UGC NET 2014 Paper 3 Economics Question Paper (29-Jun-2014)

Question 1

Which of the following are the basic assumptions of cardinal utility analysis ?
I. Utility is a measurable and quantifiable entity.
II. Marginal utility of money changes with changes in real income.
III. Utilities derived from various goods are inter-dependent.
IV. The use of introspective method in judging the behaviour of marginal utility.
Codes :

Accepted Answer

I and IV are correct.

Answer

I and II are correct.

Answer

I and III are correct.

Answer

I, III and IV are correct.

Question 2

Engel Curve denotes

Accepted Answer

various amounts of a good which a consumer would be willing to purchase at various income levels.

Answer

various amounts of a good which a consumer would be willing to purchase at various price levels.

Answer

various amounts of a good purchased when the price of its substitutes tend to rise.

Answer

the relationship between income effect and substitution effect.

Question 3

A producer is said to be operating with excess capacity

Accepted Answer

When he produces an output smaller than that given by the Minimum Average Total Cost

Answer

when he produces an output greater than that given by the minimum Average Total Cost

Answer

when he produces an output greater than at given by the maximum Average Total Cost

Answer

When he produces an output equal to that given by the minimum Average Total Cost

Question 4

Assertion (A) : Harvey Leibenstein asserted that marginal conditions required for economic efficiency are not usually satisfied in practice.
Reason (R) : People are not fully motivated towards maximization or minimization.
Codes :

Accepted Answer

Both (A) and (R) are correct and (R) is the correct explanation of (A).

Answer

(A) is correct, but (R) is not correct.

Answer

Both (A) and (R) are correct, but (R) is incorrect explanation of (A).

Answer

(R) is correct, but (A) is incorrect.

Question 5

A graphical illustration used to explain efficiency conditions and demonstrates how the allocations of some goods and resources can be improved through exchange is called

Accepted Answer

Edgeworth box diagram

Answer

production possibility curves

Answer

social indifference curves

Answer

Phillips curve

UGC NET 2014 Paper 3 Economics Question Paper (29-Jun-2014)

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