National Income and Related Aggregates Test

Result

National Income and Related Aggregates Test - 9

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Weekly Quiz Competition

Question 1
1 / -0

In final goods

A
Value cannot be added anymore

B
Value should not be added

C
Value is added

D
Values is not added

Solution

Final goods are not for resale and do not involve double counting.
Question 2
1 / -0

In a two sector circular flow model the two sectors are

A
Firm and government

B
Firms and households

C
Government and household

D
Government and financial system

Solution

Households supply factor services to firms and firms hire factor services from households. So, only product market and factor market exist in such a sector.
Question 3
1 / -0

In a three sector circular flow model the three sectors are

A
Firm and government & abroad

B
Government and household & financial system

C
Firm and household & government

D
Government and financial system & firm

Solution

In this model households depend on firms for products and firms depend on households for factor services. Government depends on firms to get tax revenue and firms depend on government for the purchase of their goods .Households depend on government for salaries and wages and government depends on households for factor services.
Question 4
1 / -0

When will the domestic income be greater than the national income?

A
IF Net factor income earned from abroad is 1

B
IF Net factor income earned from abroad is positive.

C
IF net factor income earned from abroad is negative

D
IF Net factor income earned from abroad is zero

E

Solution

GDP=GNP+net income from abroad
Question 5
1 / -0

What must be added to domestic factor income to obtain national income?

A
Net factor interest earned from abroad

B
Net factor retained earnings from abroad

C
Net taxes earned from abroad

D
Net factor income earned from abroad

Solution

Definition says to include factor income from abroad.
Question 6
1 / -0

State which one of the following is true .

A
Tax is a factor income

B
Rent is a factor income

C
Royalty is not a factor income

D
Subsidies is a factor payment

Solution

Rent is earned from the use of capital which is one of factors of production.
Question 7
1 / -0

Can the gross domestic product be greater than the gross national product?

A
No

B
Never

C
Can’t say

D
Yes

Solution

When net factor income from abroad is negative.
Question 8
1 / -0

Can the change in inventories be in negative?

A
Can’t say

B
Yes

C
No

D
Never

Solution

If current period's ending inventory is less than last Period's ending inventory.
Question 9
1 / -0

Can the net indirect taxes be negative?

A
Yes

B
Never

C
Can’t say

D
No

Solution

When subsidies greater than indirect taxes.
Question 10
1 / -0

Can the net factor income earned from abroad be negative?

A
No

B
Can’t say

C
Never

D
Yes

Solution

If income earned from abroad by citizens falls short of income earned by non residents in the

Concerned country.

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Re-Attempt Weekly Quiz Competition

National Income and Related Aggregates Test - 9

Result

National Income and Related Aggregates Test - 9

Score

-

Rank

-

SHARING IS CARING

Question 1

Value cannot be added anymore

Value should not be added

Value is added

Values is not added

Solution

Question 2

Firm and government

Firms and households

Government and household

Government and financial system

Solution

Question 3

Firm and government & abroad

Government and household & financial system

Firm and household & government

Government and financial system & firm

Solution

Question 4

IF Net factor income earned from abroad is 1

IF Net factor income earned from abroad is positive.

IF net factor income earned from abroad is negative

IF Net factor income earned from abroad is zero

Solution

Question 5

Net factor interest earned from abroad

Net factor retained earnings from abroad

Net taxes earned from abroad

Net factor income earned from abroad

Solution

Question 6

Tax is a factor income

Rent is a factor income

Royalty is not a factor income

Subsidies is a factor payment

Solution

Question 7

No

Never

Can’t say

Yes

Solution

Question 8

Can’t say

Yes

No

Never

Solution

Question 9

Yes

Never

Can’t say

No

Solution

Question 10

No

Can’t say

Never

Yes

Solution

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Question Analysis

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