introduction to macro economics section 3 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Macro Economics topic of indian economy mcq
(a) NNP at Factor Cost
(b) NNP at Market Price
(c) GNP at Market Price
(d) GNP at Factor Cost
The correct answers to the above question in:
Answer: (d)
National Income is the total value of all goods and services produced in the economy during a particular period of time.
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Read more introduction to macro economics Based Indian Economy Questions and Answers
Question : 1
What is included in the Tetiary sector ?
a) Forestry
b) Mining
c) Manufacturing
d) Banking
Answer »Answer: (d)
The tertiary industry is the segment of the economy that provides services to its consumers.
It includes a wide range of activities that are service-based and give non-tangible value to customers such as the provision of trading, insurance, banking, etc.
The other sectors are the secondary sector (manufacturing), and the primary sector (agriculture and allied activities).
Question : 2
Which of the following is not a feature of a capitalist economy?
a) Service motive
b) Freedom of choice to consumers
c) Existence of competition
d) Right to private property
Answer »Answer: (a)
Capitalism is an economic system in which each individual in his capacity as a consumer, producer, and the resource owner is engaged in economic activity with a large measure of economic freedom.
The inspiring force in this system is self-interest and maximization of profit. The decisions of businessmen, farmers, producers, including that of wage-earners are based on the profit motive.
Question : 3
Which of the following is a better measurement of Economic Development ?
a) NNP
b) Per capita income
c) Disposable income
d) GDP
Answer »Answer: (b)
Per capita income or average income or income per person is the mean income within an economic aggregate, such as a country or city.
It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross National Income) and dividing it by the total population. Measurement of personal income is the best measure of the economic well-being of individuals and nations.
Besides, it helps to show the level of inequality in a society or country.
Question : 4
An economy in which there are no flows of labour, goods or money to and from other nations is a/an
a) closed economy
b) open economy
c) mixed economy
d) slow economy
Answer »Answer: (a)
An economy that does not interact with the economy of any other country is known as a closed economy.
A closed economy is self-sufficient, meaning no imports are brought in and no exports are sent out. It is the opposite of an open economy, in which a country conducts trade with outside regions.
Question : 5
According to Keynes, business cycles are due to variation in the rate of investment caused by fluctuations , in the
a) Marginal propensity to consumption
b) Marginal efficiency to investment
c) Marginal propensity to save
d) Marginal efficiency of capital
Answer »Answer: (d)
According to Keynes’ ‘General Theory of Employment, Interest and Money,’ business cycles are caused by variations in the rate of investment which are caused by fluctuations in the marginal efficiency of capital.
Marginal efficiency of capital means the expected profits from new investments.
Question : 6
Preparation of butter, ghee by a household for their own use is a part of :
a) industrial production
b) consumption
c) household capital formation
d) own-account production
Answer »Answer: (b)
- The processing of agricultural products;
- The production of grain by threshing;
- The production of flour by milling;
- The curing of skins and the production of leather;
- The production and preservation of meat and fish products;
- The preservation of fruit by drying, bottling, etc.;
- The production of dairy products such as butter or cheese;
- The production of beer, wine or spirits; the production of baskets and mats; etc,
comes under processing of primary commodities for own consumption.
GET Introduction to Macro Economics PRACTICE TEST EXERCISES
introduction to macro economics section 1
introduction to macro economics section 2
introduction to macro economics section 3
introduction to macro economics section 4
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introduction to macro economics section 6
Introduction to Macro Economics Shortcuts and Techniques with Examples
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