October 21st Static Quiz on Indian Economy
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October 21st Static Quiz on Indian Economy
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- Question 1 of 10
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 10
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 10
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 10
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 10
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.
- Question 6 of 10
6. Question
Which sector contributes the most income to India’s economy?
CorrectAns:- c) Tertiary sector
Explanation:-
The tertiary sector contributes the most to India’s economy. There are many areas in this sector like the service sector, real estate, hotels and restaurants, telecommunications etc.IncorrectAns:- c) Tertiary sector
Explanation:-
The tertiary sector contributes the most to India’s economy. There are many areas in this sector like the service sector, real estate, hotels and restaurants, telecommunications etc. - Question 7 of 10
7. Question
Which statement is correct for nominal GDP?
1) Nominal GDP is calculated based on current prices.
2) Nominal GDP is calculated based on the base prices.
3) Data on Nominal GDP shows an accurate picture of the economy as compared to real GDP.CorrectAns:- c) Only 1
Explanation:-
Nominal GDP is calculated on the basis of current prices. While real GDP is calculated on the base year prices and its data are more reliable or accurate as compared to Nominal GDP.IncorrectAns:- c) Only 1
Explanation:-
Nominal GDP is calculated on the basis of current prices. While real GDP is calculated on the base year prices and its data are more reliable or accurate as compared to Nominal GDP. - Question 8 of 10
8. Question
Consider the following statements and identify the right ones?
1 ) While calculating GDP, income generated by foreigners in a country is taken into consideration
2) While calculating GDP, income generated by nationals of a country outside the country is taken into accountCorrectAns:- a) 1 Only
Explanation;-
While calculating GDP, income generated by nationals of a country outside the country is not taken into account.IncorrectAns:- a) 1 Only
Explanation;-
While calculating GDP, income generated by nationals of a country outside the country is not taken into account. - Question 9 of 10
9. Question
The value of national income adjusted for inflation is called
CorrectAns;- d) Real national income
Explanation;-
It is adjusted for inflation that is calculated from a reference point which is a base year.IncorrectAns;- d) Real national income
Explanation;-
It is adjusted for inflation that is calculated from a reference point which is a base year. - Question 10 of 10
10. Question
Who releases data of national income in India?
CorrectAns;- b) CSO
Explanation:-
The GDP figures in India are released by the Central Statistics Office (CSO), which comes under the Ministry of Statistics and Program Implementation (MOSPI).IncorrectAns;- b) CSO
Explanation:-
The GDP figures in India are released by the Central Statistics Office (CSO), which comes under the Ministry of Statistics and Program Implementation (MOSPI).
