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) Net Domestic Product
(b) Gross Domestic Product
(c) Net National Product
(d) Per capita real income
The correct answers to the above question in:
Answer: (d)
The most appropriate measure of a country’s economic growth is its per capita real income. Per capita income is average income, a measure of the wealth of the population of a nation.
It is used to measure a country’s standard of living thus a better indicator of economic growth. Economic growth is the increase in the inflation-adjusted market value of the Goods and services produced by the economy over time.
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Question : 1
Consider the following stages of demographic transition associated with economic development:
- Low birth rate with a low death rate
- High birth rate with a high death rate
- High birth rate with a low death rate
a) 2, 1 and 3
b) 1, 2 and 3
c) 2, 3 and 1
d) 3, 2 and 1
Answer »Answer: (c)
With low economic development, generally, the economy has a high birth rate and high death rate with less awareness and improper healthcare.
As an economy develops, the birth rate remains high but the death rate declines due to improved healthcare. However, with the highest economic development, birth rate and death rate lowers because of max awareness and excellent healthcare.
Question : 2
Consider the following statements regarding Indian planning.
- The second five year plan emphasized on the establishment of heavy industries.
- The third five year plan aimed to achieve self-sufficiency in foodgrains and increase agricultural production to meet the requirements of industry and exports.
a) 2 only
b) 1 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer »Answer: (c)
The Second Five Year Plan heralded in a true sense the Socialist Project of the then Prime Minister, Jawaharlal Nehru. The economic policies of Nehru were heavily influenced by the erstwhile Union of Soviet Socialist Republics (USSR) which had followed the path of speedy industrialisation to expand the manufacturing base of its economy.
The Second Five year Plan focused mainly on heavy industry as against the First Plan which was essentially an agricultural plan. This was done to boost domestic production and manufacturing of goods. The third plan aimed to achieve self-sufficiency in foodgrains and to increase agricultural production to meet the requirements of industry and exports.
Question : 3
‘World Development Report’ is an annual publication of
a) United Nations Development Programme
b) International Bank of Reconstruction and Development
c) World Trade Organisation
d) International Monetary Fund
Answer »Answer: (b)
Question : 4
The most appropriate measure of a country’s economic growth is its
a) Net Domestic Product
b) Gross Domestic Product
c) Per Capita Real Income
d) Net National Product
Answer »Answer: (c)
Question : 5
The Per Capita Income in India was ` 20 in 1867-68 was ascertained for the first time by
a) Sir W. Hunter
b) M.G. Ranade
c) Dadabhai Naoroji
d) R.C. Dutta
Answer »Answer: (c)
Question : 6
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.
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