NTA UGC NET 2019 DECEMBER ECONOMICS - QUESTION PAPER ANSWER KEY 1 Compressed PDF

NTA UGC NET 2019 DECEMBER - ECONOMICS – QUESTION PAPER & ANSWER KEY
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Q1. Harrod’ s growth model is given as under Reason (R) : CES production function has the
property of constancy of elasticity of factor
St = aYt 0<a<1 substitution
It = b(Yt – Yt-1) b>0 1. Both (A) and (R) are true and (R) is the
correct explanation of (A)
St = It
2. Both (A) and (R) are true, (R) is not the
In the model, growth condition is correct explanation of (A)
3. (A) is true but (R) is false
1. b/(b-a) > 0 4. (A) is false but (R) is true
2. b/(b-a) < 0
3. a/b-a > 0 Ans:1
4. a/b-a < 0
Q5. Which of the following is the correct
Ans: 1 sequence in the ascending order of the
magnitude?
Q2. Arrange in chronological order the following
economists in relation to their contribution to 1. Repo rate, Reverse Repo rate, Statutory
the theory of consumer behaviour. Choose the Liquidity rate (SLR) and Marginal
correct answers Standing Facility Rate (MSFR)
2. SLR, MSFR, Repo rate, Reverse Repo
1. A. Marshall , R Stone, P Samuelson, J R rate
Hicks, and R G D Allen 3. Repo rate, SLR, MSFR, Reverse Repo
2. R Stone, P Samuelson, J R Hicks and R G rate
D Allen and A Marshall 4. Reverse Repo rate, Repo rate, MSFR,
3. P Samuelson, J R Hicks and R G D Allen, SLR
R Stone and A Marshall
4. A Marshall, J R Hicks, R G D Allen, P Ans: 4
Samuelson and R Stone
Q6. Match the following
Ans: 4
List I
Q3. Assertion : For certain goods, the
(a) Forward exchange
expenditure by the consumer decreases.
(b) Hedging
Reason: For such goods, the income elasticity of (c) Arbitrage
demand is high (d) Specie Point
1. Both (A) and (R) are true and (R) is the List II
(i) A device of covering exchange risk
against the price rise of foreign
currency
(ii) A contract to buy and sell foreign
4. (A) is false but (R) is true
exchange against another currency
Ans: 3 at some fixed rate in the future at a
price agreed upon now.
Q4. Assertion (A): CES production function (iii) The movement of exchange rate
covers large class of production functions between two limits set by the cost
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of moving gold from one country to 3. (c) (d) and (a) only
another 4. (a) and (d) only
(iv) A mechanism which makes two
markets that are physically separate, Ans: 2
a single market in economic sense
Choose the correct option
List I
1. (a) –ii, (b) – i, (c) – iv, (d) – iii
(a) Head count ratio
2. (a) – ii, (b) – iii, (c) – iv, (d) – i
(b) Poverty Gap
3. (a) – iv, (b) – i, (c) – ii, (d) – iii
(c) Square of poverty gap
4. (a) – iv, (b) – iii, (c) – ii, (d) – i
(d) Multi dimensional poverty index
Ans: 1
List II
Q7. The ‘Compensation Criterion’ which says
(i) Extent of poverty
that state A is socially preferable to state B, if
(ii) Depth of poverty
those who gain from the change can
(iii) Poverty as deprivation
compensate the loosers and yet end up with
(iv) Severity of poverty
surplus welfare gain is attributed to :
Choose the correct answer:
1. W Pareto
2. N Kaldor 1. (a) – ii, (b) – i, (c) – iv, (d) – iii
3. T Scitovsky 2. (a) – iii, (b) – ii, (c) – i, (d) – iv
4. Bergson 3. (a) – i, (b) – iii, (c) – ii, (d) – iv
4. (a) – i, (b) – ii, (c) – iv, (d) – iii
Ans: 2
Q8. Which amongst the following market forms Ans: 4

leads to most efficient allocation of resources?
Q11. The phenomenon of ‘Demographic
1. Monopolistic Competition Dividend’ is related to which of the following?
2. Monopoly
3. Oligopoly 1. An increase in sex rate
4. Perfect Competition 2. An increase in the share of female
population
Ans: 4 3. A decline in TFR
4. An increase in the share of working age
Q9. For oil importing countries, the increase in population
oil prices in 1970’s and mid 2000 contributed to
which of the following: Ans: 4
(a) Improving terms of trade Q12. Heckscher - Ohlin trade model

