<–2/”>a >Question:Machineries in an Industry are an example of
>>>WORKING CAPITAL
>>>Fixed Capital
>>>Financial Capital
>>>Production Capital
>>>option2
Question:Finished goods in an industry are an example of
>>>Working Capital
>>>Fixed Capital
>>>Financial Capital
>>>Production Capital
>>>option1
Question:Money invested by a venture capitalist in an industry is an example of
>>>Working Capital
>>>Fixed Capital
>>>Financial Capital
>>>Production Capital
>>>option3
Question:Total market value of all the Final Goods and Services produced in a specific time period in a country is known as
>>>GDP
>>>GNP
>>>NNP
>>>NDP
>>>option1
Question:Current year production of goods and services valued at current year price is known as
>>>Nominal GDP
>>>Real GDP
>>>Nominal GNP
>>>Real GNP
>>>option1
Question:Current year production of goods and services valued at Base Year price is known as
>>>Nominal GDP
>>>Real GDP
>>>Nominal GNP
>>>Real GNP
>>>option2
Question:Factor Cost includes
>>>indirect taxes but exclude subsidies
>>>subsidies but excludes indirect taxes
>>>includes both indirect taxes and subsidies
>>>excludes both indirect taxes and subsidies
>>>option2
Question:Scholerships and pensions are an example of
>>>Subsidies
>>>Factor Payment
>>>Transfer Payment
>>>Inflated Payment
>>>option3
Question:Which of the following is not an aproach of estimating GDP/GNP
>>>Output
>>>Input
>>>Expenditure
>>>Income
>>>option2
Question:GDP at current prices is …..lakh crore for the year 2019 acording to budget
>>>191
>>>201
>>>211
>>>231
>>>option3,
Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country’s borders in a given year. It is the most commonly used measure of a country’s economic output. GDP is calculated by adding up the value of all goods and services produced in a country, including both goods and services that are sold domestically and goods and services that are sold to foreigners.
Gross National Product (GNP) is the total market value of all final goods and services produced by a country’s residents, regardless of where they are located. It is calculated by adding up the value of all goods and services produced by a country’s residents, both domestically and abroad.
Net National Product (NNP) is GDP minus depreciation. Depreciation is the decrease in the value of Capital Goods over time due to wear and tear. NNP is a more accurate measure of a country’s economic output than GDP because it takes into account the fact that capital goods are used up over time.
Per capita income is GDP divided by the Population. It is a measure of the Average income of people in a country. Per capita income is often used to compare the economic well-being of different countries.
Personal income is the total income received by individuals from all sources, including wages, salaries, interest, dividends, and rents. Personal income is a measure of the total amount of money that people have available to spend.
Disposable income is personal income minus personal taxes. Disposable income is the amount of money that people have left after they have paid their taxes. Disposable income is a measure of the amount of money that people have available to spend or save.
NATIONAL INCOME is the total income earned by all factors of production within a country’s borders in a given year. Factors of production include land, labor, capital, and Entrepreneurship. National income is a measure of the total economic output of a country.
Personal consumption expenditures are the total value of all goods and services purchased by individuals for their own use. Personal consumption expenditures are the largest component of GDP. They account for about two-thirds of GDP in the United States.
Gross private domestic Investment is the total value of all new capital goods produced and purchased by businesses in a given year. Capital goods are goods that are used to produce other goods and services. Gross private domestic investment is a measure of the amount of money that businesses are spending to increase their productive capacity.
Net exports of goods and services are the value of exports minus the value of imports. Exports are goods and services that are sold to foreigners. Imports are goods and services that are bought from foreigners. Net exports are a measure of the amount of money that a country is earning from its exports minus the amount of money that it is spending on its imports.
Government consumption expenditures and gross investment are the total value of goods and services purchased by the government, plus the total value of new capital goods produced by the government. Government consumption expenditures are goods and services that the government buys to provide its citizens with public goods and services, such as national defense, Education, and healthcare. Government gross investment is the amount of money that the government spends on new capital goods, such as roads, bridges, and schools.
Government transfers to persons are payments made by the government to individuals, such as Social Security benefits and Unemployment compensation. Government transfers to persons are not included in GDP because they are not considered to be part of the country’s economic output.
Statistical discrepancy is the difference between the total value of goods and services produced in a country and the total value of income earned in that country. Statistical discrepancy is a small number that is usually due to errors in the data.
GDP, GNP, NNP, per capita income, personal income, disposable income, national income, personal consumption expenditures, gross private domestic investment, net exports of goods and services, government consumption expenditures and gross investment, government transfers to persons, and statistical discrepancy are all important economic concepts. They are used to measure the size and Growth of an economy, to compare the economic performance of different countries, and to track the progress of economic policies.
What is GDP?
GDP stands for Gross Domestic Product. It is the market value of all final goods and services produced within a country’s borders in a given year.
What is GNP?
GNP stands for Gross National Product. It is the market value of all final goods and services produced by a country’s citizens, regardless of where they are located.
What is the difference between GDP and GNP?
The difference between GDP and GNP is that GDP includes only goods and services produced within a country’s borders, while GNP includes goods and services produced by a country’s citizens, regardless of where they are located.
What are the benefits of using GDP as a measure of economic growth?
GDP is a good measure of economic growth because it captures the total value of goods and services produced in a country. This information can be used to track the performance of an economy over time and to compare the performance of different economies.
What are the limitations of using GDP as a measure of economic growth?
GDP does not capture all aspects of economic well-being. For example, it does not include the value of leisure time or the quality of the Environment. Additionally, GDP can be affected by factors that are not related to economic growth, such as natural disasters or changes in the weather.
What are some other ways to measure economic growth?
Other ways to measure economic growth include the Human Development index (HDI), which measures the Health, education, and standard of living of a country’s population, and the Genuine Progress Indicator (GPI), which measures the economic, environmental, and social well-being of a country.
What are some of the challenges facing the global economy?
Some of the challenges facing the global economy include Climate change, income inequality, and political instability.
What are some of the opportunities for the global economy?
Some of the opportunities for the global economy include technological innovation, the rise of emerging markets, and the growth of the middle class.
What is the future of the global economy?
The future of the global economy is uncertain. However, there are some trends that are likely to continue, such as the rise of emerging markets, the growth of the middle class, and the increasing importance of technology.
Question 1
Which of the following is not a component of GDP?
(A) Consumption
(B) Investment
(C) Government spending
(D) Exports
(E) Imports
Answer
(E) Imports are not a component of GDP. GDP is the total market value of all final goods and services produced within a country’s borders in a given year. It is calculated by adding up the values of consumption, investment, government spending, and net exports.
Question 2
Which of the following is a measure of economic growth?
(A) GDP
(B) GNP
(C) GNI
(D) All of the above
Answer
(D) All of the above are measures of economic growth. GDP is the total market value of all final goods and services produced within a country’s borders in a given year. GNP is the total market value of all final goods and services produced by a country’s residents, regardless of where they are located. GNI is the total market value of all final goods and services produced by a country’s residents, plus net income from abroad.
Question 3
Which of the following is not a factor that can affect economic growth?
(A) The amount of capital investment
(B) The level of technology
(C) The size of the population
(D) The weather
Answer
(D) The weather is not a factor that can affect economic growth. The other factors listed are all factors that can affect economic growth.
Question 4
Which of the following is a positive externality?
(A) When a farmer Plants a tree, the tree provides shade for the farmer’s neighbors.
(B) When a company builds a factory, it creates jobs for the local community.
(C) When a government invests in education, it creates a more skilled workforce.
(D) All of the above
Answer
(D) All of the above are examples of positive externalities. A positive externality is a benefit that is enjoyed by someone other than the person who produces the good or service. In the examples given, the farmer’s neighbors benefit from the shade of the tree, the local community benefits from the jobs created by the factory, and the workforce benefits from the education provided by the government.
Question 5
Which of the following is a negative externality?
(A) When a factory pollutes the air, it harms the health of people who live nearby.
(B) When a company dumps waste into a river, it harms the fish and other wildlife in the river.
(C) When a government subsidizes the production of a good, it leads to overproduction of the good.
(D) All of the above
Answer
(D) All of the above are examples of negative externalities. A negative externality is a cost that is imposed on someone other than the person who produces the good or service. In the examples given, the people who live near the factory are harmed by the pollution, the fish and other wildlife in the river are harmed by the waste, and the market for the good is distorted by the subsidy.