Economics Quiz on Demand and GNP Concepts

<p>Quantity supplied. (A)</p> Signup and view all the answers

<p>Percentage Change in Quantity Demanded / Percentage Change in Price (D)</p> Signup and view all the answers

<p>Consumer's income, tastes, and the prices of all other goods. (A)</p> Signup and view all the answers

<p>Price Elasticity. (A)</p> Signup and view all the answers

<p>Elastic and Inelastic. (A)</p> Signup and view all the answers

<p>GNP at market prices includes indirect taxes, while GNP at factor cost excludes them. (B)</p> Signup and view all the answers

<p>By adding up the difference between the value of material outputs and inputs at each stage of production for all industries in the economy. (D)</p> Signup and view all the answers

<p>The total income earned by all factors of production in a country. (C)</p> Signup and view all the answers

<p>GNP at market prices is always higher than GNP at factor cost. (C)</p> Signup and view all the answers

<p>Indirect taxes (C)</p> Signup and view all the answers

<p>The relationship between GNP at market prices and GDP at market prices depends on the level of net income from abroad. (C)</p> Signup and view all the answers

<p>The increase in the value of a product during the production process. (C)</p> Signup and view all the answers

<p>By subtracting depreciation from GNP. (B)</p> Signup and view all the answers

<p>All revenue receipts and expenditure (C)</p> Signup and view all the answers

<p>When revenue expenses exceed revenue receipts (C)</p> Signup and view all the answers

<p>Loans from the public (C)</p> Signup and view all the answers

<p>Revenue disbursements of various ministries (B)</p> Signup and view all the answers

<p>Tax and non-tax revenue (B)</p> Signup and view all the answers

<p>Capital Budget (C)</p> Signup and view all the answers

<p>Accounts for capital payments and receipts (D)</p> Signup and view all the answers

<p>Potential revenue deficit (C)</p> Signup and view all the answers

<p>Quantity supplied changes by a lower percentage than price changes. (C)</p> Signup and view all the answers

<p>PES is equal to 1. (B)</p> Signup and view all the answers

<p>Supply is infinite at a certain price and zero at any price change. (A)</p> Signup and view all the answers

<p>Price of the good. (B)</p> Signup and view all the answers

<p>Relatively greater-elastic supply. (D)</p> Signup and view all the answers

<p>Quantity supplied changes by a larger percentage than price changes. (B)</p> Signup and view all the answers

<p>A straight line parallel to the X-axis. (D)</p> Signup and view all the answers

<p>Perfectly inelastic supply. (A)</p> Signup and view all the answers

<p>Revenue Deficit (D)</p> Signup and view all the answers

<p>Revenue Budget (D)</p> Signup and view all the answers

<p>Revenue Receipts (A)</p> Signup and view all the answers

<p>Loans from RBI (B)</p> Signup and view all the answers

<p>Revenue Expenditure (B)</p> Signup and view all the answers

<p>Mobilizing savings for capital formation (A)</p> Signup and view all the answers

<p>Linking savers and investors (C)</p> Signup and view all the answers

<p>Rapid expansion of financial services (D)</p> Signup and view all the answers

<p>Insurance companies (D)</p> Signup and view all the answers

<p>30.50% (B)</p> Signup and view all the answers

<p>Rs 84,357 crore (C)</p> Signup and view all the answers

<p>Maharashtra (C)</p> Signup and view all the answers

<p>US$ 1 trillion (D)</p> Signup and view all the answers

<p>118% (B)</p> Signup and view all the answers

<p>Financial Inclusion Lab (C)</p> Signup and view all the answers

<p>Introduced new banking licenses (C)</p> Signup and view all the answers

Excess supply when quantity supplied exceeds quantity demanded at a price below $60.

Insufficient supply when quantity demanded exceeds quantity supplied at a price above $60.

Measures how quantity demanded changes with price or income changes.

Change in quantity demanded due to change in price, holding other factors constant.

Ep = % Change in Quantity Demanded / % Change in Price.

Demand is elastic when a small price change causes a large change in quantity demanded.

Demand is inelastic when price changes do not significantly alter quantity demanded.

Measures how quantity demanded of one good responds to price change of another good.

The difference between material outputs and inputs at each production stage.

Total market value of all final goods and services produced by a nation's residents plus net income from abroad.

The gross value of final goods and services produced annually, including indirect taxes and excluding subsidies.

The sum of incomes earned by factors of production, excluding indirect taxes and including subsidies.

Taxes that increase the market price of goods but do not affect income directly.

Financial assistance provided by the government to lower costs for producers.

The value of total output minus depreciation on fixed capital used in production.

GNP is calculated by adding GVA, net income from abroad, adjusting for taxes and subsidies.

A measure of how much the quantity supplied changes in response to a price change.

When PES is between 0 and 1; supply changes less than price changes.

When PES is greater than 1; supply changes more than price changes.

When PES equals 1; supply changes are equal to price changes.

When PES is infinite; supply is zero with a slight price drop and infinite with a rise.

Various elements that affect how supply responds to price changes, such as price of the good.

States that quantity supplied increases with an increase in price, and vice versa.

Visual representation of how much of a good will be supplied at different prices.

The official record of the government's financial position for the year.

A request by government departments for funds to cover expected expenses.

A legislative proposal to allocate funds for specific expenses.

A bill that outlines government tax proposals and financial measures for the year.

Details all revenue receipts and expenditures, indicating deficits or surpluses.

Records capital receipts and payments related to long-term assets.

Estimates government spending across various sectors and plans.

Government income from taxes and other sources used for everyday running.

Occurs when total expenditure exceeds total receipts, excluding borrowing.

Payments received by the government that create assets or reduce liabilities.

Government spending that does not lead to an increase in assets.

Improvement of economic well-being and quality of life.

Facilitates the flow of funds from savers to investors, aiding economic growth.

Process of building up the capital stock of a country.

Comprises commercial banks, insurance companies, NBFCs, and more.

Financial institutions that provide services without a banking license.

Individuals with net assets exceeding $30 million.

The process of offering shares to the public for the first time.

Efforts to provide access to financial services for all segments of society.

A bank launched to enhance financial inclusion in every district.

Individuals with significant wealth, typically over $1 million.

Recent trends improving access to financial services across demographics.