• 1. In Pasinetti’s model of growth the interplay among which of the variables is crucial?
◦ A) Labour growth, Profit rate, Savings.
◦ B) Propensity to save by the capitalists, rate of investment, and distribution of income.
◦ C) Interest rate, public investment and economic growth.
◦ D) Savings of workers, Investment, technology and profit rate.
• 2. Match the following List 1 (Managerial theories of firm ) List 2 ( contributors)
◦ a. Managerial Discretion
◦ b. Behaviour model
◦ c. Sales Revenue Maximisation
◦ d. Managerial Enterprise
◦ 1. William J Baumol
◦ 2. R Marris
◦ 3. O Williamson
◦ 4. Cyert and March
◦ A) a-3, b-4, c-2, d-1
◦ B) a-4, b-3, c-1, d-2
◦ C) a-1, b-4, c-2, d-3
◦ D) a-3, b-4, c-1, d-2
• 3. An increase in autonomous spending:
◦ A) Shifts the IS curve upwards to the right
◦ B) Shifts the IS curve backwards to the left
◦ C) Shifts the LM curve upwards to the right
◦ D) Shifts the LM curve backwards to the left
• 4. The characteristic features of the new classical economics are:
◦ A) economic agents optimise
◦ B) markets clear
◦ C) expectations are formed rationally
◦ D) All the above
• 5. Match the items in List-I and List-II
◦ a. Standard Deviation
◦ b. Stratified Random Sampling
◦ c. Coefficient of Association
◦ d. Mean > Mode
◦ 1. Positively skewed distribution
◦ 2. Analysis of attributes
◦ 3. Measure of dispersion
◦ 4. Probability based sampling
◦ A) a-4, b-2, c-3, d-1
◦ B) a-1, b-2, c-3, d-4
◦ C) a-4, b-3, c-2, d-1
◦ D) a-3, b-4, c-2, d-1
• 6. A researcher may likely to commit one or more of the specification errors while developing an empirical model except,
◦ A) Omission of relevant variable (s)
◦ B) Exclusion of an unnecessary variable(s)
◦ C) Adopting wrong functional form
◦ D) Errors of Measurement
• 7. India’s FOEX reserve as on 1st August 2021 is approximately
◦ A) 330 billion US $
◦ B) 530 billion US $
◦ C) 630 billion US $
◦ D) 730 billion US $
• 8. Assertion (A) In the recent past there has been a significant increase in the foreign exchange reserves of India. Reason (R) The new economic policy has provided incentives for foreign direct investment.
◦ A) Both (A) and (R) are true and (R) is the correct explanation of (A).
◦ B) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
◦ C) (A) is true, but (R) is false.
◦ D) (A) is false, but (R) is true.
• 9. Kaldor’s theory of distribution does not assume:
◦ A) Full employment
◦ B) The MP remains constant
◦ C) MP (profits) > MP (wages)
◦ D) Keynesian assumption of 2 sector model
• 10. When both the firms are followers of each other in Stackelberg’s model of duopoly, final equilibrium results in:
◦ A) Joint profit maximization
◦ B) Equal profit for both
◦ C) Cournot solution
◦ D) Perfectly competitive solution
• 11. Who among the following suggested the concept ‘inside money and outside money’?
◦ A) Milton Friedman
◦ B) J M Keynes
◦ C) Gurley and Shaw
◦ D) James Duessenberry
• 12. Choose the correct statements related to Okun’s Law:
◦ 1. It was postulated by Arthur Okum in the early 1960s.
◦ 2. It look at the statistical relationship between a country’s unemployment and economic growth rates.
◦ 3. It says that a country’s gross domestic product (GDP) must grow at about 1% rate for one year to achieve a 4% reduction in the rate of unemployment.
◦ A) 1 and 2 only
◦ B) 1 and 3 only
◦ C) 2 and 3 only
◦ D) 1, 2 and 3
• 13. ------ is an exception to Stolper Samuelson theorem:
◦ A) Leontief paradox
◦ B) Metzler paradox
◦ C) Rybczynski theorem
◦ D) All the above
• 14. The 15th Finance Commission recommended ----- weightage to demographic performance in horizontal devolution.
◦ A) 10%
◦ B) 12.5%
◦ C) 15%
◦ D) 25%
• 15. As sample size increases:
◦ A) The sampling error increases
◦ B) The sampling error decreases
◦ C) The sampling error remains constant
◦ D) The relation cannot be predicted
• 16. The shape of Marginal Efficiency of Capital curve is:
◦ A) U- shaped
◦ B) Inverted S shaped
◦ C) Vertical straight line
◦ D) Slopes downward
• 17. Match the following
◦ a. Property tax
◦ b. Customs and Excise duties
◦ c. Value of the Property
◦ d. Weight of the commodity
◦ 1. Specific duty
◦ 2. advalorem
◦ 3. direct tax
◦ 4. indirect tax
◦ A) a -3, b-1, c-4 ,d-2
◦ B) a -3, b-4, c-2 d-1
◦ C) a -2, b -3, c-4 d-1
◦ D) a -3, b-4, c-1 d-2
• 18. Golden Age model of economic growth is associated with:
◦ A) Joan Robinson
◦ B) J E Meade
◦ C) R F khan
◦ D) Kaldor
• 19. In the opinion of Musgrave, the device of compensatory financing is adopted:
◦ A) To increase the level of effective demand to fight depression and unemployment
◦ B) To reduce the level of inflation
◦ C) To create a fund to meet emergencies including war expenditure
◦ D) To provide loans to farmers and small scale producers at low rates of interest
• 20. Which among the following represents the highest degree of economic integration?
◦ A) Common market
◦ B) Preferential trading area
◦ C) Economic union
◦ D) Customs union
• 21. Choose the factors influencing the value of the rate of effective protection:
◦ 1. Nominal tariff rate on the important input
◦ 2. Nominal tariff rate on the final commodity
◦ 3. Ratio of the value of the imported input to the value of the final commodity
◦ A) 1 & 2 only
◦ B) 1 & 3 only
◦ C) 2 & 3 only
◦ D) 1, 2 & 3
• 22. Match the following
◦ a. Harvey Leibenstein
◦ b. Rosenstein Rodan
◦ c. Hirschman
◦ d. Nelson
◦ 1. Big push theory
◦ 2. Low level equilibrium trap
◦ 3. Critical minimum effort thesis
◦ 4. Theory of unbalanced growth
◦ A) a-3, b-1, c-4, d-2
◦ B) a- 3, b-4, c-2, d-1
◦ C) a-4, b-3, c-2, d-1
◦ D) a-2, b-1, c-4, d-3
• 23. Identify the necessary conditions for price discrimination:
◦ 1. Existence of monopoly
◦ 2. Different elasticity of demand
◦ 3. Separation of markets
◦ 4. No contact between buyers
◦ 5. Different elasticity of supply
◦ A) 1, 2 and 3 only
◦ B) 1, 3 and 5 only
◦ C) 1, 2, 3 and 4 only
◦ D) 1, 3,4 and 5 only
• 24. According to Chamberlin, excess capacity is due to:
◦ A) Price competition and selling cost
◦ B) Non price competition and free entry
◦ C) Non price competition and selling cost
◦ D) Price competition, selling cost and free entry
