Economics Practice Quiz 14

Q1.Why is total income not considered a useful measure for comparison between countries?

A. It does not account for inflation B. Countries have different populations C. It excludes foreign investments D. It is difficult to calculate accurately

Q2.What measure is used for comparison between countries to understand what an average person is likely to earn?

A. Gross Domestic Product (GDP) B. Total income C. Average income D. National debt

Q3.What is another term for 'average income'?

A. National income B. Per capita income C. Gross national income D. Disposable income

Q4.Which organization brings out the World Development Reports that use per capita income for classifying countries?

A. International Monetary Fund (IMF) B. World Trade Organization (WTO) C. United Nations Development Programme (UNDP) D. World Bank

Q5.As per 2024 data, what is the minimum per capita income for a country to be classified as 'high income' or 'rich'?

A. US$ 2,300 per annum B. US$ 11,000 per annum C. US$ 66,500 per annum D. US$ 33,250 per annum

Q6.According to 2024 data, what is the maximum per capita income for a country to be classified as 'low-income'?

A. About US$ 2,300 or less B. About US$ 11,000 or less C. About US$ 66,500 or less D. About US$ 5,000 or less

Q7.In which category did India fall in 2024 based on its per capita income?

A. High-income countries B. Low-income countries C. Low middle income countries D. Upper middle income countries

Q8.Which countries are generally called developed countries, with the exclusion of Middle East and certain other small countries?

A. Low-income countries B. Low middle income countries C. Rich countries D. Countries with high population

Q9.What is considered an important goal in itself, according to the text, regarding income?

A. Equal distribution of income B. Greater income C. Reducing income disparity D. Stabilizing income levels

Q10.How is 'average income' calculated?

A. Total income divided by the number of working adults B. Total income divided by its total population C. Total income multiplied by the inflation rate D. Total income minus government taxes

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Economics Practice Quiz 14