Question # 1

What was the production of rice in million tons in 2005-06?

4.4

5.5

6.6

7.7

Double counting in national income refers to:

Counting a product more than once

Counting a product at the final stage of output process

Counting both as product and as factor payment

Counting both as real goods and as money flow

In 2005-06 the real GDP growth of USA was 3.5 percent, of China 9.9 percent, Japan 2.7 percent, India 8.0 percent and of Pakistan was:

6.6 percent

1.6 percent

4.6 percent

5.0 percent

For knowing the spending capacity of the household sector, we have to use the concept of:

National income

Personal income

Private income

Personal disposable income

A good for which income and quantity demanded are inversely related is known as:

Inferior good

Complementary good

Normal good

None of the given options

The supply of perishable goods is:

Fixed

Variable

Minor change

Zero

NAT II Management Science Economy MCQs With Answers