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Best Online Resource for General GK mcq Practice for Railway Exams
Which of the following represents the correct relationship among the given terms?
A) Depreciation = NET investment – Gross investment
B) Gross investment = NET investment – Depreciation
C) NET investment = Gross investment – Depreciation
D) NET investment = Gross investment + Depreciation
Option c – NET investment = Gross investment – Depreciation
NDP at factor cost added with NET factor Income from abroad is equivalent to
A) NNP at factor cost
B) NNP at market price
C) GDP at factor cost
D) GNP at market price
Option a – NNP at factor cost
Choose the correct statement.
A) When real GDP is 240 and price index is 120, nominal GDP equals 200
B) When real GDP is 500 and price index is 200, nominal GDP equals 250
C) When real GDP is 500 and price index is 200, nominal GDP equals 700
D) When real GDP is 240 and price index is 120, nominal GDP equals 288
Option d – When real GDP is 240 and price index is 120, nominal GDP equals 288
Identify the correct order of National Income concepts from the broadest to the narrowest.
A) GNP at market price → NNP at market price → GNP at factor cost → NNP at factor cost
B) Personal disposable Income → Personal Income → GNP at market price → GNP at factor cost
C) GNP at factor cost → GNP at market price → NNP at market price → Personal Income
D) GNP at factor cost → NNP at factor cost → Personal Income → Personal disposable Income
Which of the following is NOT a valid component under the expenditure method of calculating National Income?
A) Final investment made by firms
B) Government’s final expenditure
C) Export plus import expenditure
D) Household consumption expenditure
Option c – Export plus import expenditure
The income of the Government arising from property left behind by people without a legal successor is known as
A) Escheat
B) Moot
C) Felony
D) Lien
Option a – Escheat
While estimating National Income, which of the following should be deducted from NNP at market price?
A) Depreciation
B) NET product taxes and production taxes
C) NET indirect taxes
D) Depreciation and product taxes
Option c – NET indirect taxes
Which of the following statements about factor income is correct?
A) If income received from abroad exceeds income paid abroad, GNP will be higher than GDP
B) If income received from abroad exceeds income paid abroad, GNP will be less than GDP
C) If income earned from abroad is lower than income paid abroad, GNP will be greater than GDP
D) If NET factor income from abroad is negative, GNP will be higher than GDP
Option a – If income received from abroad exceeds income paid abroad, GNP will be higher than GDP
The key difference between aggregates at market price and factor cost arises from
A) Depreciation
B) Indirect taxes
C) Direct taxes
D) Net indirect taxes
Option d – Net indirect taxes
If the real GDP is 500 and the price index is 150, the nominal GDP will be
A) 450
B) 650
C) 750
D) 350
Option c – 750
Exports of mangoes from India fall under which method of estimating National Income?
A) Value added method
B) Circular income method
C) Expenditure method
D) Income method
Option c – Expenditure method
The financial year in India extends from
A) April 1 to March 31
B) February 1 to January 31
C) January 1 to December 31
D) July 1 to June 31
Option a – April 1 to March 31
Which of the following National Income aggregates best represents the concept of National Income?
A) GDP at market price
B) NNP at factor cost
C) NDP at market price
D) GNP at factor cost
Option b – NNP at factor cost
When calculating Net Economic Welfare (NEW), which of the following is deducted from GNP?
A) Value of leisure time
B) Adjustment for urban congestion
C) Do-it-yourself activities
D) The underground Economy
Option b – Adjustment for urban congestion
Which of the following statements is/are incorrect? I. The impact of externality is always positive II. Real National Income means National Income at constant prices
A) Only statement II
B) Only statement I
C) Neither I nor II
D) Both I and II
Option b – Only statement I
The Central Statistical Office (CSO) introduced the concept of Gross Value Added (GVA) in India in the year
A) 2015
B) 2012
C) 2010
D) 1993
Option a – 2015
The formula for calculating GDP deflator is
A) (Nominal GDP × Real GDP) × 100
B) (Nominal GDP + Real GDP) × 100
C) (Nominal GDP – Real GDP) × 100
D) (Nominal GDP / Real GDP) × 100
Option d – (Nominal GDP / Real GDP) × 100
Which of the following statements correctly explains the change in the agricultural sector and employment share in GDP after independence?
a) The contribution of Agriculture to GDP decreased notably, but employment in the sector remained largely unchanged.
b) Employment in Agriculture dropped significantly, but the sector’s GDP share did not.
c) Both the agricultural share in GDP and employment in the sector have increased considerably.
d) Both the agricultural share in GDP and employment in the sector have declined over time.
