Candidates willing to appear in GATE 2024 can check the article on GATE 2024 Economics syllabus along with the best books, sample questions, and exam patterns here.
GATE 2024 Economics Syllabus: As GATE 2024 Economics (XH - C1) is a theoretical subject you can score more marks in this section and boost your chances of achieving GATE 2024 cutoff marks. Economics, English, Linguistics, Philosophy, Psychology, Sociology, Environmental Science, and Engineering are new subjects added to the GATE 2024 Exam from the Humanities & Social Sciences and Environmental Science & Engineering fields. GATE will be conducted in 2024 not only for admission to various postgraduate programmes in science and engineering but also for postgraduate programmes in arts and humanities and environmental science and engineering. Candidates qualifying for the GATE 2024 exam will have the golden opportunity to pursue their favourite postgraduate courses in Arts & Humanities and Environmental Science & Engineering from different nationally reputable institutions such as IITs, NITs, and similar institutions.
This article contains all the details of the GATE 2024 Economics syllabus such as important topics, sample question papers, exam patterns, best books, etc. Check out all the details of the GATE 2024 Economics Exam in the sections below.
Before you move towards the preparation strategy, you must get acquainted with GATE Syllabus 2024for Economics. The syllabus comprises a total of seven topics, which then further include different numbers of sub-topics.
S.No.
Important Topics
Sub Topics
Important Topics
1
Microeconomics
Theory of Consumer Behaviour
Cardinal Approach and Ordinal
Approach
Consumer Preferences
Nature of the utility function
Marshallian and Hicksian
demand functions
Duality Theorem
Slutsky Equation and Comparative Statics
Homogeneous and Homothetic Utility Functions
Euler’s Theorem
The Theory of Revealed Preference
Weak Axiom of Revealed Preference and Strong Axiom of Revealed Preference
Theory of Production and Costs
Short-run and Long-run Analysis
Existence
Uniqueness and Stability of Market Equilibrium
Walrasian and Marshallian Stability Analysis
The Cobweb Model
Decision-making under uncertainty and risk
Asymmetric Information
Adverse Selection and Moral Hazard
Theory of Agency costs
The Theory of Search
Non-Cooperative games
Constant sum game
Mixed Strategy & Pure Strategy
Bayesian Nash Equilibrium
SPNE
Perfect Bayesian Equilibria
Theory of the Firm
Market Structures
Competitive and Non-competitive equilibria and their efficiency properties
Structure-Conduct-Performance Paradigm
Factor Pricing: Marginal productivity
Theory of Distribution in Perfectly Competitive markets
Theory of Employment in Imperfectly Competitive Markets
Monopolistic Exploitation
General Equilibrium Analysis
Welfare Economics
Fundamental Theorems
Social Welfare Function
Efficiency Criteria: Pareto-Optimality
Slutsky Equation and Comparative Statics
Non-Cooperative games
Constant sum game
Mixed Strategy & Pure Strategy
Bayesian Nash Equilibrium
Monopolistic Exploitation
General Equilibrium Analysis
Welfare Economics
Walrasian and Marshallian Stability Analysis
The Cobweb Model
2
Macroeconomics
National Income Accounting
Closed Economy Concepts and Measurement and Open Economy Issues
Determination of output and employment
Classical & Keynesian Framework
Theories of Consumption: Absolute Income Hypothesis
Relative Income Hypothesis
Life Cycle Hypothesis
Permanent Income Hypothesis and Robert Hall’s Random Walk Model
Investment Function Specifications
Dale Jorgenson’s Neoclassical Theory of Capital Accumulation and Tobin’s
Keynesian Stabilization Policies, (Autonomous) Multipliers and Investment Accelerator
Demand and Supply of Money
Components of Money Supply
Liquidity Preference and the Liquidity Trap
Money Multiplier
Interest Rate determination
Central Banking, Objectives
Prudential Regulation
Quantitative Easing
Commercial Banking,
Non-Banking Financial Institutions
Capital Market and it's Regulation
Theories of Inflation and Expectations
Augmented Phillips Curve
Real Business Cycles
Adaptive Expectations Hypothesis
Rational Expectation Hypothesis and its critique.
Closed Economy IS-LM Model and Mundell Fleming Model:
Monetary and Fiscal Policy Efficacy.
The Impossible Trinity.
