Economics 3

2.National income in India was first time estimated by

(a)Dada Bhai Naoroji
(b) V.K.R.V. Rao
(c) Mahalnobis
(d) CSO

3.National income committee after independence was headed by

(a)L. Nehru
(b) Dada Bhai Naoroji
(c) P.C. Mahalnobis
(d) C. Rangrajan

4.Central statistical office (CSO) was established in which of the following year?

a)1950
b) 1952
c) 1951
d) 1953

5.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

6.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

7.The economic term used to rank countries according to human development is

(a)GDP Per Capita
(b)GNP
(c)Gini
(d)HDI

8.Which of the following concepts is the opposite of inflation?

(a)Deflation
(b)Stagflation
(c)Recession
(d)None of the above

9.Inflation is measured by _______

(a)Consumer price index
(b)Wholesale price index
(c)Marshall’s index
(d)None of the above

10.The combination of stagnation and inflation is known as ____
a) Stagflation
b) Cost-push inflation
c) Demand-pull inflation
d) None of the above

11. National income can be written as;
(a) Pfc
(b) NNPmp
(c) NNPfc
(d) NDPmp

12. Which of the following are the ways to view the national income of a country?
(a) As the flow of goods and services produced
(b) As the flow of income generated
(c) As a flow of expenditure on goods and services.
(d) All of the above

13. Winner of nobel prize 2023 in Economics
a) Moungi G. Bawendi
b) Claudia Goldin
c) Katalin Kariko
d) Jon Fosse

14. Calculating the value of final goods only, avoids the problem of;
(a) Double counting
(b) Estimation errors
(c) Income errors
(d) Calculation errors

15. _____ is the value of a firm’s output minus the value of intermediate goods.
(a) Net product
(b) Value-added
(c) Value subtracted
(d) None of the above

16. Who announces the Minimum Support Price (MSP) for various crops in India?
a) Ministry of Commerce and Industry
b) Ministry of Agriculture and Farmers Welfare
c) Reserve Bank of India
d) NITI Aayog

17. Emphasis on Rapid industrialisation & focus on heavy industry was the objective of?
a) First five year plan
b) Second five year plan
c) Third five year plan
d) Fifth Five year plan

18.”What is the updated base year for the WPI (Wholesale Price Index)?”
a) 2004-05
b) 2005-06
c) 2007-08
d) 2011-12

19. Repo rate instrument is used for
a) Long term borrowing
b) Short term borrowing
c) Both short term & long term
d) Middle term borrowing

20. What does FRBM stand for in the context of government finances?
a) Fiscal Responsibility and Budget Management
b) Federal Reserve Budget Management
c) Financial Responsibility and Budget Monitoring
d) Fiscal Resources and Budgeting Measures

21.The 15th finance commission was headed by
a) N.K. Singh
b) Y.V. Reddy
c) Vijay Kelkar
d) C. Rangrajan

22. Open Market operation refers to
a) Sale of agricultural products in the government regulated mandis
b) Sale & purchase of bonds & securities to commercial banks by the RBI
c) Sale of assets by private banks
d) Sale of Goods only

23. In case of disguised unemployment, the following will take place
a) Marginal productivity of labour will become zero
b) The RBI will increase the bank rate
c) Stagflation will take place
d) Productivity of workers will increase

24. Who is responsible for administering the Goods and Services Tax (GST) in India?
a) Reserve Bank of India (RBI)
b) Ministry of Finance
c) Central Board of Direct Taxes (CBDT)
d) State Governments

25. What is the rank of India in Global Hunger Index 2023?
a) 110
b) 111
c) 112
d) 113

26. The per capita GSDP of Mizoram in 2021-22 (at current prices) is estimated at
a) Rs 1,75,896
b) Rs 1,85,896
c) Rs 1,95,896
d) Rs 1,65,896

28. What happens when margin requirements are increased.
a) There has been no change in the amount of money in circulation.
b) more likely to borrow more money resulting in a rise in the money supply
c) It decreases borrowing capacity and money supply
d) None of the above