29 JULY 2020 | DAILY WISDOM TEST-THE PT QUEST 2020
DAILY WISDOM TEST-THE PT QUEST 2020
Date:- (29-07-2020)
Question-1
Date:- (29-07-2020)
Question-1
The correct Answers is
Answer: c)
Explanation:
• The National Small Savings Fund is part of Public Account of India.
Answer: c)
Explanation:
• The National Small Savings Fund is part of Public Account of India.
Question-2
The correct Answers is
Answer: c)
Explanation:
• Statement 1 is incorrect: Nominal GDP is simply the value of GDP at the current prevailing prices.
• Statement 2 is incorrect: Real GDP is calculated in a way such that the goods and services are evaluated at some constant set of prices (or constant prices). For that purpose, base year is fixed and updated from time to time.
Answer: c)
Explanation:
• Statement 1 is incorrect: Nominal GDP is simply the value of GDP at the current prevailing prices.
• Statement 2 is incorrect: Real GDP is calculated in a way such that the goods and services are evaluated at some constant set of prices (or constant prices). For that purpose, base year is fixed and updated from time to time.
Question-3
The correct Answers is
Answer: a)
Explanation:
• Statement 1 is correct: Lorenz curve is used to calculate the Gini coefficient which is the numerical indicator of inequality in a country.
• Statement 2 is incorrect :For perfectly equal distribution, a Gini coefficient value would be equal to zero . It scale is from 0-1.
Answer: a)
Explanation:
• Statement 1 is correct: Lorenz curve is used to calculate the Gini coefficient which is the numerical indicator of inequality in a country.
• Statement 2 is incorrect :For perfectly equal distribution, a Gini coefficient value would be equal to zero . It scale is from 0-1.
Question-4
The correct Answers is
Answer: c)
Explanation:
• Direct taxes like wealth tax, gift tax and estate duty (now abolished) have never brought in large amount of revenue and thus have been referred to as ‘paper taxes’.
Answer: c)
Explanation:
• Direct taxes like wealth tax, gift tax and estate duty (now abolished) have never brought in large amount of revenue and thus have been referred to as ‘paper taxes’.
Question-5
The correct Answers is
Answer: d)
Explanation:
• In estimating GDP , only final good and services are considered . Transfer payments such as pension , scholarship etc are excluded as there is income received but no good or service produced in return.
• GDP considers only marketed goods. If cleaner is hired, their pay is included in GDP. The work done by women at home – taking care of the aged, children etc which is called as care economy is outside the GDP.
• In in the resale of car, there is no production of goods or service therefore it is not included in GDP.
Answer: d)
Explanation:
• In estimating GDP , only final good and services are considered . Transfer payments such as pension , scholarship etc are excluded as there is income received but no good or service produced in return.
• GDP considers only marketed goods. If cleaner is hired, their pay is included in GDP. The work done by women at home – taking care of the aged, children etc which is called as care economy is outside the GDP.
• In in the resale of car, there is no production of goods or service therefore it is not included in GDP.
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