introduction to indian economy section 14 MCQ Questions & Answers Detailed Explanation

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The following question based on Introduction to Indian Economy topic of indian economy mcq

Questions : GDP at Factor Cost is

(a) GDP minus depreciation allowances

(b) GDP minus indirect taxes plus subsidies

(c) NNP plus depreciation allowances

(d) GDP minus subsidies plus indirect taxes

The correct answers to the above question in:

Answer: (b)

Gross value added at factor cost (formerly GDP at factor cost) is derived as the sum of the value-added in the agriculture, industry and services sectors.

If the value-added of these sectors is calculated at purchaser values, gross value added at factor cost is derived by subtracting net product taxes from GDP.

GDP at Factor Cost is called Real GDP. This is because it takes into account various other factors which give a clearer picture of the GDP.

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Question : 1

Net National Product (NNP) of a country is

a) GDP plus net income from abroad

b) GNP minus depreciation allowances

c) GNP minus net income from abroad

d) GDP minus depreciation allowances

Answer: (b)

Net National Product (NNP) of a country is GNP minus depreciation allowances.

NNP is the actual addition to the year’s wealth. While calculating GNP, we ignore depreciation of assets but in reality, the process of production uses up the fixed assets or there is some wear and tear or fixed assets by process of depreciation.

In order to arrive at NNP, we deduct depreciation from GNP.

Question : 2

Which one of the following is not a scheme/project of the present Government?

a) Swachh Bharat

b) AMRUT

c) AYUSH

d) Jan Dhan Yojana

Answer: (a)

Swachh Bharat is India’s biggest ever cleanliness campaign that was originally known as Nirmal Bharat Abhiyan and Total Sanitation Campaign from 1999 to 2012.

On 2 October 2014, the Nirmal Bharat Abhiyan campaign was relaunched as Swachh Bharat Abhiyan (Clean India Mission) which aims to eradicate open defecation by 2019.

Question : 3

Fiscal deficit implies

a) Total expenditure – Total receipts

b) Total expenditure – (Revenue receipts + receipts from disinvestment)

c) Total expenditure – (Revenue receipts + recovery of loans + receipts from disinvestment)

d) Total expenditure – Disinvestment receipts

Answer: (c)

Fiscal Deficit: When a government’s total expenditure exceeds the revenue that it generates (excluding money from borrowings).

Deficit differs from debt, which is an accumulation of yearly deficits.

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