Previous Year Papers / UGC NET Economics / 2021

UGC NET Economics 2021 Question Paper & Answers

The official UGC NET Economics 2021 question paper, with the official answer key. Attempt as a real timed exam (with negative marking) or switch to practice mode for instant per-question answers and explanations.

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Official PYQ

UGC NET Economics 2021 (December 2020 / June 2021 cycle, Paper 2)

120 Mins 200 Marks
100Questions
200Max Marks

Sample questions from UGC NET Economics 2021 (December 2020 / June 2021 cycle, Paper 2)

1Along a smooth, strictly convex indifference curve for two desirable goods X and Y, what happens to the positive marginal rate of substitution of X for Y as X consumption increases?
  • A) MRS _XY increases
  • B) MRS _XY decreases
  • C) MRS _XY remains the same
  • D) First MRS _XY increases but later on MRS _XY decreases
Answer: B
2Which is NOT one of the traditional three central questions in Walrasian general-equilibrium analysis?
  • A) Uniqueness problem
  • B) Existence problem
  • C) Stability problem
  • D) Moral Hazard problem
Answer: D
3In the short‐run production function, which one of the following is CORRECT?
  • A) Technology is assumed to change as labour input changes
  • B) Technology is assumed to change as capital stock changes
  • C) Technology is assumed to change positively until diminishing returns set in
  • D) Technology is assumed to be constant for a given production function relationship
Answer: D
4As output expands, LAC curve falls. This is due to:
  • A) Law of variable proportions
  • B) Law of diminishing returns
  • C) Economies of scale
  • D) Diseconomies of scale
Answer: C
5Under expected-utility theory, if a consumer faces two risky alternatives with equal expected monetary income, which criterion generally determines the choice?
  • A) Variation of risk attached with each alternative
  • B) Probability of risk attached with each alternative
  • C) Expected utility of both the alternatives
  • D) Mean of risk of each alternative
Answer: C

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