Macroeconomic Indicators MCQ — 83 Practice Questions with Answers

Q1. 1. Gross Value Added is obtained after subtracting input costs from output. 2. Gross Domestic Product is obtained by subtracting all Gross Value Added components in the economy. 3. A base year acts as a reference year for comparing macroeconomic data over time. Which of the statements given above are correct?

Q2. Consider the following statements on macroeconomic aggregates for FY 2023-24: 1. Real GDP was estimated to grow by 8.2% in FY 2023-24. 2. Nominal GDP was estimated to grow by 8.2% in FY 2023-24. 3. Real GVA grew by 7.2% in 2023-24. Which of the statements given above are correct?

Q3. Consider the following statements: 1. The International Investment Position reflects the stock position of a country's international assets and liabilities at the end of a period. 2. BoP shows flows of goods, services, remittances and movement of capital during the reference period. 3. IIP stocks are valued at average transaction rates, whereas BoP flows are recorded at end-period exchange rates. 4. The closing IIP value is reconciled only through the current account of the BoP. Which of the statements given above are correct?

Q4. By how much did the IMF World Economic Outlook (April 2026) revise India's FY27 GDP growth forecast?

Q5. Consider the following statements about the all-India Index of Industrial Production (IIP) new series launched in 2017: 1. Its base year was revised from 2004-05 to 2011-12. 2. It continued to consist of Mining, Manufacturing and Electricity sectors. 3. It followed National Industrial Classification 2011 for product classification by industry. 4. Its coverage was extended to both the organised and unorganised sectors. Which of the statements given above are correct?