Economic Development and Its Indicators

Q.

What are the 4 types of economic development?

Q. What is the difference between net national product (NNP) and gross domestic product (GDP) in terms of their calculation?

1. NNP calculates only goods produced within the country, whereas GDP calculates both goods and services.
2. GDP calculates goods and services produced by a country's citizens, whereas NNP considers domestic production as well as production of overseas citizens.
3. The calculation of GDP covers a time period of one year, but NNP considers a time period of two years.
4. GDP reflects the size of the economy, whereas NNP indicates the per person income in the country.

Q. Which of the following represents the national income of a country?

1. Purchasing power parity
2. Gross domestic product
3. Net national product
4. Gross national product

Q. Why is the net national product (NNP) considered the true measure of national output rather than the gross domestic product (GDP)?

1. NNP considers the final value of both goods and services.
2. NNP calculates the money of the goods and services produced.
3. NNP considers the production of citizens based in both domestic and foreign market.
4. Only NNP calculates the domestic production of goods and services.

Q.

Economic growth depends on which of the following?

1. Size of the population of the country

2. Territory or area of the country

3. Global scenario

4. Co-operation among various nations

Q. Which of the following statements is/are correct with regard to the calculation of GDP of a country?

1. It calculates only the value of goods produced.
2. GDP is calculated in monetary terms.
3. It considers only the final value of the produces.
4. It indicates the size of the economy.

Q. Which of the following statements is/are correct with regard to national income?

1. It is considered an economic indicator.
2. It indicates the total income of the country.
3. The net national product of a country indicates the national income.
4. National income is the absolute indicator of development.

Q. GDP is the true measure of national output.

1. True
2. False

Q. GDP stands for gross domestic .

1. price
2. produce
3. product
4. purchasing

Q.

What are budget and economy?

Q.

What is economic development in simple language?

Q. 'According to the First Advance Estimates of National Income, released by the government January 7, 2021, India's gross domestic product (GDP) in 2020–21 dropped 8.7 per cent.' Which of the following can be the probable causes of such a decline?

1. Decrease of production in primary sector
2. Increase in exports to other countries
3. Decline in manufacturing output
4. Growth in the service exported

Q. Which of the following statements explains economic development?

1. It refers to the growth of new technologies in the economy.
2. It refers to the overall growth of the agriculture sector of the economy by the adoption of new technologies.
3. It refers to the overall growth of all sectors of the economy by the adoption of new technologies.
4. It refers to the overall growth of the agricultural and industrial sectors of the economy by the adoption of new technologies.

Q. While calculating the gross domestic product or GDP of a country, data of how many years regarding the production of goods and services is considered?

1. One
2. Three
3. Two
4. Five

Q. Countries across the globe produce various goods. For such countries, the production of which of the following should be considered for the calculation of GDP?

1. Production of two-wheelers
2. Iron and steel used by the automobile manufacturing plant
3. Telecommunication services within the country
4. Production of flowers and vegetables in the country

Q. Which of the following statements are correct regarding the gross domestic product of a country?

1. It is measured in terms of monetary value of the goods and services.
2. It also indicates the per capita income.
3. It measures the size of an economy.
4. It provides insights into the economic development of a country.

Q. Can we achieve economic growth and sustainable development at the same time?

Q. To achieve economic development, countries should focus on producing more goods and services.

1. False
2. True

Q. How does increased production of goods and services in a country contribute to a higher standard of living?

1. Increased production of goods and services ensures higher profits for business owners.
2. Increased production of goods and services provides more employment opportunities to people, increasing their level of income.
3. Increased production of goods and services boosts the import of the country.
4. Increasing the production of goods and services does not impact the standard of living of the people.

Q. Which of the following represents the monetary value of finished goods and services produced by overseas citizens?

1. Net domestic product
2. Gross domestic product
3. Net national product
4. Total national product

Q. Net national product is alternatively known by which of the following names?

1. Annual income
2. Per capita income
3. National income
4. Net national income