Account and Finance Practice Question and Answer
4 Q: The Census of Indian agriculture is done by–
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65115a30af64a2609c5e08a4- 1Production Methodtrue
- 2Income Methodfalse
- 3Expenditure Methodfalse
- 4Consumption Methodfalse
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Answer : 1. "Production Method "
Explanation :
Under the consideration of India economy, census of agriculture, is done by production method.
Q: If a country produces consumer goods only and nothing else, then-
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6511572f10a18f5082fb1afd- 1Standard of living will be highestfalse
- 2The country have certain amount of goodfalse
- 3The country will soon become poor if external trade will not happentrue
- 4The country will gradually become rich if external trade will not happenfalse
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Answer : 3. "The country will soon become poor if external trade will not happen"
Explanation :
If any country will produce only consumer good, then gradually the country will become poor as there will be no exchange of other goods and the economy of that country will highly be affected.
Q: When increase in income the increase in ratio between income & expenditure changes–
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651158f156a7b2508cb0de7d- 1In same ratiofalse
- 2Ratio less than 1true
- 3Ratio more than onefalse
- 4Nonefalse
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Answer : 2. "Ratio less than 1"
Explanation :
Expl:- When increase in income the increase in ratio between income & expenditure changes Ratio less than 1
Q: Which of the following would not constitute an economic activity in Economics?
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6512a4d2af64a2609c621ce1- 1A teacher teaching students in his collegefalse
- 2A teacher teaching students in a coaching institutefalse
- 3A teacher teaching his own daughter at hometrue
- 4A teacher teaching students under Sarva Shiksha Abhiyan Schemefalse
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Answer : 3. "A teacher teaching his own daughter at home"
Explanation :
A teacher who is teaching his own daughter is not a part of economic activity as the imputed value of such activities can not be calculated.