National Income and Gross Domestic Product One Liner Questions & Answers


Questions Answers
1 National Income is – Net National Product at factor cost
2 The Net National Product at Market Price (N.N.P.MP) is – Gross National Product at Market Price – Depreciation
3 The National income of a country for a given period is equal to the – Money value of final goods and services produced
4 Base year’ in National Income accounting means – The year whose prices are being used to calculate the real GDP
5 One of the problems in calculating National Income in India is – Non-organized sector
6 If over a given period of time, both prices and monetary income have been doubled, the real income will be – Unchanged
7 The view that ‘Planning in India should, in future, pay more attention to the people than to commodities’ was given by – Amartya Sen
8 The Hindu rate of growth refers to the growth rate of – National Income
9 Hindu growth rate is related to – GDP
10 Economic growth is usually coupled with – Inflation
11 Economic liberalization in India started with – Substantial changes in industrial licensing policy
12 Who is called the pioneer of liberalization of the Indian Economy? Dr. Manmohan Singh
13 Which is NOT a major factor of economic growth? Technocrats and Bureaucrats
14 The most appropriate measure of a country’s economic growth is its – Per Capita Product (PCP)
15 The standard of living in a country is represented by – Per Capita Income
16 That the Per Capita Income in India was Rs. 20 in 1867-68, was ascertained for the first time by – Dadabhai Naoroji
17 Who was the chairman of the National Income Committee appointed by the Government of India in 1949? P.C. Mahalanobis
18 The economist who for the first time scientifically determined National Income in India – V.K.R.V. Rao
19 In India National Income is estimated by – Central Statistical Organisation
20 In India which agency is entrusted with the collection of data of capital formation? RBI and Central Statistical Organisation
21 In India for estimation of GDP at constant prices, at present the base year is – 1999-2000
22 What is a sign of economic growth? A sustained increase in real Per Capita Income.
23 The latest Per Capita Income at current prices is lowest for the Indian State of – Bihar
24 Which of the States has the highest Per Capita Income (at present) ? Goa
25 Which State has highest Per Capita Average Income? Haryana
26 The main reason for low growth rate in India, inspite of high rate of savings and capital formation is – High capital-output ratio
27 Economic growth in country X will necessarily have to occur if – There is capital formation in X
28 In the 2001-2010 decade, the highest rate of gross domestic savings was achieved in the year – 2007-08
29 The average rate of domestic savings (gross) for the Indian Economy is currently estimated to be in the range of – 20 to 25 percent
30 Which sectors contribute the most in savings in India? Household sector
31 Which has the highest share in the household savings of India? Physical assets