The 'Gross Domestic Product' of India is estimated by which method? MCQ with Answer and Explanation

Question
The 'Gross Domestic Product' of India is estimated by which method?
A. Output/value added and expenditure methods
B. Only income method
C. Only expenditure method
D. Only production method
Answer: Option A
Solution (By JKSSB Mock Tests)
India's GDP is estimated using the output/value added and expenditure approaches.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' on land leasing is:
A. 5%
B. 18%
C. not applicable
D. exempt for agricultural land and taxable for commercial
Discuss
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Correct Answer: Option D

Explanation:
Leasing of agricultural land is exempt; commercial land leasing may attract GST.
This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Financial Stability' as an objective of central banks refers to:
A. Only exchange rate stability
B. Only price stability
C. Only growth maximisation
D. Stability of the financial system and prevention of systemic risks
Discuss
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Correct Answer: Option D

Explanation:
Financial stability involves the resilience of the financial system to shocks and the smooth functioning of financial intermediation without systemic disruptions.
This question belongs to: Economy GK Economy Set 1
Question #3
A price ceiling set below the equilibrium price generally results in:
A. surplus
B. shortage
C. increase in supply
D. equilibrium
Discuss
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Correct Answer: Option B

Explanation:
A price ceiling below equilibrium creates excess demand or a shortage.
This question belongs to: Economy GK Economy Set 1
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