Economics (Part – VII)

Total Questions: 50

1. Rate of the growth of an economy is measured in terms of__________. [S.S.C. Online CHSL (T-I) 15.03.2018 (Shift-II)]

(a) National Income
(b) Monthly family Income
(c) Number of people who have been lifted above the poverty line
(d) Industrial Development

Correct Answer: (a) National Income

Solution:Rate of the growth of an economy is measured in terms of national income. Economists usually measure economic growth in terms of gross domestic product (GDP) or related indicators, such as gross national product (GNP) or gross national income (GNI) which are derived from the GDP calculation.

2. Which one of the following terms is used for the market value of all goods and services in an economy in a year by the workers and for the fair supply by the citizens of the country? [C.P.O. S.I. 5.06.2016 (Shift-II)]

(a) GDP
(b) GPN
(c) OMP
(d) GNP

Correct Answer: (d) GNP

Solution:Gross national product is another metric used to measure a country's economic output. Where GDP looks at the value of goods and services produced within a country's borders, GNP is the market value of goods and services produced by all citizens of a country-both domestically and abroad.

3. Value of Total Goods and Services produced in a country is its [S.S.C. Online CHSL (T-I) 7.01.2017 (Shift-I)]

(a) Gross Domestic Product
(b) Gross Revenue Income
(c) Total Goods Revenue
(d) Total Income

Correct Answer: (a) Gross Domestic Product

Solution:

Value of Total Goods and Services produced in a country is its Gross Domestic Product.

4. What will be the expanded form of GDP? [S.S.C. Online C.G.L. (T-I) 11.08.2017 (Shift-III)]

(a) Gross Domestic Product
(b) Goods Domestic Products
(c) Current Domestic Product
(d) none of these

Correct Answer: (a) Gross Domestic Product

Solution:Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.

5. Which among the following is included in the gross domestic product? [S.S.C. Online MTS (T-I) 18.10.2021 (Shift-I)]

(a) Sales of final goods
(b) Bartered goods and services
(c) Sale of used goods
(d) Transfer payments

Correct Answer: (a) Sales of final goods

Solution:Sales of final goods are included in the gross domestic product. GDP or Gross Domestic Product is the total value or market value of all the goods and services in a year in a country's economy. Intermediate goods are not included while calculating GDP.

6. While calculating GDP, which among the following is not included? [S.S.C. Online MTS (T-I) 9.10.2017 (Shift-III)]

(a) Final Goods
(b) Final Services
(c) Intermediate Goods
(d) None of These

Correct Answer: (c) Intermediate Goods

Solution:GDP or Gross Domestic Product is the total value or market value of all the goods and services in a year in a country's economy. Intermediate goods are not included while calculating GDP.

7. Which organization is responsible for calculating the GDP of India? [S.S.C. Online Constable GD 18.02.2019 (Shift-II) S.S.C. Online Constable GD 19.02.2019 (Shift-II)]

(a) Ministry of Finance
(b) Chief Economic Adviser
(c) Central Statistics Office
(d) Reserve Bank of Indi

Correct Answer: (c) Central Statistics Office

Solution:The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India, macroeconomic data gathering, and statistical record keeping.

8. Gross Domestic Product is a measure of.. [SS.C. Online MTS (T-I) 19.09.2017 (Shift-III)]

(a) A country's international economic activities
(b) A country's domestic economic activities
(c) A country's economy related to its neighbors
(d) A country's agricultural activities

Correct Answer: (b) A country's domestic economic activities

Solution:Gross domestic product is the measure of a country's domestic economic activities. It is the sum of prices or market values of all the final goods and services which are produced in an economy during a specific period of time.

9. The ratio between the nominal and real GDP is called ______. [S.S.C. Online CPO SI (T-I) 09.11.2022 (Shift-I)]

(a) Net national income
(b) Value added GDP
(c) Green GDP
(d) GDP deflator

Correct Answer: (d) GDP deflator

Solution:The ratio between the nominal and real GDP is called GDP deflator. GDP deflator is an economic metric that measures the price level of all final goods and services produced within an economy in a given pe-riod. It is calculated by dividing the nominal GDP by the real GDP and then multiplying the result by 100. The resulting number represents the change in prices of all goods and services produced in an economy.

10. What situation would result if Government expenditure exceeds the Government revenue on Current Account? [S.S.C. Online C.G.L.(T-I) 29.08.2016 (Shift-I)]

(a) Deficit budgeting
(b) Zero-based budgeting
(c) Performance-based budgeting
(d) Surplus budgeting

Correct Answer: (a) Deficit budgeting

Solution:The excess of overall government expenditure both on capital and current account over the estimated government receipts both from tax and non-tax sources is termed as fiscal deficit. A Fiscal deficit is a kind of budget deficit where government expenditure exceeds its income during the course of a financial year.

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