Question # 1

Which of the followign is not included in personali income

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Social security benefits

Dividend payments

Undistributed corporate profits

Interest received from of saving certificates

It is not included in estimation of national incoe

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Illegal income

Services of house wife

Imports

All are not included

Total value fo all final goods and services produced annually by a country.

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NNP

GNP

GDP

NI

Direct taxes are not included in

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DPI

PI

NNP

a and c above

Which is a flow concept.

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Number of my shirts

My montly income

My total wealth

Money Supply

To determine the correct level of GNP ,it is necessary to.

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Add up the values of goods and services during one year

Add up allsavings

Count all imports

Add up the value of semi finished goods

Consumption spending does NOT include.

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Household's purchases of clothes

Household's purchase of a car

Household's paymnet of rent for an apartment

Household's purchase of shares of a business corporation

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.

In erms of national income accounts, multiple counting efers to.

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The addition to GNP of multiple units of a good

Counting cureently producedgoods more than once

The inclusion in GNP of gross spending and taxes

Counting both goods and services

If we deduct direct tax from personal income we get.

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Net National income

Disposable income

Personal saving

Per capital income

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

A closed economy is best described as one in which

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thre are no monopolies

No corporations

No extemalities

No international trade

Macroeconomics is concerned with.

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Aggregate economic activity

Spending decisions of households

Hod to produce goods

How tobuy stocks and bonds

If we include it. national income will be over estimated

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Transfer payment

Income from abroad

Illegal income

Exports

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

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Community

Social gathering

Super family

Household

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

If indirect taxes are deducted from NNP and subsidies are added. we achieve

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Personla savings

DPI

National Income

Percapita inocme

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

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Economics Ics Part 2 English Medium Chapter 1 Online Test MCQs With Answers

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