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Indian Economy General Knowledge (Gk) Quiz Questions-1

What does the term 'mixed economy' means-
a- Existance of both the developed and underdeveloped sectors
b- Existance of both the heavy and small industries
c- Existance of both the public and private sectors
d- Existance of both rural and urban sectors
Answer- c- Existance of both public and private sectors

The classification of sectors in public and private is done on the basis of-
a- Nature of Business
b- Ownership of Enterprises
c- Employment condition
d- Use of raw material
Answer- b- Ownership of Enterprises

Economic liberalisation started in India with-
a- Reduction of Taxes
b- Changes in industrial licensing policy
c- Convertability of Indian rupee
d- By Foreign Direct Investment
Answer- b- Changes in industrial licensing policy

The term 'Hindu rate of growth' for the indian economy was coined by-
a- A K Sen
b- Raj Krishna
c- Manmohan Singh
d- Kirit S Parikh
Answer- b- Raj Krishna

GDP at factor cost is defined as-
a- NNP plus depreciation allowances
b- GNP minus depreciation allowances
c- GDP minus indirect taxes plus subsidies
d- GDP minus subsidies plus indirect taxes
Answer- c- GDP minus indirect taxes plus subsidies

To obtain per capita income we need to divide national income by-
a- Total population of the country
b- Total working population
c- Area of the country
d- Total investors
Answer- a- Total population of the country

GDP (Gross Domestic Product) is-
a- Final goods produced in an economy in a year
b- Goods produced in an economy in a year
c- Goods and services in an economy in a year
d- Final goods and services produced in an economy in a year
Answer- d- Final goods and services produced in an economy in a year

Depreciation is defined as-
a- Net national product- Gross national product
b- Gross national product- Net national product
c- Personal income - Personal taxes
d- Gross national product- Personal income
Answer- b- Gross national product- Net national product

National income is based on-
a- Production of goods and services
b- The sum of all income
c- Total revenue of a State
d- Net profit earned and expenditure made by the state
Answer- a- Production of goods and services

Net National Product of a country is-
a- GNP- Depreciation allowences
b- GDP+ Net income from abroad
c- GNP- net income from abroad
d- GDP- Depreciation allowences
Answer- a- GNP-Dereciation allowences

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