Static Quiz 07 March 2024
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Static Quiz 07 March 2024 for UPSC Prelims
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- Question 1 of 5
1. Question
Which of the following was/were the policy reforms under Washington Consensus?
1. Interest rate liberalisation
2. Liberalisation of FDI inflows
3. Fiscal discipline
4. Secure property rights
Select the correct answer using the code given below:CorrectCorrect Answer : D
IncorrectCorrect Answer : D
- Question 2 of 5
2. Question
Consider the following statements regarding consumer durables
1. Goods like food and clothing, and services like recreation that are consumed when purchased
by their ultimate consumers are called consumer durables.
2. They undergo wear and tear with gradual use and often need to be preserved, maintained and
renewed.
Which of the statements given above is/are correct?CorrectCorrect Answer : B
Of the final goods, we can distinguish between consumption goods and capital goods. Goods
like food and clothing, and services like recreation that are consumed when
purchased by their ultimate consumers are called consumption goods or consumer
goods. Hence, statement 1 is incorrect.IncorrectCorrect Answer : B
Of the final goods, we can distinguish between consumption goods and capital goods. Goods
like food and clothing, and services like recreation that are consumed when
purchased by their ultimate consumers are called consumption goods or consumer
goods. Hence, statement 1 is incorrect. - Question 3 of 5
3. Question
Consider the following statements
1. Production taxes and subsidies are paid or received in relation to production and are
independent of the volume of production.
2. Product taxes and subsidies are paid or received per unit or product.
3. Factor cost includes only the payment to factors of production including tax.
Which of the statements given above are correct?CorrectCorrect Answer : A
Production taxes and subsidies are paid or received in relation to production and are
independent of the volume of production such as land revenues, stamp and
registration fee. Product taxes and subsidies, on the other hand, are paid or received
per unit or product, e.g., excise tax, service tax, export and import duties etc. Factor
cost includes only the payment to factors of production, it does not include any tax.
Hence, statement 3 is incorrect.IncorrectCorrect Answer : A
Production taxes and subsidies are paid or received in relation to production and are
independent of the volume of production such as land revenues, stamp and
registration fee. Product taxes and subsidies, on the other hand, are paid or received
per unit or product, e.g., excise tax, service tax, export and import duties etc. Factor
cost includes only the payment to factors of production, it does not include any tax.
Hence, statement 3 is incorrect. - Question 4 of 5
4. Question
Consider the following statements regarding Nominal GDP
1. Nominal GDP is calculated in a way such that the goods and services are evaluated at some
constant set of prices.
2. Base year is the year whose prices are being used to calculate the Nominal GDP.
Which of the statements given above is/are correct?CorrectCorrect Answer : D
Real GDP is calculated in a way such that the goods and services are
evaluated at some constant set of prices (or constant prices). Hence, statement 1 is
incorrect.IncorrectCorrect Answer : D
Real GDP is calculated in a way such that the goods and services are
evaluated at some constant set of prices (or constant prices). Hence, statement 1 is
incorrect. - Question 5 of 5
5. Question
Which of the following is/are the components used to derive Personal Income (PI)?
1. National Income (NI)
2. Undistributed profits
3. Net interest payments made by households
4. Corporate tax
5. Transfer payments
Select the correct answer using the code given below:CorrectCorrect Answer : D
IncorrectCorrect Answer : D
