CUET Economics Question Paper 2024 Set B (Available)- Download Solutions and Answer Key pdf

___________ is a market where economic agents can freely exchange their endowments with each other.

• (1) Market economy
• (2) Centrally planned economy
• (3) Aggregate demand-based economy
• (4) Aggregate supply-based economy

Which of the following are correct statements?
(A) Marginal Utility is the change in Total Utility due to consumption of one additional unit of commodity.
(B) Two Indifference Curves intersect each other.
(C) Marginal Utility becomes Zero at a level when Total Utility remains constant.
(D) Diminishing Marginal Rate of Substitution does not affect Indifference Curve.
(E) Indifference Curve slopes downwards from left to right.

• (1) (A), (B) and (E) only
• (2) (A), (C) and (E) only
• (3) (A), (D) and (E) only
• (4) (B), (D) and (E) only

Match List-I with List-II:

When the Elasticity of Demand Curve is 1 at every point on the Demand Curve, this curve is known as:

• (1) Perfectly inelastic demand curve
• (2) Perfectly elastic demand curve
• (3) Rectangular Hyperbola
• (4) Greater than unitary demand curve

According to the Theory of Consumer Behaviour, the inequality p1x1 + p2x2 ≤ M is called the Consumer's __________.

• (1) Budget
• (2) Budget Set
• (3) Budget Constraint
• (4) Budget Behaviour

Choose the correct statements from the following :
(A) Adam Smith is termed as Father of Modern Economics.
(B) J.M. Keynes gave the Theory of Income, Output and Employment.
(C) Four Sector Model = C + I + G + (X – M)
(D) Store of value is primary function of money.
Choose the correct answer from the options given below :

• (1) (A), (B) and (D) only
• (2) (A), (B) and (C) only
• (3) (A), (B), (C) and (D)
• (4) (B), (C) and (D) only

Rearrange the given statements in proper chronological sequence:
(A) General Theory of Employment, Interest and Money by Keynes.
(B) Mahalanobis was made a fellow of Britain’s Royal Society.
(C) Wealth of Nations by Adam Smith.
(D) The Economic Consequences of the Peace by Keynes.

• (1) (C), (D), (A), (B)
• (2) (A), (B), (C), (D)
• (3) (A), (C), (B), (D)
• (4) (D), (A), (C), (B)

If there is no government and no foreign trade, then:

• (1) G = T = M = X > 1
• (2) G = T = M = X = 1
• (3) G = T = M = X = 0
• (4) G = T = M = X < 1

The value of Nominal GDP is $1100 and Real GDP is $1000. Find the value of GDP deflator:

• (1) 0.9
• (2) 1.1
• (3) 1
• (4) 0.8

Identify the correct statements:
(A) Stocks are defined over a period of time.
(B) Flows are defined over a period of time.
(C) Flows are defined at a particular point of time.
(D) Stocks are defined at a particular point of time.
(E) GVA at factor costs + Indirect Taxes − Subsidies = GVA at market prices.

• (1) (A), (C) and (E) only
• (2) (B), (C) and (D) only
• (3) (B), (D) and (E) only
• (4) (C), (D) and (E) only

If the supply of final goods is assumed to be infinitely elastic at constant price over a short period of time, Aggregate output is determined solely by the value of Aggregate demand. This is called __________ Principle.

• (1) Aggregate supply
• (2) Aggregate demand
• (3) Effective demand
• (4) Perfectly inelastic demand

Nominal Interest Rate =___________

• (1) Real Interest Rate * Inflation Rate
• (2) Real Interest Rate – Inflation rate
• (3) Real Interest Rate / Inflation rate
• (4) Real Interest Rate + Inflation rate

Value of MPS (Marginal Propensity to Save) is increased from 0.4 to 0.5. What would be the impact on Multiplier?

• (1) The size of the multiplier would be increased.
• (2) The size of the multiplier would remain same.
• (3) Value of multiplier is undetermined with the given information.
• (4) The size of the multiplier would be decreased.

Paradox of Thrift means:

• (1) If all the people of the economy increase the proportion of income they save, the total value of investment in the economy will not increase, it will either decline or remain unchanged.
• (2) If all the people of the economy increase the proportion of income they spend, the total value of savings in the economy will not increase, it will either decline or remain unchanged.
• (3) If all the people of the economy decrease the proportion of income they save, the total value of savings in the economy will not increase, it will either decline or remain unchanged.
• (4) If all the people of the economy increase the proportion of income they save, the total value of savings in the economy will not increase, it will either decline or remain unchanged.

What depicts what has actually happened?

• (1) Ex-Ante
• (2) Ex-Post
• (3) Prediction
• (4) Forecast

If the value of Investment Multiplier is 5 and the increased income is ₹800 crore, then find the value of change in the investment in the economy.

