IIT JAM 2024 question paper

All 60 questions from the IIT JAM 2024 IIT JAM Economics paper. Open any question for the worked solution.

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1. Q1Which one of the following is a non-parametric test?
2. Q2Let x and y be two consumption bundles, assumed to be non-negative and perfectly divisible. Further, the assumptions of completeness, transitivity…
3. Q3Consider a production function of the form: Y = a log L + (1-a) log K, a ∈ (0,1), a ≠ 0.5, where Y is output, L is labour, and K is capital. Then…
4. Q4Consider a closed economy with consumption function C = 2 + 0.5Y, where Y is income. The government expenditure is 3 and investment function is I =…
5. Q5Which of the following was announced in the Union Budget 2023-24 to enhance the skills of lakhs of youth in the next 3 years?
6. Q6Suppose a random variable X follows an exponential distribution with mean 50. Then, the value of the conditional probability P(X > 70 | X > 60) is
7. Q7Which of the following measures was NOT initiated by the Government of India as a part of economic reforms in 1991?
8. Q8Suppose nominal GDP equals 1,000 units and money supply equals 250 units. Based on the quantity theory of money, the velocity of money equals
9. Q9Let S₁ = {(x,y) ∈ R²: x + y ≥ 1, x + y ≤ 2, y ≥ x², x,y ≥ 0} and S₂ = {(x,y) ∈ R²: x + y ≥ 1, x + y ≤ 2, y ≤ x², x,y ≥ 0}. Then, which of the…
10. Q10lim_(x→∞)(1 + 1/x)^x is equal to
11. Q11Two distinct integers are chosen randomly from 5 consecutive integers. If the random variable X represents the absolute difference between them…
12. Q12Consider two independent random variables: X ~ N(5, 4) and Y ~ N(3, 2). If (2X + 3Y) ~ N(μ, σ²), then the values of mean (μ) and variance (σ²) are
13. Q13The optimal value of the linear programming problem: Maximise Z = 2x + 3y subject to 5x + 4y ≤ 20, 3x + 5y ≤ 15, 2x + y ≤ 4, x, y ≥ 0, is
14. Q14The solution of the differential equation xy dx - (x² + y²) dy = 0, y(0) = 1 is
15. Q15Which of the following is NOT CORRECT?
16. Q16In a two-player game, player 1 can choose either M or N as strategies. Player 2 can choose either X, Y, or Z as strategies. The payoff matrix is: M…
17. Q17For a profit maximising monopolist, the ratio of the profit margin to price (the Lerner Index) has a relationship with the price-elasticity of…
18. Q18To study the effect of X₁ and X₂ on Y, the model Y = α + β₁ X₁ + β₂ X₂ + ε is estimated on a large sample. Estimates are α=2.30 (se=1.15), β₁=0.39…
19. Q19Suppose high quality and low quality products are sold at the same price to the buyers. The buyers have less information to determine the quality of…
20. Q20Individuals who were either unemployed or out of labour force but had worked for at least 30 days over the reference year were included in the…
21. Q21Let the production function be Yₜ = Aₜ Kₜ^α Hₜ^β Lₜ^(1-α-β) with α = 1/5 and β = 2/5. If g_Y=10%, g_K=5%, g_H=5%, and g_L=10%, then the growth rate…
22. Q22Consider Y = 50 K⁰·⁴ L⁰·⁶, where Y is output, K is capital, and L is labour. Assuming perfect competition in the product and factor markets, the…
23. Q23In a two-player game with 0 < c < 1, player 1 chooses U or D and player 2 chooses L or R. The payoff matrix is U: (0,0),(0,-c) and D…
24. Q24The Rangarajan Panel on 4th June 1993 submitted recommendations related to Balance of Payment (BoP). Which one of the following was NOT a part of…
25. Q25According to the \"State of Inequality in India Report\" from the Institute for Competitiveness, released on 18th May 2022, which of the following…
26. Q26Consider the production function Q(K,L) = (2√K + 3√L)² where Q is output, K is capital, and L is labour. If η_K and η_L denote the output…
27. Q27Consider a short-run Phillips curve with a constant expected rate of inflation. If aggregate demand decreases unexpectedly and the labour force…
28. Q28Suppose the price elasticity of demand (e_D) is -1/5 and the price elasticity of supply (e_S) is 2/5. Then, the incidence of a specific (or unit)…
29. Q29The differential equation satisfied by circles with radius 3 and center lying on the Y -axis is
30. Q30Suppose expected inflation πₜ^e = (1-θ)π̄ + θπₜ₋₁, where π̄ is constant inflation, πₜ₋₁ is last year's inflation, and 0 ≤ θ ≤ 1. Then, which of the…
31. Q31In a small open economy with fixed exchange rate and imperfect capital mobility, which of the following is/are CORRECT?
32. Q32Consider F = 4x₁ + 2x₂, G = min (4x₁, 2x₂) and H = √(x₁) + x₂, with goods x₁, x₂ at unit prices p_(x₁), p_(x₂). Which of the following is/are CORRECT?
