Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

Illegal income is _________ in  National Income.

  1. calculated

  2. included

  3. not included

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Illegal income is not recorded or reported to the government or authorities since it has not been generated through legal economic activities. Thus, it is not accounted for when national income is calculated.

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

National Income estimates are _______ in India.

  1. accurate

  2. not accurate

  3. rising

  4. none
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Due to the large size of the informal sector and difficulties in data collection, national income estimates in India are often considered to have significant margins of error, hence not fully accurate.

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

Illegal income includes ______ while transfer income includes ________.

  1. cost, price

  2. taxes, payments

  3. none of the above

  4. betting, scholarships
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Illegal income (like betting) is generally excluded from national income calculations, while transfer payments (like scholarships) are also excluded as they do not represent production of goods or services.

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

National Income is the ________ of all goods and services produced by a country during a period of year.

  1. physical quantity

  2. money value

  3. value

  4. all the three
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

National Income is defined as the total money value of all final goods and services produced within a country during a given period.

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

For developed economics which of the following methods is most suitable?

  1. Value Added Method

  2. Income Method

  3. Expenditure Method

  4. Product Method
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Income Method is often considered most suitable for developed economies where income tax records and organized financial data are comprehensive and reliable.

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

"The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money."- who says this?

  1. Samuelson

  2. Kuznets

  3. Hicks

  4. Pigou
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

This specific definition of national income, emphasizing the reduction of goods and services to a common monetary basis, is attributed to the economist J.R. Hicks.

Multiple choice economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

To avoid double counting in national income GDP is calculated by summing up ________.

  1. the value of all goods and services

  2. the value of final goods only

  3. the value of producers goods only

  4. the value of non-durable goods
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

To avoid double counting, only the value of final goods and services is included in the GDP calculation, as the value of intermediate goods is already embedded in the final price.

Multiple choice economics spend carefully physical quality of life index dynamic of human development social development

Which of the following ministries lay down the policies and programme for the development and regulation of the country's water resources?

  1. Ministry of Rural Development

  2. Ministry of Agriculture

  3. Ministry of Environment and Forests

  4. Ministry of Water Resources
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Ministry of Water Resources (now part of the Ministry of Jal Shakti) is responsible for policies and programs related to the development and regulation of water resources in India.

Multiple choice economics dynamic of human development physical quality of life index social development economic study

The 'Cafeteria Approach' to the population policy of the Government of India refers to __________.

  1. Following a single method in family planning

  2. Choice in the use of scientifically approved contraceptive

  3. Raising economic welfare to check population growth

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The 'Cafeteria Approach' in population policy refers to providing individuals with a wide range of choices regarding contraceptive methods, allowing them to select what best suits their needs.