Question # 1

Transfer payments include.

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Daily wages, pensions

Pensions Zakat

Taxes, pocket money

Zakat , taxes

Which of the following would NOT be included in GNP

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Govt. Transfer payments

Got. Purchase of an air plane

Payment for construction of highway

Salary paid for the presidents secretary

Per capita Incom is.

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Income per worker

Incomeper hea

Income per household

Income per industrial unit

Which statment is true

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NNP =GNP- Deprection

NNP =N1

NNP = DPI

NNP = GNP + Depreciation

It would increase the lvel of national income.

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An increase in taxation

A reduction in governmnet spending

An increase in exports

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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

Personal income includes.

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Direct taxes

Indirect taxes

Depreciation

None of the above

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

National Income is.

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Total Income earned in producing the national product

All taxes plus govt. spending

Sum of personal income and saving

NNP minus the capital consumption allowance

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

National Income = Ntional Expenditure is an

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Equation

Identity

Function

None

If govermment increases taxes pivate savings.

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Increase

Decrease

Do not change

Will become zero

It is transfer payment

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Payment o college tuition

A social securiy payment

Payment for a leased car

Intrest paid for a bank loan

It is avoided to make correct estimate of national income.

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Free services

Double counting

Export earnings

All 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

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.

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

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