33. Q33The characteristics of pure public good is/are
34. Q34A hypothetical economy produces only apples and oranges. In 2015 apples 10 Kg at Rs. 180, oranges 5 Kg at Rs. 200; in 2016 apples 15 at 200, oranges…
35. Q35Let X have mean μₓ, variance σₓ², and Y mean μ_y, variance σ_y², with correlation ρ. Which of the following is/are CORRECT?
36. Q36Let X₁, X₂, …, Xₙ (n > 1) be a random sample from a distribution with mean μ and non-zero variance σ². Which of the following is/are CORRECT?
37. Q37Let M = [α -6; -1 1], α ∈ R. If the eigenvalues of M are β and 4, which of the following is/are CORRECT?
38. Q38Let f: R² → R be f(x,y) = (x² y)/(x⁴ + y²) if (x,y) ≠ (0,0), and f(0,0)=0. Which of the following is/are CORRECT?
39. Q39Which of the following is/are NOT CORRECT?
40. Q40According to NITI Aayog's \"National Multidimensional Poverty Index: A Progress Review 2023\", which of the following is/are CORRECT?
41. Q41A firm has a production function homogeneous of degree one, Q = 2√LK, with L price Rs. 4 and K price Rs. 16. Assuming zero fixed cost, the total…
42. Q42Students A and B solve a problem separately. P(A solves | B cannot) = 1/5, P(B solves | A solves) = 3/5, and P(A solves) = 1/10. Then the…
43. Q43Suppose the cash reserve ratio is 5 percent, commercial banks keep zero excess reserve, and the cash-to-deposit ratio is 5 percent. To increase the…
44. Q44An Indian company borrowed 300 dollars at the start of the year and repaid it in dollars with 12 percent annual interest. At borrowing the rate was…
45. Q45There are 32 students, each taking at least one of English, Hindi, Mathematics. 16 take English, 8 Hindi, 18 Mathematics; 4 take English and Hindi…
46. Q46Let the inverse demand function be p = e^(-x/2), where x is quantity and p is price. Then, at p = 0.5, the consumer surplus is equal to (rounded off…
47. Q47The linear system x + y = 3, x + (k² - 8)y = k, k ∈ R, has no solution for k = (in integer).
48. Q48A manufacturer's total cost is TC(Q) = aQ² + bQ + c. Given TC(1)=4, TC(2)=13, TC(3)=32, the value of TC(Q) at Q = 4 is (in integer).
49. Q49Given for 2010: unemployment rate 15%, unemployed 30 million, LFPR 70%; for 2020: unemployment rate 20%, unemployed 50 million, LFPR 80%. The…
50. Q50Given C = 250 + 0.25 Y_d (with Y_d disposable income), autonomous investment I₀ = 100, government expenditure G₀ = 50, and income tax rate t = 20…
51. Q51An individual owns a mobile phone worth Rs. 40,000; current wealth is Rs. 2,00,000 (including the phone). There is a 20 percent chance of theft and…
52. Q52In an AK model with Y = AK, A = 0.50, savings rate 0.60, depreciation 0.05, zero population growth, and labour normalised to 1, the steady state…
53. Q53A regression equation Y = -2.5 + 2X is estimated using Y = 2, 5, 9, 14 and X = 2, 4, 6, 8. The coefficient of determination is (rounded off to two…
54. Q54A consumer has u(x₁, x₂) = (2x₁ - 1)⁰·²⁵(x₂ - 4)⁰·⁷⁵, budget 73, and prices 2 and 1 for x₁ and x₂. The value of (x₁ + x₂) is (rounded off to two…
55. Q55An industry has 6 firms in Cournot competition, each with zero fixed cost and constant marginal cost 20. The product is homogeneous and the inverse…
56. Q56Let a random sample from a normal distribution with mean 5 and unknown standard deviation σ be 4.8, 4.5, 5.1, 5.2, 5.3, 5.5. The maximum likelihood…
57. Q57An economy has Yₜ = Aₜ L_(yt) and idea production Aₜ₊₁ - Aₜ = 1/250 Aₜ Lₐₜ, with A₀ = 1. If Lₐₜ = 10 and L_(yt) = 90 for all t, the growth rate of…
58. Q58In a closed-economy IS-LM model: Y = 90 + 0.8 Y_d - 100i + G and Mₛ = 750 + 0.2Y - 260i, with T = 5 + 0.2Y, G = 300, Mₛ = 950. The value of T at…
59. Q59The supply curve is p = 10 + x + 0.1x², where p is price and x is quantity supplied. The change in producer surplus due to an increase in market…
60. Q60Two goods X, Y and two consumers A, B in a pure exchange economy, with U_A = 2X⁰·⁴Y⁰·⁶ and U_B = X⁰·³Y⁰·⁷. Each of A and B is endowed with 50 units…