Pre Liberalization Era - Indian Economy-National and Per Capita Income [IAS (Admin.) Mains Economics]: Questions 1 - 6 of 7

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Question 1

Appeared in Year: 2011

Describe in Detail Subjective▾

List three reasons for not regarding GDP as an appropriate measure of well-being?

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Explanation

Gross Domestic Product (GDP) is defined as a measure of the total flow of goods and services produced by the economy over a specified period usually a year.

The following reason contributes to GDP not reflecting wellbeing of an economy:

  • Black money generation: Black money is not generated from the economic phenomenon only, but it has political, socia…

… (223 more words) …

Question 2

Appeared in Year: 2022

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Highlight the major features of national income trend and its sectoral composition during the last five decades. (Paper II)

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Explanation

The national income trend and its sectoral composition in India during the last five decades have undergone significant changes.

Features of National Income Trend

Some of the major features of the trend and its sectoral composition are:

Features of National Income Trend
  • Steady growth: India՚s national income has been steadily growing over the past five…

… (315 more words, 6 figures) …

Question 3

Appeared in Year: 2021

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What are the approaches to compute ‘Green’ GDP? How would you make GDP more inclusive in the light of Index of Sustainable Economic Welfare (ISEW) ?

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Explanation

  • Green national income or green national product is an economic statistic which include environmental features (environmental degradation and resource depletion) with a country՚s national product producing in domestic territory.
  • Green GDP is the national GDP minus net natural capital consumption. This includes resource depletion and environmental deg…

… (385 more words, 6 figures) …

Question 4

Appeared in Year: 2019

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While measurement of non-market natural assets may not be perfect, Green National Product is still a preferable alternative to traditional Gross Domestic Product. Comment.

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Explanation

The non-market natural assets are not a perfect measurement, but still Green National Product is still that alternative which can replace old-fashioned Gross Domestic Product.

  • Green national income or green national product is an economic statistic which include environmental features (environmental degradation and resource depletion) with a country…

… (330 more words, 5 figures) …

Question 5

Appeared in Year: 2020

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An open economy has three sector (i) agriculture, (ii) industry and (iii) service. Show that the three methods of measuring National Income produce identical value of GDP.

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Explanation

An open economy has three sectors: agriculture, industry and services. We know that the national income can be measured by three different methods namely:

Product Method

Gross value added = Value of output – Intermediate (Primary sector)

Similarly for secondary and service sector, gross value added can be find

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Question 6

Appeared in Year: 2020

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Explain in what way environmental accounting is taken care of in National Income measurement.

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Explanation

Green accounting is a new system of accounting sustainability which has emerged in recent times. “It permits the computation of income for a nation by taking into account the economic damage and depletion in the natural resource base of an economy.”

Green national income or green national product is an economic statistic which include environmental …

… (357 more words, 4 figures) …