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National Income and Economic Growth 04
Question
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of 10
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Q1. Per Capita Income of a country derived from
A.
National Income
B.
Population
C.
Natioanl Income and Population both
D.
None of these
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
PCI is calculated by dividing the total National Income by the total population.
Q2. Hindu Rate of Growth refers to the rate of growth of:
A.
GDP
B.
Population
C.
Foodgrains
D.
Per Capita Income
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Coined by Raj Krishna, it refers to the low annual growth rate of the Indian economy (approx 3.5%) before 1990.
Q3. As the economy develops, the share of the tertiary sector in the GDP:
A.
Decreases
B.
Decreases then Increases
C.
Increases
D.
Remains constant
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
Economic structural shift typically moves from Agriculture (Primary) to Industry (Secondary) to Services (Tertiary).
Q4. Who wrote a book describing the theory of economic drain of India?
A.
Lala Lajpat Rai
B.
Mahatma Gandhi
C.
Jawahar Lal Nehru
D.
Dadabhai Naoroji
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
In 'Poverty and Un-British Rule in India', Naoroji explained how wealth was siphoned from India to Britain.
Q5. Market imperfections in the country are reflected in
A.
price rigidity
B.
factor immobility
C.
lack of specialisation
D.
All of the above
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
These factors prevent the efficient allocation of resources in a developing economy.
Q6. Among Indian economists, who did pioneering work on national income?
A.
Professor Sheroi
B.
VKRV Rao
C.
Jagdish Bhagwati
D.
PN Dhar
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
Dr. V.K.R.V. Rao was the first to use scientific/statistical methods for income estimation in 1931.
Q7. The â€Dual Economy†is a mixture of:
A.
traditional agriculture and modern industry
B.
industry and manufacturing
C.
state and foreign ownership
D.
industry and trading
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
In developing nations like India, a modern urban sector exists alongside a traditional rural sector.
Q8. The main source of National Income in India is-
A.
Service Sector
B.
Agriculture
C.
Industrial Sector
D.
Trade Sector
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
The Service (Tertiary) sector is the largest contributor to India's GDP, followed by Industry and Agriculture.
Q9. National Income estimates in India are prepared by
A.
Planning Commission
B.
Reserve Bank of India
C.
Central Statistical Organisation
D.
Indian Statistical Institute
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
The CSO (now part of NSO) has been the official agency for national income estimates since 1955.
Q10. Which of the following is the basic characteristic of Oligopoly?
A.
few sellers one buyer
B.
few sellers many buyers
C.
few sellers few buyers
D.
many sellers few buyers
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
An oligopoly is a market structure dominated by a small number of large firms.
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