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
- Foreigners working in Indian Embassies are normal residents of India.
- Foreigners working in the office of WHO, World Bank, UNO etc, located in India are not normal residents of India.
- Indians working in foreign embassies in India are not normal residents of India.
(a) 1 and 3
(b) Only 1
(c) Only 3
(d) All of these
The correct answers to the above question in:
Answer: (a)
Statement 2 is correct as it comes under the perview of nonresident/International resident.
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Question : 1
Per capita income is obtained by dividing national income by
a) total working population
b) total population of the country
c) area of the country
d) volume of the capital used
Answer »Answer: (b)
Per capita income is obtained by dividing national income by the total population of the country per capita income, also known as income per person, is the mean income of the people in a country.
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.
Question : 2
The standard of living in a country is represented by its
a) Per capita income
b) Poverty ratio
c) National income
d) Unemployment rate
Answer »Answer: (a)
Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country. Per capita income is often used to measure a country’s standard of living.
Poverty Ratio: Ratio of the number of people whose income falls below poverty sine, taken as half the median household income of the total population.
National Income: Total amount of money earned within a country.
Unemployment rate: It is defined most basically as the percentage of the total labour force that is unemployed but actively seeking employment and willing to work.
Question : 3
ABC Index announced by the Government of India is associated with which of the following?
a) Health
b) Agriculture
c) Education
d) Communication
Answer »Answer: (a)
Question : 4
Consider the following statements :
- Agriculture and Allied sectors contribute less than 20% of Gross Domestic product of India.
- Around 60% of net sown agricultural area of India is depended on rainfall.
a) 2 only
b) 1 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer »Answer: (c)
Agriculture and Allied sectors contribute less than 20% around 17% of the Gross Domestic Product of India.
Around 60% of the net sown agricultural area of India is dependent on rainfall.
Question : 5
What does the term ‘Green shoots’ represent in an Economy?
a) signs of economic recovery during an economy downturn
b) signs of growth of agriculture sector in a growing economy
c) signs of growth of agriculture sector in a declining economy
d) signs of economic decline in a developed economy.
Answer »Answer: (a)
Green shoots is the first signs of an improvement in an economy that is performing badly. It was first used in this sense by Norman Lamont, the then Chancellor of the Exchequer of the United Kingdom, during the 1991 recession.
Question : 6
Consider the following statements:
- The state sets broad parameters and goals for the economy.
- The targets to be achieved are broadly set by the state.
- The plan is made for the specific time period of about 15 years.
a) 1 and 2
b) 1, 2 and 3
c) 1 and 3
d) only 1
Answer »Answer: (a)
Indicative planning is a form of economic planning implemented by a state in an effort to solve the problem of imperfect information in the market and mixed economies in order to increase economic performance.
Regarding indicative planning, the state sets broad parameters and goals for the economy and the targets to be achieved are broadly set by the state.
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