Determination of output and employment
Classical & Keynesian Framework
Relative Income Hypothesis
Life Cycle Hypothesis
Keynesian Stabilization Policies, (Autonomous) Multipliers and Investment Accelerator
Demand and Supply of Money
Components of Money Supply
Liquidity Preference and the Liquidity Trap
Money Multiplier
Interest Rate determination
Closed Economy IS-LM Model and Mundell Fleming Model:
3
Statistics, Econometrics and Mathematical Economics
Probability Theory
Concepts of probability
Probability Distributions (Discrete and Continuous)
Central Limit Theorem
Index Numbers and Construction of Price Indices, Sampling Methods & Sampling Distribution,
Statistical Inferences
Hypothesis Testing
Linear Regression
Models and the Gauss Markov Theorem
Heteroscedasticity
Multicollinearity and Autocorrelation
Spurious regressions and Unit roots
Simultaneous Equation Models -Recursive and non-recursive
Identification Problem
Differential Calculus and its Applications,
Linear Algebra
Matrices
Applications of Cramer’s Rule
Static Optimization
Problems and Applications
Input-Output Model
Linear Programming
Difference equations and Differential equations with applications
Statistical Inferences
Hypothesis Testing
Linear Regression
Models and the Gauss Markov Theorem
Linear Algebra
Matrices
Applications of Cramer’s Rule
Input-Output Model
Linear Programming
4
International Economics
Theories of International Trade
International Trade under Imperfect Competition
Gains from Trade
Terms of Trade
Trade Multiplier
Tariff and Non-Tariff Barriers to Trade
Dumping and Anti-Dumping Policies
GATT, WTO, and Regional Trade Blocks
Trade Policy Issues
Balance of Payments: Composition Equilibrium and Disequilibrium and Adjustment Mechanisms
Foreign Exchange Market and Arbitrage
Exchange rate determination
IMF & World Bank.
Gains from Trade
Terms of Trade
Trade Multiplier
Tariff and Non-Tariff Barriers to Trade
Dumping and Anti-Dumping Policies
Foreign Exchange Market and Arbitrage
Exchange rate determination
IMF & World Bank
5
Public Economics
Market Failure and Remedial Measures: Asymmetric Information
Public Goods
Externality
Regulation of Market- Collusion and Consumers
Welfare
Public Revenue: Tax & Non-Tax Revenue
Direct & Indirect Taxes
Progressive and non-Progressive Taxation
Incidence and Effects of Taxation
Public expenditure
Public Debt and its Management
Public Budget and Budget Multiplier
Tax Incidence
Fiscal Policy and its Implications
Environment as a Public Good
Market Failure
Coase Theorem
Cost-Benefit Analysis.
Regulation of Market- Collusion and Consumers
Direct & Indirect Taxes
Progressive and non-Progressive Taxation
Incidence and Effects of Taxation
Public expenditure
Public Debt and its Management
Public Budget and Budget Multiplier
Tax Incidence
6
Development of Economics
Theories of Economic Development: Adam Smith, David Ricardo, Karl Marx, J.Schumpeter, W. Rostow
Balanced & Unbalanced Growth
Big Push Approach
Indicators of Economic Development: HDI, SDGs, MDGs
Poverty and Inequalities- Concepts and Measurement Issues
Social Sector Development
Health
Education
Gender
Fertility
Morbidity
Mortality
Migration
Child Labor
Age Structure
Demographic Dividend
Models of Economic Growth: Harrod-Domar, Solow. Ramsey
Technical progress- Disembodied & Embodied
Endogenous Growth Models.
Big Push Approach
Indicators of Economic Development: HDI, SDGs, MDGs
Social Sector Development
Health
Education
Models of Economic Growth: Harrod-Domar, Solow. Ramsey
7
Indian Economy
Economic Growth in India: Pattern and Structure
Agriculture
Industry & Services Sector: Pattern & Structure of Growth, Major Challenges
The Fiscal Responsibility and Budget Management Act 2003
Competitiveness of India’s exports
India’s exchange rate policy
All About GATE 2024 Economics Exam
In the GATE 2024 Economics paper, the candidate's ability to understand and interpret written information skills which are important to research humanities and social sciences are tested. The segment will not test the language skills specifically in terms of grammar, vocabulary, etc. Rather, the examination focuses on the critical thinking and analysis of the text and its rhetorical and stylistic structure.
The GATE 2024 economics questions will test the candidate’s skills in the following areas:-
Reading Comprehension- The ability to understand and answer complex language questions.
Expression- The questions about stylistic and rhetorical aspects of a short passage that corrects or modifies specific sentences.
Analytical reasoning- The ability to understand relationships and draw reasonable conclusions from the statements.
