Economics Paper Answer Key Cuet 2024

Economics Paper Answer Key Cuet 2024: In this article, we are providing the solutions of the Economics paper that happened in CUET 2024 Shift 1. Note that this is not an official answer key.

Q1: ________ depicts what has actually happened.
A1: (2) Ex-Post

Q2: If the value of investment multiplier is 5 and the increased income is 800 crore in an economy, then find the value of change in the investment in the economy.
A2: (1) Rs. 4,000 crore

Q3: 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 back rate can decrease the money supply.
(D) Selling of a bond by RBI leads to reduction in quantity of reserves.
A3: (4) A, D, and E only

Q4: Paradox of Thrift means?
A4: (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.

Q5: Match List-1 with List-2:

A5: (2) A-2, B-3, C-1, D-4

Q6: Which of the following is not a function of central bank?
A6: (3) It accepts deposits and give loans to people.

Q7: Article 112 deals with?
A7: (3) Union Budget

Q8: All those elements which create liability and decrease the assets of government are known as?
A8: (1) Capital Receipts

Q9: 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
A9: (2) D, B, A, C

Q10: Under flexible exchange rate, when the price of domestic currency in terms of foreign currency increases, it is called?
A10: (2) Appreciation of domestic currency

Q11: Match List-1 with List-2:

A11: (2) A-2, B-3, C-1, D-4

Q12: Casualization of workforce would result in?
A12: (2) Increase in the vulnerability of the workforce.

Q13: Choose the correct chronological sequence in ascending order (earliest to latest):
(A) Establishment of NABARD
(B) FRBMA (Fiscal Responsibility and Budget Management Act)
(C) Third Five Year Plan
(D) Nationalization of RBI
A13: (4) D, C, A, B

Q14: _________ 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.
A14: (2) Carrying capacity

Q15: 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.
A15: (3) 6-14 years

Q16: 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
A16: (4) B, D, C, A

Q17: Arrange the following items in correct sequence:
(A) Competition Act
(B) FEMA
(C) FERA
(D) MRTP
A17: (3) D, C, B, A

Q18: The Great Leap Forward (GLF) campaign was initiated in _______?
A18: (3) 1958

Q19: Match List-1 with List-2:

A19: (2) A-2, B-3, C-1, D-4

Q20: Second phase of Green Revolution is termed from:
A20: (2) mid 1970s to mid 1980s

Q21: During 1980s, the growth rate in Pakistan improved on account of which of the following reasons?
A21: (4) High amount of foreign direct investment inflow

Q22: When there is unexpected rise in the sales?
A22: (3) There will be unplanned accumulation of inventories

Q23: During festive season, the currency deposit ratio _____?
A23: (2) increases

Q24: European Monetary Union was created in ____?
A24: (3) 1999

Q25: Identify the correct statement in the context of Circular Flow of Income in a two sector economy?
A25: (3) Firms produce goods and services

Q26: 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.
A26: (2) A and C only

Q27: Match List-1 with List-2:

A27: (2) A-3, B-1, C-4, D-3

Q28: How is civic authority getting benefitted due to biocomposting?
Q28: (4) They have to dispose reduced quantity of waste

Q29: Choose the correct statement concerned with the passage?
A29: (3) Earthworm takes less time to convert organic matter into compost with respect to normal composting process

Q30: Water bodies including ground water system have suffered due to?
A30: (2) Chemcial contamination and increased demand for irrigation

Q31: In certain parts of the country, cattle are maintained only because they ____?
A31: (2) Produce dung which is an important fertilizer and soil conditioner

Q32: What should be the suitable title for the above passage?
A32: (1) Biocomposting

Q33: Before the British rule, India was well known for which manufacturing industries products?
A33: (3) Cotton and Silk textiles, metal and precious stones, etc

Q34: What kind of interests was the colonial government concerned within the economic policy of Indian industries?
A34: (4) Provide protection and promotion of the economic interests of their home country

Q35: Choose the economists who estimated India’s National Income and Per Capital Income.
A35: (2) Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V. Rao and R.C. Desai

Q36: What was the country’s growth of aggregate real output during the first half to the 20th century?
A36: (4) The country’s growth of aggregate real output was less than two percent coupled with a meager half percent growth in per capital output per year.

Q37: According to the passage, which of the following statement was true about Indian industry’s products?
A37: (3) Indian products enjoyed a worldwide market based on quality of material used and the high standard of craftsmanship.

Q38: _______ is a market where economic agents can freely exchange their endowments with each other.
A38: (1) Market economy

Q39: 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 curves slopes downward from left to right.
A39: (2) A, C, and E only

Q40: Match List-1 with List-2:

A40: (2) A-1, B-3, C-2, D-4

Q41: When Elasticity of Demand Curve is 1 at every point on the Demand Curve, this curve is known as:
A41: (3) Rectangular Hyperbola

Q42: According to the theory of Consumer Behavior, Inequality p1x1 + p2x2 is less than or equal to M is called the Consumer’s _________.
A42: (4) Budget Behaviour

Q43: 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.
A43: (2) A, B, and C only

Q44: Rearrange the given statements in proper chronological sequence in ascending order (earliest to latest):
(A) General theory of Employment, Interest and Money by Keynes
(B) Mahalanobis was made a fellow of Britain’s Royal Society
(C) An Inquiry into the Nature and Cause of the Wealth of Nations by Adam Smith
(D) The Economic Consequences of the Penang by Keynes
A44: (1) C, D, A, B

Q45: If there is no government and no foreign trade then:
A45: (3) G=T=M=X=0

Q46: The value of Nominal GDP is $1100 and the value of Real GDP is $1000. Find the value of GDP deflator.
A46: (2) 1.1

Q47: Identify the correct statements:
(A) Stocks are defined over a period of time.
(B) Flow’s are defined over a period of time
(C) Flow’s 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
A47: (3) B, D, and E only

Q48: 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.
A48: (3) Effective demand

Q49: Nominal Interest Rate = ________.
A49: (4) Real Interest Rate + Inflation Rate

Q50: Value of MPS (Marginal Propensity to Save) is increased from 0.4 to 0.5. What would be the impact on Multiplier?
A50: (4) The size of the multiplier would be decreased.

These are the Economics Paper Answer Key Cuet 2024. If you think any answer is wrong or have doubts about any question, you can write that in the comments. We will respond to your query as soon as possible.