Daily Quiz – 23rd May 2024

Daily Quiz - 23rd May 2024

Daily Quiz - 23rd May 2024

1 / 5

Which of the following statements is/are correct?

  1. GDP is the most widely used measure of national income.
  2. It represents the total value of all final goods and services produced within a country during a specific period.
  3. GDP encompasses consumption, investment, government spending, and net exports (exports minus imports).

Select the correct answer using the codes given below.

2 / 5

Match the following pairs:

  1. Gross Domestic Product (GDP) – Total value of final goods and services produced
  2. Gross National Product (GNP) – Adjusts for depreciation
  3. Net National Product (NNP) – Incorporates income generated by domestic and foreign entities

How many of the above pairs is/are correctly matched?

3 / 5

Consider the following statements with respect to Purchasing Power Parities (PPP) exchange rates:

  1. It is the rate at which the currency of one country would have to be converted into that of another country to buy the same amount of goods and services in each country.
  2. PPP exchange rates are more volatile than market exchange rates.
  3. PPP exchange rates do not consider the different quality of goods among countries.

Which of the statements given above is/are correct?

4 / 5

Which of the following perfectly explains meaning of GDP of an economy:

5 / 5

which of the following statements showing the relation between economic growth and economic development are incorrect?

  1. Economic growth is a quantitative term, whereas economic development is a qualitative term.
  2. Higher economic growth automatically brings in higher economic development.
  3. GDP indicates the economic growth of an economy whereas per capita income indicates economic development

Select the correct code among the following:

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