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National Income and Economic Growth 03
Question
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of 12
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Q1. Depreciation is equal to:
A.
GNP - NNP
B.
NNP - GNP
C.
GNP - Personal Income
D.
Personal Income - Taxes
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Depreciation is the monetary value of an asset's decrease in value over time due to use or obsolescence.
Q2. Which is NOT included in private income?
A.
Factor income from NDP
B.
Net factor income from abroad
C.
Current transfers from Govt
D.
Current Payments on foreign loans
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
Interest/payments on foreign loans are treated as an outflow rather than private income of residents.
Q3. Which is NOT a method of estimating national income?
A.
Income method
B.
Value-added method
C.
Expenditure method
D.
Export-import method
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
India uses the combination of Product (Value-Added) and Income methods for estimation.
Q4. Household savings is the most important source of
A.
capital formation
B.
public sector savings
C.
government revenue
D.
corporate savings
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Individual and household savings provide the primary pool of capital for national investment.
Q5. The first estimate of national income in India was made by
A.
VKRV Rao
B.
Mahalanobis
C.
Professor Sheroi
D.
Dadabhai Naoroji
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
Dadabhai Naoroji calculated the first estimate for the year 1867-68 in his book 'Poverty and Un-British Rule in India'.
Q6. The best indicator of economic development of any country is
A.
Industrial Development
B.
Gross Production
C.
Agricultural Development
D.
Per Capita Income
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
Per Capita Real Income is the most widely accepted measure for assessing the standard of living and development.
Q7. Total value of output produced and income received in a year by domestic residents is:
A.
Net National Product
B.
Gross National Product
C.
Gross National Income
D.
National Income
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
GNP measures the value of goods and services produced by the residents of a country, regardless of location.
Q8. Depreciation means
A.
closure of a plant
B.
labour trouble
C.
loss of equipment due to wear and tear
D.
destruction in fire
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
It is the systematic allocation of the cost of a physical asset over its useful life.
Q9. Consumer’s surplus can be defined as
A.
Extra units bought
B.
Surplus after consumption
C.
Difference between actual and potential price
D.
Total satisfaction
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
It is the difference between the maximum price a consumer is willing to pay and the actual price they pay.
Q10. Which is definitely a major indication of the State of the economy?
A.
Rate of GDP growth
B.
Rate of inflation
C.
Number of banks
D.
Stock of foodgrains
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
GDP growth rate is the most common indicator of the overall health and size of an economy.
Q11. Who had estimated National Income in India first?
A.
Dadabhai Naoroji
B.
R.C. Dutt
C.
V.K.R.V. Rao
D.
R. Gadgil
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Dadabhai Naoroji calculated it in the 1860s, estimating a per capita income of Rs. 20.
Q12. Economic growth is usually coupled with
A.
deflation
B.
inflation
C.
stagflation
D.
hyper inflation
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
A moderate level of inflation is generally seen as a sign of a growing, healthy economy.
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