• 25. According to Marx, the organic composition of capital is:
◦ A) The ratio of constant to variable capital
◦ B) The ratio of variable to constant capital
◦ C) The ratio of surplus value to variable capital
◦ D) The ratio of constant capital to surplus value
• 26. Select the pair wrongly matched
◦ A) Breusch-Godfrey test - Autocorrelation
◦ B) Goldfeld-Quandt test - Heteroscedasticity
◦ C) Jarque-Bera test - Residual normality
◦ D) Chow test - Multicollenearity
• 27. As there is no crowding out, fiscal policy is fully effective in:
◦ A) Keynesian range of LM curve
◦ B) Intermediate range of LM curve
◦ C) Classical range of LM curve
◦ D) All the above
• 28. Assume that value of ke = 5 and b =10. Then the slope of IS is:
◦ A) 1.0
◦ B) 0.5
◦ C) 0.2
◦ D) 0.1
• 29. -----.is a measure of monopoly power in an industry, which is given by the sum of the squared values of the market sales shares of all the firms in the industry
◦ A) Lerner Index
◦ B) Mark up
◦ C) Pay off
◦ D) Herfindahl Index
• 30. The rate of optimum tariff can be calculated in terms of:
◦ A) Double factoral terms of trade
◦ B) Balance of payments
◦ C) Foreign trade multiplier
◦ D) Elasticity of the foreign offer curve
• 31. Hawkins Simon conditions for a 3 industry case state that:
◦ Statement 1. : All diagonal elements of (I-A) are strictly positive
◦ Statement 2. : All principal minors of (I-A) are negative
◦ A) 1 only is correct
◦ B) 2 only is correct
◦ C) 1 and 2 are correct
◦ D) 1 and 2 are incorrect
• 32. Personal Income equals:
◦ A) National Income - Social security contributions -Transfer payments -Corporate income taxes -Undistributed corporate profits
◦ B) National income - Social security contributions - Corporate income taxes - Undistributed corporate profits + Transfer payments
◦ C) National income - Social security contributions - Undistributed corporate profits + Transfer payments + Corporate income taxes
◦ D) National income - Social security contributions + Transfer payments + Corporate income taxes + Undistributed corporate profits
• 33. Which among the following canons was not suggested by Adam Smith?
◦ A) The canon of equality
◦ B) The canon of economy
◦ C) The canon of elasticity
◦ D) The canon of certainty
• 34. Choose the correct statement/s related to CHAMPIONS:
◦ A) It was launched on 9th May, 2020 by the Government of India
◦ B) CHAMPIONS stand for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength
◦ C) It is a platform that facilitates a single window solution for all the needs of the MSMEs
◦ D) All the above
• 35. Choose the correct statement(s):
◦ Statement 1. In the long run, there is no trade off between inflation and unemployment.
◦ Statement 2. New Keynesians explain the breakdown of the simple Philips curve in terms of the Non-Accelerating Rate of Unemployment (NAIRU)
◦ Statement 3. NAIRU is the rate of unemployment at which inflation will stabilise
◦ A) 1 & 2 only
◦ B) 1 & 3 only
◦ C) 2 & 3 only
◦ D) 1, 2 & 3
• 36. As per the Friedman –Savage hypothesis,
◦ A) Marginal utility of money first increases then diminishes and increases again
◦ B) Marginal utility of money first diminishes then increases and diminishes again
◦ C) Marginal utility of money first increases and then diminishes
◦ D) Marginal utility of money first diminishes and then increases.
• 37. One of the earliest linear expenditure models was suggested by
◦ A) Nerlove
◦ B) Houthakker
◦ C) Alfred Marshall
◦ D) R. Stone
• 38. The classical economists are of the view that savings and investments are
◦ A) Normally not equal
◦ B) Always not equal
◦ C) Always equal
◦ D) Sometimes equal
• 39. Input output isoquant assumes
◦ A) Zero Substitutability of K and L
◦ B) Perfect substitutability of K and L
◦ C) Limited substitutability of K and L
◦ D) None of the above.
• 40. Firm A purchases raw materials worth Rs 150 and produce semi-finished goods and sell it to firm C for Rs 250. C again make some modification to the goods and sell the goods to final consumer for Rs 380. If there is a depreciation cost of Rs 50 in the process, find the net value added.
◦ A) Rs. 730
◦ B) Rs. 230
◦ C) Rs. 780
◦ D) Rs. 180
• 41. Assume a consumption equation C = ` 50 +0.80Yd then consumption is:
◦ A) 160 when disposable income is 200
◦ B) 150 when disposable income is 100
◦ C) 370 when disposable income is 400
◦ D) 250 when disposable income is 300
• 42. Marginal propensity to consume implies
◦ A) Ratio of change in consumption to a change in disposable income
◦ B) Ratio of consumption to disposable income
◦ C) Ratio of consumption to savings
◦ D) Ratio of change in consumption to a change in money holdings
• 43. According to the classical economists which of the following make prolonged depression and unemployment impossible?
◦ A) Government intervention
◦ B) Constant investment demand
◦ C) Wage price flexibility
◦ D) Growth in money supply
• 44. Any square matrix ‘A’ is said to be skew symmetric matrix if :
◦ A) A = At
◦ B) A = A1
◦ C) A = A – 1
◦ D) A = – At
• 45. What will be the marginal cost of firm A, if its total cost TC = x(x2 – 2)?
◦ A) (x – 2)
◦ B) 3x2 – 2
◦ C) 3x2
◦ D) 3x – 2
• 46. A random variable x is said to be discrete if it can assume:
◦ A) Any values in its possible range of values
◦ B) Only specified values in its possible range of values
◦ C) Only non-negative values in its possible range of values
◦ D) Random variables cannot be a discrete variable
• 47. Which of the following is not a property of normal distribution?
◦ A) The normal distribution is bell shaped
◦ B) The height of normal curve is at its maximum at the median
◦ C) The normal curve is uni-model
◦ D) The normal curve is platy-kurtic
• 48. Economic development is a broader term which is measured by:
◦ A) Quantitative indicators only
◦ B) Qualitative indicators only
◦ C) Both quantitative and qualitative indicators
◦ D) Development cannot be measured
• 49. ‘Shocks’ and ‘stimulants’ are relevant for which of the following growth strategy?
◦ A) Unbalanced growth
◦ B) Critical minimum effort theory
◦ C) Balanced growth
◦ D) Big push theory
• 50. ‘Inverted U’ hypothesis, which states that inequalities of income first increase with development and then decrease with further development has been put forward by
