National Income and Related Aggregates Test

Result

National Income and Related Aggregates Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

Explain the meaning of non-market activities

A
Non marketable

B
Production

C
Involuntary

D
Economic

Solution

Those activities not determined by market forces
Question 2
1 / -0

Nominal GNP is same as

A
Real GNP

B
GNP at current prices

C
GNP less Net factor income from abroad

D
GNP at constant prices

Solution

Nominal implies inflated entities in economics.
Question 3
1 / -0

Real GNP is same as

A
GNP at constant prices

B
GNP less Net factor income from abroad

C
GNP at current prices

D
Nominal GNP
Question 4
1 / -0

Real flow is the flow of

A
Services only

B
Goods and services

C
Money

D
Goods only

Solution

'Real 'in economics often pertains to goods and services whereas 'nominal' pertains to money.
Question 5
1 / -0

Money flow is the flow of

A
Goods only

B
Factor payments

C
Goods and services only

D
Services only

Solution

Money flow refer to payment for factor services.
Question 6
1 / -0

State which one of the following is true.

A
Nominal GDP can never be less that real GDP

B
Gross domestic capital formation is always greater than gross fixed capital formation.

C
Capital formation is a flow

D
Bread is always a consumer good.

Solution

Because it is computed after a period of time.
Question 7
1 / -0

Which of the following in an example of macro economics

A
Inflation

B
Consumer’s equilibrium

C
Producer’s equilibrium

D
Price determination

Solution

Because inflation pertains to whole economy.
Question 8
1 / -0

Microeconomics is different from macroeconomics as

A
Microeconomics deals with prices only

B
Microeconomics deals with individual behaviour

C
Microeconomics deals with economic behaviour

D
Microeconomics deals with government’s decisions

Solution

The word 'micro' refers to small units .
Question 9
1 / -0
Consider the following statements and identify the right ones.
1. Personal income refers to the income of individuals of a country.
2. The income at their disposal after paying direct taxes is called disposable income
A
I only

B
ii only

C
both

D
None of these

Solution

both
Question 10
1 / -0

Which of the following is added to national income while calculating personal income?

A
Undistributed profits

B
Social security contributions

C
Corporate taxes

D
Transfer payments to individuals

Solution

Transfer payments to individuals

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Question Analysis

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Re-Attempt Weekly Quiz Competition

National Income and Related Aggregates Test - 7

Result

National Income and Related Aggregates Test - 7

Score

-

Rank

-

SHARING IS CARING

Question 1

Non marketable

Production

Involuntary

Economic

Solution

Question 2

Real GNP

GNP at current prices

GNP less Net factor income from abroad

GNP at constant prices

Solution

Question 3

GNP at constant prices

GNP less Net factor income from abroad

GNP at current prices

Nominal GNP

Question 4

Services only

Goods and services

Money

Goods only

Solution

Question 5

Goods only

Factor payments

Goods and services only

Services only

Solution

Question 6

Nominal GDP can never be less that real GDP

Gross domestic capital formation is always greater than gross fixed capital formation.

Capital formation is a flow

Bread is always a consumer good.

Solution

Question 7

Inflation

Consumer’s equilibrium

Producer’s equilibrium

Price determination

Solution

Question 8

Microeconomics deals with prices only

Microeconomics deals with individual behaviour

Microeconomics deals with economic behaviour

Microeconomics deals with government’s decisions

Solution

Question 9

I only

ii only

both

None of these

Solution

Question 10

Undistributed profits

Social security contributions

Corporate taxes

Transfer payments to individuals

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

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