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National Income and Related Aggregates Test - 15

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National Income and Related Aggregates Test - 15
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Weekly Quiz Competition
  • Question 1
    1 / -0

    The value of NNP at production point is called:

    Solution

    NNP at factor cost is the value of the NNP when the value of goods and services are taken at the production point.

  • Question 2
    1 / -0

    Real flow is the flow of:

    Solution

    Real flows refer to the flow of the actual goods or services, while money flows refer to the payments for the services (wages, for example) or consumption payments.

  • Question 3
    1 / -0

    Investment is a:

    Solution

    Investment is a flow variable as it gives the difference in the investment level over a period of time. So, Investment is a flow concept.

  • Question 4
    1 / -0

    The value of NNP at consumer point is:

    Solution

    NNP at market price is calculated by deducting indirect taxes and subsidies from NNP at factor cost. When indirect taxes are imposed on goods and services, their prices go up. Indirect taxes accrue to the government. We have to deduct them from NNP evaluated at market prices in order to calculate that part of NNP which actually accrues to the factors of production. 

  • Question 5
    1 / -0

    Which of the following is correct?

    Solution

    The addition to the capital stock in an economy is measured by net investment or new capital formation, which is expressed as Net investment = Gross investment - depreciation.

  • Question 6
    1 / -0

    An example of semi durable goods is:

    Solution

    Crockery is neither perishable nor lasting. 

    Semi-durable goods: These goods have an expected life time of use of one year or slightly more. They are not of relatively great value. Examples are clothing furniture electrical appliances like fans electric irons hot plates and crockery.

  • Question 7
    1 / -0

    Second hand goods are:

    Solution

    Income from the second hand sale of goods is not included in the national income of that current accounting year. This is because the value of these goods was included in the national income in the accounting year in which they were produced.

  • Question 8
    1 / -0

    An example of factor payments is:

    Solution

    The income earned from the factors of production are called factors of payment, which come in the form of rent for land, wages for labour, interest for capital, and profit for entrepreneurship.

  • Question 9
    1 / -0

    An example of non durable goods is:

    Solution

    Milk and Bread are examples of Non-durable good. Non-durable gods are those goods which are used-up in a single act of consumption. Bread and milk are used-up in a single act of consumption.

  • Question 10
    1 / -0

    Which of the following method/s is/are used to calculate national income in India?

    Solution

    Due to non-availability of the data, no single method can solely be used in India. We use a mixture of all the three.

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