CUET UG Categorised PYQ Economics Unit 6
Economics
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QUESTION 1 OF 3
The Book "All Enquiry into the nature and causes of the Wealth of Nations" written by : (PYQ 2023)
QUESTION 2 OF 3
Rearrange the given statements in proper chronological sequence in an ascending order (earliest to latest) : (PYQ 2024)
Statements:
Choose the correct answer from the options given below :
(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 Peace by Keynes.
QUESTION 3 OF 3
Choose the correct statements from the following : (PYQ 2024)
Statements:
(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 Peace by Keynes.
Choose the correct answer from the options given below :
Test Complete!
Answer Review
1 The Book "All Enquiry into the nature and causes of the Wealth of Nations" written by : (PYQ 2023)
The Wealth of Nations was published in 1776. It was written by Scottish economist Adam Smith. Adam Smith is known as the founding father of modern economics.
(Detailed) → The book "An Enquiry into the Nature and Causes of the Wealth of Nations" was written by Adam Smith. → It is considered the foundational text of classical economics. → The book discusses the division of labour, free markets, and wealth creation. → Adam Smith's ideas laid the groundwork for modern economic theory. → Hence, Option B is the correct answer.
- A) John Maynard Keynes → Keynes wrote "The General Theory of Employment, Interest and Money," which founded modern macroeconomics in the 20th century.
- C) Marshall → Alfred Marshall wrote "Principles of Economics" and is associated with neoclassical microeconomics.
- D) Pigan → This refers to A.C. Pigou, who is known for his work in welfare economics.
Used
- Option A → Incorrect because Keynes is a 20th-century economist.
- Option B → Correct because Adam Smith wrote this book in 1776.
- Option C → Incorrect because Marshall authored a different foundational text.
- Option D → Incorrect because Pigou is not the author.
- Final Answer → Option B.
2 Rearrange the given statements in proper chronological sequence in an ascending order (earliest to latest) : (PYQ 2024)
Statements:
Choose the correct answer from the options given below :
(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 Peace by Keynes.
Adam Smith's Wealth of Nations was published in 1776. Keynes' The Economic Consequences of the Peace came in 1919. Keynes' General Theory was published in 1936. Mahalanobis became a fellow of Britain's Royal Society in 1945.
(Detailed) → The earliest event is Adam Smith's publication of "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776. Therefore, Statement (C) comes first. → Following World War I, J.M. Keynes published "The Economic Consequences of the Peace" in 1919. Therefore, Statement (D) comes second. → In response to the Great Depression, Keynes published his major work "The General Theory of Employment, Interest and Money" in 1936. Therefore, Statement (A) comes third. → Later, Indian statistician P.C. Mahalanobis was made a Fellow of Britain's Royal Society in 1945. Therefore, Statement (B) comes last. → Therefore, the correct chronological order is (C), (D), (A), (B). → Hence, Option A is the correct answer.
- B) (A), (B), (C), (D) → Incorrect because it places Adam Smith's 18th-century work after Keynes' 20th-century work.
- C) (A), (C), (B), (D) → Incorrect because the order starts with Keynes' General Theory, placing it before Adam Smith's foundational text.
- D) (D), (A), (C), (B) → Incorrect because Adam Smith's work is the earliest among the given items, not third.
Used
- Option A → Correct because it follows the timeline: 1776 → 1919 → 1936 → 1945.
- Option B → Incorrect because it places Keynes before Adam Smith.
- Option C → Incorrect because the order starts with a later event.
- Option D → Incorrect because Adam Smith is placed too late.
- Final Answer → Option A.
3 Choose the correct statements from the following : (PYQ 2024)
Statements:
(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 Peace by Keynes.
Choose the correct answer from the options given below :
Adam Smith is known as the Father of Modern Economics. J.M. Keynes formulated the theory of income, output, and employment. The four-sector macroeconomic model consists of C + I + G + (X – M). Store of value is a secondary function of money, not a primary function.
(Detailed) → Statement (A) is correct because Adam Smith's works laid the foundation for classical and modern economics. → Statement (B) is correct because J.M. Keynes' macroeconomic framework deals with the determination of aggregate income, output, and employment. → Statement (C) is correct because in an open economy or four-sector model, aggregate demand is written as C + I + G + (X – M). → Here, C means consumption, I means investment, G means government expenditure, and (X – M) means net exports. → Statement (D) is incorrect because the primary functions of money are medium of exchange and unit of account. → Store of value is considered a secondary function of money. → Hence, Option B is the correct answer.
- A) (A), (B) and (D) only → This is incorrect because statement (D) is wrong and the correct statement (C) is omitted.
- C) (A), (B), (C) and (D) → This is incorrect because statement (D) is factually incorrect.
- D) (B), (C) and (D) only → This is incorrect because it excludes the correct statement (A) and includes the wrong statement (D).
Used
- Option A → Incorrect because it includes wrong statement (D).
- Option B → Correct because statements (A), (B), and (C) are strictly correct.
- Option C → Incorrect because all four statements are not correct.
- Option D → Incorrect because it excludes correct statement (A) and includes wrong statement (D).
- Final Answer → Option B.