Daily Subject wise Quiz Day 108 Indian Economy XI ( Online Prelims Test)

1) Consider the following statements with respect to Phillips Curve

1. It shows the relationship between economic growth and inequality.
2. It claims that with economic growth comes inflation which in turn should result in more jobs and less unemployment.

Which of the above statements is/are incorrect?

2) Which of the following statements is/are correct about Absolute poverty

1. It is a condition where household income is below a necessary level to maintain basic living standards (food, shelter, housing).
2. This condition makes it possible to compare between different countries and also over time.

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3) Consider the following statements with respect to Poverty

1. A poor household is defined as one with an expenditure level below a specific poverty line.
2. Alagh Committee determined a poverty line based on a minimum daily requirement of calories.

Which of the above statements is/are correct?

4) Which of the following statements is/are correct about Recession

1. It is a period of temporary economic decline generally identified by a fall in GDP in two successive quarters.
2. Recessions are visible in industrial production, employment, real income, and wholesale retail trade.

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5) Which of the following statements is/are correct about Gini coefficient

1. It is a measure of the distribution of income across a population, it ranges from 0 to 1.
2. It is usually defined mathematically based on the Laffer Curve, which plots the proportion of the total income of the population.

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