national income & human development index section 1 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 5 EXERCISES
The following question based on National Income & Human Development Index topic of indian economy mcq
(a) UK
(b) USA
(c) Russia
(d) France
The correct answers to the above question in:
Answer: (c)
The concept of Economic planning in India is derived from Russia.
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Question : 1
The national income of a country for a given period is equal to the
a) Sum of total consumption and investment expenditure
b) Total value of goods and services produced by the nationals
c) Money value of final goods and services produced
d) Sum of personal income of all individual
Answer »Answer: (c)
Question : 2
Planning was considered a prerequisite :
- For balanced socio-economic development
- For extending the benefits of development in an even manner.
- For focussing on removal of regional disparities
- For maximizing the utilization of available resources
a) 1, 2 and 3
b) 1 and 2
c) 2, 3 and 4
d) All the above
Answer »Answer: (d)
Planning was considered for balanced socio-economic development to focus on removal of regional disparities and maximizing the utilization of available resources.
Question : 3
Net National Product (NNP) of a country is
a) GDP plus net income from abroad
b) GDP minus depreciation allowances
c) GNP minus net income from abroad
d) GNP minus depreciation allowances
Answer »Answer: (d)
The 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 : 4
Which of the following statements is/are correct?
- If a country is experiencing an increase in its per capita GDP, its GDP must necessarily be growing.
- If a country is experiencing negative inflation its GDP must be decreasing.
a) Only 2
b) Only 1
c) Both 1 and 2
d) Neither 1 nor 2
Answer »Answer: (b)
Negative Inflation is a decrease in price level and economic growth is defined as GDP rise. A decrease in inflation means the prices have fallen.
So, there is an increase in purchasing power of money. It is increased consumption therefore GDP increases.
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