Nominal GDP is (a) The total value of goods and services net of exports (b) The total value of goods and services produced during periods of low unemployment (c) The total value of goods and services measured at current prices (d) The total value of goods and services produced at full employment.

Nominal GDP is (a) The total value of goods and services net of exports (b) The total value of goods and services produced during periods of low unemployment (c) The total value of goods and services measured at current prices (d) The total value of goods and services produced at full employment.
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Answer :

(c) The total value of goods and services measured at current prices
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Nominal GDP is A. The total value of goods and services net of exports B. The total value of goods and services produced during periods of low unemployment C. The total value of goods and services measured at current prices D. The total value of goods and services produced at full employment.

Description : Nominal GDP is A. The total value of goods and services net of exports B. The total value of goods and services produced during periods of low unemployment C. The total value of goods and services measured at current prices D. The total value of goods and services produced at full employment.

Last Answer : C. The total value of goods and services measured at current prices

Nominal GDP is measured in ………………..prices (a) Base year ; (b) Current year ; (c) 1980 ; (d) 2000

Description : Nominal GDP is measured in ………………..prices (a) Base year ; (b) Current year ; (c) 1980 ; (d) 2000

Last Answer : (b) Current year ;

GDP at market prices is the sum of Consumption, Investment, Government Spending and Net Exports. „Net‟ exports is (a) Gross exports minus depreciation ; (b) Exports minus imports ; (c) Gross exports earnings minus capital inflow ; (d) Export minus imports of merchandize

Description : GDP at market prices is the sum of Consumption, Investment, Government Spending and Net Exports. „Net‟ exports is (a) Gross exports minus depreciation ; (b) Exports minus imports ; (c) Gross exports earnings minus capital inflow ; (d) Export minus imports of merchandize 

Last Answer : (b) Exports minus imports ;

GDP is defined as (a) The market value of all goods and services produced in the domestic economy during the year ; (b) Current value of all the capital goods produced in the country. ; (c) Sum of goods and services exported during the year. ; (d) All the capital goods and consumable goods produced and sold during the year

Description : GDP is defined as (a) The market value of all goods and services produced in the domestic economy during the year ; (b) Current value of all the capital goods produced in the country. ; (c) ... during the year. ; (d) All the capital goods and consumable goods produced and sold during the year

Last Answer : (a) The market value of all goods and services produced in the domestic economy during the year ; 

If in 2000 nominal GDP is = `70000 Crore and the prices in 2000 were 40% more than the real GDP in 2000 using 1996 as a base year is (a) `45,000 Crore ; (b) `50,000 Crore ; (c) `42,000 Crore ; (d) `98000 Crore

Description : If in 2000 nominal GDP is = `70000 Crore and the prices in 2000 were 40% more than the real GDP in 2000 using 1996 as a base year is (a) `45,000 Crore ; (b) `50,000 Crore ; (c) `42,000 Crore ; (d) `98000 Crore

Last Answer : (b) `50,000 Crore ;

Real GDP is measured in………….prices (a) Base year ; (b) Current year ; (c) 1980 ; (d) 2000

Description : Real GDP is measured in………….prices (a) Base year ; (b) Current year ; (c) 1980 ; (d) 2000

Last Answer : Base year

Full employment is the level at which there is (a) Zero unemployment ; (b) Normal rate of unemployment; (c) Lease supply of labor ; (d) Demand for goods is less than supply.

Description : Full employment is the level at which there is (a) Zero unemployment ; (b) Normal rate of unemployment; (c) Lease supply of labor ; (d) Demand for goods is less than supply.

Last Answer : (c) Lease supply of labor ;

GDP can be defined as sum of the market value of the……….. (a) Final manufactured goods and services ; (b) Intermediate goods (c) Goods and services exported ; (d) Sub-standard goods and discarded services

Description : GDP can be defined as sum of the market value of the……….. (a) Final manufactured goods and services ; (b) Intermediate goods (c) Goods and services exported ; (d) Sub-standard goods and discarded services 

Last Answer : (a) Final manufactured goods and services ;

All entries in the balance of payments should collectively sum to (a) GDP of that country ; (b) GNP of that country ; (c) Zero ; (d) Exports of that country.

