UGC NET ECONOMICS · 2024 · UNIT 2
Macro Economics PYQs
समष्टि अर्थशास्त्र के प्रश्न
June2024 · Cancelled paper
जून2024 · रद्द प्रश्नपत्र
IS LM and open economy
IS LM और खुली अर्थव्यवस्था
Question 3 / प्रश्न 3
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If the marginal propensity to import is high, then which of the following will be true?/ A. The IS curve is steeper B. It will create currency appreciation C. It will make the LM curve flatter D. For each level of income, the interest rate must be high to achieve external balance E. For each level of interest rate, higher income will be generated to achieve BOP equation
Import propensity high हो तो: A IS steeper; B currency appreciation; C LM flatter; D हर Y पर external balance के लिए higher interest; E हर interest पर higher Y।
(a) A और D केवल
(b) केवल A और B
(c) A, B, C और D केवल
(d) A, D और E केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) A और D केवल
Explanation: Import leakage steepens IS and raises the interest rate needed to finance imports at a given income.
व्याख्या: Higher import leakage multiplier घटाता है, इसलिए given interest sensitivity पर IS steeper होती है। Higher imports को finance करने के लिए fixed Y पर more capital inflow/higher interest चाहिए। LM की slope सीधे import propensity से तय नहीं होती; E उलटा है।
Question 54 / प्रश्न 54
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If the income elasticity of demand for money is low, then which of the following is true?
Money demand की income sensitivity कम होने पर, बाकी समान, LM कैसी होगी?
(a) Steeper LM।
(b) Flatter LM।
(c) Flatter IS।
(d) Steeper IS।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Flatter LM।
Explanation: With L=k Y−hi, the LM slope is k/h; a smaller income response makes LM flatter.
व्याख्या: L=k Y−hi और fixed M/P में i=(k/h)Y−M/(Ph)। k कम होने पर LM slope k/h घटती है। Income elasticity को relevant local sensitivity में पढ़ें; source(a) उलटा है।
Inflation and expectations
मुद्रास्फीति और अपेक्षाएँ
Question 4 / प्रश्न 4
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Match List I with List II.
Monetary concepts को associated economists से match करें।
| ListI सूचीI |
ListII सूचीII |
|---|---|
| A Inflation targeting मुद्रास्फीति लक्ष्य |
I Milton Friedman मिल्टन फ्रीडमैन |
| B Natural rate of employment प्राकृतिक रोजगार दर |
II Kydland and Prescott किडलैंड प्रेस्कॉट |
| C Time inconsistency समय असंगति |
III Robert Lucas Jr रॉबर्ट लूकस |
| D Rational expectations विवेकपूर्ण अपेक्षाएँ |
IV J B Taylor जे बी टेलर |
(a) A-IV, B-I, C-II, D-III
(b) A-I, B-IV, C-II, D-III
(c) A-IV, B-II, C-III, D-I
(d) A-II, B-III, C-IV, D-I
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) A-IV, B-I, C-II, D-III
Explanation: The associations are Taylor, Friedman, Kydland–Prescott, and Lucas respectively; Muth originated rational expectations.
व्याख्या: Intended associations AIV BI CII DIII हैं। Lucas ने rational expectations macro को विकसित किया; मूल hypothesis John Muth का था। Taylor rule targeting के systematic interest-rate response से जुड़ा है।
Question 37 / प्रश्न 37
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If the expectation augmented – Phillips curve equation is given as W = f(U) + βPe, then which of the following statement will be true: A. If β = 1, then there is no trade-off between inflation and unemployment. B. If β = 0, then the phillips curve will be vertical. C 1 < β< +1 D. If β > 0, then the long run Phillips curve will be Steeper than the short-run one. E. Keynsian Phillips curve assumes β = 0/
W=f(U)+βPᵉ: A β1 पर no tradeoff; B β0 पर vertical; C printed1<β<+1; D β>0 पर long-run steeper; E Keynesianβ0।
(a) A, B और C केवल
(b) A, D और E केवल
(c) B, D और E केवल
(d) B, C और D केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: शर्तों सहित intended(b)
Explanation: The intended answer needs a long-run interpretation and the usual0<β≤1 range.
व्याख्या: A long-run expectations-adjusted result है। 0<β<1 में long-run slope short-run से steeper और β1 limit vertical होती है। E original unaugmented curve है। D का unrestrictedβ>0 और impossible inequality C literal defects हैं; β>1 पर usual claim valid नहीं।
Monetary theories
मौद्रिक सिद्धांत
Question 24 / प्रश्न 24
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Match List I with List II.
