DAILY WISDOM TEST-THE PT QUEST 2020 Date:- (31-07-2020) Question-1 The correct Answers is ANS: B, Explanation: Statement 1 and 2 are correct. GDP Deflator = Nominal GDP/ Real GDP. The ratio of nominal GDP to real GDP gives us an idea of how the prices have moved from the base year (the year whose prices are being used to calculate the real GDP) to the current year. Statement 3 is incorrect. GDP deflator only relates to the GDP and GDP is about goods and services produced within the geographical area of an economy, say India. Therefore, it does not include prices of imported goods. Question-2 The correct Answers is Ans D Explanation: Statement 1 is incorrect as GDP doesnot differentiate between nationals and non-nationals in its definition. GDP speaks about the geographical area of a country, say India, and includes contribution by both nationals and non nationals. Statement 2 is incorrect. If we measure the GDP of a country in two consecutive years and see that the fig...