Economics Class Quiz

Study Notes

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.

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).

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

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 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.

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.