Money-supply approaches match करें।
| ListI सूचीI |
ListII सूचीII |
|---|---|
| A Monetarism मुद्रावाद |
I Upward-sloping supply ऊपर जाती supply |
| B Accommodationists समायोजनवादी |
II Exogenous money बहिर्जात मुद्रा |
| C Structuralists संरचनावादी |
III Horizontal supply क्षैतिज supply |
| D Post-Keynesian पोस्ट कीन्सियन |
IV Demand-determined money मांग-निर्धारित मुद्रा |
(a) A-II, B-III, C-IV, D-I
(b) A-II, B-III, C-I, D-IV
(c) A-IV, B-III, C-I, D-II
(d) A-III, B-II, C-I, D-IV
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) A-II, B-III, C-I, D-IV
Explanation: Monetarism treats money as exogenous; accommodationists, structuralists, and Post Keynesians model different endogenous-supply responses.
व्याख्या: Monetarist benchmark exogenous; accommodationists central-bank rate accommodation से horizontal; structuralists rising marginal funding cost से upward slope; Post-Keynesian broad endogenous/demand-driven money।
Question 63 / प्रश्न 63
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The classical proportional relation between money and price will hold in which of the following cases: A. Rigidity of nominal variables B. Perfectly inelastic AS curve C. Rigidity of real variable D. Positive relationship between money supply and production E. Long-run Analysis
Classical money-price proportionality: A nominal rigidity; B vertical AS; C real variables fixed; D money से production बढ़े; E long run।
(a) A, D और E केवल
(b) A और E केवल
(c) B और C केवल
(d) B, C और D केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: पूरा सही combination अनुपस्थित
Explanation: B, C, and E fit the classical long-run benchmark, but no complete combination is offered.
व्याख्या: Fixed real output/velocity वाले classical long-run benchmark में B, C, E relevant हैं। D real output response proportional price result तोड़ेगा; A nominal rigidity classical flexibility केविरुद्ध है। Option(c)B, C core static conditions देता है लेकिन true long-run E छोड़ता है।
National income and multiplier
राष्ट्रीय आय और गुणक
Question 32 / प्रश्न 32
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Suppose the initial equilibrium level of GDP is $ 1000 Billion. If MPC is 0.75 and Government spending increases by $ 100 billion, then expenditure multiplier and new level of GDP respectively will be:
Initial GDP 1000bn, MPC.75 और ΔG100bn में multiplier/new GDP?
(a) −3; $700bn
(b) 3; $1300bn
(c) −4; $600bn
(d) 4; $1400bn
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) 4; $1400bn
Explanation: The multiplier is4; GDP rises by400 to 1400.
व्याख्या: k=1/(1−.75)=4; ΔY=4×100=400; Ynew=1400bn। यह simple fixed-price closed-economy multiplier है।
Question 56 / प्रश्न 56
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If GDP (measured in billions of current dollars) is $5465 and the sum of consumption, investment and government purchases is $5496, while exports equal $673; imports are:
GDP 5465, C+I+G 5496, exports673 में imports कितने ($bn)?
(a) $ 673
(b) -$ 673
(c) $ 704
(d) -$ 704
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) $ 704
Explanation: Imports=5496+673−5465=704.
व्याख्या: Y=C+I+G+X−M ⇒M=5496+673−5465=704। Net exports−31 हैं; imports को negative संख्या नहीं लिखना।
Consumption and investment
उपभोग और निवेश
Question 40 / प्रश्न 40
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According to the life cycle theory of consumption: A. Consumption is constant throughout the life span B. Consumers consume more while earning/ C. Saving is the constant throughout the life span D. Retirement consumption is entirely financed through dissaving E. Consumption keeps increasing with age
Simple life-cycle model: A life भर smooth consumption; B earning में more consumption; C constant saving; D retirement dissaving; E age के साथ consumption बढ़े।
(a) C और D केवल
(b) A और D केवल
(c) A, B और E केवल
(d) B, C और D केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) A और D केवल
Explanation: The simple lifecycle benchmark smooths consumption and uses accumulated assets in retirement.
व्याख्या: Perfect consumption smoothing benchmark में income earning years में saving और retirement में asset draw down होता है, इसलिए A, D intended। “Entirely” dissaving तभी जब pension/other retirement income न हो; general LCH age-dependent needs भी allow करता है।
Question 61 / प्रश्न 61
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In a two-sector economy, autonomous consumption expenditure Co = ₹ 50 million, autonomous investment expenditure, Io = ₹ 100 million and b = 0.5. Determine the equilibrium level of consumption, Ce, where b = MPC.
C₀50million, I₀100million, MPC.5 में equilibrium consumption?
(a) ₹ 200 million
(b) ₹ 300 million
(c) ₹ 100 million
(d) ₹ 150 million
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) ₹ 200 million
Explanation: Income is300and consumption50+.5×300=200.
व्याख्या: Y=(50+100)/(1−.5)=300million। C=50+.5×300=200million। Output300 को consumption200 से अलग रखें।
June2024 re-exam · 28August2024
जून2024 पुनर्परीक्षा · 28अगस्त2024
IS LM and open economy
IS LM और खुली अर्थव्यवस्था
Question 8 / प्रश्न 8
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The rise in the nominal stock of money causes:
Nominal money stock बढ़ने पर usual short-run IS–LM equilibrium में क्या होगा?
(a) Interest बढ़े, real income घटे।
(b) Interest घटे, real income बढ़े।
(c) Interest और real income दोनों घटें।
(d) Interest और real income दोनों बढ़ें।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Interest घटे, real income बढ़े।
Explanation: With fixed prices, monetary expansion shifts LMright, lowering interest and raising income.
व्याख्या: Fixed price level, downward IS और upward LM के standard model में M/P बढ़ने से LM right/down shift होती है: interest rate घटती और equilibrium income बढ़ती है। Long-run price adjustment या liquidity trap में यही result unconditional नहीं है।
Inflation and expectations
मुद्रास्फीति और अपेक्षाएँ
Question 9 / प्रश्न 9
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Inflation confers no benefits on society, but it imposes several real costs. What among the following are costs of inflation? (A) Shoe leather cost associated with reduced money holdings (B) Menu cost associated with more frequent adjustmental prices (C) Increased variability of relative prices (D) Unintended changes in tax liabilities due to no indexation of the tax code (E) Arbitrary redistribution of wealth associated with debts
Inflation के costs चुनें: A shoe-leather cost; B menu cost; C relative-price variability; D non-indexed tax code से unintended tax changes; E debt पर arbitrary wealth redistribution।
(a) (A), (B), (C) केवल
(b) (C), (D), (E) केवल
(c) (B), (D), (A) केवल
(d) (A), (B), (C), (D), (E)
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) (A), (B), (C), (D), (E)
Explanation: All listed costs can arise from expected or unexpected inflation.
व्याख्या: A–E सभी recognised inflation costs हैं। Expected inflation में cash management/menu costs और unexpected inflation में nominal debtors–creditors redistribution हो सकता है। Stem का “no benefits” absolute claim हर macroeconomic context के लिए जरूरी नहीं।
Question 49 / प्रश्न 49
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The _________ effect implies that nominal interest rates tend ot be high when inflation is high and low ehen inflation is low?
Inflation high हो तो nominal interest rate high होने का relation कौन सा effect है?
(a) Tobin effect।
(b) Baumol effect।
(c) Fisher effect।
(d) Patinkin effect।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) Fisher effect।
Explanation: The approximate Fisher relation isi=r+expected inflation; the exact relation compounds the rates.
व्याख्या: Formula: Fisher relation expected inflation और real rate से nominal rate समझाता है: approximately i=r+πe। Example: r=2% और πe=5% तो i≈7%; exact (1+i)=(1+r)(1+πe)। Actual unexpected inflation और ex ante expectations अलग रखें।
National income and multiplier
राष्ट्रीय आय और गुणक
Question 20 / प्रश्न 20
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In the leakage-injection approach to income determination, an increase in lump-sum tax ceteris paribus shifts:
Leakage–injection model में lump-sum tax बढ़ने से क्या shift होगा?
(a) I+G line ऊपर।
(b) I+G line नीचे।
(c) Saving plus tax line left/up।
(d) Equilibrium income बढ़ेगी।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) Saving plus tax line left/up।
Explanation: S+T=−a+(1−c)Y+c T; higher taxes shift leakages up and reduce equilibrium income.
व्याख्या: C=a+c(Y−T) और S=−a+(1−c)(Y−T) से S+T=−a+(1−c)Y+c T। T बढ़ने पर leakage line ऊपर/left जाती है और Y घटता है; I+G unchanged है। Example: c=.8, ΔT=10 से given Y पर leakage 8 बढ़ती है।
Question 21 / प्रश्न 21
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Gross domestic Product or GDP is defined as:
GDP के दिए income-based identities में कौन intended है?
(a) GDP=सकल घरेलू आय+अप्रत्यक्ष कर+मूल्यह्रास
(b) GDP=सकल घरेलू आय+अप्रत्यक्ष कर−मूल्यह्रास
(c) GDP=सकल घरेलू आय+मूल्यह्रास−अप्रत्यक्ष कर
(d) GDP=सकल घरेलू आय+मूल्यह्रास−शुद्ध घरेलू उत्पाद
Answer & Explanation / उत्तर और व्याख्या
उत्तर: जरूरी conventions के साथ (a)
Explanation: GDPmp=NDPfc+depreciation+net indirect taxes; gross taxes alone require a subsidy adjustment.