• (1) ₹4000 crore
• (2) ₹120 crore
• (3) ₹400 crore
• (4) ₹160 crore

Which of the following statements are true?
(A) Quantitative tools control the extent of money supply by changing the CRR.
(B) There are two types of open market operations – outright and upright.
(C) A fall in the bank rate can decrease the money supply.
(D) Selling of a bond by RBI leads to a reduction in the quantity of reserves.
(E) The RBI can influence money supply by changing the rate at which it gives loans to commercial banks.

• (1) (A), (C), and (D)
• (2) (A), (B), and (D)
• (3) (B), (D), and (E)
• (4) (A), (D), and (E)

Match List-I with List-II:

Choose the correct answer from the options given below :​

• (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (2) (A) - (II), (B) - (III), (C) - (I), (D) - (IV)
• (3) (A) - (I), (B) - (IV), (C) - (IV), (D) - (III)
• (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Which of the following is not a function of the Central Bank?

• (1) It controls the money supply in the economy through different rates.
• (2) It acts as a banker to the government
• (3) It accepts deposits and gives loans to people
• (4) It issues the currency of the country.

Article 112 deals with:

• (1) Consolidated Fund of India
• (2) Public Account
• (3) Union Budget
• (4) Contingency Fund

All those elements which create liability and decrease the assets of government are known as:

• (1) Capital Receipts
• (2) Capital Payments
• (3) Revenue Receipts
• (4) Revenue Payments

Arrange the following elements in correct chronological sequence (earliest to latest):
(A) Smithsonian Agreement
(B) Bretton Woods Conference
(C) Establishment of WTO
(D) Gold Standard

• (1) (A), (B), (C), (D)
• (2) (D), (B), (A), (C)
• (3) (D), (A), (B), (C)
• (4) (C), (B), (D), (A)

Under a flexible exchange rate, when the price of domestic currency in terms of foreign currency increases, it is called:

• (1) Depreciation of domestic currency
• (2) Appreciation of domestic currency
• (3) Devaluation of domestic currency
• (4) Revaluation of domestic currency

Match List-I with List-II:

Choose the correct answer from the options given below :

• (1) (A) - (II), (B) - (I), (C) - (III), (D) - (IV)
• (2) (A) - (II), (B) - (III), (C) - (I), (D) - (IV)
• (3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
• (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Casualization of the workforce would result in:

• (1) Decrease in the vulnerability of the workforce.
• (2) Increase in the vulnerability of the workforce.
• (3) Increase in the number of regular workers.
• (4) Income and employment stability.

Choose the correct chronological sequence in ascending order (earliest to latest):
(A) Establishment of NABARD
(B) FRBMA
(C) Third Five Year Plan
(D) Nationalization of RBI

• (1) (A), (B), (C), (D)
• (2) (A), (C), (B), (D)
• (3) (D), (A), (B), (C)
• (4) (D), (C), (A), (B)

__________ implies that resource extraction is not above the rate of regeneration of resources and the wastes generated are within the assimilating capacity of the environment.

• (1) Absorptive capacity
• (2) Carrying capacity
• (3) Subsistence capacity
• (4) Exhaustive capacity

The Government of India enacted the Right to Education Act in 2009 to make free education a Fundamental Right of all children in the age group of __________ years.

• (1) 4 – 10
• (2) 6 – 12
• (3) 6 – 14
• (4) 8 – 15

Following are the sources of electricity generation in India. Arrange them in correct sequence on the basis of total power generation capacity (higher to lower):
(A) Nuclear
(B) Thermal
(C) New and renewable energy
(D) Hydro

Choose the correct answer from the options given below :​

• (1) (A), (B), (C), (D)
• (2) (A), (C), (B), (D)
• (3) (B), (C), (D), (A)
• (4) (B), (D), (C), (A)

Arrange the following items in the correct sequence:
(A) Competition Act
(B) FEMA
(C) FERA
(D) MRTP
Choose the correct answer from the options given below:

• (1) (A), (B), (C), (D)
• (2) (A), (C), (B), (D)
• (3) (D), (C), (B), (A)
• (4) (C), (B), (D), (A)

The Great Leap Forward (GLF) campaign was initiated in __________.

• (1) 1948
• (2) 1938
• (3) 1958
• (4) 1942

Match List-I with List-II:

Choose the correct answer from the options given below :

• (1) (A) - (I), (B) - (III), (C) - (III), (D) - (IV)
• (2) (A) - (II), (B) - (III), (C) - (I), (D) - (IV)
• (3) (A) - (I), (B) - (III), (C) - (IV), (D) - (III)
• (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

The second phase of the Green Revolution is termed from:

• (1) mid 1960s to mid 1970s
• (2) mid 1970s to mid 1980s
• (3) mid 1950s to mid 1960s
• (4) mid 1980s to mid 1990s

During the 1980s, the growth rate in Pakistan improved on account of which of the following reasons?

