IIT JAM 2022 question paper

All 60 questions from the IIT JAM 2022 IIT JAM Economics paper. Open any question for the worked solution.

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1. Q1The supply curve Sₓ is backward bending and the demand curve Dₓ is downward sloping. They intersect at two points: M, at a high price P_(x_M) and…
2. Q2Which of the following deficits indicates the true current fiscal position of the Indian Economy?
3. Q3Which of the following CORRECTLY defines the relationship between the variances of sample means for simple random samples drawn with and without…
4. Q4Suppose one million unemployed persons receive Rs. 6000 per month per person as an unemployment allowance. If the government instead hires all of…
5. Q5Which amendments to the constitution have provided constitutional status to the rural and urban local bodies in India?
6. Q6Let W be a subspace of a vector space ℝ³. Then which of the following sets of vectors forms a basis of W?
7. Q7From the following, who first examined the close negative relationship between the unemployment rate and the output ratio?
8. Q8In hypothesis testing, which of the following defines the size of the power of the test?
9. Q9Which of the following is NOT a postulate of the Classical Model of full-employment equilibrium?
10. Q10A long-run cost function for a product exhibits economies of scale if
11. Q11Let x³ + 3y² = 4 for all x, y ∈ ℝ, y′ = dy/dx and y′′ = d²y/dx². Then
12. Q12Match List I with List II and choose the CORRECT option. List I (a) Second Five Year Plan (1956-61), (b) Fourth Five Year Plan (1969-74), (c) Fifth…
13. Q13Let f:[0,∞)→ℝ be defined by f(x) = (x+1)/(x+2) for all x in the domain. Then f is
14. Q14An economy follows the Solow model with production function y = √k, where y is output per worker and k is capital per worker. The steady-state…
15. Q15Which of the following is NOT related to the structural adjustment programmes implemented in India after 1991?
16. Q16Let a second order difference equation be yₙ₊₂ + 4yₙ = 4yₙ₊₁, n = 2, 3, 4, …, with y₀ = 1, y₁ = 4. Then the general solution is
17. Q17Two random samples of sizes n₁ and n₂ are selected without replacement from two binomial populations with means μ₁ = n₁ p₁, μ₂ = n₂ p₂ and variances…
18. Q18Which of the following statements is NOT correct in the context of the quantity theory of money?
19. Q19Let f:ℝ²→ℝ be f(x,y) = (x y²)/(x³ + 2x² y + y³) with f(0,0)=0. Then
20. Q20Which of the following measures was announced by the Government of India in the year 1994?
21. Q21An analyst estimated the demand function Q_E = 0.75 - 1.5P_E + 2.5P_F - 0.5P_B + 3.2I, where Q_E is electric vehicles (thousand per year), P_E, P_F…
22. Q22An initial simplex tableau has Cⱼ row 15, 25, 0, -M, -M, 0 over columns x, y, S₁, A₁, A₂, S₃, with basis A₁ (b=20, row 7, 6, -1, 1, 0, 0), A₂ (b=18…
23. Q23Let a production function be log Q = β/αlog (L^α + K^α), where α ∈ (-∞, 1] - {0} and β > 0. Identify the statement that is NOT correct.
24. Q24Which of the following statements is NOT correct under the IS-LM (Fixed Price) model?
25. Q25The probability of getting a head in a toss of a biased coin is 2/3. The coin is tossed three times independently. The probability of getting heads…
26. Q26Consider a pure exchange economy with two goods x and y. Ravi and Suraj have utility functions U_R = βlog (xy) and U_S = (x/y)^α. Endowments satisfy…
27. Q27Which of the following is NOT correct regarding R-squared (R²) and adjusted R-squared (R̄²)?
28. Q28The technical change in the endogenous growth model is endogenized by
29. Q29Which statement is CORRECT for Game A and Game B? Game A (Battle of the Sexes): Mary prefers a movie, John prefers football, both prefer being…
30. Q30The short-run production function is Q = 200 + 0.2L² - 0.0004L³. If the wage rate is Rs. 140 and labour L = 100, then the Marginal Cost and Average…
31. Q31Let X ~ N(μ_X, σ_X²) and Y ~ N(μ_Y, σ_Y²). Which of the following is/are NOT correct?
32. Q32Matching List I with List II, choose the CORRECT option(s). List I (a) Bombay Plan, (b) People's Plan, (c) Sarvodaya Plan. List II (i) J. P.…
33. Q33Suppose the regression model is Yᵢ = β₀ + β₁ X₁ᵢ + β₂ X₂ᵢ + μᵢ, i = 1, 2, …, n. Which of the following null hypotheses could be tested using the F…
34. Q34Let f be defined by f(x) = |x| + |cos (π/2 - x)| for x ∈ (-π/2, π/2). Then
35. Q35The real exchange rate is e = EP/P^⋆, where e is the price of domestic goods in terms of foreign goods, E is the price of domestic currency in terms…
36. Q36Demand Qₓ^D = f(Pₓ, I) and supply Qₓ^S = g(Pₓ, A), where I (income) and A (advertisement) are exogenous. Given (∂ f)/(∂ Pₓ) < 0, (∂ g)/(∂ Pₓ) > 0…
