One Mark Questions Answers

EVALUATION

I. Choose the correct answer

1. GNP equals

a) NNP adjusted for inflation

b) GDP adjusted for inflation

c) GDP plus net property income from abroad

d) NNP plus net property income or abroad

Ans: (c)

2. National Income is a measure of

a) Total value of money

b) Total value of producer goods

c) Total value of consumption goods

d) Total value of goods and services

Ans: (d)

3. Primary sector consist of

a) Agriculture

b) Automobiles

c) Trade

d) Banking

Ans: (a)

4. ______ approach is the value added by each intermediate good is summed to estimate the value of the final good.

a) Expenditure approach

b) Value added approach

c) income approach

d) National Income

Ans: (b)

5. Which one sector is highest employment in the GDP.

a) Agricultural sector

b) Industrial sector

c) Service sector

d) None of the above.

Ans: (c)

6. Gross value added at current prices for services sector is estimated at ______ lakh crore in 2018-19.

a) 91.06

b) 92.26

c) 80.07

d) 98.29

Ans: (b)

7. India is ______ larger producer in agricultural product.

a) 1st

b) 3rd

c) 4th

d) 2nd

Ans: (d)

8. India’s life expectancy at birth is ______ years.

a) 65

b) 60

c) 70

d) 55

Ans: (a)

9. Which one is a trade policy?.

a) irrigation policy

b) import and export policy

c) land-reform policy

d) wage policy

Ans: (b)

10. Indian economy is

a) Developing Economy

b) Emerging Economy

c) Dual Economy

d) All the above

Ans: (a)

II. Fill in the blanks

1. Service is the primary sector in India.

2. GDP is the indicator of Economic health of an economy.

3. Secondary sector otherwise called as Industrial sector

III. Match the following

1. Electricity/ Gas and Water – National Income /Population

2. Price policy – Gross Domestic Product

3. GST – Industry Sector

4. Per capita income – Agriculture

5. C + I + G + (X-M) – Tax on goods and service

Answer:

1. Electricity/ Gas and Water – Industry Sector

2. Price policy – Agriculture

3. GST – Tax on goods and service

4. Per capita income – National Income /Population

5. C + I + G + (X-M) – Gross Domestic Product