introduction to macro economics section 4 Practice Questions Answers Test with Solutions & More Shortcuts
Introduction to Macro Economics PRACTICE TEST [6 - EXERCISES]
introduction to macro economics section 1
introduction to macro economics section 2
introduction to macro economics section 3
introduction to macro economics section 4
introduction to macro economics section 5
introduction to macro economics section 6
Question : 1 [SSC CGL 2016]
What is included in the Tetiary sector ?
a) Forestry
b) Mining
c) Manufacturing
d) Banking
Answer »Answer: (d)
The tertiary industry is the segment of the economy that provides services to its consumers.
It includes a wide range of activities that are service-based and give non-tangible value to customers such as the provision of trading, insurance, banking, etc.
The other sectors are the secondary sector (manufacturing), and the primary sector (agriculture and allied activities).
Question : 2 [SSC CGL 2016]
Which of the following is not a feature of a capitalist economy?
a) Service motive
b) Freedom of choice to consumers
c) Existence of competition
d) Right to private property
Answer »Answer: (a)
Capitalism is an economic system in which each individual in his capacity as a consumer, producer, and the resource owner is engaged in economic activity with a large measure of economic freedom.
The inspiring force in this system is self-interest and maximization of profit. The decisions of businessmen, farmers, producers, including that of wage-earners are based on the profit motive.
Question : 3 [SSC SO 2007]
Which of the following is a better measurement of Economic Development ?
a) NNP
b) Per capita income
c) Disposable income
d) GDP
Answer »Answer: (b)
Per capita income or average income or income per person is the mean income within an economic aggregate, such as a country or city.
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. Measurement of personal income is the best measure of the economic well-being of individuals and nations.
Besides, it helps to show the level of inequality in a society or country.
Question : 4 [SSC HSLDEO 2010]
National Income include :
a) Winning of a lottery prize
b) Construction of a new house
c) Pocket money of a child
d) Financial help to earthquake victims
Answer »Answer: (b)
National income is the total value of a country’s final output of all new goods and services produced in one year.
So the construction of a new house is certainly output of goods. Transfer payments are not a part of the national income.
So private sector transfers including charitable donations and prizes to lottery winners are excluded from it.
Question : 5
Gross National Product is the money measure of
a) services generated annually in the economy
b) all tangible goods available in the economy
c) final goods and services produced in the economy
d) all tangible goods produced in a country
Answer »Answer: (c)
Gross national product (GNP) is the market value of all products and services produced in one year by labour and property supplied by the residents of a country.
It is the total value of all final goods and services produced within a nation in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country.
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Introduction to Macro Economics Shortcuts »
Click to Read...introduction to macro economics section 4 Online Quiz
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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