व्याख्या: Correct general identity GDP at market prices = NDP at factor cost + depreciation + net indirect taxes। “Aggregate domestic income” को NDPfc और indirect taxes को net taxes समझने पर (a) intended है। Subsidies मौजूद हों तो केवल gross indirect taxes जोड़ना exact नहीं।
Monetary theories
मौद्रिक सिद्धांत
Question 45 / प्रश्न 45
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Arrange the following theories in correcta chronological order, starting from earliest to latest: (A) Patinkin's Real Balance Effect (B) Reformulated quantity theory of money (C) Baumol's theory of money (D) Cash transaction approach (E) Cash balance approach
Chronology चुनें: A Patinkin real balances; B Friedman quantity theory restatement; C Baumol money demand; D cash-transactions; E cash-balances approach।
(a) (D), (E), (B), (C), (A)
(b) (E), (D), (A), (B), (C)
(c) (E), (D), (C), (B), (A)
(d) (C), (D), (E), (A), (B)
Answer & Explanation / उत्तर और व्याख्या
उत्तर: कोई unambiguous exact order नहीं
Explanation: The chronology depends on selected works; Patinkin and Friedman also share 1956publication anchors.
व्याख्या: Common publication anchors: Fisher transactions 1911, Pigou cash-balances 1917, Baumol 1952, Patinkin book 1956 और Friedman restatement 1956। Earlier Cambridge ideas/Patinkin articles लेने से dates बदलती हैं। Printed(a) Friedman को Baumol से पहले रखता है, जो 1956 vs 1952 से गलत है; contribution/year specify करना जरूरी है।
Consumption and investment
उपभोग और निवेश
Question 57 / प्रश्न 57
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Suppose savings functions is S = – 5 + 0.32q, then find the correct answer from below:
S=−5+0.32Y में APC और MPC का संबंध क्या है?
(a) APC < MPC
(b) APC = MPC
(c) APS > MPS
(d) APC > MPC
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) APC > MPC
Explanation: C=5+.68Yimplies APC=.68+5/Y>MPCforpositive Y.
व्याख्या: C=Y−S=5+.68Y। MPC=.68 और APC=.68+5/Y है, इसलिए positive Y पर APC>MPC। APS=.32−5/Y<MPS=.32 भी है; intercept को slope न मानें।
Question 74 / प्रश्न 74
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The phrase 'demonstraiton effect' coined by:
“Demonstration effect” consumption concept किस economist से जुड़ा है?
(a) James Duesenberry
(b) J.K. Galbraith
(c) Joan Robinson
(d) J.M. Keynes
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (a) James Duesenberry
Explanation: Duesenberry’s relative-income theory includes demonstration effects.
व्याख्या: James Duesenberry के relative-income approach में others’ consumption standards अपने spending decisions प्रभावित करते हैं। Ratchet effect past peak income/standard से downward adjustment की resistance बताता है; दोनों concepts अलग हैं।
Question 86 / प्रश्न 86
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Consider the following statement and identify the correct ones? (A) According to the accelerator models, investment demand is proportional to the changed in GNP. (B) The real rate is the nominal rate of interest plus the inflation. (C) The higher the real interest rate, the higher is the rental cost of capital. (D) Investment is a stock concept (E) Rate of interest is a flow concept
Investment statements: A accelerator investment को GNP change से जोड़ता है; B real rate=nominal+inflation; C higher real rate से capital rental cost बढ़ती; D investment stock; E interest rate flow।
(a) (B) और (C) केवल
(b) (B) और (A) केवल
(c) (A) और (C) केवल
(d) (A), (B) और (C) केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) (A) और (C) केवल
Explanation: Accelerator investment depends on output change; real interest subtracts expected inflation and investment is a flow.
व्याख्या: A, C सही। Accelerator I=vΔY का change-driven investment relation है। Approx real rate r=i−πe। Investment flow और capital stock है; interest rate को currency stock या per-period expenditure flow नहीं कहते, वह rate है।
Economic thought
आर्थिक विचार
Question 65 / प्रश्न 65
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Arrange the following in chronological order starting form earliest to latest: (A) A. W. Phillips: The Phillips Curve (B) J.M. Keynes: General Theory of Employment, Interest and Money (C) Adam Smith: Theory of Growth (D) John E Muth: Rational Expectations Approach (E) Robert M. Solow Growth Modal
Oldest क्रम चुनें: A Phillips curve; B Keynes General Theory; C Smith growth; D Muth rational expectations; E Solow model।
(a) (A), (B), (C), (D), (E)
(b) (C), (B), (E), (A), (D)
(c) (B), (A), (C), (E), (D)
(d) (E), (D), (C), (B), (A)
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) (C), (B), (E), (A), (D)
Explanation: Smith 1776, Keynes 1936, Solow 1956, Phillips 1958, and Muth 1961give C, B, E, A, D.