Option a – The contribution of Agriculture to GDP decreased notably, but employment in the sector remained largely unchanged
Which of the following defines National Income correctly?
a) National Income equals NNP at factor cost.
b) National Income equals GDP at market price.
c) National Income equals GNP at factor cost.
d) National Income equals NDP at market price.
Option a – National Income equals NNP at factor cost
What is the main reason behind the fall in per capita income?
a) Decrease in Population growth.
b) Increase in Population growth.
c) Reduction in gross domestic product.
d) Equal distribution of income.
Option b – Increase in Population growth.
Which of the following statements about the circular flow of income is incorrect?
a) Income earned by one sector becomes the spending of another sector.
b) Savings and government spending act as injections into the Economy.
c) In the circular flow model, leakages are equal to injections.
d) Real and monetary flows move in the same circular direction.
Option b – Savings and government spending act as injections into the Economy.
If GNP has increased by 16% from the previous year and the inflation rate is 9%, by what percentage has actual production grown?
a) 4%
b) 7%
c) 6%
d) 5%
Option b – 7%
The share of GDP from the industrial sector rose from 11.8% in 1950–51 to what level in 1990–91? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) 20.6%
b) 26.6%
c) 22.6%
d) 24.6%
Option d – 24.6%
Which of the following statements accurately describes depreciation? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) Depreciation represents the decline in value of fixed assets due to wear and tear during their use.
b) Depreciation excludes sudden or unexpected destruction of assets.
c) Neither statement I nor II is correct.
d) Both statements I and II are correct.
Option d – Both statements I and II are correct.
GDP of a nation is calculated from which of the following sectors? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) Agriculture, industry, and services.
b) Agriculture and industry only.
c) Trade and commerce.
d) Rural and urban sectors.
Option a – Agriculture, industry, and services.
Which term refers to the average income earned per individual in a Population, including all residents? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) Per hundred income.
b) GDP.
c) Per capita income.
d) PRCS.
Option c – Per capita income.
While computing Net National Product (NNP), which component is subtracted from Gross National Product (GNP)? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) Personal income.
b) Indirect taxes.
c) Depreciation.
d) Subsidies.
Option c – Depreciation
Private income after deducting taxes and non-tax payments gives which of the following estimates? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) Personal disposable income.
b) Gross income.
c) National income.
d) Private income.
Option a – Personal disposable income.
Which of the following is excluded while estimating National Income? ( Best Online Resource for General GK mcq Practice for Railway Exams )
a) Sales by street vendors.
b) Services rendered by housewives.
c) Vegetables grown in home gardens.
d) All of the above.
Option d – All of the above.
Using the following data, calculate personal income: I. National Income = ₹1000, II. Corporate Tax = ₹10, III. Subsidies = ₹5, IV. Undistributed Profits = ₹15, V. Rent = ₹15. ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) ₹975
b) ₹950
c) ₹1000
d) ₹980
Option d – ₹980
At higher stages of economic growth, which sector contributes the least to GDP? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Both service and Agriculture sectors.
b) Agriculture sector.
c) Industrial sector.
d) Service sector.
Option b – Agriculture sector.
Why are intermediate goods excluded from National Income calculations? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) They decrease total income.
b) They increase total income.
c) To avoid double counting.
d) They are considered unreliable.
Option c – To avoid double counting.
Which formula correctly represents the calculation of NNP? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) NNP = GNP − Depreciation.
b) NNP = GDP − Income.
c) NNP = GDP − Depreciation.
d) NNP = GNP + Depreciation.
Option a – NNP = GNP − Depreciation.
Which of the following refers to the total of all factor incomes earned by residents of a country in one year, including net indirect taxes? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Net Domestic Product (NDP).
b) Gross National Product (GNP).
c) Net National Product (NNP).
d) Gross Domestic Product (GDP).
Option c – Net National Product (NNP).
