward LM money-market equation?
(a) 300 = 2Y – 1.5i
(b) i = 150 – Y
(c) Y = 100 – i
(d) i = (150 – 2Y)/2
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) 300 = 2Y – 1.5i
Explanation: 300=2Y−1.5i implies an upward LM relation.
व्याख्या: Fixed M/P=300 और L=2Y−1.5i gives300=2Y−1.5i, यानी i=(2/1.5)Y−200। बाकी options downward sloping relations हैं।
Economic thought
आर्थिक विचार
Question 66 / प्रश्न 66
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Arrange the followings chronologically in order of their publication starting from the oldest: A. General Theory of Employment, Interest and Money B. A Treatise on probability C. Essays in Persuasion D. The End of Laissez Faire E. A Tract on Monetary Reform
Keynes books oldest first: A General Theory; B Treatise Probability; C Essays Persuasion; D End Laissez Faire; E Tract Monetary Reform।
(a) B, C, D, A, E
(b) B, E, D, C, A
(c) E, B, D, C, A
(d) D, E, B, A, C
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) B, E, D, C, A
Explanation: The dates 1921,1923,1926,1931, and 1936give B, E, D, C, A.
व्याख्या: Treatise Probability 1921 → Monetary Reform 1923 → End Laissez Faire 1926 → Essays Persuasion 1931 → General Theory 1936। क्रम B E D C A।