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Consider the following statements
1. More than one-third of world population lives in the low income economy countries
2. More than three-quarters of the Gross National Income of the world is accounted for the high income economy countries
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

Correct Answer:



C) Both 1 and 2

Part of solved Nature of Indian Economy questions and answers : General Knowledge >> Economy >> Nature of Indian Economy

Comments

Similar Questions

1). Match List I (Period) with List II (Growth rate of India's population) and select the correct answer using the codes given below the lists

List I	List II
A. 1891 to 1921	1. High growth with definite sign of slowing down and stabilisation
B. 1921 to 1951	2. Stagnant population growth
C. 1951 to 1981	3. Steady population growth
D. 1981 to 2011	4. Rapid high population growth

Below the Codes are given in A B C D order

A). 2 4 3 1

B). 2 3 4 1

C). 4 3 1 2

D). 4 1 3 2

2). What percentage of the total population of the world resides in India, as estimated in 2011?

A). 15

B). 17.5

C). 20

D). 22.5

3). Which of the following is used for the measurement of distribution of income?

A). Laffer Curve

B). Engel's Law

C). Gini-Lorenz Curve

D). Phillips Curve

4). Which one of the following sectors is the major contribution towards the Gross Domestic Saving in India in recent time?

A). Public sector

B). Private sector

C). Corporate sector

D). Household sector

5). Consider the following statements
1. Keynesian theory advocates a mixed economy with a large role of government and public sector.
2. J M Keynes had strongly supported the Laissez-Faire policy of capitalism.
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

6). Which one of the following economists firstly introduced Gross Domestic Product to measure the economic growth of a country?

A). Simon Kuznet

B). Max O Lorenz

C). John Maynard Keynes

D). Ernst Engel

7). During which decade did the population record a negative growth rate in India?

A). 1921-1931

B). 1911-1921

C). 1941-1951

D). 1931-1941

8). Consider the following statements
1. Phillips Curve is an inverse relationship between the rate of unemployment and the rate of inflation in an economy.
2. Engel's law observes that as income rises, the proportion of income spent on food falls even if the actual expenditure on food rises.
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

9). Mixed economy means an economy where

A). both agriculture and industry are equally promoted by the state.

B). there is co-existence of private sector along with the public sector.

C). there is importance of small scale industries along with heavy industries.

D). economy is controlled by military as well as civilian rulers.

10). The value of all final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year is termed as

A). Gross National Income

B). Net National Income

C). Gross Domestic Product

D). Net Domestic Product