Nature of Indian Economy Questions and answers

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      1. Nature of Indian Economy
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51). Consider the following statements
1. Dadabhai Naoroji was the first Indian to estimate the National Income of the country.
2. National Income Committee established in India after getting independence was headed by Professor VKRV Rao.
Which of the statements given above is/are correct?
A). Only 1
B). Only 2
C). Both 1 and 2
D). Neither 1 nor 2
52). Which of the following factors is/are accounted in the calculation of Gross Domestic Product of a country in the expenditure method?
A). Private consumption
B). Gross investments and government spending
C). Net expenditure of the expenditure on export and import
D). All of the above
53). Consider the following specific stages of demographic transition associated with economic development
1. Low birth rate with low death rate
2. High birth rate with high death rate
3. High birth rate with low death rate
Select the correct order of the above stages using the codes given below
A). 1, 2, 3
B). 2, 1, 3
C). 2, 3, 1
D). 3, 2, 1
54). National product at factor cost is equal to
A). Domestic product + Net factor income from abroad
B). National product at market prices - Indirect taxes + Subsidies
C). Gross domestic product - Depreciation
D). National product at market prices + Indirect taxes + Subsidies
55). Which one of the following pairs of age is used as the minimum and maximum values of age to determine the life expectancy at the birth by UNDP?
A). 15 and 75 years
B). 20 and 80 years
C). 15 and 90 years
D). 25 and 85 years


56). Consider the following statements.
1. Agricultural sector is continued to be the primary employment providing sector of India.
2. Service sector is the principal source of employment in urban areas in India.
Which of the statements given above is/are correct?
A). Only 1
B). Only 2
C). Both 1 and 2
D). Neither 1 nor 2
57). When two goods are completely interchangeable, they are
A). Perfect substitutes
B). Perfect complements
C). Giffen goods
D). Veblen goods
58). Consider the following
1. Hotels and restaurants
2. Motor transport undertakings
3. Newspaper establishments
4. Private medical institutions
The employees of which of the above can have the 'Social Security coverage under Employees' State Insurance Scheme?
A). 1, 2, 3 and 4
B). 1, 2 and 3
C). 2 and 3
D). 3 and 4
59). Which of the following statements is/are false?
1. Wage Boards are tripartite in nature with representatives from workers to employers.
2. Except for the Wage Boards for Journalists and Non Journalists, all the other wage boards are statutory in nature.
3. Second National Commission on Labour has recommended against the utility of wage boards.
Select the correct answer using the codes given below
A). Only 1
B). Only 2
C). 1 and 2
D). 1, 2 and 3
60). Which one of the following indicators is not used in the determination of Gender Development Index (GDI) in the Human Development Report (HDR)?
A). Life expectancy of female
B). Female adult literacy and gross enrollment
C). Female political empowerment
D). Female per capita income
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