Quiz on Gross Domestic Product (GDP) of India
Many questions related to India's economy and GDP are
asked in almost every competitive exam. Take the GK Quiz below to answer 15
important questions based on India's Gross Domestic Product (GDP).
GK Questions and Answers on Gross Domestic Product(GDP) of India
Take the GK Quiz based on Gross Domestic Product and
choose to answer the questions carefully. The quiz will be helpful for all the
candidates appearing for various competitive exams.
Quiz
Que.1). Which of the following institutions releases
the “World Economic Outlook Report”?
(a) World Bank
(b) Federal Reserve Bank
(c) International Monetary Fund
(d) International Finance Corporation
Ans. c
Que.2). Which committee recommended the merger of
Regional Rural Banks with their respective Sponsor Banks?
(a) Khusro Committee
(b) Narasimham Committee
(c) Dutt Committee
(d) C Rangarajan Committee
Ans. a
Que.3). Which of the following institutions releases
the “World Economic Outlook Report”?
(a) World Bank
(b) Federal Reserve Bank
(c) International Monetary Fund
(d) International Finance Corporation
Ans. c
Que.4). Which among the following is not a factor of
production?
(a) Land
(b) Labour
(c) Capital
(d) Wages
Ans.d
Que.5). Which of the following is not a method to
calculate the Gross Domestic Product (GDP)?
(a) Product method
(b) Income law
(c) Expenditure method
(d) Diminishing cost method
Ans: d
Que.6). The total amount of income from economic activities
across the country in a year is called ........
(a) Disposable income
(b) National income
(c) Personal income
(d) Private Income
Ans: b
Que.7). Which of the following statements is correct?
(a) GDP at factor cost = Net Value Addition +
Depreciation
(b) GDP at factor cost = Net Value Addition -
Depreciation
(c) GDP at factor cost = Net price increase + indirect
tax
(d) GDP at factor cost = Net price increase + direct
tax
Ans: a
Que.8). Which statement is correct for nominal GDP?
i). Nominal GDP is calculated based on current prices.
ii). Nominal GDP is calculated based on the base
prices.
iii). Data on Nominal GDP shows an accurate picture of
the economy as compared to real GDP.
(a) Only ii, iii
(b) only ii
(c) only i
(d) i, iii
Ans: c
Que.9). What is the size of India's economy at present
on a nominal GDP basis?
(a) US$ 2.93 trillion
(b) US$ 11.30 trillion
(c) US$ 3.5 trillion
(d) None of the above
Ans: a
Que.10). Which sector contributes the most income to
India's economy?
(a) Primary sector
(b) Secondary sector
(c) Tertiary sector
(d) None of these
Ans: c
Que.11). Till what time Indian Economy want to become
a US$5 trillion dollar economy?
(a) 2022-23
(b) 2024-25
(c) 2027-28
(d) 2029-30
Ans: b
Que.12). What is the base year for calculating India's
GDP?
(a) 2004-05
(b) 2010-11
(c) 2011-12
(d) 2014-15
Ans: c
Que.13). Who releases data of national income in
India?
(a) NSSO
(b) CSO
(c) NITI Aayog
(d) none of the following
Ans:b
Que.14). Which country is the fourth-largest economy
in the world in terms of nominal GDP?
(a) Germany
(b) Britain
(c) Japan
(d) Russia
Ans: a
Que.15). The value of which work is added in the
calculation of GDP?
(a) Housewives' works
(b) A teacher teaching his own child
(c) The value of resale of old shares
(d) Construction of new house by an artisan
Ans: d
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