Indian EconomyOnline Test
National Income - Indian Economy
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How are people classified?
People are classified into three types namely poor, rich and middle class people based on their individual income.
How are countries classified?
Countries are classified into two types as developed country and developing country based on their national income.
What is the measure for checking development of a country?
What is national income?
National income is measure of the total value of goods and services produced by an economy over a period of time, normally one year.
What is Gross National Product?
Commonly national income is called as Gross National Product or National Dividend. It is the total value of goods and services produced and income received in a year by domestic residents of a country.
What is Gross Domestic Product?
Gross Domestic Product is the total value of goods and service produced by the factor of production within the geographical boundaries of a country.
What tells about the value of output produced and income received in a year by domestic residents of a country?
Gross National Product
What is Net National Product?
Net National Product is arrived by making some adjustment with regard to deprivation. That is we arrive at NNP by deducting the value of deprivation from Gross National Product.
What is the formula for calculating NNP?
NNP = GNP (-) Deprivation
What is the indicator used to show the living standard of people in a country?
Per Capita Income
When there is increase in Per Capita income how does it affect the people?
When there is increase in Per capita income it result in increase of peoples standard of living.
What is per capita income?
It is obtained by dividing the national income by that of the population of the nation.
How is Per Capita income calculated?
Per Capita Income = Nation Income / Population
What is the per capita income of India as per the USA report?
Country Per Capita Income (in $)
Japan 38,894.47 $ America 52,194.90 $ England 41,602.98 $
How can we calculate National Income?
Product method, income method and expenditure method.
What is the main cause for miscalculation in national income?
What is black money?
Black money is nothing but the unaccountable money. That is earned through illegal activities, illegal business and money through corruption.
In rural economy the transaction occurs informally. How is it called as?
How does non-monetization affects our country?
It leads to miscalculation in the national income.
What are the activities ignored by National Income?
Domestic work, housekeeping, social service, volunteer activities and unpaid social services.
What are primary sectors?
Primary sectors include activities such as agriculture, forestry, fishing, mining and quarrying.
What are secondary sectors?
Secondary sectors include activities such as manufacturing industries, electricity, gas, water supply and construction.
What are service sector?
Service sector includes activities such as trade, hotel, transport, storage, communication, finance, insurance, real estate and social services.
What are the sectorial growth rates of National Income?
Primary Sector – 17.32% Secondary Sector – 29.02% Tertiary Sector – 53.66%
What is Laissez-faire policy?
It means non intervention of government.
What are roles of government?
Protective function, administrative function, social security function and economic functions.
National Income is otherwise called as __________
Gross National Product
National Income of a country can be calculated by ___________
Net National Product _________
GNP (-) Depreciation
Net domestic product (-) Depreciation
Per capita Income (-) Depreciation
Gross domestic product (-) Depreciation
India’s per capita income is __________
Primary sector consists of __________
National Income is a measure of ___________
Total value of money
Total value of food gains
Total value of Industrial products
Total value of goods & services
Expenditure method estimates national income from the __________
Income method sums all forms of _________
Per capita Income is an indicator of _________
Richness of people
Poverty of people
Living standard of people
Literacy of people
Primary sector’s contribution to national income in India is __________
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There are 37 questions to complete.