(b) Balance of trade deficits maintains that:
(c) Price inflation
(d) Constrained economic growth 1. Comparative advantage determines the
distribution of gains from trade
Choose the correct option 2. A country exports goods for which its
1. (a) (b) and (c) only resource endowments are most suited
2. (b) (c) and (d) only

3. Absolute Advantage Theory determines 1. It is a linear homogenous function

the distribution of the gains from trade 2. It is characterized by constant returns
4. The division of labour is limited by the to scale
size of the world market 3. It is having zero elasticity of factor
substitution
Ans: 2 4. It is characterized by unit elasticity of
substitution
Q13. Which among the following is not
associated with the Optimum Theory of Ans: 3
Population?
Q17. Choose the correct option for which the
1. T R Malthus allocation of inputs is technically efficient?
2. H Dalton
3. E Cannon (a) Output of one good cannot be
4. Carr – Saunders decreased without increasing the
output of another good
Ans: 1 (b) Consumption of one good cannot be
increased without decreasing the
Q14. Arrange the following events in consumption of another good
chronological order (c) Consumer attains maximum satisfaction
(a) First phase of nationalization of Choose the correct option:

commercial banks
(b) Establishment of Narashiman 1. (b) only
committee on banking system 2. (a) only
(c) Enactment of FEMA act 3. Both (a) and (c)
(d) Establishment of EXIM bank of India 4. Both (b) and (c)
Choose the correct option: Ans: 2
1. acdb Q18. Which among the following are the main

2. adbc pillars of the BASEL III norms?
3. acbd
4. adcb (a) Minimal capital requirements
(b) Supervisory review process
Ans: 2 (c) Market discipline
(d) Maximizing return on capital
Q15. On which date and year GST become
effective in India? Choose the correct option:
1. 1st April 2017 1. a, b and c only

2. 1st January 2017 2. a and d only
3. 1st July 2017 3. b and c only
4. 1st March 2018 4. b c and d only
Ans: 3 Ans: 1
Q16. For Cobb - Douglas production function Q

= 100 L0.7 K0.3.. Which of the following is true?

Q19. The elements given below are some of the Q22. Assertion (A): Intellectual Property Rights
parts of the M4 money supply of Indian were brought into the Uruguay Round Trade
economy Negotiations
(a) Broad money (M3) Reason (R): International trade restrictions can
(b) All deposits with the post office savings be used to discourage the violation of
bank intellectual property rights
(c) National savings certificate
1. Both (A) and (R) are true and (R) is the
Choose the correct option which constitute M4 correct explanation of (A)
1. Only a and b correct explanation of (A)
2. Only b and c 3. (A) is true but (R) is false
3. Only a and c 4. (A) is false but (R) is true
4. a, b, and c
Ans: 2
Ans: 1
Q23. Incidence of refers to
Q20. Which trade policy results in the
government levying both a specific tariff and an 1. Whether a tax is progressive,
advalorem tariff on imported goods? proportional or regressive
2. An authority which collects the tax
1. Effective tariff 3. The person or group who ultimately
2. Revenue tariff pays the tax
3. Compound tariff 4. How a tax is collected
4. Nominal tariff
Ans: 3
Ans: 3
Q24. Which is correct chronological order of
Q21. Kaldor’s growth model incorporates some Economists contributing to input - output
of the following assumptions analysis?
(a) Total savings include savings out wages 1. Hawkins – Simon, Leontief, Karl Marx,
and savings out of profits Quesnay
(b) Marginal propensity to save out of 2. Karl Marx, Quesnay, Leontief, Hawkins -
wages is equal to the marginal Simon
propensity to save out of profits 3. Quesnay, Karl Marx, Leontief , Hawkins
(c) Output consists of wages and profits - Simon
(d) There is less than full employment 4. Leontief, Hawkins-Simon, Karl Marx,
Quesnay
Ans: 3
1. a and b
2. b and c Q25. Consider the following statements
3. c and d
4. a and c (I) Preferring to a certain income to a risky
income with the same level of expected
Ans: 4 value lead to a risk averse behaviour

(II) Being indifferent between a certain Q28. Given the saving function S= -20 + 0.2Y
income and uncertain income with the and autonomous investment (I) = Rs. 100
same level of expected value leads to million, the equilibrium of level of consumption
risk averse behaviour would be
Which of the statements is/are true? 1. 500

2. 600
1. Both I and II 3. 400
2. Neither I nor II 4. 700
3. Only I is true
4. Only II is true Ans: 1
Ans: 3 Q29. Arrange the following books in correct

chronological order
Q26. Arrange in chronological order of the
following contributions of economists in theory (a) Das Capital
of consumer. Choose the correct answer (b) Value and Capital
(c) Capital and Growth
1. Linear expenditure system, Revealed (d) Accumulation of capital
preference theory, cardinal theory,
ordinal theory Choose the correct option:
2. Cardinal theory, ordinal theory,
revealed preference theory, linear 1. dbca
expenditure system 2. abdc
3. Cardinal theory, revealed preference 3. abcd
theory, ordinal theory, Linear 4. badc
expenditure system
4. Revealed preference theory, cardinal Ans: 3
theory, linear expenditure theory,
ordinal theory Q30. Match the following
List – I
Ans: 2
(a) E Cannon
Q27. The whole burden of tax will be borne by (b) Frank Netstein
the consumer if (c) Brundtland
(d) Ronald Coase
1. The demand for commodity is perfectly
elastic and supply is perfectly inelastic List – II
2. The elasticity of demand for a
commodity is same as the elasticity of (i) Optimum population
supply of the commodity (ii) Transaction costs
3. The demand for a commodity is (iii) Demographic transition
inelastic and supply is perfectly elastic (iv) Sustainable development
4. The elasticity of demand for a
commodity is less than the elasticity of Choose the correct option
supply of that commodity
1. (a) – i, (b) – ii, (c) – iii, (d) – iv
2. (a) – ii, (b) – i, (c) – iv, (d) – iii
Ans: 3
3. (a) – i, (b) – iii, (c) – iv, (d) – ii

4. (a) – iii, (b) – iv, (c) – ii, (d) – i Ans: 4
Ans: 3 Q34. The total cost function of a firm is
Q31. Match the test with their purpose C = 1/10 q3 – 3q2 + 50 q + 300 where C= total
cost, q = output, Marginal cost at q= 10 is
List – I
1. 20
(a) Dickey Fuller test 2. 10
(b) Box – Jenkins test 3. 30
(c) Glejser test 4. 50
(d) Granger test
Ans: 1
List – II
Q35. Consider the following statements
(i) Heteroscedasticity
(ii) Causality (a) India’s trade policy review (TPR) is
(iii) Forecasting carried out every four years
(iv) Stationarity (b) WTO has a mechanism for regular
review of the trade policies of member
Choose the correct option countries
1. (a) – iii, (b) – i, (c) – ii, (d) – iv Which of the following statements is/are
2. (a) – ii, (b) – iv, (c) – i, (d) – iii correct?
3. (a) – iv, (b) – iii, (c) – i, (d) – ii
4. (a) – i, (b) – ii, (c) – iii, (d) – iv 1. Only a
2. Only b
Ans: 3 3. Both a and b
4. Neither a nor b
Q32. Autonomous investment could be
attributed to Ans: 3
(a) Level of technology Q36. Consider the following statements about
(b) Expectation the social cost - benefit analysis for viability of
(c) Level of national income projects. Which of the following statements are
true for this analysis?
(a) IRR should be greater than Social
1. a and c only
Discount Rate
2. b and c only
(b) NPV should be equal to zero
3. a and b only
(c) Shadow prices are used for the
4. a b and c
calculation of benefits and costs
Ans: 4
Q33. In which of the following products,
1. a and c
problem of adverse selection is encountered?
2. a and b
1. Market of insurance 3. b and c
2. Market of credit 4. a only
3. Neither 1 nor 2
Ans: 1
4. Both 1 and 2

Q37. Assertion (A): Disguised unemployment is (a) W A Lewis

present in India (b) H W singer
(c) R Nelson
Reason (R): Agricultural productivity at margin (d) Ragnar Nurkse
is close to zero
correct explanation of (A) 1. a and d
2. Both (A) and (R) are true, (R) is not the 2. c and d
correct explanation of (A) 3. a and b
3. (A) is true but (R) is false 4. b and c
Ans: 1
Ans: 1
Q41. Assertion (A) : Parties to a dispute over
Q38. Analysis of variance is carried out by using: property rights will be able to negotiate an
economically optimal solution
1. t- test
2. Z- test Reason (R) : There are efficient, competitive
3. χ2 – test markets and there are no transactions cost
4. F – test
Ans: 4 correct explanation of (A)
Q39. Match the Economists with their field of correct explanation of (A)
contribution in Mathematical economics 3. (A) is true but (R) is false
List I
Ans: 1
(a) Slutsky
(b) Arrow Q42. When the market rate of interest falls
(c) Leontief which one of the following will happen?
(d) Dantzig
1. Bond price and bond yield, both will rise
List II 2. Bond price and bond yield, both will fall
3. Bond price will rise and bond yield will
(i) Linear programming
fall
(ii) Input - output analysis
4. Bond price will fall and bond yield will
(iii) Consumer behaviour analysis
rise
(iv) CES production function
Ans: 3
Choose the right combination
Q43. Assertion (A): Geometric mean is
1. (a) – ii, (b) – iv, (c) – i, (d) – iii
theoretically considered as the best average to
2. (a) – iii, (b) – iv, (c) – ii, (d) – i
construct index numbers
3. (a) – i, (b) – ii, (c) – iv, (d) – iii
4. (a) – iv, (b) – i, (c) – iii, (d) – ii Reason (R): Geometric mean is used if the range
of observations are extremely large
Ans: 2
Q40. Who among the following economists are
associated with the ‘Balanced Growth’ doctrine?

2. Both (A) and (R) are true, (R) is not the Ans: 2
3. (A) is true but (R) is false Q47. Which of the following statements are
4. (A) is false but (R) is true true concerning a triangular or recursive system?
Ans: 2 (a) The parameters can be validly

estimated using separate applications
Q44. The elasticity of substitution (σ) of the of OLS to each equation
production function which admits of both Hicks (b) The independent variables may be
and Harrod neutral technical progress would be: correlated with the error terms in other
equation
1. σ=0 (c) The application of two - stage least
2. σ=1 squares would lead to unbiased but
3. σ=∞ inefficient parameter estimation
4. 0<σ<1 (d) The independent variables may be
correlated with the error terms in the
Ans: 2
equation in which they appear as
Q45. Assertion (A): In classical model independent variables
investment demand is regarded as autonomous
Choose the correct option:
of changes in income or employment
1. a and d only
Reason (R): It is wage price flexibility which
2. a and c only
brings full employment in the classical model
3. a b and c only
1. Both (A) and (R) are true and (R) is the 4. a b c and d
Ans: 3
correct explanation of (A) Q48. Three statements are given as under
4. (A) is false but (R) is true (a) Generalized least square (GLS) method
is capable of providing BLUE in
Ans: 4 situations where OLS fails
(b) GLS is OLS on the transformed variables
Q46. Two series are given as under
that satisfy the standard least squares
assumptions
(c) GLS method is suitable for dealing with
multicollinearity problem
1. a and b are correct but c is not correct

Choose the correct option: 2. a and c are correct but b is not correct
3. a is correct but b and c are not correct
1. (a) is convergent while (b) is divergent 4. a is not correct but b and c are correct
series
2. Both (a) and (b) are convergent series Ans: 1
3. (a) is divergent while (b) is convergent
series Q49. ‘Displacement effect’ in the Peacock-
4. None of (a) and (b) are convergent Wiseman Hypothesis implies:

1. An upward displacement of public Q53.

expenditure according to higher
economic growth
2. The movement from older level of
public expenditure and taxation to a
newer and higher level
3. Public expenditure increases at steady
rate and reaches higher level
4. Government undertakes more and
newer activities and hence public
expenditure rises steeply upwards
Ans: 2
Q50. Which amongst the following is not the

source of the income of RBI?
1. Interest on government bonds held for

conducting open market operations Ans: 3
2. Income from investment in foreign
Q54. Under which article of the constitution of
currency assets
India, President is empowered to appoint The
3. Retained earnings net of dividend paid
Finance Commission
to government of India
4. Dividend on the shares of private equity 1. 279
held with the bank 2. 280
3. 281
Ans: 4
4. 282
Q51. Who is the author of the book ‘freedom as
Ans: 2
development’?
Q55. Among normal cost curves which one of
1. Gunnar Myrdal
the following curve does not have a minimum
2. F A Von Hayek
point?
3. Amartya Sen
4. Paul A Samuelson 1. Average cost
2. Marginal cost
Ans: 3
3. Average variable cost
Q52. If in a given situation, Px=170, Pm=190 and 4. Average fixed cost
Zx=152, then which of the following will be the
Ans: 4
value of Single Factoral Terms of Trade (Ts):
Q56. Which one of the following institutions is
1. 136
related with the Green/Blue Box Subsidies?
2. 148
3. 84 (a) United Nations
4. 116 (b) World Bank
(c) World Tourism Organisation
Ans: 1
(d) World Trade Organization

