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This set of General Economics 1 Multiple Choice Questions & Answers (MCQs) focuses on General Economics 1 Set 5

Q1 | Supply curve represents -------- relationship between quantity and price
  • Direct
  • Inverse
  • Either direct or inverse
  • None of the above
Q2 | National Income means:
  • GNP at Factor Cost
  • GNP at Market Price
  • NNP at Factor Cost
  • NNP at market Price
Q3 | The difference between GDP and NDP equals:
  • Transfer payments
  • Net indirect taxes
  • Net factor income from abroad
  • Depreciation
Q4 | Which of the following is true?
  • GNP + Depreciation = NNP
  • GNP = GDP + Net factor income from abroad
  • NDP = GNP minus net indirect taxes
  • NNP = DGP minus depreciation
Q5 | NNP is equal to:
  • GNP plus Depreciation
  • GNP minus depreciation
  • GNP minus exports
  • GNP plus exports
Q6 | Which of the following is not a method of national income estimation?
  • Matrix method
  • Income method
  • Expenditure method
  • Product method
Q7 | An accounting year in India is:
  • Calendar year
  • Academic year
  • Fiscal year
  • None of these
Q8 | Increase in real National Income (NI) means increase in:
  • NI at current prices
  • NI at constant prices
  • Both
  • None of these
Q9 | Net indirect taxes means:
  • Indirect taxes plus subsidies
  • Income minus taxes
  • Indirect taxes minus subsidies
  • Exports minus imports
Q10 | Net factor income from abroad shows the difference between:
  • GDP and NDP
  • NNP and NDP
  • GNP and GDP
  • GNP and NNP
Q11 | Per capita income is equal to:
  • Population/National income
  • National income/population
  • National income/GDP
  • NNP/GNP
Q12 | National income in India is estimated by:
  • RBI
  • NSSO
  • CSO
  • World Bank
Q13 | The first estimate of National income in India was done by:
  • K.N. Raj
  • V.K.R.V. Rao
  • Dadabai Naoroji
  • P.C. Mahalanobis
Q14 | Pick the odd one out:
  • Real national income
  • NI at constant price
  • NI at current prices
  • NI at base year price
Q15 | GDP deflator is given by:
  • Nominal NI/Real NI
  • Nominal DGP/Real GDP
  • Nominal GDP/ Nominal GNP
  • Real GDP/Real GNP
Q16 | Wear and tear of capital due to constant use means:
  • Intermediate consumption
  • Final consumption
  • Depreciation
  • Devaluation
Q17 | Value of output minus intermediate consumption is:
  • Depreciation
  • Value added
  • Net value added
  • Net exports
Q18 | Personal income minus personal taxes is:
  • National Income
  • Private income
  • Disposable income
  • Per capita income
Q19 | Primary sector includes:
  • Agriculture
  • Industry
  • Services
  • Banking
Q20 | National income is a --------variable.
  • Flow
  • Stock
  • Static
  • Dynamic
Q21 | In India, National income is estimated at:
  • Current prices
  • Constant prices
  • Both current and constant prices
  • None of these
Q22 | Which of the following is true:
  • GDP is a geographical concept
  • GDP is not a geographical concept
  • GDP and GNP are same
  • None of them
Q23 | GNP measured in terms of current market prices is called:
  • Nominal GNP
  • Real GNP
  • Both
  • None
Q24 | In India, the current base year is:
  • 1980-81
  • 1993-94
  • 1999-2000
  • 2004-05
Q25 | Which of the following doest not include in the group?
  • GDP
  • GNP
  • GVA
  • NDP