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- Question
GDP can be calculated by summing
Options- A. Consumption, investment, government purchases, and net exports
- B. Consumption, investment, government spending, and imports
- C. Consumption, investment, government purchases, and imports
- D. Consumption, investment, wages, and rent
- Correct Answer
- Consumption, investment, government purchases, and net exports
ExplanationGross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.
Simply, GDP is a broad measurement of a nation?s overall economic activity.
It is calculated by summation of Consumption, investment, government purchases, and net exports.
- 1. What does the APR on a credit card determine?
Options- A. fee paid by bank for deposits
- B. fee paid for borrowing money
- C. Both A & B
- D. None of the above Discuss
- 2. Entrepreneurship as a theory of business was propounded by
Options- A. Thomas A. Coleman
- B. Joseph A. Schumpeter
- C. Adam Smith
- D. Douglas McGregor Discuss
- 3. Which among the following is NOT a function of RBI?
Options- A. Serve as debt manager to other banks
- B. To work as monetary authority and implement its Monetary Policy
- C. Serve as banker to central and state governments
- D. To serve as issuer of bank notes Discuss
- 4. Excise duty is a tax levied on the
Options- A. Export of goods
- B. Import of goods
- C. sale of goods
- D. Production of goods Discuss
- 5. Which of the following is a project to develop watersheds in India
Options- A. DRDO
- B. CARE
- C. AVARD
- D. NWDPRA Discuss
- 6. Which of the following statements about taxes is false?
Options- A. Some states don?t collect income tax
- B. Taxes at the local, state and federal level are all equal
- C. Taxes are collected at the local, state and federal level
- D. Some states don?t collect sales tax Discuss
- 7. Who is known as the father of Indian Economics?
Options- A. Gopal Krishna Gokhale
- B. Bal Gangadhar Tilak
- C. Adam Smith
- D. M G Ranade Discuss
- 8. In economics, the cost of something is
Options- A. the dollar amount of obtaining it
- B. what you give up to get it
- C. often impossible to quantify, even in principle
- D. always measured in units of time given up to get it Discuss
- 9. Capitalism is an economic system in which
Options- A. private entities own capital goods
- B. Public entities own capital goods
- C. Both A & B
- D. None of the above Discuss
- 10. Which one of the following is NOT amethod of measurement of National Income
Options- A. Value added method
- B. Income method
- C. Expenditure method
- D. Investment method Discuss
Indian Economy problems
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Correct Answer: fee paid for borrowing money
Correct Answer: Joseph A. Schumpeter
Explanation:
Entrepreneurship as a theory of business was propounded by Joseph. A. Schumpeter.
Schumpeter?s Innovation Theory of Profit :
Definition: The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations.
Correct Answer: Serve as debt manager to other banks
Explanation:
Serve as debt manager to other banks is not a function of RBI Bank.
Correct Answer: Production of goods
Explanation:
An excise or excise tax or excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production of a good. This tax is now known as the Central Value Added Tax (CENVAT).
Correct Answer: NWDPRA
Correct Answer: Some states don?t collect income tax
Correct Answer: Adam Smith
Explanation:
Mahadev Govind Ranade is known as the father of Indian Economics. M G Ranade advocated social reforms such as widow re-marriage, liberation of women & emancipation of the oppressed classes.
He was Known to be the mentor & political guru of Gopal Krishna Gokhale & Bal Gangadhar Tilak.
Correct Answer: what you give up to get it
Explanation:
In economics, the cost of something is what you give up to get it.
Correct Answer: private entities own capital goods
Explanation:
Capitalism is an economic system in which private entities or businesses own capital goods.
Correct Answer: Investment method
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