37. Q37Which of the following statements is/are CORRECT under the Keynesian Cross (Fixed Price) Model?
38. Q38Which of the following functions is/are homogeneous?
39. Q39In the context of Indian agriculture, which of the following statements is/are CORRECT?
40. Q40A monopolist faces demand Q = P^e, where e is the price elasticity of demand (e < -1), and Marginal Cost = Average Cost = α. Let P_C and P_M be the…
41. Q41The sum of the eigenvalues of the square matrix [1 1 3; 1 5 1; 3 1 1] is _ (in integer).
42. Q42Monthly per capita consumption expenditure (MPCE, in Rs.) of 10 households is 2800, 3000, 1200, 3500, 1400, 2500, 4000, 1000, 900, 1300. With the…
43. Q43The full-employment level of output is Rs. 2200 million, the expenditure-determined level of output is Rs. 2163 million, and the marginal propensity…
44. Q44Let a, b ∈ ℝ. If f(x) = ax + b satisfies a + b = 4 and f(x+y) = f(x) + f(y) - 2 for all x, y ∈ ℝ, then Σₙ₌₁⁵⁰ f(n) = _ (in integer).
45. Q45The Total Variable Cost is TVC = x³ - bx² and the Total Fixed Cost is 848. The value of b for which Marginal Cost is minimum at x = 16 is _ (in…
46. Q46With C = C₀ + b(Y - T), T = T₀ + tY, Y = C + I₀ + G₀, b = 0.75 and t = 0.1, an increase in G₀ by Rs. 20 million will increase Y by Rs. _ million…
47. Q47Let the system be α u + w = 0, u + α v = 0, v + α w = 0, where α ∈ ℝ. The system has infinite solutions if α = _ (in integer).
48. Q48The cost function for firm i is Cᵢ = 0.25qᵢ² + 2qᵢ + 5, i = 1, …, 150. The aggregate inverse demand is P = 10 - 0.01Q, where Q is aggregate output.…
49. Q49National income aggregates (Rs. lakh crores): Net factor income earned abroad 10; Private income 175; GNP at factor cost 210; NNP at factor cost…
50. Q50Big Mac prices (local currency) and market exchange rates (local currency per USD) in January 2019: US 5.58, 1.00; Norway 50.00, 8.53; Japan 390.00…
51. Q51An individual faces wealth Rs. 10 lakh with probability 0.75 and Rs. 7 lakh with probability 0.25. With utility U(w) = w³, the individual will buy…
52. Q52Per capita GDP of India and USA grow at 8.8% and 1.8% per year. In 2019-20, US per capita GDP was USD 41099 and India's was USD 1570. If both keep…
53. Q53If ∫ tlog (1 + 2/t)dt = g(t)(t²/2 - 2) + f(t)t²/2 + Kt + C, where C is an arbitrary constant, then 2K is _ (in integer).
54. Q54ACD Bank holds total deposits of Rs. 256412. The Reserve Bank reduces the cash reserve ratio (CRR) from 4.5% to 3.5%. The additional money supply…
55. Q55For the model Y_(n×1) = X_(n×3) β_(3×1) + U_(n×1) with β = [β₁ β₂ β₃]ᵀ and n = 23, a researcher obtains (XᵀX)⁻¹ = [0.3 0.5 0.8; 0.4 -0.6 0.2; 0.4…
56. Q56Given the production function Q = 6√L and the labour supply L = √w, where L is labour and w the wage rate, and the unit product price is Rs. 243…
57. Q57Product market: C = 300 + 0.8(Y - T), T = 200 + 0.2Y, I₀ = 300, G₀ = 400. Money market: M₀/P = 0.4Y - 200i, M₀ = 900, P = 1 (fixed). The equilibrium…
58. Q58Maximize Z = -0.2x₁ + x₂ subject to 2x₁ + 5x₂ ≤ 70, x₁ + x₂ ≤ 20, x₁, x₂ ≥ 0. If x₁ = a and x₂ = b is the optimal solution, then a + b = _ (in…
59. Q59Let the production function be Q = √(L² + K²), with unit prices of labour and capital Rs. 30 and Rs. 40, and total cost Rs. 580. The maximum value…
60. Q60Two firms F₁ and F₂ produce homogeneous products with inverse demand p = 120 - 0.5(q₁ + q₂). Costs are C₁ = 20q₁ and C₂ = 10 + 0.5q₂². Assuming a…