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Previous Year Questions: Economics- 3 - UPSC MCQ


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30 Questions MCQ Test - Previous Year Questions: Economics- 3

Previous Year Questions: Economics- 3 for UPSC 2024 is part of UPSC preparation. The Previous Year Questions: Economics- 3 questions and answers have been prepared according to the UPSC exam syllabus.The Previous Year Questions: Economics- 3 MCQs are made for UPSC 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Previous Year Questions: Economics- 3 below.
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Previous Year Questions: Economics- 3 - Question 1

Per Capita Income is equal to         

Previous Year Questions: Economics- 3 - Question 2

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

Detailed Solution for Previous Year Questions: Economics- 3 - Question 2

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.

Previous Year Questions: Economics- 3 - Question 3

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

Previous Year Questions: Economics- 3 - Question 4

National Income Estimates in India are prepared by            

Previous Year Questions: Economics- 3 - Question 5

Net National Product (NNP) of a country is                    

Previous Year Questions: Economics- 3 - Question 6

Personal Disposable income is        

Previous Year Questions: Economics- 3 - Question 7

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

Detailed Solution for Previous Year Questions: Economics- 3 - Question 7

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.

Previous Year Questions: Economics- 3 - Question 8

GDP at factor cost is             

Previous Year Questions: Economics- 3 - Question 9

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

Previous Year Questions: Economics- 3 - Question 10

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

Previous Year Questions: Economics- 3 - Question 11

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

Previous Year Questions: Economics- 3 - Question 12

What does National Income mean?        

Previous Year Questions: Economics- 3 - Question 13

National Income refers to        

Detailed Solution for Previous Year Questions: Economics- 3 - Question 13

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

Previous Year Questions: Economics- 3 - Question 14

The National Income of a country is        

Detailed Solution for Previous Year Questions: Economics- 3 - Question 14

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.

Previous Year Questions: Economics- 3 - Question 15

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

Detailed Solution for Previous Year Questions: Economics- 3 - Question 15

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.

Previous Year Questions: Economics- 3 - Question 16

Rate of interest is determined by

Previous Year Questions: Economics- 3 - Question 17

The Fringe Benefit Tax was introduced in the budget of                

Detailed Solution for Previous Year Questions: Economics- 3 - Question 17

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.

Previous Year Questions: Economics- 3 - Question 18

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

Previous Year Questions: Economics- 3 - Question 19

During periods of inflation, tax rates should                    

Previous Year Questions: Economics- 3 - Question 20

The Planning Commission of India was constituted in the year             

Previous Year Questions: Economics- 3 - Question 21

The Report of Vijay Kelkar Committee relates to                     

Previous Year Questions: Economics- 3 - Question 22

Which of the following is not considered as National Debt?            

Detailed Solution for Previous Year Questions: Economics- 3 - Question 22

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.

Previous Year Questions: Economics- 3 - Question 23

Excise duty on a commodity is payable with reference to its            

Previous Year Questions: Economics- 3 - Question 24

Cheap money means             

Previous Year Questions: Economics- 3 - Question 25

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

Previous Year Questions: Economics- 3 - Question 26

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

Detailed Solution for Previous Year Questions: Economics- 3 - Question 26

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.

Previous Year Questions: Economics- 3 - Question 27

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

Previous Year Questions: Economics- 3 - Question 28

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

Previous Year Questions: Economics- 3 - Question 29

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

Previous Year Questions: Economics- 3 - Question 30

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

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