Match List-I with List-II
List-I List-II (A) Real GDP (I) Commodities traded in bulk. (B) Nominal GDP (II) GDP evaluated at constant prices. (C) Consumer Price Index (III) Commodities bought by representative consumers. (D) Wholesale Price Index (IV) GDP evaluated at current market prices.
Choose the correct answer from the options given below:
- (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
- (A) - (II), (B) - (IV), (C) - (III), (D) - (I)
- (A) - (I), (B) - (IV), (C) - (III), (D) - (II)
- (A) - (IV), (B) - (I), (C) - (III), (D) - (II)
Match List-I with List-II
| List-I | List-II |
|---|---|
| (A) Real GDP | (I) Commodities traded in bulk. |
| (B) Nominal GDP | (II) GDP evaluated at constant prices. |
| (C) Consumer Price Index | (III) Commodities bought by representative consumers. |
| (D) Wholesale Price Index | (IV) GDP evaluated at current market prices. |
Choose the correct answer from the options given below:
- (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
- (A) - (II), (B) - (IV), (C) - (III), (D) - (I)
- (A) - (I), (B) - (IV), (C) - (III), (D) - (II)
- (A) - (IV), (B) - (I), (C) - (III), (D) - (II)
Solution
Option 1 -> Incorrectly matches Real GDP with commodities traded in bulk and Nominal GDP with constant prices.
Option 2 -> Correctly matches: Real GDP with constant prices (II), Nominal GDP with current prices (IV), CPI with consumer commodities (III), and WPI with bulk commodities (I).
Option 3 -> Incorrectly matches Real GDP with bulk commodities and WPI with constant prices.
Option 4 -> Incorrectly matches Real GDP with current prices and Nominal GDP with bulk commodities.
Hence, Option 2: (A) - (II), (B) - (IV), (C) - (III), (D) - (I) -> Real GDP is measured at constant/base year prices to remove inflation effects, Nominal GDP uses current market prices, Consumer Price Index tracks retail prices of goods/services purchased by households, and Wholesale Price Index measures prices of goods traded in bulk at wholesale level. -> correct
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