Consider the following statements:
1. Gross Domestic Product (GDP) at factor cost is gross domestic product at market prices, less net product taxes.
2. Gross Domestic Product (GDP) at factor cost measures final value of output produced by the firms within the domestic boundaries of a country in a year.
Which of the statements given above is/are correct?
More Questions Selected Just For You. Attempt Now!
Which among the following are the effects of Globalisation?
1.
Which of the following economic terms reflects the total borrowing requirement of the Government?
1. Fiscal Deficit
2. Revenue Deficit
3. Effective Revenue Deficit
4. Primary Deficit
Select the correct answer using the code given below:
Consider the following statements with reference to the differences between the ‘Real GDP and Nominal GDP’:
1. Nominal GDP is also known as GDP at constant prices.
2. Real GDP is Nominal GDP adjusted for inflation.
3. Nominal GDP growth is higher than real GDP growth.
Which of the statements given above are correct?
Consider the following statements:
1. Profit is the difference between total revenue and total cost.
2. With the increase in output the total profit of the company always increases.
Which of the statement(s) given above is/are correct?
Which of the following conditions can increase the acceptability of a national currency to be used as an international medium of exchange?
1. The amount of goods that can be bought with a certain amount of that currency does not change frequently.
2. The national currency is freely convertible at a fixed price into another asset like gold.
3. The issuing authority has full control over the value of that asset into which the currency can be converted.
Select the correct answer using the code given below.
In context of economic theory, a perfectly competitive market will have which of the following defining features?
1. The market consists of a large number of buyers and sellers.
2. Each firm can produce and sell all types of products.
3. Entry into the market as well as exit from the market are free for firms.
Select the correct answer using the code given below:
Which among the following are the merits of ‘flexible exchange rate system’ over ‘fixed exchange rate system’?
1. The government does not need to maintain large stock of foreign exchange reserves.
2. Movements in the exchange rate are managed by the central banks by buying and selling foreign currencies.
3. The countries gain autonomy in conducting their monetary policies.
Select the correct answer using the code given below.
In context of the difference between ‘devaluation and depreciation’, consider the following statements:
1. Devaluation is the deliberate downward adjustment of a country's currency value, whereas depreciation is a fall in the value of a currency.
2. Devaluation is more relevant in a fixed or semi-fixed exchange rate, whereas depreciation is more relevant in a floating exchange rate.
3. Devaluation makes imports more expensive, and exports more competitive, whereas depreciation makes imports cheaper, and exports less competitive.
Which of the statements given above are correct?
With reference to a normal Union Budget, consider the following types of deficits:
1. Fiscal Deficit.
2. Revenue Deficit.
3. Effective Revenue Deficit.
4. Primary Deficit.
Arrange the types of deficits mentioned above in decreasing order and select the correct answer using codes given below:
Consider the following statements:
1. The demand for every good in the market has a direct relationship with increase or decrease in its price.
2. Price elasticity is a measure of the change in demand of product/service in response to changes in income of consumers.
Which of the statement(s) given above is/are correct?