National Income Accounting Test

Result

National Income Accounting Test - 24

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Weekly Quiz Competition

Question 1
1 / -0

_________ refers to net money value of all final goods and services produced within the domestic territory of a country during a period of one year.

A
GDP at MP

B
GDP at FC

C
NDP at MP

D
NDP at FC

Solution

Net Domestic Product at Factor Cost (NDP at FC) refers to net money value of all final goods and services produced within the domestic territory of a country during a period of one year.
Hence, option D is correct.
Question 2
1 / -0

__________ are those final goods which help in production of other goods and services.

A
Consumption goods

B
Capital goods

C
Both A and B

D
None of the above

Solution

Capital goods are those final goods that help in the production of other goods and services. It includes building, machines, vehicles, and tools. They are used to make finished goods.
Question 3
1 / -0

___________ help in raising production capacity.

A
Consumption goods

B
Capital goods

C
Producer goods

D
Both A and C

Solution

Capital goods help in raising production capacity. They are man made instruments of production. It is necessary to provide people with tools and implements production.
Question 4
1 / -0

_________ refers to gross money value of all final goods and services produced within the domestic territory of a country during a period of one year.

A
GDP at MP

B
GDP at FC

C
NDP at MP

D
NDP at FC

Solution

Gross Domestic Product at FC (GDP at FC) refers to gross money value of all final goods and services produced within the domestic territory of a country during a period of one year.
Hence, option B is correct.
Question 5
1 / -0

___________________ are neither included in national income nor in domestic income.

A
Final goods

B
Intermediate goods

C
Both A and B

D
None of the above

Solution

Intermediate goods are used for the production of final goods. Hence, they are neither included in national income nor in domestic income.
Question 6
1 / -0

_________ refers to net market value of all final goods and services produced by the normal residents of a country during a period of one year.

A
GNP at MP

B
GNP at FC

C
NNP at MP

D
NNP at FC

Solution

Net National Product at MP (NNP at MP) refers to net market value of all final goods and services produced by the normal residents of a country during a period of one year.
Hence, option C is correct.
Question 7
1 / -0

_________ is the sum total of all the incomes that are actually received by households from all the sources.

A
Private income

B
Personal income

C
National income

D
Personal disposable income

Solution

Personal income is the sum total of all the incomes that are actually received by households from all the sources.
Personal Income = private income - corporate tax - retained earnings.
Hence, option B is correct.
Question 8
1 / -0

_____________ refers to the income which is available to the whole country for disposal.

A
National disposal income

B
Private income

C
Personal income

D
Personal disposal income

Solution

National disposal income refers to the income which is available to the whole country for disposal. It can be 'net' or 'gross'. Gross national income measures the income available to the nation for final consumption and gross savings.
Net national disposable income is the sum of NNP at MP and net current transfers from rest of the world.
Option A is correct.
Question 9
1 / -0

According to _________ method, all the incomes that accrue to the factors of production by way of wages, profits, rent, interest, etc. are assumed up to obtain the national income.

A
Value added

B
Income

C
Expenditure

D
All of the above

Solution

According to the income method, all the incomes that accrue to the factors of production by way of wages, profits, rent, interest, etc. are assumed up to obtain the national income.
Hence, option B is correct.
Question 10
1 / -0

________ refers to the income which accrues to private sector from all the sources within and outside the country.

A
Private income

B
Personal income

C
Factor income

D
Transfer income

Solution

Private income refers to the income which accrues to private sector from all the sources within and outside the country.
Private Income = Personal income + corporate tax + retained earnings.
Hence, option A is correct.

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Re-Attempt Weekly Quiz Competition

National Income Accounting Test - 24

Result

National Income Accounting Test - 24

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SHARING IS CARING

Question 1

GDP at MP

GDP at FC

NDP at MP

NDP at FC

Solution

Question 2

Consumption goods

Capital goods

Both A and B

None of the above

Solution

Question 3

Consumption goods

Capital goods

Producer goods

Both A and C

Solution

Question 4

GDP at MP

GDP at FC

NDP at MP

NDP at FC

Solution

Question 5

Final goods

Intermediate goods

Both A and B

None of the above

Solution

Question 6

GNP at MP

GNP at FC

NNP at MP

NNP at FC

Solution

Question 7

Private income

Personal income

National income

Personal disposable income

Solution

Question 8

National disposal income

Private income

Personal income

Personal disposal income

Solution

Question 9

Value added

Income

Expenditure

All of the above

Solution

Question 10

Private income

Personal income

Factor income

Transfer income

Solution

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