Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

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Total Questions

Practice Questions

Page 95 of 111
Question #1881
The 'population density' in India is measured as:
A. persons per state
B. persons per house
C. persons per square kilometre
D. persons per village
Discuss
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Correct Answer: Option C

Explanation:
Population density is persons per square kilometre.
This question belongs to: Economy GK Economy Set 1
Question #1882
The 'Census of India' is conducted every how many years?
A. 15
B. 5
C. 20
D. 10
Discuss
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Correct Answer: Option D

Explanation:
The Census of India is conducted every 10 years.
This question belongs to: Economy GK Economy Set 1
Question #1883
The 'Census of India' 2011 was the how many-th census?
A. 15th
B. 16th
C. 13th
D. 17th
Discuss
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Correct Answer: Option A

Explanation:
Census 2011 was the 15th Census of India.
This question belongs to: Economy GK Economy Set 1
Question #1884
The 'Economic Survey' is usually authored by:
A. SEBI
B. NITI Aayog
C. Chief Economic Adviser's team in the Ministry of Finance
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
The Economic Survey is prepared by the Chief Economic Adviser's team.
This question belongs to: Economy GK Economy Set 1
Question #1885
The 'GDP deflator' is a price index that measures:
A. only consumer prices
B. only food prices
C. prices of all domestically produced final goods and services
D. only wholesale prices
Discuss
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Correct Answer: Option C

Explanation:
GDP deflator measures the average price of all final goods and services produced domestically.
This question belongs to: Economy GK Economy Set 1
Question #1886
The 'National Income' in India was first estimated by:
A. V.K.R.V. Rao
B. P.C. Mahalanobis
C. Dadabhai Naoroji
D. R.C. Dutt
Discuss
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Correct Answer: Option A

Explanation:
V.K.R.V. Rao made the first scientific estimate of India's national income.
This question belongs to: Economy GK Economy Set 1
Question #1887
The 'National Income Committee' in independent India was appointed in which year?
A. 1947
B. 1950
C. 1949
D. 1952
Discuss
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Correct Answer: Option C

Explanation:
The National Income Committee was appointed in 1949.
This question belongs to: Economy GK Economy Set 1
Question #1888
The 'National Income Committee' was chaired by:
A. V.K.R.V. Rao
B. D.R. Gadgil
C. P.C. Mahalanobis
D. C.R. Krishnaswamy
Discuss
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Correct Answer: Option C

Explanation:
The National Income Committee was chaired by P.C. Mahalanobis.
This question belongs to: Economy GK Economy Set 1
Question #1889
The 'National Income' in India is now compiled by:
A. Ministry of Finance
B. NITI Aayog
C. National Statistical Office
D. RBI
Discuss
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Correct Answer: Option C

Explanation:
National income is compiled by the National Statistical Office.
This question belongs to: Economy GK Economy Set 1
Question #1890
The 'Gross Value Added' at basic prices for an enterprise equals:
A. output minus intermediate consumption
B. sales plus profits
C. output plus subsidies
D. output plus taxes
Discuss
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Correct Answer: Option A

Explanation:
GVA = output minus intermediate consumption.
This question belongs to: Economy GK Economy Set 1
Question #1891
The 'intermediate consumption' in national accounting refers to:
A. final goods bought by households
B. goods and services used up in production
C. capital goods
D. export goods
Discuss
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Correct Answer: Option B

Explanation:
Intermediate consumption is the value of goods and services used as inputs in production.
This question belongs to: Economy GK Economy Set 1
Question #1892
The 'Gross Domestic Product' at market prices equals GVA at basic prices plus:
A. product subsidies minus product taxes
B. depreciation
C. product taxes minus product subsidies
D. net factor income from abroad
Discuss
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Correct Answer: Option C

Explanation:
GDP at market prices = GVA at basic prices + product taxes - product subsidies.
This question belongs to: Economy GK Economy Set 1
Question #1893
The 'Gross National Product' at factor cost equals GDP at factor cost plus:
A. indirect taxes
B. net factor income from abroad
C. depreciation
D. subsidies
Discuss
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Correct Answer: Option B

Explanation:
GNP at factor cost = GDP at factor cost + net factor income from abroad.
This question belongs to: Economy GK Economy Set 1
Question #1894
The 'Net National Product at factor cost' equals GNP at factor cost minus:
A. indirect taxes
B. subsidies
C. net factor income from abroad
D. depreciation
Discuss
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Correct Answer: Option D

Explanation:
NNP at factor cost = GNP at factor cost - depreciation.
This question belongs to: Economy GK Economy Set 1
Question #1895
The 'Personal Income' in national accounting is:
A. income received by households before personal taxes
B. the same as national income
C. income after personal taxes
D. corporate profits only
Discuss
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Correct Answer: Option A

Explanation:
Personal income is the income received by households before personal taxes.
This question belongs to: Economy GK Economy Set 1
Question #1896
The 'Disposable Personal Income' is personal income minus:
A. corporate tax
B. customs duty
C. direct personal taxes and other deductions
D. indirect taxes
Discuss
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Correct Answer: Option C

Explanation:
Disposable personal income is personal income after direct personal taxes and other deductions.
This question belongs to: Economy GK Economy Set 1
Question #1897
The 'Gross National Disposable Income' equals GNP at market prices plus:
A. indirect taxes
B. net factor income from abroad
C. depreciation
D. net current transfers from abroad
Discuss
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Correct Answer: Option D

Explanation:
Gross National Disposable Income = GNP at market prices + net current transfers from abroad.
This question belongs to: Economy GK Economy Set 1
Question #1898
The 'indirect tax' includes which of the following?
A. Corporate tax
B. Income tax
C. Wealth tax
D. GST and excise duty
Discuss
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Correct Answer: Option D

Explanation:
GST and excise duty are indirect taxes.
This question belongs to: Economy GK Economy Set 1
Question #1899
The 'direct tax' includes which of the following?
A. Customs duty
B. Excise duty
C. GST
D. Income tax
Discuss
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Correct Answer: Option D

Explanation:
Income tax is a direct tax.
This question belongs to: Economy GK Economy Set 1
Question #1900
The 'rate of inflation' is measured as:
A. change in exchange rate
B. change in price level over time divided by current price level
C. percentage change in price index from one period to another
D. change in money supply
Discuss
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Correct Answer: Option C

Explanation:
Inflation rate is the percentage change in a price index from one period to the next.
This question belongs to: Economy GK Economy Set 1
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