Economics miscellaneous

Economics miscellaneous

Easy Questions

Economics

Economics miscellaneous
  1. An economy which does not have any relation with the rest of the world is known as








  1. View Hint View Answer Discuss in Forum

    A Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders.

    Correct Option: B

    A Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders.

  1. Which one of the following is not a method for computing GNP ?








  1. View Hint View Answer Discuss in Forum

    Gross National Product (GNP) can be defined as an economic statistic which includes Gross Domestic Product, plus any income earned by the residents from investments made overseas. Net factor income from abroad = income earned in foreign countries by the residents of a country – income earned by nonresidents in that country.

    Correct Option: A

    Gross National Product (GNP) can be defined as an economic statistic which includes Gross Domestic Product, plus any income earned by the residents from investments made overseas. Net factor income from abroad = income earned in foreign countries by the residents of a country – income earned by nonresidents in that country.

  1. Production of a commodity mostly through the natural process is an activity of








  1. View Hint View Answer Discuss in Forum

    The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing, mining, and extraction of oil and gas.

    Correct Option: A

    The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing, mining, and extraction of oil and gas.

  1. The incomes of Indians working abroad are a part of








  1. View Hint View Answer Discuss in Forum

    Domestic Product is the ross money value of all final goods and services produced in the domestic territory of a country during a year. National Product is the gross money value of all final goods and services produced by the normal residents of a country during a year. It includes net factor income from abroad.

    Correct Option: C

    Domestic Product is the ross money value of all final goods and services produced in the domestic territory of a country during a year. National Product is the gross money value of all final goods and services produced by the normal residents of a country during a year. It includes net factor income from abroad.

  1. Which one of the following represents the Savings of the Private Corporate Sector?








  1. View Hint View Answer Discuss in Forum

    For private corporate sector, retained profits adjusted for non operating surplus/deficit is considered as its Net Saving. Retained profits are those which are ploughed back into business after making commitments to depreciation provision for various fixed assets, debts, government and to share-holders.

    Correct Option: C

    For private corporate sector, retained profits adjusted for non operating surplus/deficit is considered as its Net Saving. Retained profits are those which are ploughed back into business after making commitments to depreciation provision for various fixed assets, debts, government and to share-holders.