Indian Economy –

Unit 1 National Income

Unit 3 Inequality and concentration of economic power

1. The financial year in India is

a. April 1 to March 31
b. January 1 to December 31
c. March 1 to April 30
d. March 16 to March 15

2. Consider the following statements and identify the right ones.

i. National income is the monetary value of all final goods and services produced.
ii. Depreciation is deducted from gross value to get the net value

a. I only
b. ii only
c. both
d. none

3. Consider the following statements and identify the right ones.

i. While calculating GDP, income generated by foreigners in a country is taken into

consideration
ii. While calculating GDP, income generated by nationals of a country outside the
country is taken into account

a. I only
b. ii only
c. both
d. none

4. The net value of GDP after deducting depreciation from GDP is

a. Net national product

b. Net domestic product
c. Gross national product
d. Disposable income
 7. The value of NNP at consumer point is

a. NNP at factor cost

b. NNP at market price
c. GNP at market price
d. GNP at factor cost

9. The value of national income adjusted for inflation is called

a. Per capita income

b. Disposable income
c. Inflation rate
d. Real national income

10. The average income of the country is

a. Per capita income

b. Disposable income
c. Inflation rate
d. Real national income

11. Consider the following statements and identify the right ones.

i. Personal income refers to the income of individuals of a country.

ii. The income at their disposal after paying direct taxes is called disposable income

a. I only
b. ii only
c. both
d. none

12. Which of the following method/s is/are used to calculate national income in India?

a. Production method
b. Expenditure method
c. Income method
d. All the above

13. The national income estimation is the responsibility of

a. NSSO
b. CSO
c. Finance Ministry
d. National Income Committee
14. Consider the following statements and identify the right ones.

i. CSO is a premier statistical institution for collecting data in India

ii. It presents the national income estimates twice a year.

a. I only
b. ii only
c. both
d. none

15. As per the CSO classification, which of the following does not fall under the industrial
sector?

a. Construction
b. Manufacturing
c. Fisheries
d. Mining

16. As per the CSO classification, which of the following does not fall under finance and
real estate category?

a. Banking
b. Construction
c. Insurance
d. Real estate

17. As per the CSO classification, which of the following does not fall under industrial
sector?

a. Electricity
b. gas and water supply
c. transport and communication
d. manufacturing

18. Consider the following statements and identify the right ones.

i. The data for NI and PCI are collected at current prices.

ii. They are deflated using the deflator index to get value at constant prices.

a. I only
b. ii only
c. both
d. none
19. The most appropriate measure of a country's economic growth is

a. GDP
b. NDP
c. Per capita real income
d. GNP

20. which among the following is not among the top 4 organizations out of top 20 asset
holding industries of India up to 1989-90.

a. Larsen & Toubro

b. Reliance
c. Birla
d. Tata

21. When was the MRTP Act brought in to action?

a. 1971 b. 1972 c. 1973 d. None

22. What is the full form of ESCAP?

a. European Commission for Asia and the Pacific
b. Economic Concession for Asia and the Pacific
c. Economic Commission for Asia and the Pacific
d. None

23. National Council of Applied Economic Research (NCAER) made a study entitled “The
Great Indian Middle Class” in which year______.

a. 2004 b. 2006 c. 2008 d. None

24. As per 2010-11 norms defined by NCAER 2013 for middle class household with tha
annual household income of Rs.112000 to 250000 were called as_________.

a. Rich b. Deprived c. Aspirers d. Middle

25. Two companies that are in direct competition and share the same product lines and
markets are called

a. Horizontal Merger b. Congeneric Merger c. Vertical Merger d. None