◦ A) Simon Kuznets
◦ B) Ursula Hicks
◦ C) Ragnar Frisch
◦ D) RagnarNurkse
• 51. The concept of Vicious Circle of Poverty was associated with:
◦ A) Ragnar Frisch
◦ B) Ragnar Nurkse
◦ C) Milton Friedman
◦ D) J K Galbraith
• 52. The theory of social dualism was propounded by:
◦ A) Feldman
◦ B) J E Meade
◦ C) J H Boeke
◦ D) Gunner Myrdal
• 53. Match the following
◦ a. Rekhi committee
◦ b. Sukhomoychakravarty committee
◦ c. Sengupta committee
◦ d. Rengarajan committee
◦ 1. Indian monetary system
◦ 2. indirect taxes
◦ 3. Disinvestment
◦ 4. Public Enterprises
◦ A) a-2, b-3, c-4, d-1
◦ B) a-2, b-1, c-4, d-3
◦ C) a-1, b-3, c-4, d-2
◦ D) a-3, b-2, c-4, d-1
• 54. Which amongst the following statements are true in relation to Goods and Services Tax Network (GSTN)?
◦ 1. GSTN is a Non-profit non-government company, which will provide shared IT infrastructure and service
◦ 2. The Frontend services of registration, Returns and payments to all taxpayers will be provided by GSTN.
◦ 3. It will be the interface between the government and the taxpayers.
◦ 4. GSTN SPV to be the exclusive national agency responsible for delivering integrated direct tax related services.
◦ A) 1, 2 and 3 only
◦ B) 2, 3, and 4 only
◦ C) 1, 2 and 4 only
◦ D) 1, 2, 3 and 4
• 55. Agriculture price commission was constituted in;
◦ A) 1960
◦ B) 1965
◦ C) 1980
◦ D) 1970
• 56. Expansion of SARFAESI Act:
◦ A) The Securitisation and Reconstruction of Financial Act and Enforcement of Securities Interest Act
◦ B) The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act
◦ C) The Securities and Reconstruction of Financial Assets and Enforcement of Securities Interest Act
◦ D) The Securitisation and Recovery of Financial Assets and Enforcement of Securities Interest Act
• 57. Which among the following statement is / are true with reference to BASEL III norms?
◦ 1. Basel III is an international regulatory accord that introduced a set of reforms designed to improve the regulation, supervision, and risk management within the banking sector.
◦ 2 Basel III is an iterative step in the ongoing effort to enhance the banking regulatory framework.
◦ 3. A consortium of central banks from 28 countries published Basil III in 2009
◦ 4 Basel III is an iterative step in the ongoing effort to enhance the bank branch expansion
◦ A) 1,3 & 4 only
◦ B) 2, 3 & 4 only
◦ C) 1, 2 & 3 only
◦ D) 1,2, 3 & 4
• 58. Assertion A): Repo rate is the rate at which Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. Reason (R): Repo rate is used by monetary authorities to control inflation.
◦ A) Both (A) and (R) are true and (R) is the correct explanation of (A).
◦ B) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
◦ C) (A) is true, but (R) is false.
◦ D) (A) is false, but (R) is true.
• 59. Which of the following is not a component of M1 (narrow money)?
◦ A) Currency with the Public
◦ B) Current Deposits with the Banking System
◦ C) Demand Liabilities Portion of Savings Deposits with the Banking System
◦ D) Savings Deposits with the Banking System
• 60. The traders reduce the risk of loss in secondary market through:
◦ A) Speculations
◦ B) Arbitrage
◦ C) Hedging
◦ D) None of the above
• 61. The ridge lines (Upper and Lower) are the locus of points of isoquants where the Marginal products (MP) of factors (K and L) are:
◦ A) constant.
◦ B) increasing
◦ C) Zero
◦ D) decreasing
• 62. ---------- refer to gains accruing to all the firms in an industry due to the growth of that industry.
◦ A) Economies of continuation
◦ B) Economies of linked products
◦ C) Economies of increased dimensions
◦ D) Economies of Concentration
• 63. In game theory, Nash equilibrium means a set of strategies for players where:
◦ A) Any participant can gain by a unilateral change of strategy
◦ B) Any player can improve his / her payoff given the other player’s strategy
◦ C) No player can improve his / her payoff given the other player’s strategy
◦ D) All the above
• 64. Keynesian revolution was the outcome of :
◦ A) Capitalist instability with frictional unemployment
◦ B) Capitalist instability with voluntary unemployment
◦ C) Capitalist instability with involuntary unemployment
◦ D) all of the above
• 65. What will be the final change in income due to an autonomous investment equal to 2000cr when MPC is 0.60?
◦ A) 2000cr
◦ B) 2.5 cr
◦ C) 2500cr
◦ D) 5000cr
• 66. The life cycle hypothesis is based on
◦ A) Household saving maximising behaviour
◦ B) Paradox of thrift
◦ C) Household utility maximising behaviour
◦ D) All of the above
• 67. Identify the correct statements:
◦ 1. Type I error is committed by rejecting null hypothesis when it is true
◦ 2. Type I error is committed by accepting null hypothesis when it is false
◦ 3. Type II error is committed by rejecting null hypothesis when it is false
◦ 4. Type II error is committed by accepting null hypothesis when it is false
◦ A) 1 & 4 only
◦ B) 1, 2 & 3only
◦ C) 2 & 4 only
◦ D) 1, 2, 3 & 4
• 68. The value of correlation coefficient is between:
◦ A) 0 and 1
◦ B) -1 and 0
◦ C) -1 and 1
◦ D) 0 and ∞
• 69. Which one of the following statistical measure is not affected by extremely large or small values?
◦ A) Arithmetic mean
◦ B) Standard deviation
◦ C) Harmonic mean
◦ D) Median
• 70. The coefficient of determination is used as a measure of:
◦ A) Coefficient of correlation
◦ B) The overall goodness of fit of the regression model
◦ C) The residual sum of squares as a proportion of total sum of squares
◦ D) X variables on the basis of independent Y variables
• 71. “Golden age equilibrium” as described by Joan Robinson implies that:
◦ A) =
◦ B) =
◦ C) =
◦ D) =
• 72. Which one of the following is not a policy implication of Harris - Todaro model?
◦ A) Urban job creation is a sufficient solution for the urban unemployment problem
◦ B) Indiscriminate educational expansion will lead to further migration
◦ C) Programmes of integrated rural development should be introduced.
◦ D) Imbalances in rural urban employment opportunities caused by urban bias, (First city Bias) should be reduced
• 73. The Fei–Ranis model of economic growth is treated as an extension of the
