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Daily Practice Set, Indian Economy, Questions

OAS Prelims-2020 Daily Practice Set-25/05/2020

Paper:   General Studies Paper-I

Section:  Economic and Social Development

Topic:  Macroeconomics

1. With reference to the estimation of National Income which of the following statement/s is/are correct?
a) The first estimate of National Income was prepared by Dadabhai Naoroji in 1876.
b) The first person to adopt a scientific procedure in estimating National Income was Dr VKRV Rao in 1931
c) Both (a) and (b)
d) None of the above

2. The National Income of a country for a given period is equal to the consumption and investment expenditure incurred by:
a) Government of the concerned country
b) Citizens living abroad
c) Private sector of that country
d) All of the above

3. The basic difference between Real and Nominal GDP is/are:
a) Real GDP is inflation adjusted but nominal GDP is economic output without the inflation adjustment
b) Real GDP is generally lower than nominal GDP
c) Both (a) and (b)
d) None of the above

4. Ministry responsible for bringing out report on per capita income in India is:
a) Ministry of finance
b) Ministry of HRD
c) Ministry of Home Affairs
d) Ministry of Statistics and Programme implementation

5. With reference to GDP deflator, which of the following is/are correct?
a) It is the ratio of GDP at current prices and GDP at constant prices
b) It is based on a fixed basket of goods and services
c) It does not cover the whole economy
d) All of the above

6. Currencies are said to be at Purchasing Power Parity if:
a) Real Exchange Rate is equal to 1
b) Real Exchange rate is equal to 0
c) Nominal exchange rate is equal to 1
d) Nominal exchange rate is equal to 0

7. The Phillips curve fails to justify the situations of:
a) Deflation
b) Disinflation
c) Stagflation
d) None of the above

8. Which of the following theory is not dealing with consumption?
a) Law of return
b) Law of demand
c) Engels law of family expenditure
d) Law of diminishing marginal utility

9. In economics, the Lorenz curve is a graphical representation of the:
a) Distribution of Income
b) Distribution of consumption expenditure
c) Unemployment and inflation
d) None of the above

10. Which of the following is not a feature of mixed economy?
a) Profit motive
b) Private property
c) Check on economic equalities
d) None of the above 


  1. C
  2. D
  3. C
  4. D
  5. A
  6. A
  7. C
  8. A
  9. A
  10. D
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