Which of the following serves as the most accurate indicator of government borrowings? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Revenue deficit
b) Primary deficit
c) Balance of payments deficit
d) Fiscal deficit
Option d – Fiscal deficit
Which of the following is NOT a source used to cover government deficits? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Borrowings from domestic or foreign lenders
b) Non-tax income
c) Increased taxation
d) Deficit financing
Option b – Non-tax income
Consider the following statements about capital receipts: A. Receipts that either generate liabilities or reduce financial assets are classified as capital receipts. B. Capital receipts include funds borrowed by the government from the public, Reserve Bank, commercial banks, international agencies, and loan recoveries. Which of the statements given above is correct?
a) Both A and B
b) Only B
c) Only A
d) Neither A nor B
Option a – Both A and B
Examine the following statements regarding deficit reduction: A. A fiscal deficit can be reduced by increasing taxes or cutting government spending. B. India primarily focuses on boosting direct tax collections since indirect taxes tend to be regressive. Which of the following statements is accurate?
a) Only A
b) Only B
c) Both A and B
d) Neither A nor B
Option c – Both A and B
Which category of expenditure does not result in the creation of tangible or financial assets? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Development expenditure
b) Fiscal expenditure
c) Revenue expenditure
d) Capital expenditure
Option c – Revenue expenditure
Consider the following statements regarding revenue expenditure: A. It includes expenses that do not lead to the creation of physical or financial assets. B. It covers regular administrative costs, loan interest payments, and grants to states or other entities. Which of the following statements is incorrect?
a) Only A
b) Only B
c) Both A and B
d) Neither A nor B
Option d – Neither A nor B
Which of the following is NOT included under revenue receipts? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Grant received from UNESCO
b) Goods and Services Tax (GST)
c) Loan obtained from the World Bank
d) Fees collected for property registration
Option c – Loan obtained from the World Bank
If the revenue deficit equals 2.8% of GDP and the revenue expenditure equals 10.8% of GDP, what percentage of GDP represents revenue receipts? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) 8.00%
b) 2.70%
c) 13.60%
d) 12.80%
Option a – 8.00%
The financial plan of the central government presented annually is known as the: ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) State budget
b) Revised budget
c) Annual exposed budget
d) Union budget
Option d – Union budget
Which of the following accurately defines revenue deficit? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Revenue expenditure + Revenue receipts
b) Primary deficit − Fiscal deficit
c) Revenue expenditure − Revenue receipts
d) Primary deficit + Fiscal deficit
Option c – Revenue expenditure − Revenue receipts
Which of the following statements about India’s Union Budget is correct? I. It presents the government’s vision to meet citizens’ aspirations. II. It summarizes the government’s overall financial status. III. It outlines the expenditure of various Union ministries.
a) Only I
b) Only II
c) Only I and II
d) All I, II, and III
Option d – All I, II, and III
A budget deficit represents a situation where: ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Government expenditure exceeds total revenue
b) Government revenue exceeds total expenditure
c) The government is generating savings for future investment
d) The government is cutting down on essential spending
Option a – Government expenditure exceeds total revenue
The Government’s _______ is an annual statement detailing estimated receipts and expenditures, highlighting fiscal goals for growth and stability. ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Policy
b) Budget
c) Revenue
d) Plan
Option b – Budget
Which of the following products is subject to both GST and central excise duty in India? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Alcohol meant for human consumption
b) Tobacco and tobacco-related goods
c) Petroleum products
d) Agricultural produce
Option b – Tobacco and tobacco-related goods
A reduction in tax rates generally produces a ______ impact on aggregate demand compared to a rise in government spending. ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) No
b) Smaller
c) Equivalent
d) Higher
Option b – Smaller
Proportional taxes reduce the autonomous expenditure multiplier because: ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Taxes increase the marginal propensity to consume (MPC)
b) MPC remains unchanged
c) Taxes and MPC become equal
d) Taxes lower the marginal propensity to consume
Option d – Taxes lower the marginal propensity to consume
Which of the following is classified as a direct tax? ( Best Online Resource for General GK MCQ Practice for Railway Exams )
a) Income Tax
b) Escheat
c) Goods and Services Tax
d) Customs duty
Option a – Income Tax
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