UGC NET 2016 Paper 2 Economics Question Paper (22-Jan-2017)

Question 1

Marginal rate of transformation between two goods X and Y is defined as

Accepted Answer

$MRT_{X, Y} = \frac{MC_X}{MC_Y}$

Answer

$MRT_{X, Y} = MRS_{X, Y}$

Answer

$MRT_{X, Y} = MRS_{X,Y} = \frac{P_X}{P_Y}$

Answer

None of the above

Question 2

Consider the following statements regarding the expansion path of a firm :
I. It shows least cost combination for producing different level of outputs.
II. The input prices remain constant.
Of the above which statement is/are true ?
Answer from the codes given below :
Codes :

Accepted Answer

Both I and II are true.

Answer

Only I is true.

Answer

Only II is true.

Answer

Neither I nor II is true.

Question 3

The First Fundamental Theorem of Welfare Economics requires

Accepted Answer

All of the above

Answer

producers and consumers to be price takers

Answer

that the economy operate at some point on the utility possibility curve

Answer

that there be an efficient market for every commodity

Question 4

Which among the following allocation/distribution corresponds to Rawlsian concept of equity ?

Accepted Answer

Maximise the utility of the least well off people.

Answer

All members of the society receive equal amount of goods.

Answer

Market outcomes are most equitable.

Answer

Maximise the total utility of all members of the society.

Question 5

Under discriminating monopoly, if the elasticity of demand in market I is 2 and in market II, it is 1, (elasticities being in absolute terms) then the price behaviour of the monopolist will be :

Accepted Answer

To charge a higher price in market II

Answer

To charge a higher price in market I

Answer

To charge the same price in both the markets

Answer

In market I, charge double the price of that is charged in market II

UGC NET 2016 Paper 2 Economics Question Paper (22-Jan-2017)

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