The GATE 2021 exam is scheduled between 5th February to 14th February 2021. The following article will include all the information on the GATE 2021 Economics syllabus with the best books, sample questions, exam pattern, etc.
Graduate Aptitude Test in Engineering (GATE)is a nationally conducted postgraduate entrance exam for admission into various programmes such as M.Tech, M.E, MS, PhD etc. For GATE 2021 exam, a new subject from the field of Humanities & Social Sciences and Environmental Science & Engineering named Economics, English, Linguistics, Philosophy, Psychology, Sociology, Environmental Science, and Engineering, has been introduced.
In 2021, GATE will be conducted not only for admission to various postgraduate programmes in science and engineering but also for postgraduate programmes in Arts & Humanities and Environmental Science & Engineering.
Candidates qualifying for the GATE 2021 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 2021 Economics syllabus such as important topics, sample question papers, exam patterns, best books, etc. Check out all the details of the GATE 2021 Economics Exam in the sections below.
Dates of GATE Examination:5th February, 6th February, 7th February,12th, February, 13th February, and 14th February 2021.
GATE 2021 Economics Syllabus
Before you move towards the preparation strategy, you must get yourselves acquainted with the syllabus of GATE Economics. The syllabus comprises a total of seven topics, which then further include different numbers of sub-topics.
Theory of Consumer Behaviour
Cardinal Approach and Ordinal
Nature of the utility function
Marshallian and Hicksian
Slutsky equation and Comparative Statics
Homogeneous and Homothetic Utility Functions
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
Uniqueness and Stability of Market Equilibrium
Walrasian and Marshallian Stability Analysis
The Cobweb Model
Decision making under uncertainty and risk
Adverse Selection and Moral Hazard
Theory of Agency costs
The Theory of Search
Constant sum game
Mixed Strategy & Pure Strategy
Bayesian Nash Equilibrium
Perfect Bayesian Equilibria
Theory of the Firm
Competitive and Non-competitive equilibria and their efficiency properties
Factor Pricing: Marginal productivity
Theory of Distribution in Perfectly Competitive markets
Theory of Employment in Imperfectly Competitive Markets
General Equilibrium Analysis
Social Welfare Function
Efficiency Criteria: Pareto-Optimality
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
Interest Rate determination
Central Banking, Objectives
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.
Statistics, Econometrics and Mathematical Economics
Concepts of probability
Probability Distributions (Discrete and Continuous)
Central Limit Theorem
Index Numbers and Construction of Price Indices, Sampling Methods & Sampling Distribution,
Models and the Gauss Markov Theorem
Multicollinearity and Autocorrelation
Spurious regressions and Unit roots
Simultaneous Equation Models -Recursive and non-recursive
Differential Calculus and its Applications,
Applications of Cramer’s Rule
Problems and Applications
Difference equations and Differential equations with applications
Theories of International Trade
International Trade under Imperfect Competition
Gains from Trade
Terms of Trade
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.
Market Failure and Remedial Measures: Asymmetric Information
Regulation of Market- Collusion and Consumers
Public Revenue: Tax & Non-Tax Revenue
Direct & Indirect Taxes
Progressive and non-Progressive Taxation
Incidence and Effects of Taxation
Public Debt and its management
Public Budget and Budget Multiplier
Fiscal Policy and its implications
Environment as a Public Good
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
Models of Economic Growth
Technical progress- Disembodied & Embodied
Endogenous Growth Models.
Economic Growth in India: Pattern and Structure
Industry & Services Sector: Pattern & Structure of Growth, Major Challenges
Fiscal Policy in the Indian context: Structure of Receipts and Expenditure
Tax reforms-Goods and Services Tax
Issues of Growth and Equity
Centre-State Financial Relations and Finance Commissions of India
Sustainability of Deficits and Debt
The Fiscal Responsibility and Budget Management Act 2003
Demonetization and aftermath
India’s balance of payments
Composition of India’s Trade
Competitiveness of India’s exports
India’s exchange rate policy
About GATE 2021 Economics Exam
In the GATE 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 2021 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 which 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, to predict results etc.
Sample Question Papers for GATE 2021 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 2021 Economics Paper Sample Questions, candidates need to click on the link below.
Exam Pattern and Marking Scheme for GATE 2021 Economics Paper
Candidates who are willing to appear on the GATE 2021 economic paper must be aware of its examination pattern and marking scheme. Below is the detailed exam pattern and marking scheme followed for GATE 2021 Economics paper-
GATE Economics Exam Pattern and Marking Scheme:-
Name of the Section
Number of Questions
(Total Marks- 60)
(Multiple Choice Questions)
14 questions x 1 marks = 14 marks
(Multiple Choice Questions)
10 questions x 2 marks = 20 marks
(Multiple Select Questions)
4 questions x 2 marks = 8 marks
(Numerical Answer Type)
6 questions x 1 marks = 6 marks
(Numerical Answer Type)
6 questions x 2 marks= 12 Marks
Best Books for GATE 2021 Economics
Some of the best GATE Economics books for the student's preparation are listed below, along with their author's name.
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