The 'intermediate consumption' in national accounting refers to: MCQ with Answer and Explanation

Question

Share Report Error

The 'intermediate consumption' in national accounting refers to:

A. goods and services used up in production

B. final goods bought by households

C. capital goods

D. export goods

Answer: Option A

Solution (By JKSSB Mock Tests)

Intermediate consumption is the value of goods and services used as inputs in production.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The concept of 'Intergenerational Equity' in fiscal policy emphasises:

A. Only maximising current consumption

B. Only short-term stabilisation

C. Only reducing taxes for the current generation

D. Fair distribution of the burden of public debt between present and future generations

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Intergenerational equity requires that the burden of financing public expenditure and debt is distributed fairly across generations so that future generations are not unduly burdened.

This question belongs to: Economy GK Economy Set 1

Question #2

Devaluation of a currency refers to:

A. a rise in domestic interest rates

B. market-determined fall in the value of a currency

C. official lowering of the value of a currency under a fixed exchange rate system

D. buying of foreign currency by the central bank

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Devaluation is the official lowering of a currency's value under a fixed exchange rate system.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Gross Domestic Product' of India is estimated by which method?

A. Only income method

B. Only expenditure method

C. Only production method

D. Output/value added and expenditure methods

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
India's GDP is estimated using the output/value added and expenditure approaches.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs