National income

Consider the following statements regarding types of goods:
1. Goods like food and clothing, and services like recreation that are consumed when purchased by their ultimate consumers are called capital goods.
2. The goods that are of durable character which are used in the production process are consumer goods.
The correct statement(s) is/are:

This deletion, which is made from the value of gross investment in order to accommodate regular wear and tear of capital, is called

Consider the following statements regarding Product and Value Added Method of GDP:
1. In product method, we calculate the aggregate annual value of goods and services produced by all the firms.
2. Value added of a firm is, value of production of the firm Less value of intermediate goods.
The correct statement(s) is/are:

Consider the following Statements regarding Expenditure Method of GDP:
1. This method looks at the supply side of the products.
2. In this method we add the final expenditures that each firm makes.
The correct statement(s) is/are:

Consider the following statements regarding income Method of GDP:
1. This method considers incomes received by all the factors of production taken together.
2. Incomes earned by different factors of production as salaries, wages, profits, interest earnings and rents are aggregated to compute GDP.
The correct statement(s) is/are:

Consider the following statements regarding important economic indicators:
1. Gross National Product (GNP) is GDP plus Net factor income from abroad.
2. Net Domestic Product at factor cost is also known as National Income.
The correct statement(s) is/are:

Consider the following statements regarding GDP:
1. Real GDP is simply the value of GDP at the current prevailing prices.
2. Nominal GDP is calculated in a way such that the goods and services are evaluated at some constant set of prices (or constant prices).
The correct statement(s) is/are:

Which of the following is/are ‘final goods\’ in economic sense?
1. Tea
2. Raw Iron
3. Electrical appliances
Choose the correct answer using the options given below:

Consider the following statements:
1. The total monetary value of capital goods in gross output is known as gross investment.
2. In terms of economic industrial accounting, stocks are defined over a period of time.
The correct statement(s) is/are:

Which of the following is correct about ‘Net Investment\’ in an economy?

Consider the following statements:
1. More sophisticated and heavy capital goods raise the productivity of an economy.
2. More consumption and production of capital goods is an indication of shrinking of capacity in an economy.
The correct statement (s) is/are:

Which of the following is correct with respect to the word ‘inventory’ in context of economics?

Consider the following statements:
1. A change in the inventory of a firm is treated as investment.
2. Under fixed business investment, the inventories of a firm essentially go up.
The correct statement(s) is/are:

Consider the following statements:
1. The Central Statistics Office (CSO) of the Government of India has been reporting
the GDP at factor cost only.
2. Gross Value Addition (GVA) is the value of total output produced in the economy
less the value of intermediate consumption.
The correct statement(s) is/are:

Consider the following statements:
1. GNP = GDP + Net factor income from abroad
2. Net National Product at factor cost is “National Income”
3. National Disposable Income = Net National product at market prices + other current transfers from the rest of the world.
Which of the statements given above is/are correct?

Consider the following statements:
1. Real GDP is calculated in a way such that the goods and services are evaluated at con- stant prices.
2. Nominal GDP is the value of GDP at the current prevailing prices.
3. The ratio of Real GDP to Nominal is known as Index of prices (GDP Deflator).
Which of the statements given above is/are correct?

Consider the following statements and identify the right ones :
1. National income is the monetary value of all final goods and services produced in
India.
2. Depreciation is deducted from gross value to get the net value.
The correct statement(s) is/are:

Consider the following statements and identify the right ones :
1. While calculating GDP, income generated by foreigners in a country is taken into consideration.
2. While calculating GDP, income generated by nationals of a country outside the country is taken into account.
The correct statement(s) is/are:

The net value of GDP after deducting depreciation from GDP is

The value of NNP at consumer point is

The value of NNP at production point ts called

The value of national income adjusted for inflation is called

The average income of the country is

Receipts in budget can be capital or revenue. Which of these is/are capital receipt/s?
1. Loan recoveries
2. Provident fund deposit
3. Grants
Select the correct answer using the codes given below.

Gross capital formation will increase if:
1. gross domestic savings increases.
2. gross domestic consumption increases.
3. GDP increases.
Select the correct answer using the codes given below.

Consider the following statements:
1. India’s GDP is more than its GNP.
2. Net Factor Income from Abroad (NFIA) is positive for India.
Which of the statements given above is/are correct?

Integrated Child Development Services (ICDS) Scheme aims to provide many services to children that includes:
1. School education
2. Nutrition support
3. Immunization
Select the correct answer using the codes given below.

Gross budgetary support means:

Consider the following statement about Gross National Product.
1. It includes Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
2. It excludes Factor income earned by the domestic factors of production employed in the rest of the world.
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Consider the following statements regarding the difference between CPI and GDP deflator:
1. CPI covers more goods and services as compared to GDP deflator.
2. GDP deflator does not include prices of imported goods.
3. The weights are constant in CPI – but they differ according to production level of each good in GDP deflator.
Which of the statements given above is/are correct?

Consider the following statement
1. Net National Product at market price = Gross Domestic Product – Depreciation
2. Net National Income at factor cost = Personal Income
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Consider the following statements:
1. Real GDP increases when the value of goods and services increases.
2. Nominal GDP Is the value of GDP at current prevailing prices.
Choose the correct answer from the following code:

Which of the following is/are a measure/s of Inflation in an economy
1. GDP deflator.
2. Consumer Price Index.
3. Whole sale Price Index.
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Consider the following statements:
1. An increase in GDP implies a better quality of life of the people of the country.
2. Services provided by women in their household is not calculated in the GDP.
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National Disposable Income does not include which of the following?

Consider the following statement about Fiscal Deficit
1. Fiscal deficit is expressed as a percentage of the Nominal GDP of India.
2. Fiscal deficit allows for the shortfall in the income of the government to do welfare and development activities.
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Consider the following statements:
1. Effective revenue deficit is revenue deficit minus grants to states for creation of capital assets.
2. Primary Deficit is measured by fiscal deficit less interest payments.
3. Revenue Deficit is the difference between the total expenditure and revenue receipts plus non-debt capital receipts.
Choose the correct answer from the following code: