374
Q:

National Income estimates in India are prepared by

A) Planning Commission B) Reserve Bank of India
C) Central statistical organisation D) Indian statistical Institute

Answer:   C) Central statistical organisation



Explanation:
Subject: Indian Economy
Q:

The largest expenditure component of GDP is

A) Consumption B) Net exports
C) Government spending D) Investments
 
Answer & Explanation Answer: A) Consumption

Explanation:
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Q:

In national income accounting, government purchases include

A) Federal B) Local
C) State D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

In national income accounting, government purchases by Local, State and Federal governments.

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1 125
Q:

"GDP price index" measures changes in the

A) Amount of resources available in the nation B) Value of final output produced in the nation
C) Cost of resources employed in the nation D) Prices of the output produced in the nation
 
Answer & Explanation Answer: B) Value of final output produced in the nation

Explanation:

"GDP price index" measures changes in the value of final output produced in the nation.

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0 28
Q:

Which tax uses the same rate for all income levels?

A) Income tax B) Proportional tax
C) Both A & B D) Service tax
 
Answer & Explanation Answer: B) Proportional tax

Explanation:

Tax that uses the same rate for all income levels is proportional tax.

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1 72
Q:

Production costs to an economist

A) reflect opportunity costs B) consist only of explicit costs
C) always reflect monetary outlays D) never reflect monetary outlays
 
Answer & Explanation Answer: A) reflect opportunity costs

Explanation:

Production costs to an economist reflect opportunity costs.

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0 77
Q:

Value added can be determined by

Answer

Value added is determined by the difference between the price of product or service and the cost of producing it.


 


Added Value = Price that the product or service is sold at - cost of producing the product.

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1 79
Q:

A negative supply shock in the short run causes

A) the aggregate supply curve to shift to the left B) unemployment to fall
C) the aggregate supply curve to shift to the right D) the price level to fall
 
Answer & Explanation Answer: A) the aggregate supply curve to shift to the left

Explanation:

A negative supply shock in the sho rt run causes the aggregate supply curve to shift to the left.

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1 118
Q:

The law of supply indicates that other things equal

A) producers will offer more of a product at high prices than at low prices B) the quantity supplied of the good rises
C) the quantity supplied of the good rises D) producers will offer more of a product at high prices than at low prices
 
Answer & Explanation Answer: A) producers will offer more of a product at high prices than at low prices

Explanation:
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2 100