15. State two measures adopted under globalization.
16. What is ACP Give its three features.
17. State four precautions to be taken while estimating national income by final expenditure method.
Answers
Answer
1) Measure 1# Import Liberalization:
For liberalizing foreign trade, import controls through licensing was abolished.
With this almost all items of capital goods, raw materials, intermediate goods can be freely imported subject only to payment of customs duties. For some time quantitative restrictions on consumer goods remained but with effect from 1995 all quantitative restrictions, even on imports of consumer goods, have been lifted.
Measure 2# Imports of Gold and Silver:
Imports of Gold and Silver have been considerably liberalized. This reduced the incentive for smuggling. In Jan. 2004 imports of gold were made free from any commission charged for it.
2) ACP stands for Aluminum Composite Panel. The ACP sheets are aluminium sheets that have a core in between. The core between the two-panel sheets is the LDPE or Low-Density Polyethylene. The ACP sheets are the new age material that is extensively used in the exterior, interior and signage.
Three features:
•Little quality. The aluminum plastic composite panel is made of aluminum and a relatively small density of plastic core material. ...
•Good rigidity. The aluminum plastic panel cleverly utilizes the mechanical principle.
•Rich color and good decorative effect.
3) Precautions Regarding Calculation of National Income by Expenditure Method
Precautions Regarding Calculation of National Income by Expenditure Method 1. Expenditure on only final goods and services should be included in the national income estimation while intermediate consumption expenditure should not be included.
Precautions Regarding Calculation of National Income by Expenditure Method 1. Expenditure on only final goods and services should be included in the national income estimation while intermediate consumption expenditure should not be included. 2. Similarly, expenditure on the purchase of second hand goods should not be included in the national income estimation of the current accounting year. This is because they have already been included in the national income of the accounting year in which they were originally purchased.
Precautions Regarding Calculation of National Income by Expenditure Method 1. Expenditure on only final goods and services should be included in the national income estimation while intermediate consumption expenditure should not be included. 2. Similarly, expenditure on the purchase of second hand goods should not be included in the national income estimation of the current accounting year. This is because they have already been included in the national income of the accounting year in which they were originally purchased. 3. Expenditure on shares and bonds is not included. This is because these are mere financial assets and do not reflect any production activity of the goods or services.
Precautions Regarding Calculation of National Income by Expenditure Method 1. Expenditure on only final goods and services should be included in the national income estimation while intermediate consumption expenditure should not be included. 2. Similarly, expenditure on the purchase of second hand goods should not be included in the national income estimation of the current accounting year. This is because they have already been included in the national income of the accounting year in which they were originally purchased. 3. Expenditure on shares and bonds is not included. This is because these are mere financial assets and do not reflect any production activity of the goods or services. 4. Imputed value of the goods and services produced for self consumption are included.
Precautions Regarding Calculation of National Income by Expenditure Method 1. Expenditure on only final goods and services should be included in the national income estimation while intermediate consumption expenditure should not be included. 2. Similarly, expenditure on the purchase of second hand goods should not be included in the national income estimation of the current accounting year. This is because they have already been included in the national income of the accounting year in which they were originally purchased. 3. Expenditure on shares and bonds is not included. This is because these are mere financial assets and do not reflect any production activity of the goods or services. 4. Imputed value of the goods and services produced for self consumption are included. 5. Expenditure on transfer payments by the government should not be included. This because such payments are not related to any production activity in an economy.