ICO Olympiad Class 12 Sample Paper 02 2026/2027 | Questions & Verified Answers

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ICO OLYMPIAD CLASS 12 SAMPLE PAPER 02

WITH QUESTIONS AND ANSWERS
1. What is considered under the underdeveloped economy?
a. High level of inequalities
b. Low level of capital productivity
c. A relatively closed economy
d. All the above
Ans. d

Explanation: In addition to the above characteristics, there is also a high
incidence of poverty, rapid population growth and technological
backwardness.



2. Who develop the concept of PQLI?
a. UNO
b. Morris D Morris
c. UNDP
d. Oxford Poverty and Human Development Initiative Ans. b)




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3. Who popularized the concept of HDI?
a. Morris D Morris
b. Keynes
c. Adam Smith
d. Mahbub Ul Haq Ans.
d)



4. Under which business activity, output and income increase at
high level?

(a) Recession
(b) Boom
(c) Recovery
(d) Depression
Ans. b
Explanation:

Boom, recession, depression and recovery are phases of a business cycle.



5. The sum total of gross value added of all the firms in the country minus
the depreciation is.


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a) Net National product
b) Gross National Product
c) Net Domestic Product
d) Gross Domestic Product Ans.
C)

Explanation: According to the World Bank classification, low income economies
have $1035 or less than that. There are 36 such countries.



6. The GDP deflator is calculated as under: a)
b) Nominal GDP Real GDP

c) Nominal GDP Real GDP

d) Real GDP
Nominal GDP

Ans. a Explanation:

The GDP deflator is calculated as under:
Nominal GDP
GDP deflator
Real GDP




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