## 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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