INDIAN ECONOMY MOCK TEST – CHAPTER 1

Which of the following statements is/are CORRECT ?

1. The IMF ranks countries according to Purchasing Power Parity (PPP) on the basis of their GNPs.
2. For India, the GNP is more than GDP.

Consider the following statements –

1. India calculates its national income at factor cost.
2. India calculates its national income at constant prices with FY 2004-05 as the base year.

Which of the above is/are CORRECT ?

Which of the following represents correct relationship between below mentioned items –

1. GDP – Gross Domestic Product
2. GVA – Gross Value Added
3. S – Subsidies
4. I- Indirect Taxes

Consider the following statements –

1. In India, national income is measured in terms of nominal GDP.
2. In India, growth rate is measured in terms of real GDP.

Which of the above is/are CORRECT ?

Which of the following is used to calculate average growth rate over a time period spanning over years ?

Which of the following statements is/are CORRECT ?

1. India is the 5th largest economy in the world in terms of GDP.
2. India is the 3rd largest economy in the world in terms of GDP (PPP).
3. Among Indian states, Maharashtra has the highest GDP.
4. Among Indian states, Delhi has the highest per capita income.

As per the most recent Economic Survey, what is the approximate value of total remittances received by India ?

Consider the following statements –

1. Macro Economy is the study of how individual actors take decisions in an economy.
2. Micro Economy is the study of economy as a whole.

Which of the above is/are INCORRECT ?

Arrange the following countries in descending order of their bilateral trade with India –

1. USA
2. China
3. Russia
4. UAE

The concept of capitalist economy was given by

Consider the following statements –

1. China is the largest exporter to India.
2. USA is the largest importer for India.

Which of the above statements is/are TRUE ?

Consider the following statements regarding Indian economy –

1. Manufacturing constitutes more than 50 percent of the industry sector.
2. Service sector constitutes more than 50 percent of the Indian economy.

Which of the above statements is/are CORRECT ?

Consider the following statements –

1. Manufacturing sector constitutes more than 50 percent of India’s exports.
2. Fuel constitutes more than 50 percent of India’s imports.

Which of the above is/are CORRECT ?

Match the columns –

How much is the approximate value of total forex reserves of India ?

John Maynard Keynes propagated which of the following type of economy?

Match the following countries with their respective economy types :

As per the most recent Economic Survey, how much is the share of agriculture and allied fields in Indian Economy ?

Which of the following statements about Indian economy is/are CORRECT ?

1. The GDP of a country does not include the value created by services.
2. Nominal GDP is always higher than real GDP.
3. Nominal GDP is used for calculating economic growth.

Which of the following are part of Gross National Product (GNP) ?

1. Private Remittances.
2. Interest on external loans.
3. External grants.
4. Balance of Trade.