national income & human development index section 2 MCQ Questions & Answers Detailed Explanation

Answer: (d)

Answer: (a)

India is a labour-surplus economy because in India there is disguised unemployment along with under-employment which means that a qualified, skilled workforce willing to work is available but there are not enough employment opportunities.

Trade Surplus Economy - Economic measure of positive Balance of trade where a country’s export exceed its imports. Surplus Labour is a concept used by Karl Marx in his critique of political economy.

Capital Surplus - It is equity that cannot otherwise be classified as capital stock or retained earnings.

Answer: (a)

The first person to adopt a scientific procedure in estimating the national income was Dr. V.K.R.V Rao in 1931.

Answer: (d)

Answer: (a)

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.