UGC NET Economics Sunday Weekly Quiz 1

Which state had the highest per capita income in 2023-24?

• Delhi

• Goa

• Sikkim

• Telangana

Which of the following states had the highest share in India's GSDP (2023- 24)?

• Tamil Nadu

• Gujarat

• Maharashtra

• Uttar Pradesh

What is the base year for GDP calculations currently used by India?

• 2004-05

• 2010-11

• 2011-12

• 2015-16

The National Population Policy was enacted in:

• 2001

• 2000

• 1997

• 1992

The Insolvency and Bankruptcy Code (IBC) was implemented in:

• 2014

• 2015

• 2016

• 2017

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

• Adam Smith

• David Ricardo

• Alfred Marshall

• Karl Marx

Which of the following are the basic assumptions of cardinal utility analysis?

I. Utility is a measurable and quantifiable entity.

II. Marginal utility of money changes with changes in real income

III. Utilities derived from various goods are interdependent.

IV. The use of introspective methods in judging the behaviour of marginal utility

Options:

• I and II are correct

• I and III are correct

• I and IV are correct

• I, III and IV are correct

Engel Curve denotes

• various amounts of a good which a consumer would be willing to purchase at various price levels.

• various amounts of a good which a consumer would be willing to purchase at various income levels.

• various amounts of a good purchased when the price of its substitutes tend to rise.

• the relationship between income effect and substitution effect.

Which is called Gossen's second law?

• Law of Equi-marginal Utility

• Law of Diminishing Marginal Utility

• Revealed Preference Theory

• Indifference Curve Approach

Which among the following statements are true for the Revealed Preference Theory?

Choose the correct answer from the code given below: Statement:

I. Income elasticity of demand should be positive.

II. Consumer preferences satisfy strong ordering.

Options:

• Both are true

• None are true

• Only I is true

• Only II is true