Lesson 23 Gross Domestic Product and Its Growth: An Introduction

Q1. Which is an example of a service-sector activity?

Banking Secondary sector Tertiary sector Constant prices

Q2. Which can raise labour productivity?

Better technology and training Secondary sector Tertiary sector Constant prices

Q3. What does the GDP deflator measure?

Overall price change in domestic final output Secondary sector Tertiary sector Constant prices

Q4. True or False: Banking belongs to the tertiary sector.

True False Neither Cannot say

Q5. What is GVA?

Value of output minus intermediate consumption Secondary sector Tertiary sector Constant prices

Q6. What is economic growth?

Increase in real output or income Secondary sector Tertiary sector Constant prices

Q7. What is inclusive growth?

Growth whose benefits are broadly shared Secondary sector Tertiary sector Constant prices

Q8. Which is an example of a secondary activity?

Manufacturing Secondary sector Tertiary sector Constant prices

Q9. What is a recession?

A broad decline in economic activity Secondary sector Tertiary sector Constant prices

Q10. What is capital formation?

Increase in productive assets Secondary sector Tertiary sector Constant prices