introduction to indian economy section 4 Practice Questions Answers Test with Solutions & More Shortcuts
Introduction to Indian Economy PRACTICE TEST [14 - EXERCISES]
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
introduction to indian economy section 4
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introduction to indian economy section 13
introduction to indian economy section 14
Question : 37
Consider the following statements in regards to the GDP of a country:
- Real GDP is calculated by keeping inflation into consideration.
- Nominal GDP is calculated on the basis of the prices of goods and services produced in the current year.
a) 1 and 2 both
b) 2 only
c) 1 only
d) None
Answer »Answer: (a)
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation). Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region.
Question : 38 [SSC CGL 2016]
The main effect of Direct Taxes is on
a) Consumer goods
b) Food prices
c) Capital goods
d) Income
Answer »Answer: (d)
Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity.
In general, it is a tax imposed on income as distinct from a tax imposed upon a transaction. These are largely taxes on income or wealth. Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax.
Question : 39 [SSC GL 2013]
Identify the one which is not related to the Agricultural Price Policy.
a) Licensing
b) Imports
c) Support price
d) Buffer stock
Answer »Answer: (a)
Licensing is a marketing and brand extension tool that is widely used by everyone from major corporations to the smallest of small businesses.
A license may be issued by authorities, to allow an activity that would otherwise be forbidden.
Question : 40 [SSC LDEO 2011]
‘Mixed economy’ refers to
a) the co-existence of public as well as private sector
b) the promotion of agriculture as well as cottage industries
c) the co-existence of rich as well as poor
d) the co-existence of heavy, small scale and cottage industries
Answer »Answer: (a)
Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
IMPORTANT indian economy mcq EXERCISES
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Top 500+ Basic Indian Economy GK MCQ Quiz For SSC IBPS »
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Top 500+ Indian Economy GK MCQs Quiz PDF For SSC UPSC RRB »
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Introduction to Indian Economy Shortcuts »
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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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