National Income and Related Aggregates Test

Result

National Income and Related Aggregates Test - 1

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Weekly Quiz Competition

Question 1
1 / -0

In intermediate goods

A
Values are already added

B
Value should not be added

C
Value is yet to be added

D
Value cannot be added anymore

Solution

Their value is computed when they become final goods in order to avoid double counting.
Question 2
1 / -0

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

A
IF Net factor income earned from abroad is zero

B
IF net factor income earned from abroad is negative

C
IF Net factor income earned from abroad is positive.

D
IF Net factor income earned from abroad is 1

Solution

GDP=GNP+net income from abroad
Question 3
1 / -0

Net income from property and entrepreneurship is a component of

A
Net factor income from abroad.

B
Net investment.

C
Gross investment

D
Depreciation.

Solution

It's as per the definition .
Question 4
1 / -0

Can the change in inventories be in negative?

A
Yes

B
No

C
Can’t say

D
Never

Solution

If current period's ending inventory is less than last Period's ending inventory.
Question 5
1 / -0

Nominal GNP is same as

A
GNP less Net factor income from abroad

B
GNP at current prices

C
Real GNP

D
GNP at constant prices

Solution

Nominal implies inflated entities in economics.
Question 6
1 / -0

In a two sector circular flow model the two sectors are

A
Government and household

B
Firm and government

C
Government and financial system

D
Firms and households

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 7
1 / -0

Can the net factor income earned from abroad be negative?

A
Can’t say

B
Yes

C
No

D
Never

Solution

If income earned from abroad by citizens falls short of income earned by non residents in the Concerned country.
Question 8
1 / -0

Can the net factor income earned from abroad be positive?

A
Yes

B
No

C
Can’t say

D
Never

Solution

If income earned from abroad by citizens is greater than income earned by non residents in the Concerned country.
Question 9
1 / -0

National Income is a

A
Non economic concept

B
Hypothetical concept

C
Flow concept

D
Stock concept

Solution

It is measured after a specific period of time, usually a year.
Question 10
1 / -0

Which of the following will you include while estimating domestic product of India?

A
Salaries paid to Koreans working in the Indian embassy in Korea

B
Profits earned by branch of American bank in India.

C
Rent received by resident Indian from his property in Singapore.

D
Salaries of Indians working in Japanese Embassy in India

Solution

This bank lies within domestic territory of India.
Question 11
1 / -0

An example of consumption goods is

A
plant

B
Fruits

C
Coal

D
machine

Solution

Because fruits once eaten are over. They don't lead to further production.

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Re-Attempt Weekly Quiz Competition

National Income and Related Aggregates Test - 1

Result

National Income and Related Aggregates Test - 1

Score

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Rank

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SHARING IS CARING

Question 1

Values are already added

Value should not be added

Value is yet to be added

Value cannot be added anymore

Solution

Question 2

IF Net factor income earned from abroad is zero

IF net factor income earned from abroad is negative

IF Net factor income earned from abroad is positive.

IF Net factor income earned from abroad is 1

Solution

Question 3

Net factor income from abroad.

Net investment.

Gross investment

Depreciation.

Solution

Question 4

Yes

No

Can’t say

Never

Solution

Question 5

GNP less Net factor income from abroad

GNP at current prices

Real GNP

GNP at constant prices

Solution

Question 6

Government and household

Firm and government

Government and financial system

Firms and households

Solution

Question 7

Can’t say

Yes

No

Never

Solution

Question 8

Yes

No

Can’t say

Never

Solution

Question 9

Non economic concept

Hypothetical concept

Flow concept

Stock concept

Solution

Question 10

Salaries paid to Koreans working in the Indian embassy in Korea

Profits earned by branch of American bank in India.

Rent received by resident Indian from his property in Singapore.

Salaries of Indians working in Japanese Embassy in India

Solution

Question 11

plant

Fruits

Coal

machine

Solution

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