Economics Class Quiz

Economic Concepts and Measurements

• GNP is defined as GDP plus net property income from abroad.
• National Income accounts for the total value of goods and services produced within a country.
• The primary sector encompasses agriculture as its main component, distinguishing it from industries like automobiles and trade.
• The value-added approach estimates the final good by summing the contributions of each intermediate good used in production.
• In 2018-19, the gross value added for the services sector was estimated at 92.26 lakh Crore.

Agriculture and Industry in India

• India ranks as the 2nd largest producer of agricultural products globally.
• The Green Revolution led to self-sufficiency in food grain production in India.
• Tamil Nadu is the only state in India to have adopted a universal Public Distribution System (PDS).

Trade and International Relations

• The head of the World Trade Organization (WTO) is the Director General.
• GATT’s first round of negotiations took place in Geneva.
• India signed the Dunkel proposal in 1986, aiming to improve trade relations.

Historical Context

• The colonial advent in India involved Portuguese, Dutch, English, Danish, and French influences.
• The English received the "golden Fireman" privilege in 1632 from Jahangir.

Government Policies and Taxation

• The Foreign Investment Policy (FIP) was announced in July 1991.
• Buffer stocks of food grains are maintained by the Food Corporation of India (FCI).
• The most significant tax on individuals in India is the income tax, first introduced in 1860.
• Goods and Services Tax (GST) represents a unified taxation system across the nation.
• Black money is attributed to high tax rates, a shortage of goods, and other illicit activities.

Agriculture and Infrastructure

• Agriculture and industrial development are critical for a nation's progress.
• Tiruppur is renowned for its knitwear production, a significant contributor to the textile industry.
• Coimbatore is noted as a hub for pumpsets and motor production.
• 'The Detroit of Asia' refers to Coimbatore, highlighting its industrial significance.

Governance and Welfare

• The three levels of government in India include the Union, state, and local authorities.
• Nutrition is defined as the process of obtaining food essential for health and growth.
• The government plays multiple roles, including defense, foreign policy, and economic regulation.