◦ A) Meade’s model
◦ B) Harrod Domer model
◦ C) Lewis model
◦ D) Joan Robinson model
• 74. The 'Backwash Effect' was introduced by:
◦ A) Kindle Berger
◦ B) Gunner Myrdal
◦ C) J K Galbraith
◦ D) A K Sen
• 75. The chairman of the fifteenth finance commission:
◦ A) N K Singh
◦ B) Y V Reddy
◦ C) C Rengarajan
◦ D) Dr Rajiv Kumar
• 76. The slogan 'Garibi Hatao' (removal of poverty) was given in which Five Year Plan?
◦ A) First Five year plan
◦ B) Third Five year plan
◦ C) Fourth Five year plan
◦ D) Fifth Five year plan
• 77. Major objectives of “Atma Nirbhar Bharat Abhiyan” is:
◦ 1. Make the nation self-reliant with more focus on local manufacturers
◦ 2. Strengthen the economy,
◦ 3. Improve the standard of living
◦ 4. Most importantly improve the trade deficit
◦ A) 1, 3 and 4 only
◦ B) 1, 2 and 3 only
◦ C) 2, 3 and 4 only
◦ D) 1, 2 ,3 & 4
• 78. Primary deficit is:
◦ A) The difference between the fiscal deficit of the current year and the interest paid by the government.
◦ B) The difference between total revenue and total expenditure of the government
◦ C) The difference between total revenue and total expenditure of the government plus interest payments
◦ D) The difference between total revenue and total expenditure of the government plus net borrowings of the government
• 79. ---------- is the weighted average of a country's currency in relation to an index or basket of other major currencies.
◦ A) Real Effective Exchange Rate
◦ B) Nominal Effective Exchange Rate
◦ C) Purchasing Power Parity Exchange rate
◦ D) None of the above
• 80. Which of the following equation reveals the relationship between price elasticity (e) and marginal revenue in monopoly market?
◦ A) 푒 = 푃(1− )
◦ B) 푀푅 = (1−)
◦ C) 푀푅 = 푃(1− )
◦ D) 푀푅 = 푃(푒 − )
• 81. Each producer supplies one third of the market at a common price which is lower than the monopoly price, is the stable solution attained in
◦ A) Cournot’s duopoly model
◦ B) Betrand’s duopoly model
◦ C) Stackelberg’s duopoly model
◦ D) Chamberlin’s duopoly model
• 82. Paretian efficiency criterions are held well under which of the market situation
◦ A) Monopsony
◦ B) Monopolistic Competition
◦ C) Perfect Competition
◦ D) Bilateral Monopoly
• 83. Which of the following statement is not true?
◦ A) The Q ratio was popularized by Nobel Laureate James Tobin and invented by Nicholas Kaldor.
◦ B) The Q ratio, also known as Tobin's Q, measures whether a firm or an aggregate market is relatively over- or undervalued.
◦ C) The Q ratio relies on the concepts of market value and replacement value.
◦ D) The simplified Q ratio is the equity market value divided by expected value.
• 84. Identify the Correct statements
◦ 1. Expectations augmented Philips curve would shift in such a way that in the long run a higher rate of inflation would result in changes in unemployment.
◦ 2. Natural rate of unemployment is that rate of unemployment which is consistent with labour market equilibrium and at which the price level could be stable
◦ 3. The Natural rate of unemployment is determined by the real factors which affect the amount of frictional and structural unemployment in the economy
◦ A) 1 only
◦ B) 2 and 3 only
◦ C) 1 and 2 only
◦ D) 1, 2 and 3
• 85. Given the consumption function, C = 0.60 Y and the investment function, I = 200 − 0.40 i, then the equation of the IS function will be:
◦ A) Y= 200 − 0.60 i
◦ B) Y = 500 – i
◦ C) Y= 540 − 0.40 i
◦ D) Y = 200 − 0.40 i
• 86. Assertion (A) “Okun's Law is intended to tell us how much of a country’s gross domestic product (GDP) may be lost when the unemployment rate is above its natural rate." Reasons (R) An economy experiences a 2 percentage point increase in unemployment for every 2 percentage point decrease GDP from its long-run level (also called potential GDP).
• 87. [ tests can be used to test hypothesis about regression coefficients when
◦ A) A larger significance level than 5% is to be used
◦ B) The estimated coefficient has a sign predicted by theory
◦ C) The estimated coefficient does not have a sign predicted by theory
◦ D) The sample size is large enough to use the normal approximation to the students‘t’ distribution
• 88. The ‘F’ test can test a verity of hypothesis such as whether
◦ 1. An individual regression coefficient is statistically significant
◦ 2. All partial slope coefficients are zero
◦ 3. Two or more coefficients are statistically equal
◦ 4. The coefficients satisfy some linear restrictions
◦ A) 1, 2 and 3 only are correct
◦ B) 2, 3 and 4 only are correct
◦ C) 1, 3 and 4 only are correct
◦ D) 1, 2, 3 and 4 are correct
• 89. If Multicollinearity is prefect, the regression coefficients of x variables are:
◦ A) Indeterminate and their standard errors are infinite
◦ B) Indeterminate but their standard errors are large
◦ C) Determinate and their standard errors are infinite
◦ D) Determinate and their standard errors are large
• 90. Which one of the following is not a method to detect Heteroscedasticity
◦ A) Graphical method
◦ B) Klien’s rule of thumb
◦ C) Spearman’s rank Correlation test
◦ D) Park test
• 91. Identify the components in assessing Sen’s capability approach
◦ 1. The importance of real freedoms in the assessment of a person's advantage
◦ 2. Individual differences in the ability to transform resources into valuable activities
◦ 3. The bi-variate nature of activities giving rise to happiness
◦ 4. A balance of materialistic and non-materialistic factors in evaluating human welfare
◦ A) 1,2 and 3 only
◦ B) 2,3and 4 only
◦ C) 1, 2 and 4 only
◦ D) 1,2,3 and 4
• 92. As per the Harrod - Domar growth model, if the actual growth rate is greater than the warranted growth rate
◦ A) The economy will experience deflation
◦ B) The economy will experience inflation
◦ C) There will be steady economic growth
◦ D) The economy will not be affected
• 93. Which of the following is not an assumption of Solow’s growth model?
◦ A) Linear homogeneous production function
◦ B) Saving is the constant fraction of the level of output
◦ C) The growth rate of labour force is endogenously determined
◦ D) Labour and capital are substitutable for each other
