MCQs
Total Questions : 112
| Page 8 of 12 pages
Answer: Option C. -> All of the above
Answer: (c)
Answer: (c)
Question 72. Consider the following statements regarding India:
Select the correct answer using the code given below:
- Exports (of goods and services) as a per cent of GDP has steadily decreased in the last decade
- Imports (of goods and services) as a per cent of GDP has steadily increased in the last decade
- Trade as a per cent of GDP has steadily decreased in the last decade
Select the correct answer using the code given below:
Answer: Option D. -> None of the above
Answer: (d)
Answer: (d)
Question 73. Which of the following statements are true regarding Gross National Income:
Select the correct answer using the code given below:
- It is the income earned by a country's Residents
- It is the income earned by a country's residents and nonresidents both
- It is calculated at market price by NSO
- It is equal to GDP plus exports minus imports
Select the correct answer using the code given below:
Answer: Option C. -> (i) & (iii) only
Answer: (c)
Gross National Income (GNI) is the income earned by Indian residents only whether in India or abroad.
(If an Indian has gone abroad for less than 6 months then also, he is an Indian resident only).
GNI does not include the income earned by Non-Resident Indians (NRIs). And it is equal to GDP plus net factor income from abroad (NFIA).
GNI = GNP = GDP + NFIA
Answer: (c)
Gross National Income (GNI) is the income earned by Indian residents only whether in India or abroad.
(If an Indian has gone abroad for less than 6 months then also, he is an Indian resident only).
GNI does not include the income earned by Non-Resident Indians (NRIs). And it is equal to GDP plus net factor income from abroad (NFIA).
GNI = GNP = GDP + NFIA
Answer: Option B. -> Minimum Support Prices
Answer: (b)
Answer: (b)
Answer: Option C. -> 3, 1, 2
Answer: (c)
Answer: (c)
Answer: Option B. -> (ii) only
Answer: (b)
Goods and services produced in India and sold outside the country i.e. to foreigners are referred to as exports. But the Net Factor Income from Abroad (NFIA) is the income earned by the four factors of production from abroad.
In case of NFIA, the production happens abroad but in case of exports, the production happens in the domestic country. So NFIA is different from exports and hence statement (i) is false
Now (post-2015), the indirect taxes and subsidies are included in the GDP and GNP calculation.
So, statement (ii) is true
Answer: (b)
Goods and services produced in India and sold outside the country i.e. to foreigners are referred to as exports. But the Net Factor Income from Abroad (NFIA) is the income earned by the four factors of production from abroad.
In case of NFIA, the production happens abroad but in case of exports, the production happens in the domestic country. So NFIA is different from exports and hence statement (i) is false
Now (post-2015), the indirect taxes and subsidies are included in the GDP and GNP calculation.
So, statement (ii) is true
Question 77. Consider the following statements regarding Gross Domestic Product:
Select the correct answer using the code given below:
- It is the value added by all the firms in the economy
- It is the final value of goods and services produced in the economy
- It is the sum of final consumption and investment expenditure by the household, private and government sector and net of exports and imports
- It is the income received by the four factors of production
Select the correct answer using the code given below:
Answer: Option D. -> All of the above
Answer: (d)
GDP is the sum of the final value of all goods and services (consumption and capital) produced in the economy or it can also be defined as the value added by all the enterprises/firms in the economy (by value-added method). So (i) & (ii) statements are true.
By expenditure method, GDP = C + I + G + X-M
C + I + G is the expenditure done by the three sectors of the economy on two types of final goods i.e. consumption and capital (investment goods). X-M is the net of exports and imports. So, (iii) statement is also true.
By the Income method, GDP is also equal to the income received by the four factors of production i.e. Profit, Rent, Interest and wages. So, (iv) statement is also true.
Answer: (d)
GDP is the sum of the final value of all goods and services (consumption and capital) produced in the economy or it can also be defined as the value added by all the enterprises/firms in the economy (by value-added method). So (i) & (ii) statements are true.
By expenditure method, GDP = C + I + G + X-M
C + I + G is the expenditure done by the three sectors of the economy on two types of final goods i.e. consumption and capital (investment goods). X-M is the net of exports and imports. So, (iii) statement is also true.
By the Income method, GDP is also equal to the income received by the four factors of production i.e. Profit, Rent, Interest and wages. So, (iv) statement is also true.
Answer: Option B. -> Agricultural Sector
Answer: (b)
Answer: (b)
Answer: Option B. -> Two months
Answer: (b)
National Statistical Office (NSO) releases the quarterly and annual GDP data with a lag of two months.
For example, the data for the GDP and GDP growth for FY 2019-20 will be released on 31st May 2020.
Answer: (b)
National Statistical Office (NSO) releases the quarterly and annual GDP data with a lag of two months.
For example, the data for the GDP and GDP growth for FY 2019-20 will be released on 31st May 2020.
Answer: Option B. -> Pantnagar
Answer: (b)
Answer: (b)
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