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National Income and Related Aggregates Test - 4

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National Income and Related Aggregates Test - 4
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  • Question 1
    1 / -0

    In intermediate goods

    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?

    Solution

    GDP=GNP+net income from abroad 

  • Question 3
    1 / -0

    Nominal GNP is same as

    Solution

    Nominal implies inflated entities in economics. 

  • Question 4
    1 / -0

    In a two sector circular flow model the two sectors are

    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 5
    1 / -0

    An example of consumption goods is

    Solution

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

  • Question 6
    1 / -0

    In final goods

    Solution

    Final goods are not for resale and do not involve double counting. 

  • Question 7
    1 / -0

    Real flow is the flow of

    Solution

    'Real 'in economics often pertains to goods and services whereas 'nominal' pertains to money. 

  • Question 8
    1 / -0

    Explain the meaning of non-market activities

    Solution

    Those activities not determined by market forces

  • Question 9
    1 / -0

    An example of semi durable goods is

    Solution

    Crockery is neither perishable nor lasting. 

  • Question 10
    1 / -0

    An example of factor payments is

    Solution

    Employers' contribution for social security is considered as wages. 

  • Question 11
    1 / -0

    An example of non durable goods is

    Solution

    It's over once used by a consumer. 

  • Question 12
    1 / -0

    Which of the following in an example of macro economics

    Solution

    Because inflation pertains to whole economy.

  • Question 13
    1 / -0

    Real GNP is same as

    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 14
    1 / -0

    An example of transfer payments is

    Solution

    Because old age pension is paid without rendering services .

  • Question 15
    1 / -0

    Intermediate goods are those

    Solution

    They are sold two times. Firstly, when they are sold as raw materials and secondly, when they are sold as final goods. 

  • Question 16
    1 / -0

    Consumption goods are those which are bought to satisfy wants

    Solution

    Consumers require to satisfy their wants unlike producers .

  • Question 17
    1 / -0

    An example of durable goods is

    Solution

    It's duration is very longer 

  • Question 18
    1 / -0

    Final goods are those goods

    Solution

    Final goods can either be consumption goods or capital goods.

  • Question 19
    1 / -0

    In a three sector circular flow model the three sectors are

    Solution

    In this model households depend on firms for products and firms depend on households for factor services. Government depends on firms to get tax revenue and firms depend on government for the purchase of their goods .Households   depend on government for salaries and wages and government depends on households for factor services. 

  • Question 20
    1 / -0

    Money flow is the flow of

    Solution

    Money flow refer to payment for factor services. 

  • Question 21
    1 / -0

    What must be added to domestic factor income to obtain national income?

    Solution

    Definition says to include factor income from abroad. 

  • Question 22
    1 / -0

    Microeconomics is different from macroeconomics as

    Solution

    The word 'micro' refers to small units . 

  • Question 23
    1 / -0

    Final goods are those

    Solution

    Final goods need no  further process of production and are therefore ready to be consumed. 

  • Question 24
    1 / -0

    State which one of the following is true.

    Solution

    Because it is computed after a period of time.

  • Question 25
    1 / -0

    An example of capital goods is

    Solution

    Plant leads to further production .

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