Gross National Product at market prices equals GDP at market prices: MCQ with Answer and Explanation

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Gross National Product at market prices equals GDP at market prices:

A. minus net factor income from abroad

B. minus depreciation

C. plus net factor income from abroad

D. plus depreciation

Answer: Option C

Solution (By JKSSB Mock Tests)

GNP = GDP + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'eight core industries' in India include:

A. agriculture, textiles, chemicals

B. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, electricity

C. coal, petroleum, pharmaceuticals, textiles

D. IT services, banking, insurance

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Correct Answer: Option B

Explanation:
The eight core industries are coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Fiscal Consolidation' refers to:

A. Increase in government expenditure without regard to revenue

B. Only increasing tax rates

C. Policies aimed at reducing fiscal deficit and public debt

D. Only printing more money

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Correct Answer: Option C

Explanation:
Fiscal consolidation refers to policies and measures undertaken to reduce the fiscal deficit and put public finances on a sustainable path.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of monetary policy, 'Forward Guidance' refers to:

A. Only changes in the current policy rate

B. Only quantitative easing

C. Communication by the central bank about the likely future path of policy rates

D. Only reserve requirements

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Correct Answer: Option C

Explanation:
Forward guidance is a policy tool in which the central bank communicates its intentions regarding the future path of the policy rate or other policy instruments in order to influence longer-term rates and expectations.

This question belongs to: Economy GK Economy Set 1

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