• 94. Assertion A) Dependency theory propose that the poverty and backwardness of poor countries are caused by their peripheral position Reason (R): Since the capitalist world system evolved, the distinction between the central and the peripheral nations has grown and diverged.
◦ A) Both (A) and (R) are true and (R) is the correct explanation of (A)
◦ B) Both (A) and (R) are true, but (R) is not the correct explanation of (A)
◦ C) (A) is true, but (R) is false.
◦ D) (A) is false, but (R) is true.
• 95. The Company which won the sale bid of India’s national carrier – AIR INDIA
◦ A) Tata Motors
◦ B) Talace Pvt Ltd
◦ C) Tata Air
◦ D) Air Asia
• 96. Which among the following committees suggested to establish “Insurance Regulatory Authority in India”?
◦ A) Dandekar Committee
◦ B) Malhotra Committee
◦ C) Rangrajan Committee
◦ D) Dutt committee
• 97. Which country has adopted “Gross National Happiness” in order to define the index of well-being of its citizens?
◦ A) Australia
◦ B) Norway
◦ C) Sri Lanka
◦ D) Bhutan
• 98. Comparative advantage theory is based on:
◦ A) Labour theory of value
◦ B) Price differences in trading countries
◦ C) Value of products
◦ D) The law of diminishing returns
• 99. As per the Stolper – Samuelson theorem, the imposition of a tariff by a nation causes the real income of the nation’s:
◦ A) Abundant factor to rise
◦ B) Scarce factor to rise
◦ C) Scarce factor to fall
◦ D) Scarce and abundant factors to rise
• 100. Intra-industry trade refers to trade in:
◦ A) Differentiated products
◦ B) Homogenous products
◦ C) Trade based on economies of scale
◦ D) Heterogeneous product
• 101. Marshal-Lerner condition states that the sum of the elasticities of demand for a country’s exports and its demand for imports has to be:
◦ A) less than unity if devaluation is to have a beneficial effect on a country’s trade balance.
◦ B) greater than unity if devaluation is to have a beneficial effect on a country’s trade balance.
◦ C) equal to unity if devaluation is to have a beneficial effect on a country’s trade balance.
◦ D) Such elasticises are not at all relevant for devaluation
• 102. Assertion (A): Market collapse starts with consumers who want to buy goods from an unfamiliar market who are willing to pay the price of an average quality good available. Reason (R): Participants with key information might participate selectively in trades at the expense of other parties who do not have the same information.
◦ A) Both (A) and (R) are true and R is the correct explanation of (A)
◦ B) Both (A) and (R) are true but R is not the correct explanation of (A)
◦ C) (A) is true but (R) is false
◦ D) (A) is false but (R) is true.
• 103. The lemons problem refers to issues that arise regarding the value of an investment or product due to
◦ A) Full information
◦ B) Asymmetric information
◦ C) Rational Information
◦ D) All the above
• 104. Identify the correct statements
◦ 1. Rational expectation hypothesis states that individuals base their decisions on human rationality, information available to them, and their past experiences
◦ 2. Adaptive expectation hypothesis states people adjust their expectations on what the future will be based on experiences and events of the recent past
◦ A) 1 only
◦ B) 2 only
◦ C) Both 1 and 2
◦ D) Neither 1 Nor 2
• 105. Which of the following don’t act as an automatic stabilizer during economic fluctuations?
◦ A) Gross business savings
◦ B) Induced investments
◦ C) Personal income tax
◦ D) Transfer payments
• 106. Liquidity trap is a situation in which
◦ 1. Monetary policy becomes ineffective at a very low interest rate
◦ 2. Households prefer to hold cash rather than invest in bonds
◦ 3. Bond price expects to rise further
◦ A) 1, 2 and 3 are correct
◦ B) 1 and 2 only are correct
◦ C) 2 and 3 only are correct
◦ D) 1 and 3 only are correct
• 107. The Ricardo - Barro effect suggests that when a government tries to stimulate an economy by increasing debt-financed government spending:
◦ A) The aggregate demand shifts downwards
◦ B) The aggregate demand remains unchanged
◦ C) The aggregate demand shits upwards
◦ D) None of the above
• 108. Fundamental research is also known as:
◦ A) Basic research
◦ B) Pure research
◦ C) Applied research
◦ D) Both A and B
• 109. The frequency distribution of a research data which is symmetrical in shape similar to a normal distribution but centre peak is much higher, is
◦ A) Skewed
◦ B) Mesokurtic
◦ C) Leptokurtic
◦ D) Platykurtic
• 110. The concept of X efficiency was introduced by:
◦ A) Leibenstein
◦ B) A Lewis
◦ C) Rosenstein Rodan
◦ D) H W singer
• 111. The concept of balanced growth means:
◦ A) More attention to be given to metro cities
◦ B) More investment should be diverted to key and strategic sectors
◦ C) Different sectors of the economy grow in a harmonious manner
◦ D) Capital goods industries should be developed in the first stage
• 112. The environment (protection) act was enacted in:
◦ A) 1985
◦ B) 1988
◦ C) 1987
◦ D) 1986
• 113. Which of the following is a positive externality?
◦ A) Congestion in the roads
◦ B) Air pollution from a factory
◦ C) Vaccination
◦ D) Deforestation
• 114. As per the budget document, Govt of Kerala, the fiscal deficit in 2021-22 is estimated to be
◦ A) 4.25 % of GSDP
◦ B) 3.5% of GSDP
◦ C) 5.5% of GSDP
◦ D) 4% of GSDP
• 115. Which of the following is not a feature of the Kerala Model of Development?
◦ A) High literacy and life expectancy rates,
◦ B) Highly improved access to healthcare
◦ C) Very high birth rates
◦ D) Low infant mortality
• 116. “Capital in the Twenty First Century” was written by:
◦ A) Thomas Piketty
◦ B) Krugman
◦ C) A.K. Sen
◦ D) JagdishBhagwati
• 117. Which of the following item of expenditure is not a * D) Both A and B
• 119. The Nobel Prize for economics 2021 was awarded to:
◦ A) David Card, Joshua D. Angrist and Maria Ressa
◦ B) Maria Ressa, David Card and Dmitry Andreyevich Muratov
◦ C) David Card and Dmitry Andreyevich Muratov and Joshua D. Angrist
◦ D) David Card, Joshua D. Angrist and Guido W. Imbens
• 120. The Engel curve for a Giffen good is:
◦ A) Positively sloped
◦ B) vertical straight line
◦ C) Negatively sloped
◦ D) Horizontal

