In India, the estimate of National Income is usually expressed as: MCQ with Answer and Explanation

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In India, the estimate of National Income is usually expressed as:

A. GDP at market prices

B. NNP at factor cost

C. GDP at factor cost

D. GNP at market prices

Answer: Option B

Solution (By JKSSB Mock Tests)

National Income is conventionally defined as Net National Product at factor cost.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a cause of demand-pull inflation?

A. Increase in money supply

B. Increase in cost of production

C. Increase in consumer spending

D. Increase in government expenditure

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Correct Answer: Option B

Explanation:
Increase in cost of production causes cost-push inflation. Demand-pull inflation arises from excess aggregate demand due to increased money supply, government spending or consumer spending.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'demographic transition' refers to changes in:

A. income distribution

B. inflation

C. birth and death rates

D. exchange rates

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Correct Answer: Option C

Explanation:
Demographic transition refers to shifts in birth and death rates as an economy develops.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'bandwagon effect' in consumer behaviour refers to:

A. buying goods because others are buying them

B. buying only inferior goods

C. buying fewer goods when prices fall

D. buying goods to be different

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Correct Answer: Option A

Explanation:
The bandwagon effect occurs when consumers buy more of a good because others are buying it.

This question belongs to: Economy GK Economy Set 1

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