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$C) DO NOT OPEN THIS TEST BOOKLET UNTIL YOU ARE ASKED TO DO T.B.C. : P-DTQ-J-FDP TEST BOOKLET SERIES Serial 26179 (FOR VISUALLY CHALLENGED CANDIDATES ONLY) Test BOOKLET ECONOMICS Time Allowed : Two Hours and Twenty Minutes Maximum Marks (including Extra Time) INSTRUCTIONS 1. IMMEDIATELY AFTER THE COMMENCEMENT OF THE EXAMINATION, YOU SHOULD CHECK ‘THAT THIS BOOKLET DOES NOT HAVE ANY UNPRINTED OR TORN OR MISSING PAGES OR ITEMS, ETC. IF SO, GET IT REPLACED BY A COMPLETE TEST BOOKLET. 2, ENCODE CLEARLY THE TEST BOOKLET SERIES X OR Y AS THE CASE MAY BE IN THE APPROPRIATE PLACE IN THE ANSWER SHEET, 3. You have to enter your Roll Number on the Test Booklet in the Box provided alongside. DO NOT write anything else on the Test Booklet. 4. ‘This Test Booklet contains 120 items (questions). Each item is printed both in Hindi and English, Each item comprises four responses (answers). You will select the response which you want to mark on the Answer Sheet. In case you feel that there is more than one correct response, mark the response which you consider the best. In any case, choose ONLY ONE response for each item, 5. You have to mark all your responses ONLY on the separate Answer Sheet provided. See directions in the Answer Sheet. 6. All items earry equal marks, 7. Before you proceed to mark in the Answer Sheet the response to various items in the Test Booklet, you have to fill in some particulars in the Answer Sheet as per instructions sent to you with your Admission Certificate. " 8 After you have completed filling in all your responses on the Answer Sheet and the examination has conchided, you should hand over to the Invigilator only the Answer Sheet. You are permitted to take away with you the Test Booklet, 9. Sheets for rough work are appended in the Test Booklet at the end. 10, Penalty for wrong answers : ‘THERE WILL BE PENALTY FOR WRONG ANSWERS MARKED BY A CANDIDATE IN THE OBJECTIVE TYPE QUESTION PAPERS. (‘There are four alternatives for the answer to every question. For each question for which a wrong answer has been given by the candidate, one-third (0°33) of the marks assigned to that question will be deducted as penalty. Gi) Hf a candidate gives more than one answer, it will be treated as a wrong answer even if one of the given answers happens to be correct and there will be same penalty as above to that question, Gi) If a question is left blank, ic, no answer is given by the candidate, there will be no penalty for that question. ‘DO NOT OPEN THIS TEST BOOKLET UNTIL YOU ARE ASKED TO DO SO eam @: sppe or Rl wore ee yReo & fied go w oT a | 3. P-DTO-J-FDP The Production function for a commodity is given by Q = 10 VIK, where Q is the quantity of Output, L is the quantity of Labour and K is the quantity of Capital. Given the above information, which one of. the following is the nature of return to scale throughout the function ? (a) Constant retum to scale (b) Decreasing return to scale only (c) Increasing return to scale only (a) Both decreasing and increasing return to scale Elasticity of substitution in the case of Tinear-homogeneous production _funetion equals to (a) unity (b) more than unity (©) less than unity (a) zero Which of tho following are the components of foreign capital ? 1. Grants and loans 2. External commercial borrowings 3, Foreign direct investment 4. Deposits from non-residents, Select. the correct answer using the code given below : (a) 1,2,3and4 (b) 1,2 and 4 only (©) Land 2 only (a) 8 and 4 only 4. (2-x) Consider the following statements The kinked demand curve analysis helps to explain price inflexibility (rigidity) because it implies that an oligopolist would 1. gain few additional customers from a price reduction since the firm's competitors would also reduce price. 2. lose many of its customers if it raised its prices since rivals would nut follow suit. 3. often find that MR = MC at the same output level even after costs had increased. ‘Which of the statements given above is/are correct ? (a) lonly (b) 1 and 2 only (©) Zand 3 only (@) 1,2and3 Under which one of the following conditions, is Pareto optimality not violated ? (a) Market failure (b) Perfect competition (©) Externalities (a) Public good Under which one of the following conditions, does product exhaustion theorem hold ? (a) Increasing-return to scale (b) Decreasing return to scale (©) Constant return to scale (@) Constant return to factors of production P-OTO-J-FDP. 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