____________________________________________________________________________________________________ 

1. Pasinetti growth—what variables interact?

• Answer: B) Capitalists’ saving propensity, investment rate, income distribution
• Note: In the Kaldor–Pasinetti tradition, distribution and growth hinge on class saving and the rate of investment.

2. Match (Managerial theories → contributors)

• Answer: D) a-3, b-4, c-1, d-2
• Note: Williamson (managerial discretion), Cyert–March (behavioural model), Baumol (sales maximization), Marris (managerial enterprise).

3. Effect of higher autonomous spending on IS–LM?

• Answer: A) IS shifts right
• Note: More autonomous demand raises goods-market equilibrium income at each interest rate.

4. New classical economics features?

• Answer: D) All the above
• Note: Optimizing agents, market clearing, and rational expectations.

5. Match (stats concepts)

• Answer: D) a-3, b-4, c-2, d-1
• Note: SD=dispersion; stratified sampling is probability-based; association for attributes; mean>mode indicates positive skew.

6. Which is NOT a specification error?

• Answer: D) Measurement errors
• Note: Specification errors are about model form/variables, not data measurement error.

7. India’s forex reserves ~1 Aug 2021?

• Answer: C) ~$630 billion
• Note: Reserves were around $620–630bn in early August 2021.

8. Forex reserves rose; was NEP’s FDI push the cause?

• Answer: B) Both true, but R not the full explanation
• Note: Recent rises reflect multiple factors (FDI, FPI, current account), not only NEP incentives.

9. Kaldor’s distribution theory does NOT assume?

• Answer: C) MP (profits) > MP (wages)
• Note: Kaldor’s model is Keynesian (saving–investment) rather than marginal productivity based.

10. Stackelberg with both firms “followers”—equilibrium?

• Answer: C) Cournot solution
• Note: Mutual “follower” behaviour collapses to Cournot Nash output.

11. “Inside” and “outside” money—who coined?

• Answer: C) Gurley and Shaw
• Note: They distinguished bank-created (inside) vs government/foreign (outside) money.

12. Okun’s Law—correct statements?

• Answer: A) 1 and 2 only
• Note: It links unemployment and growth; the specific 1% GDP → 4% u drop is incorrect.

13. Exception to Stolper–Samuelson?

• Answer: B) Metzler paradox
• Note: Metzler showed tariffs can (counterintuitively) lower domestic prices.

14. 15th Finance Commission—weight to demographic performance?

• Answer: B) 12.5%
• Note: Criterion mix included 12.5% for demographic performance.

15. As sample size increases, sampling error…

• Answer: B) Decreases
• Note: Larger n reduces sampling variability.

16. Shape of MEC curve?

• Answer: D) Downward sloping
• Note: Expected returns on additional capital projects decline as more are undertaken.

17. Match (tax terms)

• Answer: B) a-3, b-4, c-2, d-1
• Note: Property tax=direct; customs/excise=indirect; ad valorem=value-based; specific=per unit.

18. “Golden Age” growth model associated with?

• Answer: B) J. E. Meade
• Note: Meade’s balanced growth with full employment and constant factor shares.

19. Musgrave—compensatory finance is used to…

• Answer: A) Raise demand to combat depression/unemployment
• Note: Countercyclical fiscal policy.

20. Highest economic integration?

• Answer: C) Economic union
• Note: Goes beyond customs/common market to harmonize policies/institutions.

21. Effective protection depends on…

• Answer: D) 1, 2 & 3
• Note: Nominal tariffs on inputs and final goods, and the input’s value share.

22. Match (growth theorists)

• Answer: A) a-3, b-1, c-4, d-2
• Note: Leibenstein (critical minimum effort), Rodan (big push), Hirschman (unbalanced growth), Nelson (low-level trap).

23. Price discrimination—necessary conditions?

• Answer: C) 1, 2, 3 and 4 only
• Note: Monopoly power, demand elasticities differ, and market separation/no arbitrage.

24. Chamberlin—excess capacity due to…

• Answer: B) Non-price competition and free entry
• Note: Product differentiation plus entry leads to excess capacity.

25. Marx—organic composition of capital is…

• Answer: A) Constant capital / variable capital
• Note: Reflects technical composition in value terms.

26. Wrongly matched test?

• Answer: D) Chow test – Multicollinearity
• Note: Chow tests structural breaks, not multicollinearity.

27. Fiscal fully effective when no crowding out?

• Answer: A) Keynesian (horizontal) LM range
• Note: Interest doesn’t rise; demand fully expands output.

28. Slope of IS given ke=5, b=10?

• Answer: [Ambiguous—depends on definition/axes]
• Note: If i(Y): slope ≈ 1/(k·b)=0.02; if Y(i): slope = −k·b=−50; options don’t match—please clarify the convention.

29. Monopoly power measure = sum of squared market shares?

• Answer: D) Herfindahl Index
• Note: HHI ∈ [0, 10,000] (or 0–1) depending on scaling.