1. a and d (c) Repo rate

2. b and d (d) SDRs
3. only d
4. only b List – II
Ans: 3 (i) RBI

(ii) IMF
Q57. Which of the following is not an example (iii) Government
of ‘market failure’? (iv) Private companies
1. Monopolies Choose the correct option:

2. Asymmetric information
3. Economies of scale 1. (a) – iv, (b) – iii, (c) – ii, (d) – i
4. Externalities 2. (a) – iii, (b) – iv, (c)- ii , (d) – i
3. (a) – iii, (b) – iv, (c) – i, (d) – ii
Ans: 3 4. (a) – iv, (b) – iii, (c) – i, (d) – ii
Q58. Which one of the following is an example Ans: 3

of positive externality?
Q61. The inventory approach to the transaction
1. Public immunizations demand suggests that the transaction
2. Increase of corporate taxes component of demand for money is:
3. Issuing extra permits for pollutions
4. Monitoring the hazards caused by 1. Negatively related to real wealth
industries 2. Negatively related to real income
3. Negatively related to nominal income
Ans: 1 4. Negatively related to interest rate
Q59. Consider an economy with a linear Ans: 4

homogeneous Cobb – Douglas production
function with two inputs – capital and labour. Q62. A tax of Rs. 20 per unit of imported cheese
The share of capital and labour are, respectively, would be an example of a/an:
1/3 and 2/3. The rates of growth of capital and
1. Compound tariff
labour are, respectively 6% and 3% per annum.
2. Specific tariff
If the rate of growth of output is 6% per annum,
3. Effective tariff
what is the rate of growth of output due to
4. Ad valorem tariff
Total Factor Productivity (TFP)?
Ans: 2
1. 1%
2. 2% Q63. For an exactly identified equation, the
3. 3% order condition that should be fulfilled is that
4. 4% equation must:
Ans: 2 1. Exclude one less than the total number
of endogenous variables in the model
2. Include one less than the total number
List- I of endogenous variables in the model
3. Include only one of the endogenous
(a) Treasury bill variables in the model
(b) Commercial papers

4. Exclude two or more endogenous Q67. Match the following

variables
List –I
Ans: 1
(a) CAPART
Q64. Identify the correct chronological order of (b) SIDO
the following (c) NAFED
(d) AGMARK
(a) Hayek theory of investment
(b) Fisher theory of investment List – II
(c) Jorgenson’s theory of investment
(d) Markowitz theory of investment (i) Agricultural marketing
(ii) Quality guarantee
Select the correct option: (iii) Small industries
(iv) Rural technology
1. badc
2. dbca Choose the correct option:
3. cabd
4. acdb 1. (a) – i, (b) – ii, (c)- iii, (d) – iv
2. (a) – iv, (b) – iii, (c) – ii, (d) – i
Ans: 1 3. (a) – iv, (b) – ii, (c) – iii, (d) – i
4. (a) – ii, (b) – iv, (c) – i, (d) – iii
Q65. Which one of the following statements is
not correct for the textile sector in India? Ans: 2
1. India’s textile and clothing sector Q68. Match the following
currently employs 35 million people
2. After agriculture, it is second largest List A
provider of employment
3. Textile sector has a tendency to shrink (a) Quasi rent
as the GDP and economy grow (b) Planned sales curve
4. Textile sector is a major absorber of low (c) Monopoly power
skilled labour (d) Strong ordering of preferences
Ans: 3 List B
Q66. Assertion (A): Inclusive growth is a must (i) A P Lerner

for a country like India (ii) P A Samuelson
(iii) A Marshall
Reason (R): India is an open economy with a (iv) F Chamberlin
significant external sector
correct explanation of (A) 1. (a) – iii, (b) – iv, (c)- i, (d) – ii
2. Both (A) and (R) are true, (R) is not the 2. (a) – iii, (b) – iv, (c) – ii, (d) – i
correct explanation of (A) 3. (a) – iv, (b) – iii, (c) – i, (d) – ii
3. (A) is true but (R) is false 4. (a) – iii, (b) – i, (c) – iv, (d) –ii
Ans: 1
Ans: 2

Q69. Match the following 4. 99%
List – I Ans: 2
(a) Fiscal deficit Q72. In solvency and bankruptcy code is

(b) Budget deficit primarily entrusted with which of the following
(c) Revenue deficit
(d) Primary deficit 1. Facilitating the recovery of government
dues and debt
List – II 2. Facilitating recovery of debt given by
foreign banks to Indian companies
(i) Excess of total expenditure over 3. Facilitating banks recover higher
total receipts amount of bad loans than they
(ii) Excess of revenue expenditure over recovered earlier
revenue receipts 4. Facilitating banks recover their dues
(iii) Excess of total expenditure over from the priority sector
total receipts less borrowings
(iv) Excess of total expenditure over Ans: 3
total receipts less borrowing and
interest payments Q73. Identify the method not being used for
unemployment estimation by the NSSO of India
1. Current monthly status
1. (a) – iii, (b) – i, (c) – ii, (d) – iv 2. Current daily status
2. (a) – i, (b) – iii, (c) – ii, (d) – iv 3. Current weekly status
3. (a) – iii, (b) – i, (c) – iv, (d) – ii 4. Usual principal and subsidiary status
4. (a) – iv, (b) – iii, (c) – ii, (d) – i
Ans: 1
Ans: 1
Q74. Arrange the following theories of
Q70. Friedman’s modern Quantity Theory of international trade in chronological order
Money concludes that changes in aggregate
spending are primarily determined by changes (a) Theory of opportunity cost
in (b) Theory of comparative cost
(c) Factor price equalisation theorem
1. The money supply (d) Theory of absolute cost
2. Interest rate
3. The velocity of money Identify the correct order:
4. Government spending and taxes
1. dbac
Ans: 1 2. cbda
3. bdac
Q71. Under Normal Probability Curve the area 4. acdb
within the range of µ - 1.96σ & µ+ 1.96σ (where
µ=mean, σ=standard deviation) is : Ans: 1
1. 90% Q75. Which one of the following is not a feature

2. 95% of contingent valuation method?
3. 75%

1. It is an economic non – market based Q79. The problem relating to burden of public
valuation method debt has been dealt by
2. It is based on the maximum willingness
to pay by the consumers (a) A P Lerner
3. It is used only in case of air pollution (b) E D Domar
4. It is used under the condition of market (c) A C Pigou
failure (d) A H Hansen
Ans: 3 Choose the correct answer:
Q76. Boot strapping technique is used to: 1. a and b

2. b and c
1. Test for specification bias 3. a and d
2. Obtain sampling distribution of 4. b and d
parameters of interest
3. Test for auto-correlation Ans: 2
4. Test for normality of error terms
Q80. In which of the following models ‘Knife –
Ans: 2 edge’ problem occur?
Q77. Which amongst the following is the 1. Kaldor

function of SEBI? 2. Solow
3. Harrod
1. Regulation of money market 4. Swan
2. Regulation of public debt
3. Regulation of commodity market Ans: 3
4. Regulation of primary and secondary
security market Q81. Which one of the following is correct for
the money supply measure – M1 ?
Ans: 4
1. Currency with the public + demand
Q78. Consider the following statements about deposits of Commercial banks + other
the correct order of the stages of demographic deposits at a point of time
transition associated with economic 2. Currency with the public + demand
development: deposits of banks + other deposits over
one year
(a) Low birth rate with low death rate 3. Currency with the public + all bank
(b) High birth rate with high death rate deposits at a point of time
(c) High birth rate with low death rate 4. Currency with the public + post office
deposits + other deposits at a point of
Choose the correct option: time
1. bca Ans: 1
2. cba
3. abc Q82. For which of the following consumption
4. cab function the value of the income multiplier K =
4?
Ans: 1
1. C= 100 + 0.5Y