Description : All entries in the balance of payments should collectively sum to (a) GDP of that country ; (b) GNP of that country ; (c) Zero ; (d) Exports of that country. 

Last Answer :  (c) Zero

……………… is an index of price change for goods and services included in GDP (a) Price index ; (b) Sensex ; (c) GDP deflator ; (d) None

Description : ……………… is an index of price change for goods and services included in GDP (a) Price index ; (b) Sensex ; (c) GDP deflator ; (d) None

Last Answer : (c) GDP deflator ; 

Which of these would not be part of GDP? (a) Sale of Intermediate goods ; (b) Income from illegal betting ; (c) Household services rendered by a house wife in her family ; (d) All the three

Description : Which of these would not be part of GDP? (a) Sale of Intermediate goods ; (b) Income from illegal betting ; (c) Household services rendered by a house wife in her family ; (d) All the three

Last Answer : (d) All the three

During the recessionary phase of a business cycle (a) The natural rate of unemployment will increase dramatically (b) Potential national income will exceed actual national income (c) Actual national income will exceed potential national income (d) The real rate of interest will exceed the nominal rate of interest.

Description : During the recessionary phase of a business cycle (a) The natural rate of unemployment will increase dramatically (b) Potential national income will exceed actual national income (c) Actual national income ... national income (d) The real rate of interest will exceed the nominal rate of interest.

Last Answer : (a) The natural rate of unemployment will increase dramatically  

Given Real GDP 8.25%, Nominal GDP 11.25%, Rate of inflation will be (a) 2.5% ; (b) 3% ; (c) 4.25% ; (d) 3.5%

Description : Given Real GDP 8.25%, Nominal GDP 11.25%, Rate of inflation will be (a) 2.5% ; (b) 3% ; (c) 4.25% ; (d) 3.5%

Last Answer : (b) 3% ;

Given Real GDP of 6.5% and rate of inflation of 5.5% nominal GDP will be……. (a) 12% ; (b) 10% ; (c) 10.5% ; (d) 9.5%

Description : Given Real GDP of 6.5% and rate of inflation of 5.5% nominal GDP will be……. (a) 12% ; (b) 10% ; (c) 10.5% ; (d) 9.5%

Last Answer : (a) 12% ;

If Nominal GDP is 11% and Real GDP is 6%, then the difference of 5% represent (a) Depreciation ; (b) Rate of inflation ; (c) Rate of interest ; (d) Tax burden

Description : If Nominal GDP is 11% and Real GDP is 6%, then the difference of 5% represent (a) Depreciation ; (b) Rate of inflation ; (c) Rate of interest ; (d) Tax burden

Last Answer : (b) Rate of inflation ;

Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force

Description : Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force

Last Answer : (c) Getting greatest satisfaction from available resources 

Which of the following function does money serve when used to measure the prices of different goods and services? (a) Store of value ; (b) Medium of exchange ; (c) Standard of value ; (d) Display of power

Description : Which of the following function does money serve when used to measure the prices of different goods and services? (a) Store of value ; (b) Medium of exchange ; (c) Standard of value ; (d) Display of power

Last Answer : (c) Standard of value ;

National income is the ……………. Of all the goods and services produced by a country during a period of year (a) Physical quantity ; (b) Money value ; (c) `Value ; (d) All the three

Description : National income is the ……………. Of all the goods and services produced by a country during a period of year (a) Physical quantity ; (b) Money value ; (c) `Value ; (d) All the three 

Last Answer : (b) Money value ; 

Structural unemployment is mainly due to (a) Structural changes in the economy ; (b) Technological development (c) Growth in GDP ; (d) Population explosion.

Description : Structural unemployment is mainly due to (a) Structural changes in the economy ; (b) Technological development (c) Growth in GDP ; (d) Population explosion.