व्याख्या: Smith 1776 → Keynes 1936 → Solow 1956 → Phillips 1958 → Muth 1961। इसलिए C B E A D। Rational expectations का original formulation Muth है; Lucas ने macro applications विकसित किए।
December2024 · held3January2025
दिसंबर2024 · परीक्षा3जनवरी2025
Consumption and investment
उपभोग और निवेश
Question 9 / प्रश्न 9
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Marginal Efficiency of Capital (MEC) & Marginal efficiency of Investment (MEI) converge perfectly, when:
MEC और MEI कब coincide करते हैं?
(a) Net investment positive।
(b) Net investment negative।
(c) Net investment zero।
(d) Capital stock zero।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (c) Net investment zero।
Explanation: MECand MEIcoincide at zero net investment in the usual capital-goods supply analysis.
व्याख्या: Investment के बढ़ने से capital-goods supply price बढ़े तो MEC/MEI distinction बनता है। Zero net investment पर usual textbook schedules coincide करते हैं। Capital stock zero होना जरूरी नहीं; replacement investment अलग है।
National income and multiplier
राष्ट्रीय आय और गुणक
Question 12 / प्रश्न 12
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If government expenditure increases by ₹100, total tax revenue increases by ₹100, the marginal propensity to consume (MPC) is 0.5, and there is no change in autonomous investment and consumption, what will be the increase in GDP in a simple Keynesian closed economy model?
ΔG=100,ΔT=100, MPC=.5 में GDP कितना बढ़ेगा?
(a) ₹0
(b) ₹100
(c) ₹200
(d) ₹400
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) ₹100
Explanation: The simple balanced-budget increase raises income by100:the multiplier is1.
व्याख्या: Balanced-budget multiplier simple closed model में 1 है: ΔY=[ΔG−cΔT]/(1−c)=(100−50)/.5=100। Assumptions fixed prices, lump-sum taxes, no imports/interest crowding out हैं।
Question 54 / प्रश्न 54
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If Cd, Id and Gd are expenditures only on domestically produced goods and services, which expression gives GDP?
Cd, Id, Gd केवल domestically produced goods/services पर expenditure हैं। GDP identity चुनें।
(a) Cd+Id+Gd+X−M
(b) C+I+Gd+X
(c) Cd+Id+Gd−M
(d) Cd+Id+Gd [चिह्न छूटा है] X
Answer & Explanation / उत्तर और व्याख्या
उत्तर: + बहाल करने पर (d)
Explanation: Domestic-only expenditure components need exports added without subtracting imports again.
व्याख्या: जब import content domestic components से पहले ही excluded है, exports जोड़ें लेकिन imports दोबारा subtract न करें। All-origin C, I, G के साथ usual identity C+I+G+X−M है। Printed(d) में Gd और X का operator missing है।
Question 59 / प्रश्न 59
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Which of the following statements are correct: (A) Gross Domestic Product is free from all kinds of double counting. (B) Donations are included in National Income. (C) Begging is included in Personal Income. (D) Inventory is included in Investment. (E) Income of foreign workers is included in Gross National Product (GNP) and not in Gross Domestic Product (GDP).
Statements: A GDP double counting avoid करता है; B donations national income; C begging receipts personal income; D inventory investment; E foreign workers income GNP में, GDP में नहीं।
(a) केवल A और C
(b) केवल A, C, D
(c) केवल C, D
(d) केवल C और D
Answer & Explanation / उत्तर और व्याख्या
उत्तर: सामान्य textbook अर्थ में (b)
Explanation: GDPavoids double counting; inventory changes, not stocks, count; transfer-receipt wording needs qualification.
व्याख्या: A conceptual definition में true: final output/value added double counting avoid करता है। Donations production income नहीं। C individual transfer receipt के broad personal-income अर्थ में; D में change in inventories investment है, inventory stock नहीं। GDP/GNP boundary nationality alone नहीं, production location/residence है; E false। Source(d) का A को false कहना गलत है।
Economic thought
आर्थिक विचार
Question 22 / प्रश्न 22
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According to the Real Business Cycle School, lin the absence of supply shock:
Basic RBC model के frictionless labour-market interpretation में unemployment कैसे describe होती है?
