ICS Part 2 Economics English Medium Chapter 1 Short Questions with Answers

Online Short Questions For Chapter 1 "ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test "

Try The Short Questions For ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test

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Economics - ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test

Question # 1

Define National Income in the words of Prof. Ackley Gardner.

  • Ans 1: Individual incomeis the amount of his earning from the productive services currently rendered by him or by his property National income is nothing more than the sum of all the individual incomes.
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Prepare Complete Set Wise Questions For Chapter 1 "ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test "

ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test - Set 1

Question # 1

Define National Income in the words of Prof. Ackley Gardner.

  • Ans 1: Individual incomeis the amount of his earning from the productive services currently rendered by him or by his property National income is nothing more than the sum of all the individual incomes.
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ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test - Set 2

Question # 1

Explain the concept of personal income.

  • Ans 1: It is the income whihc a person individually earns in a year. For example a layer earn 10 lace in a year, it is his personal income , Transfer payments and indirect taxes are included in personal income.
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ICS Part 2 Economics English Medium Chapter 1 Online Short Questions Test - Set 3

Question # 1

Difference between real national income and nominal national income.

  • Ans 1: Real national income menas total quantity of goods and services produced in a country. Therefore, real national incmoe increases with the increasses in the quantity of goods and services in the country while nominal national income means monetary value of goods and services at the market prices.
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Economics
1st Chapter

ICS Part 2 Economics Chapter 1 Test

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