CUET UG Economics · Paper 2

The price of a good falls from ₹12 to ₹10 per unit, and the total expenditure on it rises from ₹600 to ₹700. By the total expenditure method, demand for the good is:

Assertion: A firm under perfect competition is a price taker.

Reason: Under perfect competition, a very large number of firms sell a homogeneous product, so the output of a single firm is a tiny part of the market supply.

A consumer has an income of ₹120. The price of good X is ₹4 and the price of good Y is ₹6. With X on the horizontal axis, her budget line and its slope are:

An economy's production possibilities are given below.

What is the marginal rate of transformation (MRT) when the economy moves from 2 to 3 units of X, and what is the shape of its PPC?

When the price of a good rises from ₹20 to ₹25 per unit, the quantity supplied rises from 400 units to 600 units. The price elasticity of supply is:

The total product (TP) schedule of a variable factor, labour, is given below.

The marginal product of labour starts diminishing with the ______ unit of labour and becomes negative with the ______ unit.

At every price, the quantity demanded of a good rises by 20 units, and at the same time the quantity supplied at every price also rises by 20 units. Compared with the old equilibrium, the new equilibrium has:

As per the data presented in the Union Budget 2023-24, the total receipts of the government other than borrowings and the total expenditure are estimated at ₹27.2 lakh crore and ₹45 lakh crore respectively.

The value of the ______ deficit would be ₹17.8 lakh crore.

Which of the following is an intermediate good?

“Real Gross Domestic Product (GDP) is estimated to attain a level of ₹173.82 lakh crore in the year 2023-24. The corresponding Nominal GDP is estimated to stand at ₹295.36 lakh crore in the same year.”

On the basis of the given data, the value of GDP deflator would be ______.

Find the missing figures and choose the correct alternative:

Assertion: The maximum value of Marginal Propensity to Save (MPS) can be unity.

Reason: At the break-even level of income, savings are zero.

Under a flexible exchange rate system, the exchange rate changes from ₹80 = 1 US dollar to ₹84 = 1 US dollar. Which of the following is correct?

Which of the following are capital receipts of the government?

I. Borrowings from the public

II. Interest received on loans given to state governments

III. Proceeds from disinvestment

IV. Recovery of loans given to state governments

In an economy, the consumption function is $C = 100 + 0.75Y$ and investment is ₹150 crore (all figures in ₹ crore). If investment rises by ₹50 crore, what are the new equilibrium income and the rise in consumption?

The ability of the environment to absorb degradation is called its:

Identify which of the following alternatives indicate the incorrect components combination of Agriculture Marketing System:

Under the Industrial Policy Resolution of 1956, industries were classified into three categories. Which of the following statements about this classification is correct?

Arrange the following events in China's economic development history in correct chronological sequence and select the correct option:

I. Great Proletarian Cultural Revolution

II. Great Leap Forward

III. Introduction of Economic Reforms

IV. Launch of the First Five Year Plan

Assertion: The Education Commission (1964-66) had recommended that 4% of Gross Domestic Product (GDP) be spent on education.

Reason: The Union and State Governments have been stepping up expenditures in the education sector over the years to fulfil the objective of attaining cent per cent literacy.