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Quiz: Introduction To Indian Economy

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Number of Questions: 40

Question: 6 -

Which of the following is not a part of national income?

Options:

  1. Wages and Salaries

  2. Rent

  3. Profits

  4. Interest on national debt

    5. Answer:

    Interest on national debt
    Solution:

    National Income is the money value of all goods and services produced in a country during a year. The income method of the calculation of National Income adds up all incomes received by the factors of production generated in the economy during a year.

    This includes wages from employment and self-employment, profits to firms, interest to lenders of capital and rents to owners of the land.

Question: 7 -

The slack season in the Indian economy is

Options:

  1. Feb-April

  2. Mar-April

  3. Jan-June

  4. Sept-Dec

    5. Answer:

    Jan-June
    Solution:

    The slack season in the Indian economy is Jan-June.

Question: 8 -

Consider the following statements :

  1. Higher growth in GDP and population can occur together.
  2. Per capita income always decreases with high population growth.

Which of the statements given above is/are correct?

Options:

  1. Neither 1 nor 2

  2. 1 only

  3. Both 1 and 2

  4. 2 only

    5. Answer:

    Both 1 and 2
    Solution:

    Higher growth in GDP and population can occur together. Per capita income always decreases with high population growth as income per person decreases with rise in population.

Question: 9 -

Securities and Exchange Board of India is a

Options:

  1. Quasi Judicial body

  2. Advisory Body

  3. Regulatory Body

  4. Consititutional Body

    5. Answer:

    Regulatory Body
    Solution:

    The Securities and Exchange Board of India (SEBI) is the designated regulatory body for the finance and investment markets in India.

    It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992. It is an autonomous body.

Question: 10 -

Which of the following is definitely a major indication of the state of the economy of a country?

Options:

  1. Number of banks in a country

  2. Rate of GDP growth

  3. None of these

  4. Rate of inflation

    5. Answer:

    Rate of GDP growth
    Solution:

    The rate of GDP growth is a major indication of the state of the economy of a country. Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the per cent rate of increase in gross domestic product.

    Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year, or another given period of time.