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National Income Accounting Test - 7

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National Income Accounting Test - 7
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Total revenue $$\div$$ Number of units sold $$=$$ ____________.
    Solution
    Average means value derived by way of dividing the total value by the total number of units. Whenever any goods are sold or services are provided to any consumer then amount so received from the consumer is termed as revenue or receipts.
    Therefore Total revenue / Number of Units sold gives Average Revenue.

  • Question 2
    1 / -0
    Income method is known as ______ method.
    Solution
    Income method calculates national income based on the flow of factor revenues. There are four factors associated with every production activity; these are land, labour, capital and entrepreneurship. Labours receive their wages, the land gets rent, capital accrues interest, and entrepreneurship gets profit, each earning through the individual means. Therefore, in the income method, the national income is measured in terms of these factor payments. Thus, it is also known as ‘factor payment method.’ Using Income Method, NDP at FC = Compensation of employees + Operating Surplus (Rent + Interest + Profit) + Mixed income of self employed. Hence, correct answer is option A.
  • Question 3
    1 / -0
    ___________is the amount of money that households have available for spending and saving after income  taxes have been accounted for.
  • Question 4
    1 / -0
    The income of the government through all sources is called public _________.
  • Question 5
    1 / -0
    Expected rate of return on investment is called_______ of capital.
    Solution
    Marginal efficiency of capital refers to the rate of return that is expected from an additional unit of investment made or capital utilised. The marginal efficiency of capital, thus, precisely represents the expected rate of return on investment.
  • Question 6
    1 / -0
    Expenditure method is ________ used to calculate national income.
  • Question 7
    1 / -0
    _______ investment refers to the investment made without reference to income or profit.
    Solution
    Autonomous investment is done without taking into account the income of the investor or the profit that can be generated from investment. This type of investment is majorly done with the objective of public welfare or infrastructure development by the government or public sector.
  • Question 8
    1 / -0
    ________ income in excluded in the calculation of net income.
  • Question 9
    1 / -0
    Net exports will be positive if ______.
    Solution
    Exports refer to the goods and services sold by domestic traders to foreign traders; the revenue thus generated is foreign trade revenue. Imports, on the other hand, refers to the purchases made by the domestic traders from foreign traders; which requires foreign trade payments.
    Net exports will be positive when revenue from foreign trade is higher than payments, i.e., exports greater than imports.
  • Question 10
    1 / -0
    Unpaid service should be _____ in the estimate of net income.
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