Last Answer : (a) Structural changes in the economy ;

Manipulation in CRR enables the RBI to ……. (a) Influence the lending ability of the commercial banks ; (b) Check unemployment growth; (c) Check poverty ; (d) Increase GDP

Description : Manipulation in CRR enables the RBI to ……. (a) Influence the lending ability of the commercial banks ; (b) Check unemployment growth; (c) Check poverty ; (d) Increase GDP

Last Answer : (a) Influence the lending ability of the commercial banks ;

Full employment exists when there is (a) Zero unemployment ; (b) Natural rate of unemployment ; (c) Least demand for labor (d) Least supply of labor

Description : Full employment exists when there is (a) Zero unemployment ; (b) Natural rate of unemployment ; (c) Least demand for labor (d) Least supply of labor

Last Answer : (b) Natural rate of unemployment

Given the supply quantity which is fixed an increase in aggregate demand will have direct impact on (a) Increase in GDP ; (b) Inflationary pressure ; (c) Greater employment opportunity; (d) More equitable distribution of income and wealth

Description : Given the supply quantity which is fixed an increase in aggregate demand will have direct impact on (a) Increase in GDP ; (b) Inflationary pressure ; (c) Greater employment opportunity; (d) More equitable distribution of income and wealth 

Last Answer : (b) Inflationary pressure ;

Inflationary conditions may co-exist with which of the following situation (a) Increase in factor cost ; (b) Increase in employment opportunities; (c) Growth in GDP and imports ; (d) All the three

Description : Inflationary conditions may co-exist with which of the following situation (a) Increase in factor cost ; (b) Increase in employment opportunities; (c) Growth in GDP and imports ; (d) All the three 

Last Answer : ; (d) All the three

Macroeconomics is concerned with (a) The level of output of goods and services ; (b) The general level of prices ; (c) The growth of real output ; (d) All of the above

Description : Macroeconomics is concerned with (a) The level of output of goods and services ; (b) The general level of prices ; (c) The growth of real output ; (d) All of the above 

Last Answer : (d) All of the above

Deflation is a state when (a) Prices are falling ; (b) Consistent increase in prices ; (c) Fall in GDP ; (d) Collapse of sensex

Description : Deflation is a state when (a) Prices are falling ; (b) Consistent increase in prices ; (c) Fall in GDP ; (d) Collapse of sensex 

Last Answer : (a) Prices are falling ;

Which of these measures would not reduce natural rate of unemployment? (a) Creation of more jobs ; (b) Reducing the age of superannuation (c) Hike in unemployment allowance ; (d) Employment oriented education system

Description : Which of these measures would not reduce natural rate of unemployment? (a) Creation of more jobs ; (b) Reducing the age of superannuation (c) Hike in unemployment allowance ; (d) Employment oriented education system

Last Answer : (c) Hike in unemployment allowance ;

Which of the following is not a cause of unemployment in India? (a) Growing population ; (b) Lack of employment opportunity ; (c)Inappropriate education system ; (d) Liberalization

Description : Which of the following is not a cause of unemployment in India? (a) Growing population ; (b) Lack of employment opportunity ; (c)Inappropriate education system ; (d) Liberalization

Last Answer : (d) Liberalization

Disguised unemployment is mainly due to (a) Under employment ; (b) Seasonal nature of work ; (c) Strike and lock-out ; (d) Structural changes in the economy

Description : Disguised unemployment is mainly due to (a) Under employment ; (b) Seasonal nature of work ; (c) Strike and lock-out ; (d) Structural changes in the economy

Last Answer : (a) Under employment ;

5. Assume that there are two goods, A and B. In 1996, Americans produced 10 units of A at a price of $10 and 20 units of B at a price of $20. In 2002, Americans produced 20 units of A at a price of $20 and 30 units of B at a price of $30. The Nominal GDP for 2002 is: a. $100 b. $400 c. $500 d. $900 e. $1300

Description : 5. Assume that there are two goods, A and B. In 1996, Americans produced 10 units of A at a price of $10 and 20 units of B at a price of $20. In 2002, Americans produced 20 units of A at a price of $20 ... at a price of $30. The Nominal GDP for 2002 is: a. $100 b. $400 c. $500 d. $900 e. $1300

