Static Quiz 24 July 2025 (Economy)
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Static Quiz 24 July 2025 (Economy) For UPSC Exam
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- Question 1 of 5
1. Question
With reference to GDP and economic growth, consider the following statements:
1. GDP at market prices includes net indirect taxes.
2. Real GDP accounts for inflation, while nominal GDP does not.
3. GDP deflator is always less than 100 during inflationary periods.
How many of the above statements are correct?CorrectCorrect Answer: (b)
Explanation:
• 1. Correct. GDP at market prices = GDP at factor cost + Net indirect taxes.
• 2. Correct. Real GDP = Nominal GDP adjusted for inflation.
• 3. Incorrect. GDP deflator = (Nominal/Real GDP) × 100 → above 100 in inflation.IncorrectCorrect Answer: (b)
Explanation:
• 1. Correct. GDP at market prices = GDP at factor cost + Net indirect taxes.
• 2. Correct. Real GDP = Nominal GDP adjusted for inflation.
• 3. Incorrect. GDP deflator = (Nominal/Real GDP) × 100 → above 100 in inflation. - Question 2 of 5
2. Question
Match the following sectors with their contributions to employment in India:
Sector Contribution
1. Agriculture A. Highest employment provider
2. Industry B. Major contributor to GDP, but less in jobs
3. Services C. Employs less than agriculture but more than industrySelect the correct code:
CorrectCorrect Answer: (a)
Explanation:
• Agriculture employs ~45% → highest in workforce share.
• Industry: moderate employment, rising productivity.
• Services: ~55% of GDP but less than agriculture in jobs.IncorrectCorrect Answer: (a)
Explanation:
• Agriculture employs ~45% → highest in workforce share.
• Industry: moderate employment, rising productivity.
• Services: ~55% of GDP but less than agriculture in jobs. - Question 3 of 5
3. Question
Which of the following are characteristics of a developing economy like India?
1. High dependency on the primary sector
2. Low per capita income
3. Low capital-output ratio
How many are correct?CorrectCorrect Answer: (b)
Explanation:
• 1 & 2: Correct. India shows high primary-sector employment and low per capita income.
• 3: Incorrect. Developing countries usually have high capital-output ratio (inefficient investment).IncorrectCorrect Answer: (b)
Explanation:
• 1 & 2: Correct. India shows high primary-sector employment and low per capita income.
• 3: Incorrect. Developing countries usually have high capital-output ratio (inefficient investment). - Question 4 of 5
4. Question
Assertion (A): India’s informal sector remains a significant source of employment.
Reason (R): Most workers in India are employed in enterprises with high social security.CorrectCorrect Answer: (c)
Explanation:
• A is true – Informal sector employs ~90% of workforce.
• R is false – Informal jobs lack social security.IncorrectCorrect Answer: (c)
Explanation:
• A is true – Informal sector employs ~90% of workforce.
• R is false – Informal jobs lack social security. - Question 5 of 5
5. Question
Consider the following government initiatives:
1. Stand-Up India
2. PMEGP (Prime Minister’s Employment Generation Programme)
3. Startup India
Which of the above aim to promote entrepreneurship and job creation?CorrectCorrect Answer: (c)
Explanation:
• All three aim to boost self-employment, MSMEs, and job creation.
• Stand-Up India: SC/ST and women entrepreneurs.
• PMEGP: Subsidy-linked jobs via KVIC.
• Startup India: Innovation and entrepreneurship.IncorrectCorrect Answer: (c)
Explanation:
• All three aim to boost self-employment, MSMEs, and job creation.
• Stand-Up India: SC/ST and women entrepreneurs.
• PMEGP: Subsidy-linked jobs via KVIC.
• Startup India: Innovation and entrepreneurship.
