Answer: Option D. -> same
Answer: (d)
An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of satisfaction to the consumer. Therefore, he is indifferent between any two combinations of goods when it comes to making a choice between them.
So if, for example, a consumer makes five combinations a, b, c, d and e of two substitute commodities, X and Y, all these combinations yield the same level of satisfaction indicated by U.

Answer: Option B. -> Percentage share of services is higher than agriculture and industry put together
Answer: (b)
The services sector has the largest share in the GDP, accounting for 55% in 2007, up from 15% in 1950.
Industry accounts for 28% of the GDP and employs 14% of the total workforce. Agriculture and allied sectors like forestry, logging and fishing accounted for 15.7% of the GDP in 2009–10.

Answer: Option B. -> an increase in national income at base year prices
Answer: (b)
To find the real value of changes in output under inflationary conditions, the effects of any general price increase (price inflation) must be taken into account.
This is done by holding prices constant from a starting measure, called the base year. It holds prices constant in terms of the prices existing in the base year.

Answer: Option B. -> consumer’s sovereignty
Answer: (b)
Consumer Sovereignty is one of the features of a free-market economy.
It refers to the assertion consumer preferences determine the production of goods and services. In a free market system, market performance is in fact responsive to the specific wants of the consumers within the system.

Answer: Option A. -> Net National Product at market prices
Answer: (a)
Net national product at market price is the market value of the output of final goods and services produced at the current price in one year of a country.
If we subtract the depreciation charges from the gross national product, we get the net national product at market price.
Net national product at market price = Gross national product at market price - Depreciation.

Answer: Option A. -> Dadabhai Naoroji
Answer: (a)
Dadabhai Naoroji prepared the first estimates of National income in 1876. He estimated the national income by first estimating the value of agricultural production and then adding a certain percentage as nonagricultural production.
However, such a method can only be called a non-scientific method. The first person to adopt a scientific procedure in estimating the national income was Dr VKRV Rao in 1931.

Answer: Option C. -> money values of the total national production for any given period
Answer: (c)Gross national product (GNP) is the market/monetary value of all products and services produced in one year by labour and property supplied by the residents of a country.

Answer: Option B. -> increase in demand accompanied by a decrease in supply.
Answer: (b)
The price of a commodity is always determined by the forces of demand and supply in the market.
The price at which the amount demanded and the amount supplied are equal is known as ‘equilibrium price.’
The equilibrium price definitely increases when there is an increase in demand combined with a decrease in supply.

Answer: Option A. -> Pension
Answer: (a)
The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation. Transfer incomes are excluded from national income.
Therefore, wages of labourers will be included, pensions of retired workers will be excluded from national income.
Labour income includes compensations in kind. Non-labour income includes dividends, undistributed profits of corporations before taxes, interest, rent, royalties, profits of non-incorporated enterprises and of government enterprises.

Answer: Option D. -> Primary Sector
Answer: (d)The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing, mining, and extraction of oil and gas.