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) France
(b) United States
(c) United Kingdom
(d) Spain
The correct answers to the above question in:
Answer: (b)
The economy of France is the world’s largest single national economy.
It has the highest percentage of the services sector in the GDP equivalent to 79.8%.
The service sector percentage for India is 56.9%
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Question : 1
Which of the following methods is not being used in the unemployment estimation by the NSSO in India?
a) Current daily status
b) Current monthly status
c) Usual principal status
d) Current weekly status
Answer »Answer: (b)
Question : 2
Which one of the following is not a method of measurement of National income?
a) Income Method
b) Value Added Method
c) Expenditure Method
d) Investment Method
Answer »Answer: (d)
The investment method is not a method of measurement of National income.
There are three methods of measurement:
- income method,
- product or value-added method and
- the expenditure method.
The investment method is only appropriate if the property is let or operated under a management structure by a third party. Income method - Under this method National income is measured as a flow of factor income.
Question : 3
The main source of National income in India is
a) agriculture
b) service sector
c) industrial sector
d) trade sector
Answer »Answer: (b)
The service sector is one of the three economic sectors. it includes:
- telecommunication,
- hospitality industry/tourism,
- mass media,
- healthcare/hospitals,
- information technology,
- banking,
- insurance,
- investment management,
- accountancy,
- legal services,
- consulting,
- retail sales,
- real estate, and
- education.
The maximum contribution to national income comes from the service sector which contributes more than 50%.
Question : 4
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 : 5
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 : 6
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.
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