GATE 2023 question paper

All 39 questions from the GATE 2023 GATE Economics (XH-C1) paper. Open any question for the worked solution.

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1. Q27An individual is endowed with income of Rs. 142 and has the utility function U(x₁,x₂) = x₂(x₁+1), where x₁ ≥ 0, x₂ ≥ 0. The unit price of x₁ is Rs.…
2. Q28The International Monetary Fund (IMF) began operations in the year
3. Q29According to the Working Group on Money Supply: Analytics and Methodology of Compilation (1998) constituted by the Reserve Bank of India (RBI)…
4. Q30Stagflation is a situation when
5. Q31Consider the Keynesian consumption function C = α + β Y, where C is the aggregate consumption, Y is the aggregate income, α is a constant (α>0), and…
6. Q32An analyst regressed Y on X₁ and X₂. If she later noticed that X₁=5X₂, then which of the following assumptions of the classical linear regression…
7. Q33Which of the following is NOT an example of non-tariff barriers?
8. Q34Among the following, who first proposed that internal government debt does not create a burden for the future generation?
9. Q35Which of the following is an example of direct tax?
10. Q36In the context of endogenous growth theory, the Nobel laureate Paul Romer emphasized that "ideas" are
11. Q37In the Human Development Index (HDI), the longevity is measured by
12. Q38Which of the following statements is correct about the Fourteenth Finance Commission?
13. Q39Many scholars consider the study conducted by Dandekar and Rath in the 1960s as the first systematic assessment of poverty in independent India.…
14. Q40Which of the following statements is/are correct about the Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?
15. Q41Which of the following is/are used for testing the assumption of normality?
16. Q42Suppose Amar borrows Rs. 1000 from Ujala. After one year, Ujala wants Rs. 1100 back from Amar. The yield to maturity in percent (%) on this…
17. Q43A 250 ml bottle of mango juice costs USD 4 in the United States. If the exchange rate is 0.02 USD per Rupee, then the cost of the same bottle of…
18. Q44The following table provides population information for different age groups in 2010 and 2017. | Age group | Population in 2010 | Population in 2017…
19. Q45A firm in a market with perfect competition has the following total cost (TC) function: TC(Q) = a + b(Q) where Q is the quantity produced by the…
20. Q46The emission of greenhouse gases is an example of "bads" that are
21. Q47Consider a closed-economy IS-LM model. The IS and LM equations are Y = C(Y) + I(z) + Ḡ M̄/P̄ = kY - li where Y is the output, C is the consumption…
22. Q48Consider the following simultaneous equations model: Yₜ = β₁+β₂Xₜ+β₃Xₜ₋₁+β₄Zₜ+μ₁ₜ (1) Zₜ = δ₁+δ₂Yₜ+δ₃Wₜ+μ₂ₜ (2) Before estimating the above model, a…
23. Q49An income tax system is considered as progressive if the average tax rate rises with income. Consider an income tax schedule: T = p + tY, where T…
24. Q50Match the following: | Demographic Transition Stage | Feature | I | P. High fertility and high mortality | II | Q. Declining fertility | III | R.…
25. Q51Consider two countries, India and Bangladesh, and two goods, Glass Bottle and Ceramic Plate, with labour requirements of production for a unit of…
26. Q52Suppose the own price elasticity of demand and income elasticity of demand are given by eₚ and e_I, respectively. The subscript p represents own…
27. Q53Let π^e be the expected inflation rate, i be the nominal interest rate and r be the real interest rate. Which of the following statements is/are…
28. Q54Which of the following models explain(s) the upward-sloping aggregate supply curve in the short-run?
29. Q55Consider a Mundell-Fleming model for a small open economy with perfect capital mobility. The goods market equation is Y = C(Y) + I(r*) + G + NX(e)…
30. Q56In the context of Balance of Payments accounting, which of the following transactions is/are NOT recorded under the Current Account?
31. Q57The demand and supply functions for a commodity are given by: D(p) = 10-2p and S(p) = -2+p where D(p) and S(p) are the quantity demanded and…
32. Q58A duopoly faces the inverse market demand function p=120-Q, where p is the unit price (in Rs.) of the good being sold by firms A and B, and Q is the…
33. Q59Consider the following short-run cost function: C(q) = 10q³-80q²+300q+50 At the minimum average variable cost (AVC), the value of marginal cost (MC)…
34. Q60Consider the Keynesian Cross Model with a linear consumption function and a zero tax, where the government purchase is Rs. 100 and the equilibrium…
35. Q61Using the Ordinary Least Squares (OLS) method, a researcher estimated the relationship between initial salary (S) of MBA graduates and their…
36. Q62Let X be a random variable with the probability density function f(x) such that f(x) = { 1/2√3 if -√3 < x < √3; 0 otherwise } Then, the variance of…
37. Q63Suppose from the estimation of a linear regression model Yᵢ = β₀+β₁Xᵢ+eᵢ the residual sum of squares and the total sum of squares are obtained as 44…
38. Q64A labour-augmenting production function is Y = K⁰·³³(AL)⁰·⁶⁷ where Y= output, K= capital, L= labour, and A= technology. Assume that the growth rate…
39. Q65A monopolist is facing the demand function Q = 100/((P-1)), where Q is the quantity demanded and P is the price per unit of the good (P>1). The…