(a) केवल involuntary।
(b) केवल voluntary।
(c) दोनों simultaneous।
(d) कभी unemployment नहीं।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) केवल voluntary।
Explanation: Basic frictionless RBCtreats labour fluctuations as optimising choices; extensions add frictions.
व्याख्या: Basic RBC में optimisation और market clearing से labour-supply fluctuations voluntary choice कहलाती हैं। यह actual unemployment के सभी forms का empirical description नहीं और search/friction extensions से अलग benchmark है।
Question 26 / प्रश्न 26
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In the New Classical Macro Model, in the absence of an unanticipated shock, we can have the following: (A) Voluntary Unemployment (B) Involuntary Unemployment (C) Disguised Unemployment (D) Cyclical Unemployment (E) Natural Rate of Unemployment
New Classical model में unanticipated shocks के बिना कौन हो सकते हैं: A voluntary; B involuntary; C disguised; D cyclical unemployment; E natural unemployment?
(a) केवल A और D
(b) केवल B और C
(c) केवल D और E
(d) केवल A और E
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (d) केवल A और E
Explanation: The policy-ineffectiveness benchmark needs market clearing and information assumptions; natural unemployment is not zero.
व्याख्या: Market-clearing rational-expectations benchmark में A, E intended हैं। Natural unemployment का अर्थ unemployment zero नहीं। Predictable policy real output को systematically natural level से ऊपर नहीं रखती, usual policy-ineffectiveness assumptions के साथ।
Question 43 / प्रश्न 43
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Given the following statements about major schools of thought in macro economics, state which ones are correct: (A) The New Keynesians assume Rational Expectation and market imperfections and highlight the role of aggregate demand. (B) The Monetarists assume Rational expectation, non-competitive markets and highlight the role of monetary policy. (C) The New Classicals assume Rational Expectation, competitive markets and highlight policy irrelevance. (D) The Classicals assume a competitive, and frictionless economy and highlight policy (E) The Keynesians assume wage and price flexibility and highlight policy effectiveness.
Schools पर सही statements: A New Keynesian rational expectations+imperfections; B monetarist rational expectations+noncompetitive; C New Classical rational expectations+competitive; D classical frictionless, ending “policy…” अधूरी; E Keynesian wage/price flexibility।
(a) A, C & D केवल
(b) A, B, C & D केवल
(c) B, C, D & E केवल
(d) C & D केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: D बहाल करने की शर्त
Explanation: The intended school associations require completing the truncated policy-ineffectiveness statement.
व्याख्या: A, C standard associations हैं; B original monetarist assumptions को गलत mix करता और E Keynesian nominal rigidity उलटता है। Classical D का missing conclusion अगर policy ineffectiveness/neutrality है तो A C D=(a)। Printed incomplete D से unqualified selection possible नहीं।
Question 44 / प्रश्न 44
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Effective demand problem may arise even in a competitive market economy under Rational Expectation, if there is:
Rational expectations के साथ भी effective-demand problem किससे उत्पन्न हो सकती है?
(a) Perfect foresight alone।
(b) Coordination failure।
(c) Anticipated shock alone।
(d) Unexpected supply shock only।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Coordination failure।
Explanation: Individually rational expectations need not solve strategic coordination failures or multiple equilibria.
व्याख्या: Individually rational expectations efficient coordination guarantee नहीं करती ं। Strategic complementarities/multiple equilibria में low-demand equilibrium हो सकता है। Information consistency और Pareto efficiency अलग concepts हैं।
Question 51 / प्रश्न 51
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Match List I with List II.
Theories और economists match करें।
| ListI सूचीI |
ListII सूचीII |
|---|---|
| A Life cycle hypothesis जीवन चक्र |
I Karl Marx कार्ल मार्क्स |
| B Cash balances / cash balances | II François Quesnay केने |
| C Organic composition of capital पूँजी की जैविक संरचना |
III Alfred Marshall मार्शल |
| D Tableau Économique आर्थिक तालिका |
IV Franco Modigliani मोदिग्लियानी |
(a) A-III, B-II, C-IV, D-I
(b) A-IV, B-III, C-I, D-II
(c) A-II, B-IV, C-III, D-I
(d) A-I, B-III, C-II, D-IV
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) A-IV, B-III, C-I, D-II
Explanation: The matches are Modigliani–Brumberg, Marshall, Marx, and Quesnay.
