national income & human development index section 3 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) Prof. Shenoi
(b) P. N Dhar
(c) V. K. R. V Rao
(d) Jagdish Bhagwati
The correct answers to the above question in:
Answer: (c)
The first person to adopt a scientific procedure in estimating the national income was Dr VKRV Rao in 1931.
PN Dhar - He was an economist & head of Indira Gandhi’s Secretariat Jagdish Bhagwati - An Indian Economist. He is a University professor of economics and law at Columbia University.
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Question : 1
The value of all final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year is termed as
a) Net National Income
b) Gross National Income
c) Gross Domestic Product
d) Net Domestic Product
Answer »Answer: (b)
The sum of a nation’s gross domestic product (GDP) plus net income received from overseas.
Gross national income (GNI) is defined as the sum of value added by all producers who are residents in a nation, plus any product taxes (minus subsidies) not included in the output, plus income received from abroad such as employee compensation and property income.
Question : 2
Which one of the following is the correct sequence in the decreasing order of contribution of different sectors to the Gross Domestic Product of India?
a) Service, Agriculture, Industry
b) Service, Industry, Agriculture
c) Industry, Agriculture, Service
d) Industry, Service, Agriculture
Answer »Answer: (b)
Question : 3
Consider the following statements:
- The percentage of urban population in India according to 2011 census is 31.16.
- Uttar Pradesh is the most populated state in India according to 2011 census.
a) 1 and 2
b) 2 only
c) 1 only
d) None
Answer »Answer: (a)
Both the statements are correct.
Question : 4
The term National Income represents:
a) Gross national product at market prices minus depreciation plus net factor income from abroad.
b) Gross national product at market prices minus depreciation
c) Gross national product at market prices minus depreciation and indirect taxes plus subsidies.
d) Gross national product at market prices minus net factor income from abroad.
Answer »Answer: (c)
Question : 5
The “Dual Economy” is a mixture of ?
a) industrial sector and manufacturing sectors
b) traditional agriculture sector and modern industrial sector
c) state ownership of the means of production
d) industrial sector and trading of goods obtained through imports
e) None of these
Answer »Answer: (b)
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.
The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.
Question : 6
GDP is defined as the value of all
a) goods and services in an economy in a year
b) goods produced in an economy in a year
c) final goods produced in an economy in a year
d) final goods and services produced in an economy in a year.
Answer »Answer: (d)
GDP is defined as the value of all final goods and services produced in an economy in a year.
The total quantity of goods produced in an economy during the year is multiplied by their current prices to get the GDP. Gross Domestic Product can be calculated using formulas.
GDP = C + G + I + NX
Where, C - Private consumption or consumer spending in the national economy.
G - Sum of Govt. spending.
I - Sum of all the country’s investment including business Capital expenditure.
NX - Nation’s total next exports
NX = Export – Import
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