National Income and Related Aggregates Test

Result

National Income and Related Aggregates Test - 5

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Weekly Quiz Competition

Question 1
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 2
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 3
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 4
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 5
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 6
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 7
1 / -0

water in a stream is a

A
Hypothetical concept

B
Non economic concept

C
Flow concept

D
Stock concept

Solution

It's dynamic.
Question 8
1 / -0

Which of the following is a component of Net factor income from abroad is

A
Net indirect taxes

B
Net subsidies

C
Net current transfers

D
Net compensation of employees

Solution

Net compensation for employees is a pre-tax wage paid often before accounting year and wage is a factor income .
Question 9
1 / -0

Stock is a

A
Dynamic concept

B
Hypothetical concept

C
Non economic concept

D
Static concept

Solution

Stocks do not pertain to changes like flows do.
Question 10
1 / -0

Can the change in inventories be in positive?

A
Yes

B
No

C
Can’t say

D
Never

Solution

If current period's ending inventory is greater than last Period's ending inventory
Question 11
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 12
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 13
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 14
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 15
1 / -0

Can the gross domestic product be greater than the gross national product?

A
Yes

B
No

C
Can’t say

D
Never

Solution

When net factor income from abroad is negative.
Question 16
1 / -0

Stocks of fish in open seas and rivers is

A
Included in national income .

B
Excluded from net income from abroad.

C
Included in net income from abroad .

D
Excluded from national income .

Solution

A necessary condition for an activity to be treated as productive is that it must be carried out under the instigation, control and responsibility of an institutional unit. Stocks of fish in open seas are not produced under the supervision of an institutional unit.
Question 17
1 / -0

water in a tank is a

A
Non economic concept

B
Hypothetical concept

C
Stock concept

D
Flow concept

Solution

It is static.
Question 18
1 / -0

Investment is a

A
Non economic concept

B
Hypothetical concept

C
Stock concept

D
Flow concept

Solution

It's measured after a period of time.
Question 19
1 / -0

Which of the following will you include while estimating national income by expenditure method?

A
Purchase of raw materials by a producer

B
Change in stocks

C
Purchase of new car by a household

D
Net indirect taxes

Solution

Car is a final good.
Question 20
1 / -0

Which of the following will you include while estimating national income by income method?

A
Net indirect taxes

B
Purchase of raw materials by a producer

C
Change in stocks

D
Royalty

Solution

Royalty is a factor income.
Question 21
1 / -0

Investment in macroeconomics is

A
Division of the stock of capital

B
Reduction in the stock of capital

C
Addition to the stock of capital

D
Updating the stock of capital

Solution

Investment is a flow concept.
Question 22
1 / -0

Wealth is a

A
Hypothetical concept

B
Stock concept

C
Flow concept

D
Non economic concept

Solution

Wealth is accumulated at a point of time.
Question 23
1 / -0

State which one of the following is true .

A
Royalty is not a factor income

B
Subsidies is a factor payment

C
Tax is a factor income

D
Rent is a factor income

Solution

Rent is earned from the use of capital which is one of factors of production.
Question 24
1 / -0

Flow is a concept which is

A
Cannot be measured at a particular point of time.

B
is measured at a particular point of time.

C
is measured at a particular period of time.

D
is measured after a particular point of time.

Solution

Flows always pertain to specific period of time in economics.
Question 25
1 / -0

Can the net indirect taxes be negative?

A
No

B
Yes

C
Can’t say

D
Never

Solution

When subsidies greater than indirect taxes.

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Re-Attempt Weekly Quiz Competition

National Income and Related Aggregates Test - 5

Result

National Income and Related Aggregates Test - 5

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SHARING IS CARING

Question 1

Net factor income from abroad.

Net investment.

Gross investment

Depreciation.

Solution

Question 2

Yes

No

Can’t say

Never

Solution

Question 3

Can’t say

Yes

No

Never

Solution

Question 4

Yes

No

Can’t say

Never

Solution

Question 5

Non economic concept

Hypothetical concept

Flow concept

Stock concept

Solution

Question 6

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 7

Hypothetical concept

Non economic concept

Flow concept

Stock concept

Solution

Question 8

Net indirect taxes

Net subsidies

Net current transfers

Net compensation of employees

Solution

Question 9

Dynamic concept

Hypothetical concept

Non economic concept

Static concept

Solution

Question 10

Yes

No

Can’t say

Never

Solution

Question 11

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 12

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