• (1) Institutionalized process of technical change
• (2) A good harvest
• (3) Sustainable export of manufactured goods
• (4) High amount of foreign direct investment inflow

When there is an unexpected rise in sales __________.

• (1) Aggregate demand would decline.
• (2) There will be unplanned accumulation of inventories.
• (3) There will be unplanned decumulation of inventories.
• (4) Normal profit would be lower

During the festive season, the currency deposit ratio __________.

• (1) decreases
• (2) increases
• (3) has no impact on it
• (4) first decreases then increases

European Monetary Union was created in __________.

• (1) 1996
• (2) 1994
• (3) 1999
• (4) 2002

Identify the correct statement in the context of Circular Flow of Income in a two-sector economy:

• (1) Household receives factor services from firms.
• (2) Household invests while firm saves.
• (3) Firms produce goods and services.
• (4) Household supplies factor services to Government

Identify the correct set of statements:
(A) Ex Ante Saving represents what is actually planned to save.
(B) Ex Post Saving represents what is actually planned to save.
(C) Ex Post Saving depicts what has actually happened.
(D) Ex Ante Post Saving represents what is actually saved.
Choose the correct answer from the options given below:

• (1) (A) and (D) only
• (2) (A) and (C) only
• (3) (B) and (D) only
• (4) (C) and (D) only

Match List-I with List-II:

Choose the correct answer from the options given below :​

• (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (2) (A) - (III), (B) - (I), (C) - (IV), (D) - (II)
• (3) (A) - (I), (B) - (III), (C) - (IV), (D) - (II)
• (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

How is civic authority getting benefited due to biocomposting?

• (1) They have to dispose increased quantity of waste.
• (2) They don’t have to dispose any waste.
• (3) Because civic authority has no role in waste management.
• (4) They have to dispose reduced quantity of waste.

Choose the correct statement concerned with the passage:

• (1) Earthworm takes equal time to convert organic matter into compost with respect to normal composting process.
• (2) Earthworm takes more time to convert organic matter into compost with respect to normal composting process.
• (3) Earthworm takes less time to convert organic matter into compost with respect to normal composting process.
• (4) Comparison between earthworm based composting and normal composting cannot be made.

Water bodies, including the groundwater system, have suffered due to:

• (1) Biocomposting
• (2) Chemical contamination and increased demand for irrigation
• (3) Organic farming
• (4) Increased fertility of land

In certain parts of the country, cattle are maintained only because they __________.

• (1) Produce milk to increase income of farmers
• (2) Produce dung which is an important fertilizer and soil conditioner
• (3) Work as insect repellants
• (4) Are a symbol of traditional ethics and values

What should be the suitable title for the above passage?

• (1) Biocomposting
• (2) Biopest Control
• (3) Traditional Knowledge and Practice
• (4) Uses of Chemical Fertilizers

Before the British rule, India was well known for which manufacturing industries’ products?

• (1) Cotton and Silk or Khadi textiles
• (2) Cotton and Engineering products
• (3) Cotton and Silk textiles, metal and precious stones, etc.
• (4) Engineering goods and precious metals

What kind of interests was the colonial government concerned with in the economic policy for Indian industries?

• (1) To promote the handicraft industries of India
• (2) Promote and protect small scale industries of India
• (3) Protect and promote the economic interests of Indian industry along with their home country
• (4) Provide protection and promotion of the economic interests of their home country

Choose the economists who estimated India's National Income and Per Capita Income:

• (1) Dadabhai Naoroji, William Digby, Bernier, V.K.R.V. Raoand R.C. Desai
• (2) Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V. Rao and R.C. Desai
• (3) Dadabhai Naoroji, Jagdish Bhagwati, V.K.R.V. Rao and R.C. Desai
• (4) Dadabhai Naoroji, Findlay Shrirras and V.K.R.V. Rao

What was the country’s growth of aggregate real output during the first half of the 20th century?

• (1) The country’s growth of aggregate real output was less than two percent coupled with a meagre one percent growth in per capita output per year.
• (2) The country’s growth of aggregate real output was less than two percent coupled with a meagre one and a half percent growth in per capita output per year.
• (3) The country’s growth of aggregate real output was less than two and a half percent coupled with a meagre half percent growth in per capita output per year.
• (4) The country’s growth of aggregate real output was less than two percent coupled with a meagre half percent growth in per capita output per year.

According to the passage, which of the following statements was true about Indian industries’ products?

• (1) Indian products were of inferior quality and cheap in the worldwide market.
• (2) Indian products were promoted by the colonial government and competed with other countries’ markets also.
• (3) Indian products enjoyed a worldwide market based on quality of material used and the high standard of craftsmanship.
• (4) Indian products’ raw material for primary goods was imported from the other countries and it helped to increase export.