1.Consider the following statements 1. If the economic production of present quarter is less than the previous quarter, it is called as recession. 2. If the GDP of a country contracts by approximately 20 percent, it is known as depression. Which of the statements given above is/are correct?
2.A Citizen of Germany owned a car factory operating in the US, the profits from the factory would be counted as part of
3.A country’s inbound Foreign Direct Investment (FDI) is many times that of the outbound FDI. Then, which of the following could be implied?
4.Consider the following statements 1. Gross Domestic Product is sum of Gross National Product and net factor income from abroad. 2. Gross Value Added is sum of Gross Domestic Product and indirect taxes. Which of the statements given above is/are correct?
5.If the Gross Domestic Product grows and the tax buoyancy is not in proportion to the growth, it may mean to which of the following? 1. Growth in tax evasion 2. Increase in tax rates 3. Non-taxed part of the GDP is growing 4. Shrink in Agriculture sector Select the correct answer using the code given below:
6.Which of the following are the methods used for calculating Gross Domestic Product of a country? 1. The output approach 2. The savings approach 3. The expenditure approach 4. The income approach Select the correct answer using the code given below:
7.Which of the following are not correct about calculation of Gross Domestic Product?
8.Which of the following are correct about Transfer payments? 1. These are one-way payment of money for which no good or service is provided. 2. These are a part of personal income. 3. Subsidies are not considered as transfer payments. Select the correct answer using the code given below:
9.Consider the following statements 1. Factor cost is the total cost of all the factors of production used in producing a good or service. 2. Basic price is the sum of factor cost and profits gained by producers. 3. Market price refers to the actual transacted price which includes indirect taxes. Which of the statements given above is/are correct?
10.Consider the following statements 1. Nominal Gross Domestic Product is GDP measured at current prices and adjusted for inflation. 2. Real Gross Domestic Product is GDP measured at prices of a base year. Which of the statements given above is/are incorrect?
