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- Question
Which of the following statements about GDP is correct?
Options- A. Nominal GDP values production at constant prices, whereas real GDP values production at current prices.
- B. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process.
- C. Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates the value of production.
- D. Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
- Correct Answer
- Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
- 1. National income accountants can avoid multiple counting by
Options- A. subtracting NDP from GDP
- B. add exports, but subtract imports
- C. only counting final goods
- D. None of the above Discuss
- 2. Another name for false productivity is
Options- A. making poor decisions
- B. filling your mind with negative self-talk
- C. driving toward success
- D. spinning your wheels Discuss
- 3. The law of demand implies that
Options- A. the higher the price of a good, the lesser the quantity demanded
- B. the higher the price of a good, the higher the quantity demanded
- C. the higher the quantity demanded, the higher the price of a good
- D. All of the above Discuss
- 4. In economics, if a good is inelastic,
Options- A. its supply or demand is not sensitive to price changes.
- B. consumers have lost an interest in purchasing it.
- C. producers have lost an interest in manufacturing it.
- D. its supply or demand is too sensitive to price changes. Discuss
- 5. Which statement describes the term salary?
Options- A. Salary refers to the fixed amount paid on a daily basis.
- B. Salary refers to the varying amount paid on a daily basis.
- C. Salary refers to the fixed amount paid on a weekly, bi-weekly, or monthly basis.
- D. None of the above Discuss
- 6. A large underground economy results in an
Options- A. Overstated GDP
- B. Understated GDP price index
- C. Overstated GDP price index
- D. Understated GDP Discuss
- 7. The law of supply indicates that other things equal
Options- 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 Discuss
- 8. The long run aggregate supply curve is vertical because
Options- A. there is no cyclical inflation
- B. potential GDP is low
- C. at full employment prices are stable
- D. all of the above Discuss
- 9. Which among the following sponsors Regional Rural Banks (RRB'S)?
Options- A. Reserve Bank of India
- B. Foreign Banks
- C. National Commercial Banks
- D. Co-Operative Banks Discuss
- 10. Amartya Sen was awarded the Nobel Prize for his contribution to
Options- A. Monetary Economics
- B. Welfare Economics
- C. Environmental Economics
- D. Development Economics Discuss
Indian Economy problems
Search Results
Correct Answer: only counting final goods
Correct Answer: spinning your wheels
Explanation:
Another name for false productivity is Spinning your wheels. They use the term for false productivity because your wheels are spinning as you're doing work but you're not going anywhere i.e, making any progress.
Correct Answer: the higher the price of a good, the lesser the quantity demanded
Explanation:
The law of demand implies that "The higher the price of a good, the lesser the quantity demanded".
For example:
If the rate of a mobile phone increased, the quantity demanded by the customers is decreased.
Correct Answer: its supply or demand is not sensitive to price changes.
Explanation:
If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic.
A good that is inelastic does not have very stretchy demand. In economic terms, the quantity demanded does not change a lot when the price changes.
So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent or less than 10, that good is said to have inelastic demand.
Hence, in this case, consumers are not considered very sensitive, or responsive, to a change in the price of that good.
Correct Answer: Salary refers to the fixed amount paid on a weekly, bi-weekly, or monthly basis.
Explanation:
A salary is best described as a fixed amount of income that is paid to an individual on a weekly, bi-weekly or monthly basis.
A salary can also be described as the annual earnings paid out over a year.
Correct Answer: Understated GDP
Correct Answer: producers will offer more of a product at high prices than at low prices
Correct Answer: at full employment prices are stable
Explanation:
The long-run aggregate supply curve is vertical because it is at the full-employment or potential output. Because the economy's potential output is determined by the availability and productivity of real resources, not by the price level. That means that even if demand increases, firms can't hire new workers and expand because everyone is already working.
Correct Answer: National Commercial Banks
Correct Answer: Welfare Economics
Explanation:
Amartya Sen, Indian economist who was awarded the 1998 Nobel Prize in Economic Sciences for his contributions to welfare economics and social choice theory and for his interest in the problems of society's poorest members
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