Question 1

If the contribution of the agricultural sector is decreasing in a country's economy, then what conclusion can be drawn?

Accepted Answer

When the contribution of the agricultural sector decreases in a country's economy, it often indicates a shift towards industrialization and services, which is a characteristic of developed or developing nations moving towards development. This transition reflects economic diversification and growth in other sectors.

Question 2

Which is not added in the calculation of national income of India?

Accepted Answer

The sold value of the old fridge and services rendered by the housewives are not added in the calculation of national income of India because they do not represent new production of goods and services within the economy.

Question 3

Output means. ……………unless stated otherwise

Accepted Answer

Output typically refers to Gross Domestic Product at market prices (GDPmp) unless specified otherwise. This measure includes the total value of all goods and services produced within a country's borders, without deducting depreciation or consumption of fixed capital, and is evaluated at market prices.

Quiz 2: National Income and GDP Calculation in India

If the contribution of the agricultural sector is decreasing in a country's economy, then what conclusion can be drawn?

Which is not added in the calculation of national income of India?

Output means. ……………unless stated otherwise