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National Income Accounting Test - 9

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National Income Accounting Test - 9
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Weekly Quiz Competition
  • Question 1
    1 / -0
    _______ is that part of national income that are used by households to buy domestic consumer goods. 
  • Question 2
    1 / -0
    ______ is the personal income minus personal income tax and miscellaneous payments to government.
    Solution
    Disposable income refers to the income which is freely available to the disposal of the individual. The gap between the personal income of an individual and disposal income is due the taxes and other payments made to the government on the personal income earned. 
    Symbolically: $${\text{Disposable Income = Personal Income - Taxes and other payments made to the government on the personal income}}$$ 
  • Question 3
    1 / -0
    Circular flow refers to reciprocal relationship of income, ___________.
  • Question 4
    1 / -0
    Given personal income of Rs.7510, personal income tax of Rs.410, Consumption being Rs. 5000, Personal saving will be _______.
  • Question 5
    1 / -0
    Given an economy's total expenditure of Rs.80,000 Cr, the income of the economy will be ________.
  • Question 6
    1 / -0
    Given personal income of Rs.8000, personal income tax of Rs.1200, Consumption Rs. 5000, Personal saving is equal to ______.
  • Question 7
    1 / -0
    _________ is an expenditure on goods and services produced in domestic territory but not used by the domestic household for consumption purpose.
  • Question 8
    1 / -0
    The major difference between personal income and disposal income is _______.
  • Question 9
    1 / -0
    Which of these is not a final goods?
    Solution

    Final goods are referred to as those goods that do not require further processing. These goods are also known as consumer goods and are produced for the purpose of direct consumption by the end consumer. In simple words, final goods are commodities that are manufactured by a company for a subsequent consumption by the consumer. These goods satisfy the needs or wants of a consumer.

    Final goods consist of the following:

    1. Goods that are purchased by the households are meant for the final consumption. For example, television, milk, ready to eat foods, medicines, and more.
    2. It also consists of the goods that are purchased by the firms for investment purposes or for capital formation.
      Steel fabricated structure is an intermediate goods. Hence, correct answer is option A.
  • Question 10
    1 / -0
    From the following equation estimate disposal income (Y) when consumption (C) is Rs. 910.
    C=Rs. 160+0.75Y$$_d$$
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