व्याख्या: Life cycle Modigliani–Brumberg, Cambridge cash balances Marshall, organic composition Marx और Tableau Économique Quesnay। Input-output analysis की historical precursor और modern Leontief model अलग contributions हैं।
Question 66 / प्रश्न 66
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Arrange the following concepts in chronological order (from oldest to newest): (A) Adaptive Expectations hypothesis by Friedman (B) Relative Income hypothesis by Duesenberry (C) Efficiency Wage hypothesis by Stiglitz (D) Rational Expectations hypothesis by Lucas (E) Effective Demand Problem by Kalecki
Oldest क्रम: A Friedman adaptive expectations; B Duesenberry relative income; C Stiglitz efficiency wage; D Lucas rational expectations; E Kalecki effective demand।
(a) E, A, B, C, D
(b) B, A, E, C, D
(c) B, A, D, C, E
(d) E, B, A, D, C
Answer & Explanation / उत्तर और व्याख्या
Explanation: The usual contribution chronology is Kalecki, Duesenberry, Friedman, Lucas, modern Stiglitz.
व्याख्या: Kalecki 1930s → Duesenberry 1949 → Friedman 1950s/60s → Lucas 1970s → modern Stiglitz efficiency-wage work 1980s: E B A D C। Rational expectations का original author Muth 1961 है, Lucas नहीं; adaptive expectations भी broader earlier literature रखती हैं।
Monetary theories
मौद्रिक सिद्धांत
Question 23 / प्रश्न 23
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Consequences of hoarding of money by individual are: (A) Loss of utility by not purchasing goods and services. (B) Foregone interest by not saving. (C) Fall of real value of money by deflation. (D) Loss of return by not purchasing other assets
Money hoarding के costs: A goods utility foregone; B interest foregone; C deflation से real money value घटे; D अन्य asset return foregone।
(a) A, B, C केवल
(b) A, B, D केवल
(c) B, C, D केवल
(d) A, B केवल
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) A, B, D केवल
Explanation: Deflation raises real cash purchasing power, so the stated loss from deflation is false.
व्याख्या: A B D opportunity costs हैं। Deflation में given nominal money की purchasing power बढ़ती है, घटती नहीं; इसलिए C false। Liquidity/services का benefit भी cash holding में मौजूद हो सकता है।
Question 24 / प्रश्न 24
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There is an inverse relationship between the rate of interest and the speculative Demand for Money. This is due to:
Interest और speculative money demand के inverse relation का traditional expectations आधार क्या है?
(a) Adaptive expectations।
(b) Regressive expectations।
(c) Rational expectations।
(d) Relative wage hypothesis।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Regressive expectations।
Explanation: Regressive expectations anticipate interest returning toward a perceived normal rate.
व्याख्या: Keynesian account में investors interest rate के perceived normal level की ओर लौटने की expectation रखते हैं। Current low rate पर future rise/bond capital loss की आशंका money holding बढ़ाती है। यह regressive expectation है।
Question 82 / प्रश्न 82
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Match List I with List II.
Policies को source के inflation/deflation effectiveness descriptions से match करें।
| ListI सूचीI |
ListII सूचीII |
|---|---|
| A Expansion under adaptive expectations adaptive expectations में expansion |
I Ineffective only in normal inflation केवल normal inflation में ineffective |
| B Anticipated expansion under rational expectations / anticipated expansion | II Ineffective only in normal deflation केवल normal deflation में ineffective |
| C Wage cuts in Great Depression Depression में wage cuts |
III Short-run effect, no long-run effect केवल short run effect |
| D Large inventory costs अधिक inventory costs |
IV Ineffective under normal inflation or deflation दोनों में ineffective |
(a) A-I, B-II, C-III, D-IV
(b) A-II, B-I, C-III, D-IV
(c) A-III, B-I, C-II, D-IV
(d) A-III, B-I, C-IV, D-II
Answer & Explanation / उत्तर और व्याख्या
उत्तर: Unconditional exact matching नहीं
Explanation: Policy ineffectiveness depends on information and market assumptions, not simply the sign of inflation.
व्याख्या: A–III conventional expectations-augmented account है। Anticipated-policy ineffectiveness inflation के sign से नहीं बल्कि information, flexibility और market clearing assumptions से निकलती है। C, D के absolute “only” claims भी specified mechanism बिना valid general results नहीं। Source(c) को universal policy table न मानें।
Question 88 / प्रश्न 88
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Arrange the following theories in the correct chronological order (starting from the earliest): (A) Cambridge version of the Quantity Theory of Money (B) Baumol's Theory of Demand for Money (C) Fisher's version of the Quantity Theory of Money (D) Tobin's Theory of Demand for Money
Money-demand theories oldest क्रम: A Cambridge; B Baumol; C Fisher; D Tobin।
(a) C, A, D, B
(b) A, C, B, D
(c) C, A, B, D
(d) B, C, D, A
Answer & Explanation / उत्तर और व्याख्या
Explanation: Using the specified publication anchors gives Fisher, Pigou/Cambridge, Baumol, Tobin.
