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Economics Quiz - National Income

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Economics questions are often asked in many exams like SSC, IBPS, RRB, LIC, Intelligence Bureau, RBI, UPSC, and other various competitive exams so here are some economy questions to practice from the topic National Income.







Q1. What is the meaning of mixed economy?

 An economy where developed and underdeveloped sectors co-exist
 An economy where public and private sectors co-exist
 An economy where rural and urban sectors co-exist
 An economy where large and small industries co-exist

Q2. What is the meaning of dual economy?

Co-existence of the industrial sector and manufacturing sector
Co-existence of traditional agriculture and modern industries
A mixture of the industrial sector and trading of goods obtained through imports
A mixture of state ownership of the means of production in the corporation of the foreign organization

Q3. When the economy develops, its national income in tertiary sector _______?

First rises, then falls
Remains constant
Keeps on increasing
 First falls, then rises

Q4. Indian economy is based on which system?

Capitalist
Socialist
Mixed Economy
Gandhian

Q5. What will be the impact if a company sells its new shares of Rs. 1000 directly to the individuals?

National Income will rise by Rs. 1000
Gross Domestic Product will rise by Rs. 1000
Gross National Income will rise by Rs. 1000
There will be no impact on Gross National Income

Q6. Agricultural Income in India is calculated by which method?

Commodity Flow Method
Expenditure Method
Output Method
Input Method

Q7. What is GDP at factor cost?

GNP minus depreciation
GDP minus indirect taxes plus subsidies
GDP minus subsidies plus indirect taxes
NNP plus depreciation allowances

Q8. Which expenditure among the following is a development expenditure?

Debt services
Civil administration
Irrigation expenditure
Grant-in aid

Q9. What is depreciation?

Net National Product - Gross National Product
Gross National Product - Personal Income
Gross National Product - Net National Product
Personal Income - Personal Taxes

Q10. What is Net National Income?

GDP - Depreciation
GDP - Net Income from abroad
GDP + Net Income from abroad
GNP - Depreciation

Q11. Which among the following is not an indicator of the state of the economy of a country?

Rate of Inflation
Rate of GDP growth
 The stock of Foodgrains in the Country
Number of Banks in the Country

Q12. What is the full form of GDP?

Gross Depository Revenue
Global Depository Receipts
Gross Domestic Product
Global Domestic Ratio

Q13. What is National Income?

 The total amount of money Government earns only through direct tax collection every year
Measurement of the volume of the commodities and services turned out during a given period counted without duplication
 The total value of all sort of stocks held by a country at a particular point of time
All of the above

Q14. Who prepares the National Income estimates in India?

Indian Statistical Institute
Reserve Bank of India
Central Statistical Organization
Planning Commission

Q15. Which sector is the main source of National Income in India?

Industrial Sector
Service Sector
Agriculture
Trade Sector




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