2. C = 50 + 0.8Y (d) If maximizing linear programming

3. C= 200 + 0.75Y problem is with ‘’less than’’ type
4. C = 50 + 0.4Y constraints, the dual of this problem
will have ‘’more than’’ type constrains
Ans: 3
Q83. Assertion (A) : In order to control
inflationary tendencies, RBI raises the Repo rate 1. Only a and b are correct
2. Only c and d are correct
Reason (R): By so during, RBI wishes to control 3. a b and c are correct
consumption demand 4. a b c and d are correct
1. Both (A) and (R) are true and (R) is the Ans: 4
2. Both (A) and (R) are true, (R) is not the Q86. In terms of their contribution to
correct explanation of (A) Econometrics which is correct chronological
3. (A) is true but (R) is false order
1. L R Klein, H Theil, A L Nagar, T Haavelmo
Ans: 3 2. A L Nagar, T Haavelmo, L R Klein, H Theil
3. T Haavelmo, L R Klein, H Theil, A L Nagar
Q84. Under which of the following approaches 4. H Theil, L R Klein, A L Nagar, T Haavelmo
Phillips curve analysis hold good?
Ans: 3
(a) Adaptive expectations
(b) Rational expectations Q87. Consider the following statements:
Choose the correct option: (a) The main objective of the National
Agricultural Insurance Scheme (NAIS) is
1. Only a to protect the farmers against losses
2. Only b suffered by them due to crop failure on
3. Both a and b account of national calamities
4. Neither a nor b (b) The National Agricultural Insurance
Scheme (NAIS) is available to all the
Ans: 4
farmers both loanee and non - loanee
Q85. In linear programming each problem irrespective of their size of holding
(called primal) has a dual. About duality in
Which of the statements given above is/are
Linear Programming following statements are
correct?
given:
1. Only a
(a) If a linear programming problem is
2. Only b
maximizing type, then its dual is
3. Both a and b
minimizing type
4. Neither a nor b
(b) Both primal and dual have same
optimum value Ans: 3
(c) Dual of dual of a linear programming
problem is primal problem Q88. Match the following

List –I (c) Brundtland commission

(d) Kyoto Protocol
(a) Marginalist Revolution
(b) Multiplier- Accelerator model Choose the correct option:
(c) IS-LM curves
(d) Real business cycle 1. abcd
2. bdac
List –II 3. dbca
4. cbda
(i) Samuelson
(ii) J R Hicks Ans: 4
(iii) Jevous
(iv) Robert J Borro Read the passage and answer the questions
from Q91-Q95
1. (a) – iii, (b) – i, (c) – ii, (d) – iv

2. (a) – ii, (b) – iv, (c) – i, (d) iii
3. (a) – iii, (b) – ii, (c) – iv, (d) – i
4. (a) – i, (b) – iv, (c) – iii, (d) – ii
Ans: 1
Q89. Arrange the following in chronological

order
(a) The Indirect Tax Enquiry Committee

(Jha Committee)
(b) Tax Reforms Committee (R J Chellaiah
committee)
(c) Taxation enquiry Commission (Mathur
Committee)
(d) The Direct Tax Enquiry Committee
(Wanchoo Committee)
1. cbda
2. cadb
3. bcad
4. cdab
Ans: 4
Q90. Arrange the following in the chronological

order in which these happened:
(a) Paris Climate Agreement

(b) Rio Earth Summit

4. A shift from less productive to more

productive sector will lead to a rise in
the average product of labour
Ans: 3
Q93. Consider the following statements:
(a) The association between growth of

industry and growth of GDP, make
industry the ‘engine of growth’
(b) Differences in GDP growth do not
account for growth in labour
productivity
(c) GDP growth rate are reflected in the
growth rate of labour productivity
(d) The growth of industry is subject to
increasing returns
1. a b and c
2. a and c
3. b c and d
4. b and d
Q91. Which of the following statement is
correct? Ans: 2
1. There is a positive relation between Q94. Which one of the following statement is
living standard and resources denoted not correct for middle and highly developed
to industrial activity in few countries countries?
2. There is a close association between
living standards and resources utilized 1. These devote on an average 30% of the
3. The relation between the living resources to industrial activity
standards and resources denoted to 2. Growth of industrial activity involves
industrial activity is globally true shift of resources from agriculture to
4. There is little association between living industry
standards and resources utilized 3. Shift of resources is uniform between
agriculture industry and higher order
Ans: 3 services for higher growth
4. Australia, Canada, and New Zealand
Q92. Dynamic economies of scale do not
have developed due to growth of
include which one of the followings:
agriculture alone
1. Induced effect of output growth on
Ans: 3
capital accumulation
2. Improvement in quality of capital due Q95. Consider the following statements in
to new technology relation to the figure.
3. The labour intensive sector will
experience increasing returns will
growth of output