व्याख्या: Fisher 1911 → Pigou Cambridge formulation 1917 → Baumol 1952 → Tobin 1956/58 gives C A B D। Cambridge approach की earlier Marshall ideas पर criterion बदल सकता है; यहाँ familiar publication sequence intended है।
IS LM and open economy
IS LM और खुली अर्थव्यवस्था
Question 33 / प्रश्न 33
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Arrange the following areas/models in descending order of the magnitude of the Crowding Out Effect: (A) Classical Macro Model (B) Full Keynesian System, assuming normal conditions (C) IS-LM Framework, assuming normal conditions (D) Simple Keynesian Model "
Crowding-out descending क्रम चुनें: A classical; B full Keynesian normal; C IS–LM normal; D simple Keynesian।
(a) A, B, C, D
(b) B, A, C, D
(c) B, C, D, A
(d) A, B, D, C
Answer & Explanation / उत्तर और व्याख्या
उत्तर: B, C के बीच unique general order नहीं
Explanation: Crowding out depends on model slopes and closure; “full Keynesian”alone does not determine a unique ranking.
व्याख्या: Classical full-employment benchmark complete crowding out और fixed-interest simple Keynesian model zero crowding out देता है। Normal IS–LM partial crowding out देता है। “Full Keynesian system” slopes, price response और model closure बिना B vs C की magnitude तय नहीं करता। Source list को universal numerical ranking न मानें।
Question 62 / प्रश्न 62
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In the IS-LM framework, as government expenditure (G) increases during a period of normal recession: (A) Bond prices (PB) fall, the interest rate (r) rises, leading to a fall in the level of investment (I) (B) Aggregate demand for goods increases, leading to an increase in the level of aggregate output and income (y). (C) The fall in private investment (I) reduces aggregate income. (D) People sell bonds (B) to obtain money, and thus the supply of bonds (Bs) increases, causing the price of bonds to fall. (E) The transaction demand for money (L1) increases, causing money demand to exceed supply (L>M).
G बढ़ने के IS–LM transmission को sequence में रखें: A r↑, bond price↓, I↓; B goods demand/Y↑; C I fall initial Y effect offset; D bonds sell; E transaction money demand↑।
(a) A, B, C, D, E
(b) B, E, D, A, C
(c) B, D, E, C, A
(d) E, B, A, D, C
Answer & Explanation / उत्तर और व्याख्या
Explanation: The causal sequence is demand expansion, money pressure, bond selling, interest rise, and crowding out.
व्याख्या: B→E→D→A→C: fiscal demand impulse, money-market pressure, bond selling, interest rise और partial crowding out। यदि केवल “कौनसे true statements” पढ़ें तो सभी options same A–E set हैं; distinguishing criterion sequence है।
Question 85 / प्रश्न 85
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In the Keynesian mechanism, an increase in the money supply leads to an increase in the demand for goods and services by:
Keynesian money expansion goods demand कैसे बढ़ाती है?
(a) केवल real balance consumption channel।
(b) Bond demand बढ़ाकर interest घटाना।
(c) Bond demand घटाकर interest घटाना।
(d) Real wages बढ़ाकर transactions।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Bond demand बढ़ाकर interest घटाना।
Explanation: Monetary expansion can raise bond prices, lower yields, and stimulate investment unless transmission is impaired.
व्याख्या: Extra liquidity bonds की demand/price बढ़ा सकती है; yield घटने से interest-sensitive investment और aggregate demand बढ़ती है। Liquidity trap या weak investment sensitivity में transmission कमजोर हो सकती है।
Inflation and expectations
मुद्रास्फीति और अपेक्षाएँ
Question 57 / प्रश्न 57
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A continuous supply shock leads to which of the following:
Repeated adverse supply shocks का Phillips curve पर intended effect क्या है?
(a) Left shift; inflation/unemployment दोनों कम।
(b) Right/up shift; inflation/unemployment दोनों बढ़ सकते हैं।
(c) Same curve पर दोनों कम।
(d) Same curve पर दोनों बढ़ें।
Answer & Explanation / उत्तर और व्याख्या
उत्तर: (b) Right/up shift; inflation/unemployment दोनों बढ़ सकते हैं।
Explanation: Repeated adverse supply shocks can shift the short-run Phillips curve outward and create stagflation.
व्याख्या: Adverse cost/supply shocks short-run Phillips curve upward/outward shift करके stagflation ला सकते हैं। केवल “supply shock” बिना sign के general result नहीं देता; favourable shock reverse shift दे सकता है।