National Income and Related Aggregates Test

Result

National Income and Related Aggregates Test - 3

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Weekly Quiz Competition

Question 1
1 / -0

Second hand goods are

A
Excluded from the GDP of a country .

B
Included in net income from abroad.

C
Included in the GDP of a country.

D
Included in depreciation .

Solution

Second hand goods don't add to the current flow of goods in an economy. They have been calculated in the GDP of a previous year. Counting them in GDP would lead to double counting.
Question 2
1 / -0

Which one of the following items is not included in the estimating a country‘s national income

A
Free cloth given to workers

B
Growing vegetable in a kitchen garden of the house

C
Old age pension

D
Commission paid to dealer in old car

Solution

Old age pension is a non productive renumeration.
Question 3
1 / -0

Which of the following in an example of macro economics

A
Producer’s equilibrium

B
Consumer’s equilibrium

C
Inflation

D
Price determination

Solution

Because inflation pertains to whole economy.
Question 4
1 / -0

Can the net indirect taxes be positive?

A
Yes

B
No

C
Can’t say

D
Never

Solution

If indirect taxes are greater than subsidies.
Question 5
1 / -0

Real GNP is same as

A
Nominal GNP

B
GNP at constant prices

C
GNP at current prices

D
GNP less Net factor income from abroad

Solution

Gross national product (GNP) is an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a country's residents.
Question 6
1 / -0

An example of transfer payments is

A
Employers’ contribution for social security

B
Old age pension

C
Retirement pension

D
Free meals in the company canteen

Solution

Because old age pension is paid without rendering services .
Question 7
1 / -0

Flow is a

A
Dynamic concept

B
Hypothetical concept

C
Non economic concept

D
Static concept

Solution

It refers to periodic changes in stock
Question 8
1 / -0

Intermediate goods are those

A
Which are sold

B
Which are for long term use

C
Which are for resale

D
Which capital can buy

Solution

They are sold two times. Firstly, when they are sold as raw materials and secondly, when they are sold as final goods.
Question 9
1 / -0

Consumption goods are those which are bought to satisfy wants

A
By consumers

B
By producers only

C
By investors only

D
By banks only

Solution

Consumers require to satisfy their wants unlike producers .
Question 10
1 / -0

An example of durable goods is

A
Fan

B
Coal

C
Pepsi

D
Milk

Solution

It's duration is very longer

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Re-Attempt Weekly Quiz Competition

National Income and Related Aggregates Test - 3

Result

National Income and Related Aggregates Test - 3

Score

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Rank

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SHARING IS CARING

Question 1

Excluded from the GDP of a country .

Included in net income from abroad.

Included in the GDP of a country.

Included in depreciation .

Solution

Question 2

Free cloth given to workers

Growing vegetable in a kitchen garden of the house

Old age pension

Commission paid to dealer in old car

Solution

Question 3

Producer’s equilibrium

Consumer’s equilibrium

Inflation

Price determination

Solution

Question 4

Yes

No

Can’t say

Never

Solution

Question 5

Nominal GNP

GNP at constant prices

GNP at current prices

GNP less Net factor income from abroad

Solution

Question 6

Employers’ contribution for social security

Old age pension

Retirement pension

Free meals in the company canteen

Solution

Question 7

Dynamic concept

Hypothetical concept

Non economic concept

Static concept

Solution

Question 8

Which are sold

Which are for long term use

Which are for resale

Which capital can buy

Solution

Question 9

By consumers

By producers only

By investors only

By banks only

Solution

Question 10

Fan

Coal

Pepsi

Milk

Solution

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Question Analysis

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