In the context of national income, which of the following is included in both GDP and GNP? MCQ with Answer and Explanation

In the context of national income, which of the following is included in both GDP and GNP?
A. Depreciation only
B. Transfer payments
C. Net factor income from abroad
D. Value of final goods and services produced within the domestic territory
Answer: Option D
Solution (By JKSSB Mock Tests)
The value of final goods and services produced within the domestic territory is the common base for both GDP and GNP. GNP adjusts GDP by adding net factor income from abroad.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of oligopoly?
A. Perfect information and no barriers
B. Homogeneous product with free entry
C. Interdependence among firms
D. Large number of independent sellers

Correct Answer: Option C


Explanation:
Oligopoly is characterised by a few firms that are interdependent in their decision-making, as the actions of one firm affect the others.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Planning Commission' formulated how many Five Year Plans before being dissolved?
A. 10
B. 12
C. 11
D. 13

Correct Answer: Option B


Explanation:
India had 12 Five Year Plans formulated by the Planning Commission.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on bread is:
A. 5%
B. 0%
C. 18%
D. 12%

Correct Answer: Option B


Explanation:
Bread is exempt from GST.

This question belongs to: Economy GK Economy Set 1