General knowledge MCQs - Economics -1

Posted by Vidhyarthimitra on

Most important general knowledge questions for UPSC, SPSC, POLICE & Other competitive exams.


(1) Rate of growth of an economy is measured in terms of

[A] per capita income

[B] industrial development

[C] number of people who have
 been lifted above the poverty line

[D] national income


(2) Income tax, corporate tax, inheritance tax etc. are incident on the person or organisation. These taxes are called

[A] local tax

[B] indirect tax

[C] direct tax

[D] rate


(3) By which bill does the government make arrangement for the collection of revenues for a year ?

[A] Supplementary Budget

[B] Finance Bill

[C] Fiscal Budget

[D] Economic Bill


(4) The system of the budget was introduced in india during the viceroyalty of

[A] Canning

[B] Dalhouseie

[C] Ripon

[D] Elgin



(5) Which of the following is not a method of estimating national income ?

[A] income method

[B] Value-added method

[C] Expenditure method

[D] Export-import method


(6) An ad valorem duty is a tax on the basis of

[A] the price of a commodity

[B] the value added

[C] the advertisement expenditure

[D] the unit of the commodity


(7) The national income of India is calculated mainly through :

[A] production method alone

[B] expenditure method alone

[C] production and expenditure methods

[D] production and income method


(8) Which is the best measure of economic growth of a country ?

[A] GNP

[B] GDP

[C] Net revenue

[D] None of these


(9) National income of a country is determind on the basis of

[A] Total revenue of the state

[B] Net profit earned and expenditure incurred by the state

[C] Production of goods and services

[D] All of the above


(10) Which of the following represent the standard of living in a country ?

[A] National income

[B] Per capita income

[C] Poverty ratio

[D] Unemployment rate

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