State Eligibility Test Economics Question Paper 2017 : LBS Centre for Science & Technology

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State Eligibility Test Economics Question Paper 2017 : LBS Centre for Science & Technology

Name of the Organisation : LBS Centre for Science & Technology
Exam : State Eligibility Test
Subject : Economics
Year : 2017 Feb
Document Type : Model & Past Question Papers

State Eligibility Test Economics Question Paper :

Time : 120 Minutes :
1. A good or a service that is characterized by excludability and non rivalry in consumption is:
A) Normal good
B) Public good

Related : LBS Centre for Science & Technology State Eligibility Test Commerce Question Paper : www.pdfquestion.in/13388.html

C) Private good
D) Club good

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2. An inverted U shaped graphic relation between tax revenue and tax rate is:
A) Offer Curve
B) Kuznets Curve
C) Laffer Curve
D) Lorenz Curve

3. An increase in the relative price of a commodity raises the return of the factor used intensively in the production of the commodity is an argument of:
A) Stolper Samuelson Theory
B) Immiserizing Theory
C) Rybezynski Theory
D) H-O Theory

4. The benefit accruing to a nation from issuing the currency or when its currency is used as an international currency and reserve is:
A) Risk premium
B) Seigniorage
C) Stand by arrangements
D) Smithsonian agreement.

5. The production function exhibiting a unitary elasticity of substitution between labour and capital is:
A) CES Production Function
B) Cobb- Douglas Production Function
C) Non Linear Production Function
D) Long Run Production Function

6. If constant returns to scale prevail in production and each factor is rewarded according to its productivity, the output produced exhausted is:
A) Euler’s Theorem
B) H-O Theorem
C) Factor Intensity Reversal
D) Factor-price Equalization Theorem

7. Match List I with List II and select the correct answer using the codes given below:
List I List II
a. Unemployment and inflation 1. Okun’s Law
b. Unemployment and GDP 2. Phillips Curve
c. Inflation and GDP 3. Sacrifice ratio
a b c
A) 1 2 3
B) 3 2 1
C) 2 1 3
D) 2 3 1

8. The exchange rate policy when the exchange rate is depreciated at a rate roughly equal to the inflation differential between the country and its trading partners is :
A) Revolution
B) Flexible Exchange rate
C) Managed floating
D) Crawling peg

9. Match List I with List II and select the correct answer using the codes given below:
List I List II
a. Customs Union 1. Sir J R Stone
b. Theory of Second Best 2. Lipsey and Lancaster
c. Game Theory 3. Reinhard Selton
d. Linear Expenditure System 4. Jacob Viner
a b c d
A) 4 2 3 1
B) 1 3 4 2
C) 3 4 2 1
D) 2 1 3 4

10. A theorem stating that economic efficiency will be achieved as long as property rights are fully allocated:
A) Bayes’ Theorem
B) Coarse Theorem
C) Arrow –Debru General Equilibrium Model
D) Chaos Theorem

11. The long run relationship between inflation and interest rates is called:
A) Keynes Effect
B) Pigou Effect
C) Fischer Effect
D) Patinkein Effect

12. Which one of the following pairs is not correctly matched regarding years of its
establishment:
A) WTO – 1995
B) International Finance Corporation – 1956
C) Asian Development Bank – 1966
D) UNCTAD – 1946

13. The period of Uruguay Round negotiation was
A) 1990-1995
B) 1980-1986
C) 1986-1994
D) 1985-1991

14. A curve showing cumulative market share for each number of firms where firms are ranked from largest to smallest:
A) Concentration Curve
B) Lorenz Curve
C) Engel Curve
D) Production Possibility Curve

15. The portion of a change in quantity demanded which is attributable to the change in real income that results from the change in price is:
A) Substitution Effect
B) Income Effect
C) Price Effect
D) Scale Effect

16. A merger where the acquiring firm merges with the supplier of an input is:
A) Upstream integration
B) Downstream integration
C) Vertical integration
D) Horizontal integration

17. A game where one party’s gain equals the sum of other parties’ losses:
A) Positive Sum Game
B) Negative Sum Game
C) Variable Sum Game
D) Zero Sum Game

18. Lerner Index is used to measure:
A) Price difference
B) Monopoly power
C) Economic inequality
D) Exchange rate difference

19. —— merging replaces a market transaction by an intra firm transaction:
A) Vertical
B) Horizontal
C) Conglomerate
D) Both vertical and horizontal

20. GDP at market prices:
A) Includes indirect taxes and subsidies
B) Excludes indirect taxes but includes subsidies
C) Includes indirect taxes and excludes subsidies
D) Excludes both indirect taxes and subsidies

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