30. Optimum tariff rate expressed via…

• Answer: D) Elasticity of foreign offer curve
• Note: Terms-of-trade gain vs distortion depends on partner’s offer elasticity.

31. Hawkins–Simon (I − A) conditions—correct?

• Answer: A) 1 only
• Note: Diagonal elements >0; principal minors must be positive, not negative.

32. Personal income equals…

• Answer: B) NI − SSC − CIT − undistributed profits + transfers
• Note: Adjust NI for taxes/retentions and add transfers.

33. Which canon not by Adam Smith?

• Answer: C) Elasticity
• Note: Smith’s four canons: equity, certainty, convenience, economy.

34. CHAMPIONS—correct?

• Answer: D) All the above
• Note: Launched 9 May 2020; single window for MSMEs.

35. Long-run inflation–unemployment tradeoff?

• Answer: D) 1, 2 & 3
• Note: No long-run tradeoff; NAIRU anchors long-run unemployment, inflation stabilizes there.

36. Friedman–Savage—MU of money…

• Answer: B) Diminishes, then increases, then diminishes
• Note: Explains coexistence of risk-averse and risk-seeking behavior.

37. Early linear expenditure system by…

• Answer: D) R. Stone
• Note: LES demand system with subsistence plus supernumerary spending.

38. Classical view—S and I are…

• Answer: C) Always equal
• Note: Interest rate adjusts to ensure equality ex ante in the classical model.

39. Input–output isoquant assumes…

• Answer: A) Zero substitutability (Leontief)
• Note: Fixed-proportions technology.

40. Net value added in chain (with depreciation 50)?

• Answer: D) Rs. 180
• Note: VA: A=100, C=130, total=230; NVA=230−50=180.

41. C = 50 + 0.8Yd—compute C at Yd=400?

• Answer: C) 370
• Note: 50 + 0.8×400.

42. MPC means…

• Answer: A) ΔC/ΔYd
• Note: Change in consumption per unit change in disposable income.

43. Classical prevention of prolonged depression?

• Answer: C) Wage–price flexibility
• Note: Ensures market clearing.

44. Skew-symmetric matrix definition?

• Answer: D) A = −Aᵗ
• Note: Diagonal elements are zero.

45. MC if TC = x(x²−2)?

• Answer: B) 3x² − 2
• Note: Differentiate TC = x³ − 2x.

46. Discrete random variable takes…

• Answer: B) Only specified values
• Note: Countable outcomes.

47. Not a property of normal distribution?

• Answer: D) Platykurtic
• Note: Normal is mesokurtic, bell-shaped, unimodal.

48. Economic development measured by…

• Answer: C) Both quantitative and qualitative indicators
• Note: Income plus social/human indicators.

49. “Shocks” and “stimulants” belong to…

• Answer: B) Critical minimum effort theory
• Note: Leibenstein’s threshold dynamics.

50. “Inverted-U” inequality hypothesis by…

• Answer: A) Simon Kuznets
• Note: Inequality rises then falls with development.

51. Vicious circle of poverty—associated with…

• Answer: B) Ragnar Nurkse
• Note: Low income → low saving/investment → low productivity.

52. Social dualism propounded by…

• Answer: C) J. H. Boeke
• Note: Coexistence of modern and traditional sectors.

53. Match (committees)

• Answer: B) a-2, b-1, c-4, d-3
• Note: Rekhi (indirect taxes), Chakravarty (monetary system), Sengupta (public enterprises), Rengarajan (disinvestment).

54. GSTN—true statements?

• Answer: A) 1, 2 and 3 only
• Note: GSTN is a non-profit, provides IT backbone and front-end; not for direct taxes.

55. Agricultural Prices Commission constituted in…

• Answer: B) 1965
• Note: Now CACP.

56. SARFAESI—full form?

• Answer: B) Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act
• Note: Enables secured creditors to enforce security without court.

57. Basel III—true?

• Answer: C) 1, 2 & 3 only
• Note: Global regulatory reforms by BCBS (2009+); not about branch expansion.

58. Repo rate—definition and use?

• Answer: B) Both true, but R not the correct explanation
• Note: R states a use; it doesn’t define A.

59. Not in M1 (narrow money)?

• Answer: D) Savings deposits (entire)
• Note: Only their demandable portion counts; full savings are M2/M3 components.

60. Reducing risk in secondary markets via…

• Answer: C) Hedging
• Note: Offsets price risk using derivatives/positions.

61. Ridge lines: where MPs of inputs are…

• Answer: C) Zero
• Note: Boundary of economic region of production.

62. Gains to all firms from industry growth are…

• Answer: D) Economies of concentration
• Note: Localization external economies.

63. Nash equilibrium means…

• Answer: C) No unilateral payoff improvement
• Note: Best responses are mutual.

64. Keynesian revolution arose from…

• Answer: C) Involuntary unemployment under capitalism
• Note: Challenged classical full-employment doctrine.

65. ΔY from I₀=2000, MPC=0.6?

• Answer: D) 5000 cr
• Note: Multiplier=2.5 → 2.5×2000.

66. Life-cycle hypothesis rests on…

• Answer: C) Household utility-maximization over life
• Note: Consumption smoothing motive.

67. Type I/II errors—correct?

• Answer: A) 1 & 4 only
• Note: Type I: reject true H0; Type II: fail to reject false H0.

68. Correlation coefficient lies between…

• Answer: C) −1 and 1
• Note: Pearson’s r range.

69. Which is not affected by extremes?

• Answer: D) Median
• Note: Robust to outliers.

70. Coefficient of determination (R²) measures…

• Answer: B) Overall goodness of fit
• Note: Proportion of variance explained.

71. Joan Robinson’s “Golden Age” equilibrium implies…

• Answer: [Incomplete in prompt]
• Note: Typically equal growth rates of capital, labor, and output with constant factor shares—please provide the missing expressions.

72. Harris–Todaro—NOT a policy implication?

• Answer: A) Urban job creation alone is sufficient
• Note: More jobs can induce more migration; comprehensive policy is needed.

73. Fei–Ranis is an extension of…

• Answer: C) Lewis model
• Note: Elaborates surplus labor transition dynamics.

74. “Backwash effect” introduced by…

• Answer: B) Gunnar Myrdal
• Note: Circular causation with adverse spillovers.

75. Chair, 15th Finance Commission?

• Answer: A) N. K. Singh
• Note: Headed the 2021–26 award.

76. “Garibi Hatao” slogan era?

