national income & human development index section 2 Practice Questions Answers Test with Solutions & More Shortcuts
National Income & Human Development Index PRACTICE TEST [5 - EXERCISES]
national income & human development index section 1
national income & human development index section 2
national income & human development index section 3
national income & human development index section 4
national income & human development index section 5
Question : 27
It will be true to classify India as
a) a labour-surplus economy
b) a food-deficit economy
c) a trade-surplus economy
d) a capital-surplus economy
Answer »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.
Question : 28 [BPSC 2017]
The economist who for the first time scientifically determined National Income in India
a) V.K.R.V. Rao
b) D.R. Gadgil
c) Manmohan Singh
d) Y.V. Alagh
Answer »Answer: (a)
The first person to adopt a scientific procedure in estimating the national income was Dr. V.K.R.V Rao in 1931.
Question : 30
GDP at factor cost is
a) GNP minus depreciation allowances
b) GDP minus indirect taxes plus subsidies
c) NNP plus depreciation allowances
d) GDP minus subsidies plus indirect taxes
Answer »Answer: (b)
GDP at factor cost is GDP at market price minus indirect taxes plus subsidies.
GDP at factor cost measure the value of output in terms of what it really costs to produce.
The gross value of output = Value total Sales Goods & Services + Value of changes in the inventories.
The Sum of net value added in various economic activities is known as GDP at factor cost.
IMPORTANT indian economy mcq EXERCISES
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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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