Economy
Topic-1
Introduction to Economics
1. The word Economics has been taken from the _______ word Oikonomia ?- Greek
2. Who is regarded as the Father of Economics ?- Adam Smith
3. Name the two main branches of Economics :
· Micro Economics
· Macro Economics
4. _______examines the behavior of basic elements in the economy including individual agents (such as households and firms or as buyers and sellers ) and market and their interaction ?- Micro Economics
5. _________ studies the economy as a whole and its features like national income , unemployment , poverty , balance of payment and inflation.- Macro Economics
6. Which kind of the economy is generally free from trade barriers ?- Open Economy
7. Which kind of the economy there is no economic activity conducted with the outside economy ?- Closed Economy
8. What is the rank of Indian Economy in the world in terms of the nominal GDP ?- 6th
9. What is the rank of the Indian Economy in terms of the Purchasing Power Parity ?- 3rd
10. What is the actual of the growth rate of the Indian Economy for 2017-18 ?- 4.2% in 2019-2020 AD
11. What was the base year for the assessment of GDP in India ?- 2011-12 (Recommendation for change to 2020-2021)
12. __________ is a theory which states that exchanges rates between currencies are balanced when their purchasing power in the same in each of the two countries ?- Purchasing Power Parity
13. In which sector there is the production of the raw material and includes agriculture , forestry and fishing ?- Primary Sector
14. In which sector there is mining , manufacturing , electricity , gas and water supply ,construction etc ?- Secondary Sector
15. In which sector there is business , transport , telecommunication , banking , insurance , real estate , community and personnel services ?- Service/Tertiary Sector
16. _________ is an economy where both public and private sector coexist ?- Mixed Economy
17. Who gave the term Mixed Economy ?- J.M. Keynes
18. What are the features of the developing economy ?
· Low per capita income.
· Occupational Pattern is primary sector dominated
· Heavy Population Pressure.
· Prevalence of chronic unemployment and underemployment.
· Steadily improving rate of capital formation.
· Low capital per head.
· Unequal distribution of wealth /assets.
19. _________ economy is an economy that relies primarily on agricultural industry including livestock farming and crop production. -Agrarian
20. ________ is the net value of the all the final goods and services produced by nationals of a country during the financial year. – National Income
21. What is the time period of the India’s Financial Year ?- April 1 to March 31.
22. When National Income is measured at the base rate it is called _________.- National Income at Constant Prices
23. When the Net National Product is measured at the current year price , it is called the _______________. – National Income at the current year price.
24. When the Net National Product is measured at the Factor Cost , it is called ________.- National Income
25. Which organization used to issue data on GDP ? –Central Statistical Organisation
26. _________ is the measurement of the present assets available at the a given time ?-National Wealth
27. What are the methods of measurement of the National Income ?
· Product Method
· Income Method
· Consumption Method
28. Who made first attempt in 1868 to assess the national income of India in his book ‘ Poverty and Un-British Rule in India ‘ ?- Dadabhai Naoroji
29. Who made the first scientific attempt to measure the national income in India in 1931-32 ?- V.K.R.V. Rao
30. Who headed the National Income Committee formed in 1949 ?- P.C. Mahalonobis
31. What was the title of the report submitted by the National Income Committee 1949 ?- New Series
32. _______ is the total money value of all final goods and services produced within the geographical boundaries of the country during a given period of time. – Gross Domestic Product
33. What are the methods of the measurement of the Gross Domestic Product ?-
· GDP at Market Price
· GDP at Factor Cost
34. What are the two types of the Gross Domestic Product ?
· Nominal GDP
· Real GDP
35. Which kind of GDP is measured at current market prices ? –Nominal GDP
36. Which kind of GDP is measured at base year prices ?- Real GDP
37. ________ is a measure of the value of goods and services produced in an area ?- Gross Value Added. GVA is output minus intermediate consumption.
38. ____________ is the money value of total output of production of the final goods and services produced by the national residents of a country during a given period of time- Gross National Product
39. Net National product is derived by subtracting _________ from the Gross National Product ?- Depreciation
40. ________ is the income that is actually obtained by the individual or nationals – Personal Income
41. _________ is when personal direct taxes are subtracted from personal income.- Personal Disposable Income
42. What is the formula of GVA
GVA = GDP + Subsidies –(direct , sales taxes).
43. What is the full form of the CSO ?- Central Statistical Organisation. It was created in the year 1950.
44. What is the full form of the NSSO ?- National Sample Survey Organisation. It was created in the year 1950.
45. What is the full form of the HDR ?- Human Development Report
46. Which organization publishes Human Development Report ? – United Nations Development Program
47. Who devised the Human Development Index (HDI) ?-Mahbub-ul-Haq (Pakistan ) and Amritya Sen (India)
48. What is the rank of India as per the Human Development Index , 2019 ? 129 out of 189 countries
49. Which country has topped the Human Development Index, 2019 ?- Norway
50. Meaning of the HDI Value :
· Very High Human Development : 0.800 and above
· High Human Development : 0.701 and above
· Medium Human Development : 0.550 and above
· Low Human Development : 0.352 and above