Flashcards in Economics MCQ Deck (228)
Which Ministry is responsible for calculating of GDP?
-> Ministry of Finance
-> Ministry of Defence
-> Ministry of Agriculture
-> Ministry of Statistical and Program Implementation
Ministry of Statistical and Program Implementation
Which Department/ Organisation is responsible for calculating GDP?
CSO - Central Statistical Organisation
Which sector contributes maximum to the Indian GDP?
-> All contribute equally
If contribution of agriculture sector is decreasing in a country's econom, what conclusion can be drawn?
-> Country is in direction of developed country
-> Country is in direction of developing country
-> Country is in direction of less developed
-> Economic growth has stopped
Country is in direction of becoming developed country
Which is not added in the calculation of National Income?
-> Value of Goods and Services
-> Sold value of old things
-> Services of Housewives
-> Both B and C
Both B and C.
Second sale is not counted in GDP because it will cause double counting. Only new values is added in National Income. Only monetary values are added in GDP
Identify the right statement
-> National Income is monetary value of all goods and services produced
-> Depreciation is deducted from gross value to get net value
Both statements are correct
NNP value at consumer point is?
-> NNP - fc
-> NNP - mp
-> GNP - mp
-> GNP - fc
NNP - mp
When depreciation is deducted from GNP, the net value is?
-> Disposable Income
What is the difference between GDP and NNP?
-> Depreciation and NFIA
-> NFIA and taxes
-> Taxes and Depreciation
Depreciation adn NFIA
What is the formula for per capita income?
-> NNP-fc/ Total Population
-> NDP-fc/ Total Population
-> GNP-fc/ Total Population
-> GDP-fc/ Total Population
NNP-fc/ Total Population
Which of the method is not used to caluculate national income in India?
-> Production/ Value added method
Which of the following is not a part of tertiary sector?
Which of the following is dealt in micro-economics?
-> National Income
-> Aggrergate Demand
-> Individual Demand
Convert GDP-fc to NDP-mp
-> NDP-mp = GDP-fc + Depriciation + Net Taxes
-> NDP-mp = GDP-fc - Depriciation + NFIA
-> NDP-mp = GDP-fc - Depriciation + Net Taxes
-> NDP-mp = GDP-fc + Depriciation - NFIA
NDP-mp = GDP-fc - Depriciation + Net Taxes
Which of the following is to be subtracted from GNP to derive NNP?
-> Indirect Tax
-> All of the above
The financial year in India is
-> April 1 to March 31
-> January 1 to Dec 31
-> March 1 to April 30
-> March 16 to March 15
April 1 to March 31
Identify the right statement
-> While calculating GNP, income generated by foreigners in a country is taken into consideration
-> While calculating GNP, income generated by nationals of a country outside the country is taken into consideration
only second statement is correct
Sum of GDP and NFIA is called?
-> Real GDP
Which among the following is not the causes of shift in demand ?
-> change in income
-> change in price
-> change in fashion
-> change in prices of substitutes
Change in price
Shift in demand happens - when there is change in demand other due to reasons other than price
If elasticity of demand is very low, it shows that the commodity is?
-> a necessity
-> a luxury
-> has a little importance in total budget
-> 1st and 3rd
elaticity of demand is high in case of luxury
The supply of a good refers to:
-> stock available for sale
-> total stock in the warehouse
-> actual production of the good
-> Quantity of good offered for sale at a particular price per unit of time
Quantity of good offered for sale at a particular price per unit time
The horizontal demand curve parallel to x-axis implies that the elasticity of demand is?
-> equal to one
-> greater than zero but less than infity
When supply of a commodity increases without change in price it is called
-> fall in supply
-> expansion in supply
-> contraction in supply
-> rise in supply
Rise in supply
During a particular year farmer experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift
-> Rise in supply
Price of product falls by 10% and its demand rise by 30%. the elasticity of demand is.
This is an assumption of law of demand
-> price of the commodity should not change
-> quantity should not change
-> supply should not change
-> income of consumers should not change
income should remain same
Normally a demand curve will have the shape
-> downward sloping
-> upward sloping
Law of demad shows relation between
-> income and price of commodity
-> price and quantity of commodity
-> income and quantity demanded
-> quantity demanded and quantity supplied
price and quantity of commodity
Planning Commission was established by GoI in ?
-> January 1948
-> February 1951
-> March 1950
-> May 1948