Last Answer : e. $1300

If we add……………. to net domestic production we get GDP (a) Depreciation ; (b) Direct tax ; (c) Indirect tax ; (d) Interest payment

Description : If we add……………. to net domestic production we get GDP (a) Depreciation ; (b) Direct tax ; (c) Indirect tax ; (d) Interest payment

Last Answer : (a) Depreciation ;

Which of the following equation is correct? (a) GNP=GDP+Net factor income from abroad (b) GNP=GDP+Gross factor income from abroad (c) GNP=GDP-Net factor income from abroad (d) GNP=GDP-Gross factor income from abroad

Description : Which of the following equation is correct? (a) GNP=GDP+Net factor income from abroad (b) GNP=GDP+Gross factor income from abroad (c) GNP=GDP-Net factor income from abroad (d) GNP=GDP-Gross factor income from abroad

Last Answer : (a) GNP=GDP+Net factor income from abroad 

The difference between Gross National Product (GNP) and Gross Domestic Product GDP) is (a) Excess of subsidies over indirect taxes ; (b) Depreciation ; (c) Net foreign income from abroad (d) Excess of indirect taxes over subsidies

Description : The difference between Gross National Product (GNP) and Gross Domestic Product GDP) is (a) Excess of subsidies over indirect taxes ; (b) Depreciation ; (c) Net foreign income from abroad (d) Excess of indirect taxes over subsidies

Last Answer :  (c) Net foreign income from abroad

GPD is the money value of final goods and serviced produced in the…………. Of a country during an accounting year (a) Domestic territory ; (b) Political territory ; (c) Specific area ; (d) FTZ area

Description : GPD is the money value of final goods and serviced produced in the…………. Of a country during an accounting year (a) Domestic territory ; (b) Political territory ; (c) Specific area ; (d) FTZ area

Last Answer : (a) Domestic territory ;

If the actual rate of unemployment exceeds to natural rate of unemployment then (a) Actual output of the economy will fall below its potential ; (b) Production will increase more than potential ; (c) Consumption of goods decreases; (d) Both (a) and (c) above.

Description : If the actual rate of unemployment exceeds to natural rate of unemployment then (a) Actual output of the economy will fall below its potential ; (b) Production will increase more than potential ; (c) Consumption of goods decreases; (d) Both (a) and (c) above.

Last Answer : (d) Both (a) and (c) above.

The total value of goods and services produced in a country during a given period is - (1) Disposable income (2) National income (3) Per capita income (4) Net national income

Description : The total value of goods and services produced in a country during a given period is - (1) Disposable income (2) National income (3) Per capita income (4) Net national income

Last Answer : (2) National income Explanation: National income is the total value a country's final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.

The total value of goods and services produced in a country during a given period is (1) Disposable income (2) National income (3) Per capita income (4) Net national income

Description : The total value of goods and services produced in a country during a given period is (1) Disposable income (2) National income (3) Per capita income (4) Net national income

Last Answer : National income

Which of the following function does money serve when used to purchase or sell different goods and services? (a) Store of value ; (b) Medium of exchange ; (c) Standard of value ; (d) Display of power

Description : Which of the following function does money serve when used to purchase or sell different goods and services? (a) Store of value ; (b) Medium of exchange ; (c) Standard of value ; (d) Display of power

Last Answer : (b) Medium of exchange ;

The terms of trade measures (a) the income of a country compared to another (b) The GDP of a country compared to another © The quantity of exports of a country compared to another (d) Export prices compared to import prices.

Description : The terms of trade measures (a) the income of a country compared to another (b) The GDP of a country compared to another © The quantity of exports of a country compared to another (d) Export prices compared to import prices.

Last Answer : (d) Export prices compared to import prices.

