UGC NET 2018 Paper 2 Economics Prev Year Paper (08-Jul-2018)

Question 1

Which of the following will be true for both monopoly and monopolistic competition in the short run ?

Accepted Answer

Price is greater than marginal revenue.

Answer

Price is equal to marginal revenue.

Answer

Price is equal to marginal cost.

Answer

Price is equal to average cost.

Question 2

Consider the following matrix which describes the respective strategies and the corresponding pay-offs of firms A and B operating in a duopoly :Firm AAdvertiseDon&rsquo;t AdvertiseFirm BAdvertiseDon&rsquo;t Advertise11, 616, 07, 920, 2Which of the following statement(s) is/are true for the above game ?Select the correct answer from the codes given below :(a) Firm A has no dominant strategy.(b) Firm B has a dominant strategy.(c) The game has a Nash equilibrium.(d)  Neither Firm A nor Firm B has a dominant strategy.

Accepted Answer

(a), (b) and (c)

Answer

(a), (c)

Answer

(b), (c)

Answer

(d) only

Question 3

In the context of oligopoly, consider the following statements :(a) Cournot&rsquo;s equilibrium is a Nash equilibrium.(b) Stackelberg equilibrium is a Nash equilibrium.Select the correct answer from the code given below :

Accepted Answer

Both (a) and (b)

Answer

Only (a)

Answer

Only (b)

Answer

Neither (a) nor (b)

Question 4

Match List - I with List - II and point out the correct answer from the codes below :List &ndash; I(Concept)List &ndash; II(Economist)(a)Profit as a dynamic surplus(i)J. Schumpeter(b)Profit as reward for innovation(ii)M. Kalecki(c)Profit as reward for uncertainty bearing(iii)F.H. Knight(d)Profit arise due to monopoly power enjoyed by the producers(iv)J.B. Clark

Accepted Answer

(a) - (iv), (b) - (i), (c) - (iii), (d) - (ii)

Answer

(a) - (ii), (b) - (i), (c) - (iii), (d) - (iv)

Answer

(a) - (iv), (b) - (ii), (c) - (iii), (d) - (i)

Answer

(a) - (iii), (b) - (iv), (c) - (ii), (d) - (i)

Question 5

When the marginal cost is equal to average cost, the slope of the average cost is :

Accepted Answer

zero

Answer

positive

Answer

negative

Answer

infinite

UGC NET 2018 Paper 2 Economics Prev Year Paper (08-Jul-2018)

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List – I (Concept)		List – II (Economist)
(a)	Profit as a dynamic surplus	(i)	J. Schumpeter
(b)	Profit as reward for innovation	(ii)	M. Kalecki
(c)	Profit as reward for uncertainty bearing	(iii)	F.H. Knight
(d)	Profit arise due to monopoly power enjoyed by the producers	(iv)	J.B. Clark

Firm A
Advertise	Don’t Advertise

Firm B
Advertise	Don’t Advertise
11, 6	16, 0
7, 9	20, 2