Economics Unit 1: Gross Domestic Product and its Growth: An Introduction — Online MCQ Test
SOCIAL SCIENCE · CLASS 10th · Tamil Nadu State Board
Practice Economics Unit 1: Gross Domestic Product and its Growth: An Introduction with a free chapter-wise online MCQ test.
This chapter covers: This chapter introduces macro-economic concepts including National Income Gross Domestic Product and sectoral contributions. Students analyze economic growth development paths and....
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Economics Unit 1: Gross Domestic Product and its Growth: An Introduction — Important Questions & Answers
What does the term 'GDP' stand for?
- A. Gross Domestic Product
- B. Global Development Program
- C. Gross Domestic Process
- D. General Domestic Product
Answer: A. Gross Domestic Product
GDP stands for Gross Domestic Product, which measures the total value of goods and services produced within a country's borders.
GDP stands for Gross Domestic Product, which measures the total value of goods and services produced within a country's borders.
Which of the following is considered a primary sector activity?
- A. Banking
- B. Agriculture
- C. Manufacturing
- D. Transport
Answer: B. Agriculture
The primary sector involves the extraction of raw materials, such as agriculture, fishing, and mining.
The primary sector involves the extraction of raw materials, such as agriculture, fishing, and mining.
Which of the following is included in the calculation of GDP?
- A. Value of second-hand goods
- B. Value of final goods and services produced within the country
- C. Transfer payments
- D. Value of intermediate goods used for production
Answer: B. Value of final goods and services produced within the country
GDP only accounts for the market value of all final goods and services produced within a country's geographical boundary.
GDP only accounts for the market value of all final goods and services produced within a country's geographical boundary.
If a country's GDP grows faster than its population, what happens to the Per Capita Income?
- A. It decreases
- B. It remains constant
- C. It increases
- D. It fluctuates unpredictably
Answer: C. It increases
Since Per Capita Income is National Income divided by population, a faster growth in national income relative to population results in a rise in average income.
Since Per Capita Income is National Income divided by population, a faster growth in national income relative to population results in a rise in average income.
Which combination correctly represents the sectors of the economy?
- A. Primary, Secondary, Tertiary
- B. Agriculture, Industry, Public
- C. Private, Public, Joint
- D. Primary, Manufacturing, Service
Answer: A. Primary, Secondary, Tertiary
The economy is formally classified into three sectors: Primary (natural resources), Secondary (manufacturing), and Tertiary (services).
The economy is formally classified into three sectors: Primary (natural resources), Secondary (manufacturing), and Tertiary (services).