Quiz | Jatin Verma’s IAS Academy
Correct Incorrect Unattempted
Q1

Which one of the following best describes the term 'autonomous consumption'?

Q2

Consider the following statements:

1. It will not undergo any further transformation at the hands of any producer or ultimate purchaser.

2. Final goods cannot be counted as inputs to which economic value addition can take place.

Which of the statements given above is/are correct?

Q3

Which of the following is/are examples of intermediate goods?

1. Salt

2. Sugar

3. Wood

4. Steel

Select the correct answer using the code given below:

Q4

Consider the following statements:

1. Consumption goods may be both durable and non-durable.

1. Both capital goods and consumption goods undergo wear and tear and often need repairs or replacements of parts.

Which of the statements given above is/are correct?

Q5

Consider the following statements:

1. Gross National Product also includes income from abroad.

2. Net National Product is arrived after deducting foreign aids from the Gross Domestic Product.

Which of the statements given above is/are correct?

Q6

Which of the following are methods of measuring national income?

1. Lending and borrowing method

2. Consumption method

3. Income method

4. Value added method

Select the correct answer using the code given below:

Q7

With reference to economic activities performed by a firm, which one of the following terms denotes the net contribution made by a firm in a given period?

 

Q8

With reference to a modern economy, which of the following is/are part(s) of 'reserve money'?

1. Bankers’ Deposits with the central bank of the country.

2. Currency held by the public.

3. Currency held by commercial banks.

Select the correct answer using the code given below:

Q1.

Which one of the following best describes the term 'autonomous consumption'?

a) Consumption or purchases made by the State.
b) Restriction put by consumers on their consumption patterns during high inflation in the economy.
c) Consumption made even if income is zero.
d) Consumption of made in higher quantity when the price of the commodity rises and vice versa.
Q2.

Consider the following statements:

1. It will not undergo any further transformation at the hands of any producer or ultimate purchaser.

2. Final goods cannot be counted as inputs to which economic value addition can take place.

Which of the statements given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Q3.

Which of the following is/are examples of intermediate goods?

1. Salt

2. Sugar

3. Wood

4. Steel

Select the correct answer using the code given below:

a) 4 only
b) 1, 2 and 3 only
c) 3 and 4 only
d) 1, 2, 3 and 4
Q4.

Consider the following statements:

1. Consumption goods may be both durable and non-durable.

1. Both capital goods and consumption goods undergo wear and tear and often need repairs or replacements of parts.

Which of the statements given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Q5.

Consider the following statements:

1. Gross National Product also includes income from abroad.

2. Net National Product is arrived after deducting foreign aids from the Gross Domestic Product.

Which of the statements given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Q6.

Which of the following are methods of measuring national income?

1. Lending and borrowing method

2. Consumption method

3. Income method

4. Value added method

Select the correct answer using the code given below:

a) 1 and 2 only
b) 2, 3 and 4 only
c) 1, 2 and 4 only
d) 1, 2, 3 and 4
Q7.

With reference to economic activities performed by a firm, which one of the following terms denotes the net contribution made by a firm in a given period?

 

a) Total number of jobs created.
b) Value added.
c) Opportunity created.
d) One-off production.
Q8.

With reference to a modern economy, which of the following is/are part(s) of 'reserve money'?

1. Bankers’ Deposits with the central bank of the country.

2. Currency held by the public.

3. Currency held by commercial banks.

Select the correct answer using the code given below:

a) 1 only
b) 1 and 2 only
c) 3 only
d) 1, 2 and 3