1. Economic growth is usually coupled with?
(a) Deflation
(b) Inflation
(c) Stagflation
(d) Hyperinflation
2. In the context of Indian economy, consider the following statements:
- The growth rate of GDP has steadily increased in the last five years.
- The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
3. Increase in absolute and per capita real GNP do not connote a higher level of economic development, if
(a) Industrial output fails to keep pace with agricultural output.
(b) Agricultural output fails to keep pace with industrial output.
(c) Poverty and unemployment increase.
(d) Imports grow faster than exports.
4. With reference to Indian economy, consider the following statements:
- The rate of growth of Real Gross Domestic Product has steadily increased in the last decade.
- The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither1 nor 2
5. The national income of a country for a given period is equal to the
(a) Total value of goods and services produced by the nationals
(b) Sum of total expenditure
(c) Sum of personal income of all individuals
(d) Money value of final goods and services produced
6. Economic growth in country X will occur if
(a) There is technical progress in the world economy
(b) There is population growth in X
(c) There is capital formation in X
(d) The volume of trade grows in the world economy
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Key with Explanation:
1. Economic growth is usually coupled with?
(a) Deflation
(b) Inflation
(c) Stagflation
(d) Hyperinflation
Explanation:
2. In the context of Indian economy, consider the following statements:
- The growth rate of GDP has steadily increased in the last five years.
- The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation:
3. Increase in absolute and per capita real GNP do not connote a higher level of economic development, if
(a) Industrial output fails to keep pace with agricultural output.
(b) Agricultural output fails to keep pace with industrial output.
(c) Poverty and unemployment increase.
(d) Imports grow faster than exports.
Explanation:
4. With reference to Indian economy, consider the following statements:
- The rate of growth of Real Gross Domestic Product has steadily increased in the last decade.
- The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither1 nor 2
Explanation:
5. The national income of a country for a given period is equal to the
(a) Total value of goods and services produced by the nationals
(b) Sum of total expenditure
(c) Sum of personal income of all individuals
(d) Money value of final goods and services produced
Explanation:
6. Economic growth in country X will occur if
(a) There is technical progress in the world economy
(b) There is population growth in X
(c) There is capital formation in X
(d) The volume of trade grows in the world economy
Explanation: