Economic Concepts & National Income — Practice

Question 1

Gross Domestic Product (GDP) measures the total value of final goods and services produced

Accepted Answer

A

Question 2

If a country's GDP is ₹50 lakh crore and its Net Factor Income from Abroad is −₹1 lakh crore, its GNP is

Accepted Answer

A

Question 3

If GNP is ₹80 lakh crore and depreciation is ₹6 lakh crore, Net National Product (NNP) is

Accepted Answer

A

Question 4

The GDP Deflator is calculated as

Accepted Answer

A

Question 5

In India, which sector contributes the largest share of GDP, and which employs the largest share of the workforce?

Accepted Answer

A

Question 6

Mining and fishing belong to which sector of the economy?

Accepted Answer

A

Question 7

Economic development, compared to economic growth, is

Accepted Answer

A

Question 8

The Human Development Index (HDI), published by the UNDP, combines which three dimensions?

Accepted Answer

A

Question 9

Inflation refers to

Accepted Answer

A

Question 10

Disinflation refers to

Accepted Answer

A

Question 11

Stagflation refers to the simultaneous occurrence of

Accepted Answer

A

Question 12

For its inflation-targeting monetary policy framework, the RBI specifically uses

Accepted Answer

A

Question 13

Disguised unemployment, particularly relevant to Indian agriculture, refers to a situation where

Accepted Answer

A

Question 14

Unemployment that rises during economic downturns and falls during economic booms is called

Accepted Answer

A

Question 15

Per capita income, calculated as National Income divided by total population, is limited as a living-standards measure because it

Accepted Answer

A

Practice — Economic Concepts & National Income