12th class Economics chapter 1 online mcq test with answers for ICS part 2 Economics chapter 1 (National Income)

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Sr.#	Question	Answer
1	If we include it. national income will be over estimated	A. Transfer payment B. Income from abroad C. Illegal income D. Exports
2	Market value of all final goods and services produced in a country during a year is definition	A. GNP B. NNP C. NI D. Consumption
3	National Income = Ntional Expenditure is an	A. Equation B. Identity C. Function D. None
4	Per capita Incom is.	A. Income per worker B. Incomeper hea C. Income per household D. Income per industrial unit
5	The largest type of income in the Pakistan is	A. Compensation of employees B. Rental income C. Proprietors income D. Coporate profits
6	Transfer payments are not included in national income becaues.	A. Such payments are made to persons livnig abroad B. Double counting would result C. They are illegal D. There is no method to account for these
7	Net Exports are	A. Total Exports plus total imports B. Total exports minus total imports C. Total exports divided by total imports D. Total imports minus total exports
8	Whis is the largest figure	A. NNP B. GNP C. DPI D. PI
9	A closed economy is best described as one in which	A. thre are no monopolies B. No corporations C. No extemalities D. No international trade
10	Transfer payments means	A. Bank loans B. The payment without work C. Tax payments D. Payments made to all factors of production