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Flashcards in Economics MCQ Deck (228)
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1

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

2

Which Department/ Organisation is responsible for calculating GDP?

CSO - Central Statistical Organisation

3

Which sector contributes maximum to the Indian GDP?
-> Primary
-> Secondary
-> Services
-> All contribute equally

Service sector

4

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

5

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

6

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

7

NNP value at consumer point is?
-> NNP - fc
-> NNP - mp
-> GNP - mp
-> GNP - fc

NNP - mp

8

When depreciation is deducted from GNP, the net value is?
-> NNP
->NDP
-> GNP
-> Disposable Income

NNP

9

What is the difference between GDP and NNP?
-> Depreciation
-> Depreciation and NFIA
-> NFIA and taxes
-> Taxes and Depreciation

Depreciation adn NFIA

10

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

11

Which of the method is not used to caluculate national income in India?
-> Production/ Value added method
-> Expenditure
-> Income
-> Subtraction

Subtraction

12

Which of the following is not a part of tertiary sector?
-> Transportation
-> Banking
-> Education
-> Agriculture

Agriculture

13

Which of the following is dealt in micro-economics?
-> National Income
-> Aggrergate Demand
-> Individual Demand
-> Money

Individual Demand

14

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

15

Which of the following is to be subtracted from GNP to derive NNP?
-> Indirect Tax
-> Subsidies
-> Depreciation
-> All of the above

Depreciation

16

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

17

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

18

Sum of GDP and NFIA is called?
-> GNP
-> NNP
-> Real GDP
-> NDP

GNP

19

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

20

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

a necessity

elaticity of demand is high in case of luxury

21

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

22

The horizontal demand curve parallel to x-axis implies that the elasticity of demand is?
-> zero
-> infinite
-> equal to one
-> greater than zero but less than infity

Infinite

23

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

24

During a particular year farmer experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift
-> Rightward
-> Leftwards
-> Downward
-> Rise in supply

Leftwards

25

Price of product falls by 10% and its demand rise by 30%. the elasticity of demand is.
-> 10%
-> 30%
-> 3%
-> 13%

3%

26

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

27

Normally a demand curve will have the shape
-> horizontal
-> vertical
-> downward sloping
-> upward sloping

downward sloping

28

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

29

Planning Commission was established by GoI in ?
-> January 1948
-> February 1951
-> March 1950
-> May 1948

March 1950

30

National Planning Committee was appointed under Presidenship/Chairmanship of Jawaharlal Nehru in?
-> 1930
-> 1932
-> 1932
-> 1938

1938 - formed before Independence of India