Consider the following statements regarding the calculation of National Income in India:

1. Real GDP is calculated using current market prices.
2. Nominal GDP is more effective than Real GDP for comparing the economic growth of a country over different years.
3. The GDP Deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy. Which of the statements given above is/are correct? 

Which of the following are included while calculating the Gross Domestic Product (GDP) of India?

1. Services of a housewife.
2. Income of an Indian citizen working in the USA.
3. Profit of a foreign bank operating in India.
4. Value of second-hand car sales. Select the correct answer using the code given below: 

With reference to 'Potential GDP', consider the following statements:

1. It is the maximum level of output an economy can produce when it uses all its resources efficiently.
2. It is always equal to the Real GDP of an economy.
3. Inflationary pressure typically arises when the actual GDP exceeds the potential GDP. Which of the statements given above are correct? 

Consider the following statements regarding the 'Base Year' in National Income accounting:

1. It is a representative year which is used to eliminate the effect of price changes.
2. The current base year for GDP calculation in India is 2011-12.
3. A change in the base year usually leads to an immediate increase in the real growth rate of the economy. Which of the statements given above is/are correct? 

Which of the following measures can be used by the RBI to control inflation?

1. Increasing the Cash Reserve Ratio (CRR).
2. Purchasing government securities in the open market.
3. Decreasing the Repo Rate.
4. Increasing the Statutory Liquidity Ratio (SLR). Select the correct answer using the code given below: 

Consider the following statements regarding the Consumer Price Index (CPI) and Wholesale Price Index (WPI) in India:

1. WPI captures changes in the prices of services, whereas CPI does not.
2. Food items have a higher weightage in CPI than in WPI.
3. The Monetary Policy Committee (MPC) uses CPI-Combined as its primary anchor for inflation targeting. Which of the statements given above is/are correct? 

 Which of the following describes the phenomenon of 'Stagflation'?

1. High Inflation
2. High Unemployment
3. High Economic Growth
4. Stagnant Demand Select the correct answer using the code given below: 

 With reference to 'Base Effect' in inflation, consider the following statements:

1. It refers to the impact of the price levels of the previous year on the calculation of the current inflation rate.
2. If the price index was very high in the previous year, the current inflation rate will appear lower even if prices rose significantly. Which of the statements given above is/are correct?

Consider the following pairs regarding Five-Year Plans (FYP) and their primary focus:

1. First FYP: Harrod-Domar Model (Agriculture focus)
2. Second FYP: Mahalanobis Model (Heavy Industries)
3. Fifth FYP: Garibi Hatao (Poverty Alleviation)
4. Seventh FYP: LPG Reforms (Liberalization) Which of the pairs given above are correctly matched? 

 What were the main objectives of the 'Indicative Planning' adopted during the 8th Five-Year Plan?

1. The government plays the role of a facilitator rather than a direct controller.
2. Complete elimination of the private sector in core industries.
3. Setting broad targets for the economy while allowing market forces to operate. Select the correct answer using the code given below: