Match List-I with List-II
|
List-I |
List-II |
|
(A) GDP at constant price |
(I) known as Nominal GDP |
|
(B) GDP at current price |
(II) Increases only when there is increase in the quantum of output in the economy. |
|
(C) Welfare of the people |
(III) known as earned income |
|
(D) Factor Income |
(IV) Measured in terms of the availability of goods and services |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (A)-(II), (B)-(I) (C)-(IV), (D)-(III)
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A) GDP at constant price is a measure of an economy's output adjusted for inflation. It (II) Increases only when there is an increase in the quantum of output in the economy, as it uses prices from a base year.
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B) GDP at current price is a measure of an economy's output using current market prices. It is (I) known as Nominal GDP.
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C) Welfare of the people is broadly concerned with the standard of living, which is (IV) Measured in terms of the availability of goods and services per capita.
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D) Factor Income is the income earned by the factors of production (land, labor, capital, and entrepreneurship). It is (III) known as earned income.