Question # 1

GNP is

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Total Sales in the economy

Total monetary transactions in an economy

Sum of market values of all goods and services prodcued in an economy

Totla spending in an economy

Net investment is

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Gross investment minus household investment

Gross investment minus govt. investment

Gross investment minus capital consumption allowance

None of the above

It is counted in GDP

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Sale price of an old car

A TV set produced this year but not sold

Purchase of 100 shares of PSO

The leisure people consume

Investment spending included the purchase of.

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Lottery coupon

Prize Bond

Residential construction

all of the above

If govermment increases taxes pivate savings.

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Increase

Decrease

Do not change

Will become zero

The four factor payments are.

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Money, Capital, salaries, and income

Wages, rent internest and profts

Money, power, Prices, and wwalth

Wags, intrest, salareis,andtaxes.

Real national income increases when

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Prics of goods are rising

National savings increases

Quantity of goods and services increases

None of the above

In economics one of more persons living in a joint family are called a

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Community

Social gathering

Super family

Household

Macroeconomics is concerned with.

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Aggregate economic activity

Spending decisions of households

Hod to produce goods

How tobuy stocks and bonds

It is considered as investment

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Construction of a house

Purchase of an old house

Salaries of college professors

a and b above

Circular flow of income links

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Income expenditure

Govt taxes govt expenditure

Exports ,imports

Saving and investment

It is considred as transfer payments

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Salaries of govet emplyees

Bonus of bank employees

Inemployment allowance paid by govt

Free medical are to offers.

Market value of all final goods and services produced in a country during a year is definition

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GNP

NNP

NI

Consumption

If we deduct direct tax from personal income we get.

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Net National income

Disposable income

Personal saving

Per capital income

Direct taxes are not included in

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DPI

PI

NNP

a and c above

If C= 200 and I= 40 Than Y will equal

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160

240

200

8000

When National income is estimated by expenditue method we include.

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All govt expenditure

All houseolds expenditure

All of the above

All expenditure of the business sector

Govt. transfer payment include

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Social security benefits

Welfare benefits

Student scholarships

All of the above

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Icom Part 2 Principles of Economics Chapter 1 English Medium Online Test MCQs With Answers

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