• Answer: D) Fifth Five Year Plan
• Note: 1974–79 focus on poverty alleviation.

77. Atma Nirbhar Bharat—objectives?

• Answer: D) 1, 2, 3 & 4
• Note: Self-reliance, stronger economy, higher living standards, better trade balance.

78. Primary deficit is…

• Answer: A) Fiscal deficit minus interest payments
• Note: Indicates borrowing need net of interest.

79. Weighted average vs basket of currencies is…

• Answer: B) NEER
• Note: REER is inflation-adjusted NEER.

80. Monopoly MR–elasticity relation?

• Answer: C) MR = P(1 − 1/e)
• Note: With e as absolute value of price elasticity.

81. Each firm supplies 1/3 at a price below monopoly—model?

• Answer: A) Cournot’s duopoly model
• Note: Cournot’s symmetric duopolists share market at a price below monopoly.

82. Paretian efficiency holds under…

• Answer: C) Perfect competition
• Note: Competitive equilibria are Pareto efficient (First Welfare Theorem).

83. Which statement on Tobin’s Q is NOT true?

• Answer: D) Simplified Q = equity value / expected value
• Note: “Q” compares market value to replacement cost, not “expected value.”

84. Expectations-augmented Phillips curve—correct?

• Answer: B) 2 and 3 only
• Note: Long run vertical at natural rate; NAIRU defines stable-inflation unemployment.

85. IS from C=0.6Y, I=200−0.4i?

• Answer: B) Y = 500 − i
• Note: Goods equilibrium: Y = C + I.

86. Okun’s law assertion/reason?

• Answer: C) A true, R false
• Note: Typical Okun coefficient ≈ 2% output gap per 1 pp unemployment, not “2 for 2.”

87. Which test for coefficients when sample is large (normal approx)?

• Answer: D) Z tests (normal approximation) [inferred]
• Note: With large n, t ≈ normal; question text was truncated—confirm “z test”?

88. F test can evaluate which hypotheses?

• Answer: D) 1, 2, 3 & 4
• Note: Joint significance and linear restrictions; t²=F for single coefficient.

89. Perfect multicollinearity implies coefficients are…

• Answer: A) Indeterminate; SEs infinite
• Note: X′X is singular—OLS fails.

90. NOT a heteroscedasticity test?

• Answer: B) Klein’s rule of thumb
• Note: That’s for multicollinearity; others target heteroscedasticity.

91. Sen’s capability approach—components?

• Answer: C) 1, 2 and 4 only
• Note: Real freedoms, conversion differences, and balancing material/non-material welfare.

92. Harrod–Domar: if g_actual > g_warranted…

• Answer: B) Inflation
• Note: Excess demand/overutilization pressures.

93. NOT an assumption of Solow?

• Answer: C) Endogenous labor growth
• Note: Solow takes population/labor growth as exogenous.

94. Dependency theory A/R?

• Answer: A) Both true and R explains A
• Note: Core–periphery dynamics perpetuate underdevelopment.

95. Air India winning bidder?

• Answer: B) Talace Pvt Ltd (Tata Sons SPV)
• Note: Privatization concluded in 2021.

96. Committee proposing insurance regulator?

• Answer: B) Malhotra Committee
• Note: Led to IRDAI.

97. Country with “Gross National Happiness”?

• Answer: D) Bhutan
• Note: GNH as holistic development measure.

98. Ricardian comparative advantage is based on…

• Answer: A) Labor theory of value
• Note: One-factor (labor) model.

99. With a tariff, real income of which factor rises (Stolper–Samuelson)?

• Answer: A) The abundant factor
• Note: Protection helps the abundant factor; hurts the scarce.

100. Intra-industry trade is trade in…

• Answer: A) Differentiated products
• Note: Often driven by scale economies and variety.

101. Marshall–Lerner condition for devaluation success?

• Answer: B) Sum of elasticities > 1
• Note: Improves trade balance if |εx| + |εm| > 1.

102. Market collapse (Akerlof “lemons”) A/R?

• Answer: A) Both true and R explains A
• Note: Asymmetric information causes adverse selection.

103. “Lemons problem” arises due to…

• Answer: B) Asymmetric information
• Note: Sellers know more than buyers.

104. Expectations—correct statements?

• Answer: C) Both 1 and 2
• Note: Rational uses all info; adaptive extrapolates from recent past.

105. NOT an automatic stabilizer?

• Answer: B) Induced investments
• Note: Stabilizers are rule-based (taxes/transfers), not private investment responses.

106. Liquidity trap—what holds?

• Answer: B) 1 and 2 only
• Note: Rates near zero; cash preferred; bond prices are expected to fall, not rise.

107. Ricardo–Barro (Ricardian equivalence) says debt-financed G…

• Answer: B) Leaves AD unchanged
• Note: Private saving offsets government dissaving.

108. Fundamental research is also called…

• Answer: D) Both A and B
• Note: “Basic” or “pure” research.

109. Symmetric distribution with very high peak is…

• Answer: C) Leptokurtic
• Note: Kurtosis > normal.

110. X-efficiency introduced by…

• Answer: A) Leibenstein
• Note: Inefficiency from lack of competitive pressure/organization.

111. Balanced growth means…

• Answer: C) Harmonious sectoral growth
• Note: Avoids bottlenecks and imbalances.

112. Environment (Protection) Act enacted in…

• Answer: D) 1986
• Note: Post-Bhopal disaster framework law.

113. Positive externality example…

• Answer: C) Vaccination
• Note: Benefits spill over to others.

114. Kerala fiscal deficit (2021–22, BE) as % of GSDP?

• Answer: B) 3.5%
• Note: Budgeted around 3.5% of GSDP.

115. NOT a Kerala Model feature?

• Answer: C) Very high birth rates
• Note: Kerala has low fertility.

116. “Capital in the Twenty-First Century” author?

• Answer: A) Thomas Piketty
• Note: Inequality dynamics of r > g.

117. [Prompt incomplete—cannot determine]

• Note: Please share the full question/options.

118. [Missing in prompt]

• Note: Please provide Q118 text.

119. Nobel Prize in Economics 2021 awarded to…

• Answer: D) David Card, Joshua D. Angrist, Guido W. Imbens
• Note: For empirical contributions to labor economics and causal analysis.

120. Engel curve for a Giffen good is…

• Answer: C) Negatively sloped
• Note: As income rises, quantity demanded falls for Giffen goods.