Economics 2

1. National income in India was first time estimated by
a) Dada Bhai Naoroji
b) V.K.R.V. Rao
c) Mahalnobis
d) CSO

2. In case people level of income is not sufficient to meet the minimum consumption
expenditure, this form of poverty is termed as
a) Relative poverty
b) Absolute poverty
c) Rural poverty
d) Urban poverty

3.Unemployment prevailing in agriculture sector in India is known as
a) Only Disguised
b) Only seasonal
c) Both seasonal & disguised
d) none of the above

4. National income committee after independence was headed by
a) J.L. Nehru
b) Dada Bhai Naoroji
c) P.C. Mahalnobis
d) C. Rangrajan

5. Which state has the maximum number of people living below the poverty line?
(a) Bihar
(b) Uttar Pradesh
(c) Madhya Pradesh
(d) Maharashtra

6. Which of the following methods has/have been used to estimate poverty in India?
1.HeadCount Ratio 2. Calorie intake 3. Household Consumption Expenditure 4. Per Capita
Income
Select the correct answer from the codes given below.
(a) 2 & 3
(b) 1,2 & 3
(c) 1 & 2
(d) 1, 2 , 3 & 4

7.Which of the statements given below is/are incorrect?
(a) NDP = GDP – depreciation
(b) GNP = GDP + Net income from abroad
(c) NNP = GNP + depreciation
(d) Per capita income of the Nation = NNP/Total population

8.Which of the following is/are methods for calculating National income?
1. Product/Output Method
2. Income Method
3. Expenditure Method
4. Value Added Method
Select the correct answer using the codes given below:
(a)1, 2 and 3 only
(b) 1 and 2 only
(c) 3 and 4 only
(d) 1, 2, 3 and 4

9. Disguised unemployment is a common phenomenon in
(a) Agriculture
(b) Industry
(c) Trade
(d) Telecommunication

10. IBRD means
(a) International Bank for Rural Development
(b) International Bank for Re-enforcement and Development
(c) International Bank for Reconstruction and Development
(d) International Bank for Regional Development

11. Per Capita Income of a country is obtained by dividing National Income by which of the
following?
a) Total working population
b) Total population of the country
c) Area of the country
d) Volume of the capital used

12. Which of the following ministries is responsible for calculating GDP in India?
a) Ministry of Finance
b) Ministry of Commerce and Industry
c) Ministry of Central Statistical and Program Implementation
d) Ministry of consumer Affairs

13. The concept of Economic Planning in India is derived from which country?
a) UK
b) USA
c) Russia
d) France

14. Finance Commissions of India was established under Article —— of Indian Constitution
a) 280
b) 281
c) 290
d) 291

15. “Faster, More Inclusive and Sustainable Growth” is reated with
a) Twelfth Five Year Plan
b) Eleventh Five Year Plan
c) Second Five Year Plan
d) Third Five Year Plan

16. From which country India adopted the Five Year Plans?
(a) France
(b) England
(c) USA
(d) (d) USSR

17. Estimates of National Income in India are prepared by the
(a) Ministry of Finance
(b) Reserve Bank of India
(c) Planning Commission/NITI Aayog
(d) Central Statistical Organisation

18. The largest source of National Income in India
(a) Service sector
(b) Agriculture sector
(c) Industrial sector
(d) Trade sector

19. Which year is called the “Year of Great Divide’ in the history of economic and population
growth?
(a) 1931
(b) 1951
(c) 1921
(d) 1935

20. The first Industrial Policy in India was launched in
(a) 1948
(b) 1951
(c) 1952
(d) 1956

21. Which one among the following formulates the fiscal policy in India?
(a) The Reserve Bank of India
(b) Planning Commission
(c) Finance Commission
(d) Ministry of Finance

22. In Indian agriculture ‘Yellow Revolution’ is associated with the objective of achieving selfdependence in the production of
(a) Oilseeds
(b) Milk
(c) Fish
(d) Fruits