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प्रश्न
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
उत्तर
Gifts given by an employer to his employees on Independence Day are included in the domestic income because the gifts given by the employer are compensation in kind.
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संबंधित प्रश्न
Giving reason explain how should the following be treated in estimating gross domestic product at market price?
Fees to a mechanic paid by a firm.
Calculate (a) net national product at the market price and (b) gross national disposable income:
| (Rs in crores) | ||
| 1 | Gross domestic fixed capital formation | 400 |
| 2 | Private final consumption expenditure | 8,000 |
| 3 | Government final consumption expenditure | 3,000 |
| 4 | Change in stock | 50 |
| 5 | Consumption of fixed capital | 40 |
| 6 | Net indirect taxes | 100 |
| 7 | Net exports | (-) 60 |
| 8 | Net factor income to abroad | (-) 80 |
| 9 | Net current transfers from abroad | 100 |
| 10 | Dividend | 100 |
Giving reason explain how should the following be treated in estimating gross domestic product at market price?
Expenditure on purchasing a car for use by a firm.
Answer the following question.
How can gross domestic product at factor cost be obtained from the gross national product at market price?
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 |
Match the following:
| 1 | Prime Minister | A | Seeds that give a large proportion of output |
| 2 | Gross Domestic Product | B | Quantity of goods that can be imported |
| 3 | Quota | C | Chairperson of the planning commission |
| 4 | Land Reforms | D | The money value of all the final goods and services produced within the economy 'in one year |
| 5 | HYV Seeds | E | Improvements in the field of agriculture to increase its productivity |
| 6 | Subsidy | F | The monetary assistance given by the government for production activities |
For meaningful comparison common price level base is used because ______
Assertion (A): GDP is the correct measure of the improvement of welfare of the people.
Reason (R): Many activities in an economy are not evaluated in monetary terms, they are not included in GDP due to non-availability of data.
______ is the difference between Domestic Income and National Income.
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 |
Consider the following statements:
-
The use of public parks increases welfare
-
The distribution of GDP increases welfare
-
Higher GDP always causes higher welfare
Which of the above statements are false?
The difference by which actual Aggregate Demand exceeds the Aggregate Demand, required to establish full employment equilibrium is known as ______
Which of the following statements is incorrect?
Assertion: With every increase in the level of GDP, social welfare definitely increases in the economy.
Reason (R): GDP is not a true indicator of the welfare of the economy.
Read the below case and answer the question that follows:
|
The country's real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching PRE-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms. "With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21," the agency said. According to the first advance estimates of national income released by the National Statistical Office (NSO), the country's GDP is estimated to contract by a record 7.7 percent during the current financial year. |
What will be the growth rate of GDP according to the NSO?
Read the below case and answer the questions that follow:
The Centre on Saturday increased the budgetary allocation for the environment ministry from last fiscal by nearly five percent for 2020-21 with no change in the amount allotted to pollution abatement and climate change action plan. Union Finance Minister, Nirmala Sitharaman, allocated ₹3,100 crores for the ministry out of which ₹460 crores were allotted to control pollution, which is the same as the money it received in the last budget. Control of pollution has been conceptualized to provide financial assistance to Pollution Control Boards/Committees and funding to National Clean Air Programme (NCAP). Similarly, the budget for pollution abatement, which was cut by 50 percent last year from 2018-to 19, remained unchanged at ₹10 crores. The minister also announced that states, which are formulating and implementing plans for ensuring cleaner air in cities above one million population should be encouraged.
- Budget 2020: Allocation for Environment Ministry up 5% to ₹3,100 crore - Business Standards, 1st February 2020
Real GDP and Welfare are ______ related to each other.
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 |
“While estimating Gross Domestic Product (GDP) by expenditure method, entire focus is on expenditures incurred by the residents of the country.” Do you agree with the given statement? Give valid reason in support of your answer.
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.