(a) The 45o line would indicate equal 2. 57-68

correspondence between industrial 3. 42-57
growth rate and GDP growth rate 4. 42-68
(b) GDP growth rate is the cause of
industrial growth rate Ans: 1
(c) The excess of industrial growth rate
Q97. Which of the following is not correct about
over GDP growth rate is fuelling more
the SDGs Index constructed by NITI Aayog?
GDP
(d) The dividing line of slow and fast 1. It include 13 SDGs
growing economies is the industrial 2. It has 62 indicators
growth rate of 3.9% 3. Goals 12,14 are excluded from it
4. The range of the index is 0 to 1
Ans: 4
1. Only a and c are true
2. Only a and b are true Q98. Which of the following is not true for the
3. Only a b and d are true Sustainable Development Goals (SDGs)
4. Only b and d are true
1. Poverty and inequality
Ans:1 2. Climate change
3. Millennium Development Goals
Read the following passage and answer from
4. Sustainable consumption
Q96 – Q100
Ans: 3
Q99. The SDG Index of NITI Aayog classifies the

states/UTs into different categories. Match the
category with the respective score:
Category
(a) Performers
(b) Aspirants
(c) Front-Runners
(d) Achievers
Score
(i) 50-64
(ii) ≥ 65
(iii) 100
(iv) < 50
1. (a) – iv, (b) – i, (c) – iii, (d) – ii

2. (a) – ii, (b) – iii, (c) – i, (d) – iv
Q96. Which is the range of the SDG Index score 3. (a) – i, (b) – iv, (c) – ii, (d) – iii
for states in India? 4. (a) – iii, (b) – ii, (c) – iv, (d) – i
1. 42-69 Ans: 3

Q100. Which of the following Government of

India’s schemes contribute to India’s progress
towards the SDGs?
(a) Swachh Bharat Mission

(b) Pradhan Mantri Ujjwala Yojana
(c) Pradhan Mantri Saubhagya Yojana
(d) Pradhan Mabtri MUDRA Yojana
1. a and b
2. a and c
3. c and d
4. b and d
Ans: 1

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NTA UGC NET 2019 DECEMBER - ECONOMICS – QUESTION PAPER & ANSWER KEY

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Q8. Which amongst the following market forms Ans: 4

(a) Improving terms of trade Q12. Heckscher - Ohlin trade model

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3. Absolute Advantage Theory determines 1. It is a linear homogenous function

(a) First phase of nationalization of Choose the correct option:

Choose the correct option: Ans: 2

1. acdb Q18. Which among the following are the main

1. 1st April 2017 1. a, b and c only

Q16. For Cobb - Douglas production function Q

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Which of the statements is/are true? 1. 500

Ans: 3 Q29. Arrange the following books in correct

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4. (a) – iii, (b) – iv, (c) – ii, (d) – i Ans: 4

Ans: 3 Q34. The total cost function of a firm is

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Q37. Assertion (A): Disguised unemployment is (a) W A Lewis

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Ans: 2 (a) The parameters can be validly

Choose the correct option:

1. a and b are correct but c is not correct

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1. An upward displacement of public Q53.

Q50. Which amongst the following is not the

1. Interest on government bonds held for

Choose the correct option:

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1. a and d (c) Repo rate

Ans: 3 (i) RBI

1. Monopolies Choose the correct option:

Q58. Which one of the following is an example Ans: 3

Q59. Consider an economy with a linear Ans: 4

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4. Exclude two or more endogenous Q67. Match the following

Q66. Assertion (A): Inclusive growth is a must (i) A P Lerner

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Q69. Match the following 4. 99%

(a) Fiscal deficit Q72. In solvency and bankruptcy code is

1. 90% Q75. Which one of the following is not a feature

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Ans: 3 Choose the correct answer:

Q76. Boot strapping technique is used to: 1. a and b

Q77. Which amongst the following is the 1. Kaldor

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2. C = 50 + 0.8Y (d) If maximizing linear programming

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List –I (c) Brundtland commission

1. (a) – iii, (b) – i, (c) – ii, (d) – iv

Q89. Arrange the following in chronological

(a) The Indirect Tax Enquiry Committee

Choose the correct option:

Q90. Arrange the following in the chronological

(a) Paris Climate Agreement

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4. A shift from less productive to more

Q93. Consider the following statements:

(a) The association between growth of

Choose the correct option:

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(a) The 45o line would indicate equal 2. 57-68