UGC NET JRF Commerce PYQP 2025 January – Business Economics

1. Match List-I with List-II

   List I (Concept)	List II (Explanation)
   A.     Higher indifference curve	I.       Higher satisfaction
   B.      Converse indifference curve	II.      Diminishing Marginal Rate of Substitution
   C.      Price Line	III.    Same satisfaction on the curve
   D.     Indifference curve	IV.    Constant price ratio

   Choose the correct answer from the options given below:
   (a)A-I, B-II, C-III, D-IV
   (b)A-I, B-II, C-IV, D-III
   (c) A-I, B-III, C-IV, D-II
   (d)A-IV, B-II, C-III, D-I

2. Which of the following curves cannot be U-shaped?
   (a) AVC curve
   (b) AFC curve
   (c) AC curve
   (d) MC curve
3. Match List-I with List-II

   List I (Economists)	List II (Contribution)
   A.     Adam Smith	I.       Principles of Economics
   B.      A. Marshall	II.      Value and Capital
   C.      J. R. Hicks	III.    The Wealth of Nations
   D.     Wassily Leontief	IV.    Input Output Economics

   Choose the correct answer from the options given below:
   (a) A-I, B-III, C-II, D-IV
   (b) A-I, B-II, C-IV, D-III
   (c) A-III, B-I, C-II, D-IV
   (d)A-III, B-II, C-I, D-IV

4. When price of a good X rises, the demand for substitute good Y will;
   (a) Rise
   (b) Fall
   (c) Remain unchanged
   (d) Falls initially and then rises
5. When all the factors of production are changed in same proportion, it is called as;
   A. Long run production function
   B. Law of equal proportion
   C. Law of return to scale
   D. Law of return to a factor
   E. Law of Variable proportion
   Choose the correct answer from the options given below:
   (a) A, B, C Only
   (b) B, C, D Only
   (c) C, D, E Only
   (d) A, C, E Only
6. Which of the following is correct?
   (a) A firm under perfect competition is in equilibrium where AR = MR
   (b) A firm under monopoly is in equilibrium where TR = MR
   (c) A firm under monopolistic competition is in equilibrium where AC = MC
   (d) A firm under oligopoly is in equilibrium where MR = MC
7. Total production is maximum when
   (a) Average production is maximum
   (b) Marginal production is maximum
   (c) Marginal production is zero
   (d) Average production is zero
8. Which of the following are the assumptions of the oligopoly?
   A. One seller and large number of buyers
   B. A few sellers and large number of buyers
   C. Large number of sellers and large number of buyer
   D. Entry of new seller is restricted
   E. Firms Interdependence
   Choose the correct answer from the options given below:
   (a) C, D, E Only
   (b) A, B, C Only
   (c) B, D, C Only
   (d) B, D, E Only

Answer Key