1 September Static Quiz 2021
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1 September Static Quiz 2021 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements:-
1. GNP=GDP + Net factor income from abroad (NFIFA)
2. Net National Product at factor cost is “National Income”
3. National Disposable Income=Net National product at market prices + other current transfers from the rest of the world.Which of the statements given above is/are correct?
CorrectAns ;- c) 1,2 and 3
Explanation;- Self Explanatory
IncorrectAns ;- c) 1,2 and 3
Explanation;- Self Explanatory
- Question 2 of 5
2. Question
Consider the following statements:
1. Real GDP is calculated in a way such that the goods and services are evaluated at constant prices.
2. Nominal GDP is the value of GDP at the current prevailing prices.
3. The ratio of Real GDP to Nominal is known as Index of prices (GDP Deflator)
Which of the statements given above is/are correct?
CorrectAns;- a) 1 and 2 Only
Explanation;-
The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of the value of goods and services an economy produces in a particular year at current prices to that of prices that prevailed during the base year.
IncorrectAns;- a) 1 and 2 Only
Explanation;-
The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of the value of goods and services an economy produces in a particular year at current prices to that of prices that prevailed during the base year.
- Question 3 of 5
3. Question
Which of the following is not a method to calculate the Gross Domestic Product (GDP) ?
CorrectAns:- d) Diminishing cost method
Explanation:
There are 3 methods used for calculating national income namely; Income method, expenditure method, and Product method. The diminishing cost method is not a method to calculate national income
IncorrectAns:- d) Diminishing cost method
Explanation:
There are 3 methods used for calculating national income namely; Income method, expenditure method, and Product method. The diminishing cost method is not a method to calculate national income
- Question 4 of 5
4. Question
The total amount of income from economic activities across the country in a year is called
CorrectAns:- b) National Income
Explanation:-
The total amount of income from economic activities across the country in a year is called national income. This income includes wages, interest, rent, and profit.IncorrectAns:- b) National Income
Explanation:-
The total amount of income from economic activities across the country in a year is called national income. This income includes wages, interest, rent, and profit. - Question 5 of 5
5. Question
The value of which work is added in the calculation of GDP?
CorrectAns:- d) Construction of new house by an artisan
Explanation:-
The value of the construction of a new house is added in the calculation of the GDP because it is a new production work in the economy.
IncorrectAns:- d) Construction of new house by an artisan
Explanation:-
The value of the construction of a new house is added in the calculation of the GDP because it is a new production work in the economy.
