‘Economics is the study of mankind in the ordinary business of life’ was given by : 

A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of : 

Under a free economy, prices are : 

In a free market economy, when consumers increase their purchase of a goods and the level of _______exceeds ______ then prices tend to rise : 

Under Inductive method, the logic proceeds from: 

Which is called Gossen’s second Law ?

Which of the condition support long run equilibrium in monopolistic competition  ?

Who explained importance of time element in price determination, for the first time ?

Law of diminishing returns begins to operate when :

Consider the following statements regarding Edgeworth Duopoly model :
I.      It takes as given output decision of rival.
II.    It takes as given price decision of rival
III.   It is an explanation of price rigidity of thease , the correct answer is :

Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water ?

When income effect becomes stronger than substitution effect, the labour supply curve will :

Assertion (A)   : The concept  of supply curve is meaningless for the monopolist.
Reason   (R)   : Monopolists are price setters ; it does not make reuse to ask what output they will produce at various prices.

Predatory pricing policy is designed to :

Match items in List-I with items in List-II and select the correct answer from the code given below :
            List-I                                               List-II
a. The screening Hypothesis             1. George  A. Akerlof
b. Job Market signaling                     2. K. J  Arrow
c. The problem of moral                    3. M. Spencer
 hazard in the case  
 of medical insura
d. The market for lemons                4. Paul W. Miller and Paul A.
                                                       Vplcker 

The cost incurred by the firm in hiring labour is called as :

The locus of Pareto optimality in production and consumption is given by :

Match items given in List-1 with those in List-II :
    List-I                                      List_II
a. Tea and coffee           1. Veblen goods
b. Car and petrol            2. Substitutes
c. Gold and               3. Giffen goods
    Diamonds              
d. Ragi and Bajra       4. Complementary

Assertion (A)  : In the short run under perfect competition, given the market demand and market supply the industry is in equilibrium at that price which clears the market.
Reason (R)        : In the long run all the firms in the industry earn profit .

Put the following in chronological order on the basis of development :
I. Law of demand
II.Revealed Preference Analysis
III. IIndifference Curve Analysis
IV. Law of Diminishing Marginal Utility

Fiscal deficit less interest payments is called

How many countries are the members of European Union ?

If the mean and variance of a given distribution is 8 and 0.25, then the coefficient of variation will be

The doctrine of unbalanced growth was propounded by
I. Hirschman
II. Robert Solow
III. Singer
IV. Ragnar Nurkse
Codes :

Match List-I with List-II and show the relation between trade cycle and profit by selecting correct codes given below
         List-I                      List-II
a. Recession                   I. Low
b. Boom                           II. Positive
c. Recovery                     III. Highest level
d. Depression                IV. Negative

Under Cournot Model of Duopoly, each duopolist will produce :

As long as the substitution effect dominates the income effect, the labour supply curve is :

Assertion (A)     :  Monopoly is Pareto inefficient .
Reason (R)         :  It would be possible to change the allocation of resources to make the amount of Income he would be prepared to pay in exchange of the reduction in price

If MP_k/MP_k does not change with any proportionate change in labour and capital then the production function  is :

Match the items in the List-I with items in List-II select the correct answer from the code given below :
  List-I                                      List-II
I. Agency Theory of        1. O.E. Williamson 
   Firm
II. X-inefficiency              2. M.C. Jenson and W. J. Meckling
III. The Utility                 3. Wilfredo Pareto
    Maximisation
     Model
IV. Edgeworth box         4. Harvey Leibenstein
      Diagram first
      Used by

The revealed preference theory of consumer’s behavior is based on :

An individual’s supply curve for labour will bend backwards when : 

The short run supply curve of a firm under perfect competition is the same as the :

Match List-I with List-II and select the correct answer from the codes given below :
         List-I                                 List-II
 a. Quasi rent                          1. Hicks
 b. Elasticity of substitution     2. Chamberlin
 c. Monopolistic                      3. Neumann and Morgenstern
 d. Theory of Games              4. Marshall
Codes :

The difference between the value of marginal product and the marginal revenue product arises only if : 

The Opportunity Cost Curve assumes that 

Hedging refers to ; 

An increase in the marginal propensity to import :

The price elasticity of demand is equal to one for a demand curve, which is:

The third moment around the mean is useful to measure

For downward movement along the isoquants , MRTS of labour per unit of capital (MRTS_L,K) is given by: 

Which of the following is not instructional material ?

Which of the following is the most significant in stabilization policy ?

The concept of vicious circle of poverty is associated with :

Solow built his model as an alternative to :

Green Box subsidies under WTO are allowed because they are considered to be : 

Which one of the following is not reserved for public sector ?

The rate at which the Central Bank discounts the bills of commercial banks is called :

If the economy is the liquidity trap then 

If the price consumption curve of a commodity is bending backwards , then the commodity must be :