The 'Net National Product at factor cost' equals GNP at factor cost minus: MCQ with Answer and Explanation

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The 'Net National Product at factor cost' equals GNP at factor cost minus:

A. depreciation

B. subsidies

C. net factor income from abroad

D. indirect taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

NNP at factor cost = GNP at factor cost - depreciation.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The New Economic Policy of 1991 was based on the principles of:

A. land reforms and cooperatives

B. nationalization and central planning

C. import substitution and trade restrictions

D. liberalization, privatization and globalization

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Correct Answer: Option D

Explanation:
The 1991 New Economic Policy was based on liberalization, privatization and globalization.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Rs 2000 note' in India was introduced after demonetization in:

A. 2018

B. 2014

C. 2016

D. 2020

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Correct Answer: Option C

Explanation:
Rs 2000 note was introduced in November 2016 after demonetization.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a function of the Reserve Bank of India?

A. Acting as banker to the government

B. Issuing currency notes

C. Controlling credit

D. Formulating fiscal policy

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Correct Answer: Option D

Explanation:
Fiscal policy is formulated by the government (Ministry of Finance). RBI is responsible for monetary policy, currency issue, banker to government and credit control.

This question belongs to: Economy GK Economy Set 1

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