Which of these are exception to law of Demand (a) Giffen effect/goods ; (b) Future change in prices ; (c) Change in fashion ; (d) All the three

Description : Which of these are exception to law of Demand (a) Giffen effect/goods ; (b) Future change in prices ; (c) Change in fashion ; (d) All the three

Last Answer :  (d) All the three

Which of these is not a determinant of aggregate supply (a) Quantity demanded ; (b) Price of the product under consideration ; (c) Relative price of other goods ; (d) Future expectations about prices

Description : Which of these is not a determinant of aggregate supply (a) Quantity demanded ; (b) Price of the product under consideration ; (c) Relative price of other goods ; (d) Future expectations about prices 

Last Answer : (a) Quantity demanded ;

The central problem of how to produce is resolved by (a) Demand and supply of factor inputs ; (b) Demand and supply of goods; (c) Relative prices and availability of factors of production ; (d) Government intervention

Description : The central problem of how to produce is resolved by (a) Demand and supply of factor inputs ; (b) Demand and supply of goods; (c) Relative prices and availability of factors of production ; (d) Government intervention

Last Answer : (c) Relative prices and availability of factors of production

Net factor income from abroad is equal to (a) NNP at market price – NDP at market price ; (b) NDP at market prices – Indirect taxes + Subsidies ; (c) NDP at factor cost + Depreciation ; (d) NNP at market prices + Depreciation

Description : Net factor income from abroad is equal to (a) NNP at market price – NDP at market price ; (b) NDP at market prices – Indirect taxes + Subsidies ; (c) NDP at factor cost + Depreciation ; (d) NNP at market prices + Depreciation

Last Answer : (a) NNP at market price – NDP at market price ;

What is the Gross National Product? a) The total value of Good and services manufactured in the country b) The total value of all the transactions in the country c) Reduction in the total value of goods and services produced in the country d) The total worth of goods and services generated in the country and net factor income from abroad.

Description : What is the Gross National Product? a) The total value of Good and services manufactured in the country b) The total value of all the transactions in the country c) Reduction in the total value ... d) The total worth of goods and services generated in the country and net factor income from abroad.

Last Answer : Answer- d

What do you mean by Gross National Product? a) The total value of goods and services produced in the country b) The total value of all transactions in the country c) Depreciation in the total value of goods and services produced in the country d) The total value of goods and services produced in the country and net factor income from abroad

Description : What do you mean by Gross National Product? a) The total value of goods and services produced in the country b) The total value of all transactions in the country c) Depreciation in the total ... d) The total value of goods and services produced in the country and net factor income from abroad

Last Answer : Answer- d

Which of the following is not a component of GDP? (a) Government spending (b) Investment © Interest (d) Net exports

Description : Which of the following is not a component of GDP? (a) Government spending (b) Investment © Interest (d) Net exports

Last Answer : © Interest

How is Nominal GDP is measured in?

Description : How is Nominal GDP is measured in?

Last Answer : Need answer

Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods – opening stock of finished goods – total expenditure on raw material – intermediate goods (b) Value added = total sales + closing stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods (c) Value added = total sales + closing stock of finished goods and semi-finished goods-opening stock of finished goods and semi finished goods-total expenditure on raw material (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.

Description : Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods - opening stock of finished goods - total expenditure on raw material - intermediate ... stock of finished goods and semi finished goods - total expenditure on raw material - intermediate goods.

Last Answer : (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.

The Philips curve shows that (a) High unemployment rates are associated with low increases in money wage rates (b) Low unemployment rates are associated with low rates of inflation (c) High unemployment rates are associated with low rates of inflation (d) High inflation rates are associated with small increases in money wage rates.

Description : The Philips curve shows that (a) High unemployment rates are associated with low increases in money wage rates (b) Low unemployment rates are associated with low rates of inflation (c) High ... rates of inflation (d) High inflation rates are associated with small increases in money wage rates.

Last Answer : (c) High unemployment rates are associated with low rates of inflation  

Goods or services that are necessary for living are (a) Needs ; (b) Desires ; (c) Wants ; (d) Essentials

Description : Goods or services that are necessary for living are (a) Needs ; (b) Desires ; (c) Wants ; (d) Essentials

Last Answer : (a) Needs ;

Goods or services that are not necessary for living are (a) Needs ; (b) Desires ; (c) Wants ; (d) Essentials

Description : Goods or services that are not necessary for living are (a) Needs ; (b) Desires ; (c) Wants ; (d) Essentials

Last Answer : ; (c) Wants ;