national income & human development index section 2 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) Socialist system
(b) Gandhian system
(c) Capitalist system
(d) Mixed economy system
The correct answers to the above question in:
Answer: (d)
The planned economy is based on the mixed economy system. The concept of a mixed economy evolved from the ideas of Keynes. The concept of Mixed Economy means that both private enterprises and public enterprises coexist.
However, the condition attached is that the private enterprises must work for serving society rather than having only self-interest. Further, private enterprises may not be allowed in every sector of the economy like areas of national importance. Gandhian Economic order is based on co-operation equality, human values self-sufficient village, nationalisation of basic industries & theory of trusteeship.
A socialistic economic system is characterised by social ownership and democratic control of the means of production.
Capitalist system: It is the system where means of production are owned by private individuals profit is the main motive & there is no interference by the Govt in the economic activity.
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Read more national income human development index Based Indian Economy Questions and Answers
Question : 1
National income ignores
a) salary of employees
b) sales of a firm
c) exports of the IT sector
d) sale of land
Answer »Answer: (d)
National Income ignores sale of land.
Question : 2
What was India’s estimated GDP growth rate for 2018-19 in the Economic survey?
a) 7.2% - 7.5%
b) 6.3% - 7.1%
c) 7% - 7.2%
d) 7% - 7.5%
Answer »Answer: (d)
Question : 3
Consider the following statements:
- Minimum Wages Act is only applicable to the scheduled employments of the centres and the states.
- Minimum Wages Act has allowed discrimination between male and female workers or different minimum wages for them.
a) 1 and 2
b) 2 only
c) 1 only
d) None
Answer »Answer: (c)
The Minimum Wages Act, 1948 is Indian legislation enacted by the Parliament of India for statutory fixing of minimum wages to be paid to skilled and unskilled labours of centre and state.
Minimum Wages Act does not allow discrimination between male and female workers.
Question : 4
Which one of the following organisations publishes the Human Development Report?
a) UNDP
b) UNESCO
c) IMF
d) World Bank
Answer »Answer: (a)
Question : 5
Human Development Index comprises literacy rates, life expectancy at birth and
a) GDP per head at real purchasing power.
b) GDP per head in the US dollars.
c) GNP in US dollars
d) National Income per head in US dollars.
Answer »Answer: (a)
HDI combines three dimensions:
- A long and healthy life: Life expectancy at birth,
- Education index: Mean years of schooling and
- Expected years of schooling and a decent Standard of living.
Question : 6
National income is based on the
a) production of goods and services
b) total revenue of the state
c) net profit earned and expenditure made by the state.
d) the sum of all factors of income
Answer »Answer: (a)
National Income is based on the production of goods and services.
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including
- gross domestic product (GDP),
- gross national product (GNP),
- net national income (NNI), and
- adjusted national income (NNI* adjusted for natural resource depletion).
GET National Income & Human Development Index PRACTICE TEST EXERCISES
national income & human development index section 1
national income & human development index section 2
national income & human development index section 3
national income & human development index section 4
national income & human development index section 5
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