Previous Year’s Questions - Economics MCQ 3


30 Questions MCQ Test Economy Traditional for UPSC (Civil Services) Prelims | Previous Year’s Questions - Economics MCQ 3


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This mock test of Previous Year’s Questions - Economics MCQ 3 for UPSC helps you for every UPSC entrance exam. This contains 30 Multiple Choice Questions for UPSC Previous Year’s Questions - Economics MCQ 3 (mcq) to study with solutions a complete question bank. The solved questions answers in this Previous Year’s Questions - Economics MCQ 3 quiz give you a good mix of easy questions and tough questions. UPSC students definitely take this Previous Year’s Questions - Economics MCQ 3 exercise for a better result in the exam. You can find other Previous Year’s Questions - Economics MCQ 3 extra questions, long questions & short questions for UPSC on EduRev as well by searching above.
QUESTION: 1

Per Capita Income is equal to         

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QUESTION: 2

An individual’s actual standard of living can be assessed by            

Solution:

The correct option is C.
Per capita income is a measure of the amount of money earned per person in a nation or geographic region. Per capita income can be used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population.

QUESTION: 3

Which one of the following is not a method of estimating National Income?        

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QUESTION: 4

National Income Estimates in India are prepared by            

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QUESTION: 5

Net National Product (NNP) of a country is                    

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QUESTION: 6

Personal Disposable income is        

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QUESTION: 7

Which of the following is not included in the National Income?             

Solution:

National income is thee total value a country’s final output of new goods and services produced in one year. Transfer payments are not a part of tge national income so they are cut from national income to get n.n.p in order to arrive national income such payments are bad debts incurred by banks, payments of pensions, charity, Scholarships etc. Private sector transfers include charitable donation and prizes to lottery winners.

QUESTION: 8

GDP at factor cost is             

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QUESTION: 9

Which of the statements is correct about India's National Income?            

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QUESTION: 10

Which of the following is not required while computing Gross National Product (GNP)?        

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QUESTION: 11

Which of die following results by dividing National Income by size of population?        

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QUESTION: 12

What does National Income mean?        

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QUESTION: 13

National Income refers to        

Solution:

National Income refers to the money value of all the goods and services produced in a country during a financial year. In other words, the final outcome of all the economic activities of the nation during a period of one year, valued in terms of money is called as a National income

QUESTION: 14

The National Income of a country is        

Solution:

B is the correct option.This is called national income of the country. National income of a country can be defined as the total market value of all final goods and services produced in the economy in a year. HENCE, the national income of a country is total productive income.

QUESTION: 15

The method of calculating the National Income by the product method is otherwise known as                    

Solution:

Product method is also known as output method or value added method. In this method, we calculate the national income in terms of final goods and services produced in an economy during a particular period of time.

QUESTION: 16

Rate of interest is determined by

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QUESTION: 17

The Fringe Benefit Tax was introduced in the budget of                

Solution:

It was introduced in Budget 2005-06. The government felt many companies were disguising perquisites such as club facilities as ordinary business expenses, which escaped taxation altogether. Employers have to now pay FBT on a percentage of the expense incurred on such perquisites.

QUESTION: 18

The government set-up a committee headed by the Chairman. Central Board of Direct Taxes sometime back to go into            

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QUESTION: 19

During periods of inflation, tax rates should                    

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QUESTION: 20

The Planning Commission of India was constituted in the year             

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QUESTION: 21

The Report of Vijay Kelkar Committee relates to                     

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QUESTION: 22

Which of the following is not considered as National Debt?            

Solution:

C is the correct option.The national debt is simply the net accumulation of the federal government's annual budget deficits. Premium collected in the form of different life insurance policies does not contribute to any kind of debt.

QUESTION: 23

Excise duty on a commodity is payable with reference to its            

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QUESTION: 24

Cheap money means             

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QUESTION: 25

Which one of the following items is not included in the current account of India's Balance of Payments?                    

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QUESTION: 26

In the budget figures of the Government of India the difference between total expenditure and total receipts is called            

Solution:

A is the correct option.Fiscal deficit refers to the excess of total expenditure over total receipts (excluding borrowings) during the given fiscal year. ... The extent of fiscal deficit is an indication of how far the government is spending beyond its means.

QUESTION: 27

In the budget figures of the Government of India, fiscal deficit is            

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QUESTION: 28

If the tax rate increases with the higher level of income, it shall be called            

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QUESTION: 29

Which of the following is the most important domestic source of planned finance?        

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QUESTION: 30

Which of the following taxes is not shared between the union and the states?        

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