Logical reasoning- Critically thinking to evaluate or predict an argument, identify the principal and to back up arguments, predict results, etc.
Sample Question Papers for GATE 2024 Economics Paper
Preparing for an entrance exam with the help of some constrictive preparatory methods always involves solving sample question papers or a question paper from the previous year. Since the GATE Economics paper is a newly introduced paper, an attempt to solve a good number of sample questions will definitely help candidates to estimate their preparations before the exam date. To access the GATE 2024 Economics Paper Sample Questions, candidates need to click on the link below.
Exam Pattern and Marking Scheme for GATE 2024 Economics Paper
Candidates who are willing to appear on the GATE 2024 economic paper must be aware of its examination pattern and marking scheme. Below is the detailed exam pattern and marking scheme followed for GATE 2024 Economics paper-
GATE Economics Exam Pattern and Marking Scheme:-
Name of the Section
Number of Questions
Question Type
Mark Distribution
(Total Marks- 60)
Reading Comprehension
General Aptitude
14
MCQ
(Multiple Choice Questions)
14 questions x 1 marks = 14 marks
Expression
10
MCQ
(Multiple Choice Questions)
10 questions x 2 marks = 20 marks
Analytical reasoning
4
MSQ
(Multiple Select Questions)
4 questions x 2 marks = 8 marks
Logical reasoning
6
NAT
(Numerical Answer Type)
6 questions x 1 marks = 6 marks
6
NAT
(Numerical Answer Type)
6 questions x 2 marks= 12 Marks
Best Books for GATE 2024 Economics
Some of the best GATE Economics books for the student's preparation are listed below, along with their authors' names.
Candidates can refer to the following table to get a verse idea to complete the GATE 2024 Economics syllabus on time and have ample amount of time for revisions.
Preparation Time
4 Months or 16 Weeks
GATE 2024 Economics (XH - C1) Total Chapters or Topics to Prepare
7
Total Sub -Topics in GATE 2024 Economics (XH - C1)
60+
Studying Hours Per Day
4 to 5 Hours
Number of Days Required to Prepare Each Chapter
12 Days
Number of Chapters Completed in a Month
2 Chapters
Break Days or Extra Days Each Month
2 to 3 Days*
Time Taken to Complete GATE 2024 Economics (XH - C1) Syllabus
3 Months
Remaining Time
1 Month
Days to Solve GATE 2024 Economics (XH - C1) Sample Papers/ Model Papers/ Mock Tests
20 Days
Days Left for Final Revision
10 Days
Still, have questions about GATE 2024 Economics? Leave your question on the QnA section of CollegeDekho and our experts get back to you!
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FAQs
Who can apply for the GATE 2024 Economics Exam?
GATE 2024 candidates must have successfully completed one of the following degrees: B.Tech, B.E., B.Pharm, B.Arch, B.Sc. (Research), B.S., M. Sc., M.A., MCA, Professional Society Examination (equivalent to B.Tech, B.E., or B.Arch), Integrated B.S.-M.S., Integrated M.Sc., Integrated M.E./ M.Tech (Post- You need a bachelor's degree in an economics-related subject to apply for GATE 2024 economics.
What is GATE 2024 Economics exam pattern?
The exam pattern of Gate General Aptitude and Economics 2024 has three sections namely- General aptitude, reading comprehension and GATE Economics (XH-C1). General aptitude will consist of 10 questions for 15 marks, Reading comprehension will make up for 25 marks across 15 questions and the most important section GATE economics will have 40 questions of 60 marks making it a total of 180 marks.
Is GATE 2024 going to be conducted?
Yes, GATE 2024 is scheduled to be conducted on February 3, 4, 10, and 11, 2024.
Who will take GATE in 2024?
Indian Institute of Science (IISc), Bengaluru will conduct GATE 2024 Exam.
Is there GATE for Economics?
Yes, other than Engineering sand technical fields, GATE is conducted for various streams, including commerce and arts (especially, Economics).
Who is eligible for GATE economic?
Candidates presently registered in the third or higher year of an undergraduate degree program or who have completed any government-approved degree program in Engineering, Technology, Architecture, Science, Commerce, or Arts are eligible to take the GATE 2024 Economics exam.
What is the syllabus of GATE Economics Exam?
GATE 2024 Economics Syllabus (XH-C1) comprises- Microeconomics, Macroeconomics, Statistics, Econometrics and Mathematical Economics, International Economics, Public Economics, Development Economics, Indian Economy.
-chaneli viswanath bandaruUpdated on
February 25, 2024 10:56 AM
2 Answers
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2 Answers
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