Top 150+ Solved Basics of Economics Studies MCQ Questions Answer
Q. The first estimate of National income in India was done by:
a. K.N. Raj
b. V.K.R.V. Rao
c. Dadabai Naoroji
d. P.C. Mahalanobis
Q. Pick the odd one out:
a. Real national income
b. NI at constant price
c. NI at current prices
d. NI at base year price
Q. GDP deflator is given by:
a. Nominal NI/Real NI
b. Nominal DGP/Real GDP
c. Nominal GDP/ Nominal GNP
d. Real GDP/Real GNP
Q. Wear and tear of capital due to constant use means:
a. Intermediate consumption
b. Final consumption
c. Depreciation
d. Devaluation
Q. Value of output minus intermediate consumption is:
a. Depreciation
b. Value added
c. Net value added
d. Net exports
Q. Personal income minus personal taxes is:
a. National Income
b. Private income
c. Disposable income
d. Per capita income
Q. In India, National income is estimated at:
a. Current prices
b. Constant prices
c. Both current and constant prices
d. None of these
Q. Which of the following is true:
a. GDP is a geographical concept
b. GDP is not a geographical concept
c. GDP and GNP are same
d. None of them
Q. GNP measured in terms of current market prices is called:
a. Nominal GNP
b. Real GNP
c. Both
d. None
Q. The term “Classical Economics” was first used by:
a. J.M. Keynes
b. Adam Smith
c. Karl Marx
d. David Ricardo