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For a closed economy (with no foreign trade), which one of the following is correct? - Economics

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प्रश्न

For a closed economy (with no foreign trade), which one of the following is correct?

पर्याय

  • GDP = GNP

  • GDP > GNP

  • GDP < GNP

  • GDP + GNP = 0

MCQ

उत्तर

GDP = GNP

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Gross and Net Domestic Product (GDP and NDP)
  या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
2023-2024 (March) Board Sample Paper

संबंधित प्रश्‍न

Calculate 'sales' from the following data:-

S. No. Particulars (Rs in laths)
(i) Net value added at factor cost 560
(ii) Depreciation 60
(iii) Change in stock (-)30
(iv) Intermediate cost 1000
(v) Exports 200
(vi) Indirect taxes 60

How will you treat the following while estimating domestic product of a country? Give reasons for your answer:

Profits earned by branches of country's bank in other countries


How will you treat the following while estimating domestic product of a country? Give reasons for your answer:

Gifts are given by an employer to his employees on Independence Day


If the Real GDP is Rs 500 and Price Index (base = 100) is 125, calculate the Nominal GDP.


Giving reason explain how should the following be treated in estimating gross domestic product at market price?

Interest paid by an individual on a car loan taken from a bank.


If the Nominal Gross Domestic Product = Rs 4,400 and the Price Index (base = 100) = 110, calculate the Real Gross Domestic Product.


Find out (i) Gross National Product at Market Price and (ii) Net Current Transfers from Abroad:

S. No.

                                Items

(Rs Crore)

(i)

Private final consumption expenditure

1000

(ii)

Depreciation

100

(iii)

Net national disposable income

1500

(iv)

Closing stock

20

(v)

Government final consumption expenditure

300

(vi)

Net Indirect tax

50

(vii)

Opening stock

20

(viii)

Net domestic fixed capital formation

110

(ix)

Net exports

15

(x)

Net factor income to abroad

(–) 10

 


Calculate value of "Interest" from the following data:

S. No. Particulars

Amount

(₹ in crores)

(i) Indirect tax 1,500
(ii) Subsidies 700
(iii) Profits 1,100
(iv) Consumption of fixed capital 700
(v) Gross domestic product at market price 17,500
(vi) Compensation of employees 9,300
(vii) Interest ?
(viii) Mixed income of self-employed 3,500
(ix) Rent 800

Given the following data, find the values of "Gross Domestic Capital Formation" and "Operating Surplus".

S. No. Particulars

Amount

(₹ in crores)

(i) National Income 22,100
(ii) Wages and Salaries 12,000
(iii) Private Final Consumption Expenditure 7,200
(iv) Net Indirect Taxes 700
(v) Gross Domestic Capital Formation ?
(vi) Depreciation 500
(vii) Government Final Consumption Expenditure 6,100
(viii) Mixed Income of Self-Employed 4,800
(ix) Operating Surplus ?
(x) Net Exports 3,400
(xi) Rent 1,200
(xii)   (-)
  Net Factor Income From Abroad 150

For meaningful comparison common price level base is used because ______


Identify the correctly matched items in Column A to that of Column B:

Column A Column B
1. Welfare of the people (a) Social Welfare
2. Total of economic and non-economic welfare (b) Economic  Welfare
3. Benefits or harms of an activity caused by a firm. (c) Externalities
4. Material well being of the people (d) Real GDP 

Identify the correct pair as given in Column B by matching them with respective concepts in Column A:

Column A Column B
(1) Reduction in the value of  the domestic currency by the government (a)  Devaluation
(2) Reduction in the value  of the domestic currency through market forces (b)  Appreciation
(3) Increase in the value of   the domestic currency by the government (c) Depreciation
(4) Increase in the value  of the domestic currency through market forces (d)  Revaluation

Identify the correctly matched items in Column A to that of Column B:

Column A Column B
1 GDP of a country (a)  Absolute measure of welfare
2 Underestimation of GDP (b) Non-monetary exchanges excluded
3 Base year (c)  Year of current market prices
4 Economic Welfare (d)  Mental satisfaction and peace

Distinguish between Gross Domestic Product at Market Price and Net Domestic Product at Market Price.


From the following data, calculate the value of operating surplus:

S.No. Items Amount in
(₹ crore) 
(i) Royalty 5

(ii)

Rent 75
(iii) Interest 30
(iv) Net domestic product
at factor cost
400
(v) Profit 45
(vi) Dividends 20

Read the following statements carefully:

Statement 1: Gross Domestic Product (GDP) is the sum total of the gross market value of all the final goods and services added by all the sectors in the economy during a fiscal year.

Statement 2: Gross Value Added at Market Price (GVAMP) is equal to the excess of value of output over intermediate consumption.

In the light of the given statements, choose the correct alternative from the following.


On the basis of the data given below for an imaginary economy, estimate the value of Net Domestic Product at factor cost (NDPFC):

S.No. Items Amount
(₹ in crore)
(i) Household Consumption Expenditure 2,000
(ii) Government Final Consumption Expenditure 1,500
(iii) Gross Domestic Fixed Capital Formation 1,000
(iv) Net additions to stock 300
(v) Exports 700
(vi) Net Indirect Taxes 350
(vii) Imports 200
(viii) Consumption of Fixed Capital 250

Calculate the value of Domestic Income from the following data: 

S.NO. Particulars Amount
(₹ in crore)
(i) Rent and Royalties 1,300
(ii) Net Indirect Taxes 200
(iii) Wages & Salaries ( in cash & in kind) 1,700
(iv) Corporate Tax 400
(v) Depreciation 400
(vi) Retained Earnings 300
(vii) Dividends 400
(viii) Net Factor Income from Abroad  (-) 120
(ix) Mixed Income of Self Employed 1,400
(x) Change in Stock (-) 200

State whether the following items will be included in the estimation of National Income or not? Give a reason for your answer.

Wooden cupboard purchased by a family.


Union Finance Minister Mrs. Nirmala Sitharaman announced during her Budget speech that the Centre would reduce its fiscal deficit to 5.1% of gross GDP in 2024 – 25. (The present fiscal deficit is 5.8% of GDP.)

(Source: Union budget 2024 – 25)

What would be the impact of this decision on government borrowing? Why?


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