Indian Economy MCQs

Notes:
In the calculation of national income, the value of old goods sold is not included. National income accounting typically focuses on the value of goods and services produced within a specific period, usually a year. It includes the production of new goods and the provision of services. However, the resale of old goods does not contribute to the current production of goods and services and therefore is not counted. Additionally, non-market services such as the services of a housewife, which are not paid for in the market, are also not included in the national income calculations. This exclusion is due to the difficulty in accurately measuring the economic value of such non-market services.

Notes:
The Cash Reserve Ratio is the amount of funds that the banks are bound to keep with Reserve bank of India as a portion of their Net Demand and Time Liabilities (NDTL).

Notes:
ATMs are highly visible, easily accessible and often situated in high-footfall areas – characteristics that make them ideal for promoting brand awareness and distributing a company’s marketing communications to the widest possible audience.

Notes:
Arundhati Bhattacharya is a retired Indian banker and former Chairman of the State Bank of India. She was the first woman to be the Chairman of State Bank of India.

Notes:
Inter-bank call money market is operated by Scheduled commercial banks, Co-operative banks and Financer house of India.

Notes:
Everlasting capital stock does not lose value or efficiency, so the depreciation rate is zero as no part decreases in utility or worth over time.

Notes:
Gross National Product is the value of all finished goods and services owned by a country’s residents over a period of time.
GNP: GDP+ NR (Net receipts from abroad or inflows from abroad) – NP (Net payment outflow to foreign assets)

Notes:
Net Value Added is obtained by subtracting depreciation from Gross Value Added. Depreciation represents the wear and tear or consumption of fixed capital during the production process. It is a key measure in national income accounting.

Notes:
Market price(MP)refers to the actual transacted price and includes indirect taxes. The market price is the current price at which an asset or service can be bought or sold. The economic theory contends that the market price converges at a point where the forces of Supply and demand meet.

Notes:
All the given options are the measures taken by the government for the protection of workers in unorganized workers. Because of the conditions in the unorganized sector, there is a need for the government to give protection to these workers.