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 ;
Description : Which of these is not a part of GDP for the year 2006? (a) Earning of an International fashion show organized in Delhi (b) Sale of ticket for Republic day parade. ; (c) Fee of a practicing Chartered Accountant (d) A house built in 2000 and first sold in 2006
Last Answer : (d) A house built in 2000 and first sold in 2006
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 ;
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 ;
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
Description : NDP does not include (a) Payments made for income taxes ; (b) Depreciation allowances ; (c) Undistributed profits; (d) The value added from intermediate goods.
Last Answer : (b) Depreciation allowances ;
Description : Which of these items are excluded in the computation of National Income under value added method? (a) Own acquired fixed assets by the Government enterprises, Govt. and household; (b) Production for self-consumption ; (c) Imputed rent for own occupied house ; (d) All the three
Last Answer : (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 ;
Description : The supply of goods means …………… (a) Quantity offered for sale at a given price and time ; (b) Quantity produced by the manufacturer ; (c) Quantity available with the supplier (d) Consumers disposal income
Last Answer : (a) Quantity offered for sale at a given price and time ;
Description : Which of the following is an example of an intermediate goods. (a) A Tata Indica sold by a dealer of second hand car ; (b) Steel and cement used to construct a flyover ; (c) Farming crop purchased by FCI (d) All the three
Last Answer : (b) Steel and cement used to construct a flyover ;
Description : Price elasticity of demand of a product will be more inelastic if (a) It forms a major part of consumer house hold budget; (b) It forms a very small part of consumers household budget; (c) It is inferior ; (d) It is for mass consumption
Last Answer : (b) It forms a very small part of consumers household budget;
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.
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 ;
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
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
Description : GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.
Last Answer : (d) When subsidies exceeds indirect taxes.
Description : GDP at market price exceeds GDP at factor cost by the amount of revenue raised through ………………. (a) Direct taxes ; (b) Indirect taxes ; (c) Income tax ; (d) Tax on rents
Last Answer : ; (b) Indirect taxes ;
Description : Which is not added in the calculation of national income in India? (a) The value of goods and services. (b) The sold value of old fridge. © Services rendered by the housewives (d) Both (b) and (c)
Last Answer : (d) Both (b) and (c)
Description : If the disposal income of a household decreases by 10% and the demand for X commodity remains same. The income elasticity of X is (a) 0 ; (b) 0.5 ; (c) 0.5 ; (d) 2.5
Last Answer : (a) 0 ;
Description : If the disposal income of a household increases by 10% and the demand for X commodity increased by 10% the income elasticity of X is (a) 1.5 ; (b) 0.5 ; (c) 1.5 ; (d) 1.0
Last Answer : (d) 1.0
Description : If the disposal income of a household increases by 10% and the demand for X commodity increased by 25%. The income elasticity of X is (a) 1.5 ; (b) -0.5 ; (c) 2.5 ; (d) -2.5
Last Answer : ; (c) 2.5 ;
Description : If the disposal income of a household increases by 10% and the demand for bread falls by 5%. The income elasticity of bread is (a) 0.5 ; (b) -0.5 ; (c) 1.0 ; (d) -1.0
Last Answer : (b) -0.5 ;
Description : The relationship between aggregate consumption expenditure and aggregate income of household sector is known as ………………………. function. (a) Consumption ; (b) Saving ; (c) Expenditure ; (d) Income
Last Answer : (a) Consumption
Description : Under the law of demand ceteris paribus is/are (a) Price of other goods ; (b) Disposal income ; (c) Tastes and preferences ; (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
Description : In an open economy (a) GDP=GNP ; (b) GDP>GNP ; (c) GDP
Last Answer : ; (d) All the three are possible
Description : In a closed economy (a) GDP=GNP ; (b) GDP>GNP ; (c) GDP
Last Answer : (a) GDP=GNP ;
Description : A goods can be considered a normal goods in economics if increase in disposal income of the consumer causes (a) An increase in demand ; (b) No change in demand ; (c) Decrease in demand ; (d) Less than proportionate change in demand
Last Answer : (a) An increase in demand ;
Description : A goods can be considered inferior goods in economics if increase in disposal income of the consumer causes (a) An increase in demand ; (b) No change in demand ; (c) Decrease in demand ; (d) Less than proportionate change in demand
Last Answer : ; (c) Decrease in demand ;
Description : Which of these is not a factor of quantity supplied (a) Price of the goods ; (b) Price of the related other goods; (c) Cost of production ; (d) Consumers disposal income
Last Answer : ; (d) Consumers disposal income
Description : The income elasticity of demand of normal goods is generally (a) >1 ; (b) < 1 ; (c) < 0 ; (d) > 0
Last Answer : ; (d) > 0
Description : The income elasticity of demand of inferior goods is generally (a) >1 ; (b) < 1 ; (c) < 0 ; (d) = 0
Last Answer : (c) < 0 ;
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 ;
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 ;
Description : Goods or services that are necessary for living are (a) Needs ; (b) Desires ; (c) Wants ; (d) Essentials
Last Answer : (a) Needs ;
Description : Goods or services that are not necessary for living are (a) Needs ; (b) Desires ; (c) Wants ; (d) Essentials
Last Answer : ; (c) Wants ;
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
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
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 ;
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 ;
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 ;
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 ;
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% ;
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% ;
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 ;
Description : If GDP exceeds GNP the possible reasons could be (a) Foreigners are earning more in India than Indians are earning in foreign countries (b) High incidence of plant and machinery wear out (c) Indian are earning more in foreign countries than foreigners earnings in India (d) None
Last Answer : (a) Foreigners are earning more in India than Indians are earning in foreign countries
Description : Nominal GDP is measured in ………………..prices (a) Base year ; (b) Current year ; (c) 1980 ; (d) 2000
Last Answer : (b) Current year ;
Description : Real GDP is measured in………….prices (a) Base year ; (b) Current year ; (c) 1980 ; (d) 2000
Last Answer : Base year
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 ;
Description : Which of the following equation is correct (a) NDP=GDP- Depreciation ; (b) NDP=GDP+ Depreciation ; (b) NDP=GDP- Depreciation-subsidy; (d) NDP=GDP- Depreciation+subsidy
Last Answer : (a) NDP=GDP- Depreciation ;