{"id":10255,"date":"2024-07-11T10:43:01","date_gmt":"2024-07-11T09:43:01","guid":{"rendered":"https:\/\/mcqsadda.com\/?p=10255"},"modified":"2024-07-17T12:01:51","modified_gmt":"2024-07-17T11:01:51","slug":"taxation-and-gdp-set-1","status":"publish","type":"post","link":"https:\/\/mcqsadda.com\/index.php\/2024\/07\/11\/taxation-and-gdp-set-1\/","title":{"rendered":"Taxation and GDP Set &#8211; 1"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>1. <strong><strong><strong><strong>Which of the following is not a method to calculate the<\/strong><a href=\"https:\/\/www.jagranjosh.com\/general-knowledge\/what-is-the-sectorwise-contribution-in-gdp-of-india-1519797705-1\" target=\"_blank\" rel=\"noopener\"><strong>\u00a0<\/strong><\/a><strong>Gross Domestic Product (GDP)?<\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Product method<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  Income law<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Expenditure method<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Diminishing cost method<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.Diminishing cost method<BR>\nSOLUTION :There are 3 methods used for calculating national income namely; Income method, expenditure method, and Product method. The diminishing cost method is not a method to calculate national income.<\/p>\n<\/div>egin\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. The total amount of income from economic activities across the country in a year is called &#8230;&#8230;..<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A. Disposable income<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. National income<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Personal income<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Private Income<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:B.National income<BR>\nSOLUTION: \nThe total amount of income from economic activities across the country in a year is called national income. This income includes wages, interest, rent, and profit. <\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Which of the following statements is correct?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. \u00a0GDP at factor cost = Net Value Addition + Depreciation\u00a0<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. \u00a0\u00a0GDP at factor cost = Net Value Addition &#8211; Depreciation<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. \u00a0GDP at factor cost = Net price increase + indirect tax\u00a0<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. GDP at factor cost = Net price increase + direct tax\u00a0<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER : A.GDP at factor cost = Net Value Addition + Depreciation\u00a0<BR>\nSOLUTION: \nGDP at factor cost = Net Value Addition + Depreciation is correct. GDP at at factor cost is the sum of net value addition by all producers within the country.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. <strong><strong>What is the size of India&#8217;s economy at present on a nominal GDP basis?<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. US$ 2.93 trillion<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. US$ 11.30 trillion<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. US$ 3.5 trillion<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. None of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: A. US$ 2.93 trillion<BR>\nSOLUTION: \nIndia&#8217;s economy is currently 2.93 trillion dollars on a nominal GDP basis. This figure is from the IMF 2019 report. Currently, India is the 5th largest economy in the world.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. \u00a0Which of the following institutions releases the \u201cWorld Economic Outlook Report\u201d?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. World Bank<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Federal Reserve Bank<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C.  \u00a0International Monetary Fund<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. \u00a0International Finance Corporation<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: C.International Monetary Fund<BR>\nSOLUTION: \nThe International Monetary Fund releases the World Economic Outlook Report. <\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. \u00a0What is the base year for calculating India&#8217;s GDP?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A.  2004-05<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. 2010-11<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. 2011-12<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. 2014-15<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:C.2011-12<BR>\nSOLUTION: \nThe base year for India&#8217;s GDP calculation is 2011-12. The central government wants to revise it 2017-18.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>7. <strong>Who releases data of national income in India?<\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. NSSO<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B.  CSO<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. NITI Aayog<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. None of the following<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:B.CSO<BR>\nSOLUTION :\nThe GDP figures in India are released by the Central Statistics Office (CSO), which comes under the Ministry of Statistics and Program Implementation (MOSPI).\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>8. \u00a0Which country is the fourth-largest economy in the world in terms of nominal GDP?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Germany<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Britain<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Japan<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. Russia<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER:A.Germany<BR>\nSOLUTION:\nGermany is the fourth-largest economy in the world based on nominal GDP. size of the German economy is $ 3.86 trillion.  <\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>9. Which of the following is a part of the Gross National Product (GNP)?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Exports<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Money earned by a resident abroad<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Imports<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. All of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: D.All of the above<BR>\nSOLUTION: \nGNP adds government expenditure, personal consumption expenditure, private domestic investments, net exports, and income earned by nationals overseas, and eliminates the income of foreign residents within the domestic economy.\n<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>10. <strong><strong><strong>The average income of a country is known as _________<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A. Real National Income<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>B. Per Capita Income<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>C. Disposable Income<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>D. None of the above<\/strong><\/h3>\n\n\n\n<button class=\"acc\">ANSWER &#038; SOLUTION<\/button>\n<div class=\"pnl\">\n  <p>ANSWER: B. Per Capita Income.<BR>\nSOLUTION:\nThe average income of a country is called per capita income (PCI).\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>1. Which of the following is not a method to calculate the\u00a0Gross Domestic Product (GDP)? A. Product method B. Income law C. Expenditure method D. Diminishing cost method ANSWER &#038; SOLUTION ANSWER: D.Diminishing cost method SOLUTION :There are 3 methods used for calculating national income namely; Income method, expenditure method, and Product method. The diminishing<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[5654,5655,5646,4029,5649,5652,5509,5501,5505,5503,5507,5504,5508,5500,5502,5506],"class_list":{"0":"post-10255","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economics","7":"tag-economics-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","8":"tag-economics-mcqs-for-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","9":"tag-exam-veda","10":"tag-mcqs-adda","11":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-exams","12":"tag-mcqs-for-pc-psi-sda-fda-pdo-vao-banking-kas-ias-ssc-gd-ssc-chsl-ssc-cgl-for-all-compitative-examsin-kannada","13":"tag-the-average-income-of-a-country-is-known-as-_________","14":"tag-the-total-amount-of-income-from-economic-activities-across-the-country-in-a-year-is-called","15":"tag-what-is-the-base-year-for-calculating-indias-gdp","16":"tag-what-is-the-size-of-indias-economy-at-present-on-a-nominal-gdp-basis","17":"tag-which-country-is-the-fourth-largest-economy-in-the-world-in-terms-of-nominal-gdp","18":"tag-which-of-the-following-institutions-releases-the-world-economic-outlook-report","19":"tag-which-of-the-following-is-a-part-of-the-gross-national-product-gnp","20":"tag-which-of-the-following-is-not-a-method-to-calculate-the-gross-domestic-product-gdp","21":"tag-which-of-the-following-statements-is-correct","22":"tag-who-releases-data-of-national-income-in-india"},"_links":{"self":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/comments?post=10255"}],"version-history":[{"count":3,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10255\/revisions"}],"predecessor-version":[{"id":10280,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/posts\/10255\/revisions\/10280"}],"wp:attachment":[{"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/media?parent=10255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/categories?post=10255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcqsadda.com\/index.php\/wp-json\/wp\/v2\/tags?post=10255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}