Static Quiz 10 October 2024 (Economy)
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Static Quiz 10 October 2024 (Economy)
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- Question 1 of 5
1. Question
Consider the following statements regarding GDP Deflator:
1) Ministry of Statistic and Program Implementation comes out with the GDP Deflator.
2) Base Year of GDP Deflator is 2004-05.
Select the correct statements:CorrectThe ratio of Nominal to Real GDP is referred to as GDP Deflator. It gives us an idea of how the prices have changed from the base year to the current year.
Ministry of Statistics and Program Implementation comes out with GDP Deflator. Hence Statement 1 is correct.
Base Year of GDP Deflator is 2011-12. Hence Statement 2 is wrong.IncorrectThe ratio of Nominal to Real GDP is referred to as GDP Deflator. It gives us an idea of how the prices have changed from the base year to the current year.
Ministry of Statistics and Program Implementation comes out with GDP Deflator. Hence Statement 1 is correct.
Base Year of GDP Deflator is 2011-12. Hence Statement 2 is wrong. - Question 2 of 5
2. Question
Consider the following statements regarding Circular Flow of Income:
1) Spending of buyer becomes income of producer.
2) Real Flow and Money Flow together form circular flow.
Select the correct statements:CorrectDue to various transactions in the economy between different entities, the income and expenditure move in a circular form in the economy. This exchange between various sectors of the economy is called Circular Flow of Income. Principles of Circular flow of Income are:¬¬¬¬
• Amount of spending by buyer becomes the income of producer. Hence Statement 1 is correct.
• Goods and Services flow from producer to buyer, called the Real Flow. Money flows from the buyer to the producer called the money flow. Together this forms the circular flow. Hence Statement 2 is correct.IncorrectDue to various transactions in the economy between different entities, the income and expenditure move in a circular form in the economy. This exchange between various sectors of the economy is called Circular Flow of Income. Principles of Circular flow of Income are:¬¬¬¬
• Amount of spending by buyer becomes the income of producer. Hence Statement 1 is correct.
• Goods and Services flow from producer to buyer, called the Real Flow. Money flows from the buyer to the producer called the money flow. Together this forms the circular flow. Hence Statement 2 is correct. - Question 3 of 5
3. Question
Consider the following statements:
1) Capital Consumption is also known as Depreciation.
2) Net National Product at Market Prices is considered as National Income in India.
Select the incorrect statements:CorrectThe term depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation represents how much of an asset’s value has been used. Therefore, Capital Consumption is also known as Depreciation. Hence Statement 1 is correct.
Net National Income at Factor Cost is regarded as National Income in India. Hence Statement 2 is wrong.IncorrectThe term depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation represents how much of an asset’s value has been used. Therefore, Capital Consumption is also known as Depreciation. Hence Statement 1 is correct.
Net National Income at Factor Cost is regarded as National Income in India. Hence Statement 2 is wrong. - Question 4 of 5
4. Question
Consider the following statements:
1)Frictional Unemployment is the job search unemployment.
2)Natural Rate of Unemployment is highest in the long run.
Select the correct statements:CorrectIncorrect - Question 5 of 5
5. Question
Consider the following statements about Wholesale Price Index:
1)It is calculated on the Market Prices.
2)The estimations based on WPI are affected by the Fiscal Policy.
Select the correct statements:CorrectThe Wholesale Price Index represents the price of a basket of wholesale goods. WPI focuses on the price of goods that are traded between corporations. It does not concentrate on goods purchased by the consumers.
• The main objective of WPI is monitoring price drifts that reflect demand and supply in manufacturing, construction and industry.
• WPI helps in assessing the macroeconomic as well as microeconomic conditions of an economy.
• It is now calculated on Basic Prices. Hence Statement 1 is wrong.
• WPI Inflation estimates are not affected by the Fiscal Policy. . Hence Statement 2 is correct.
• Base Year – 2011-12
• Released by Ministry of Commerce and IndustryIncorrectThe Wholesale Price Index represents the price of a basket of wholesale goods. WPI focuses on the price of goods that are traded between corporations. It does not concentrate on goods purchased by the consumers.
• The main objective of WPI is monitoring price drifts that reflect demand and supply in manufacturing, construction and industry.
• WPI helps in assessing the macroeconomic as well as microeconomic conditions of an economy.
• It is now calculated on Basic Prices. Hence Statement 1 is wrong.
• WPI Inflation estimates are not affected by the Fiscal Policy. . Hence Statement 2 is correct.
• Base Year – 2011-12
• Released by Ministry of Commerce and Industry
