Answer the following questions in one sentence :
(1) What is national income ?
2) What is called closed economy ?
(3) Give formula of Per Capita Income.
(4) Give the meaning of Net Domestic Product.
(C) Sales method
ucted from GDP to get NDP ?
(B) Net factor income from ab
(D) Subcidy
come?
(D) E
(A) Depreciation
(C) Indirect tax
table
ases
be
be
11. What are transfer payments ?
( Whether th
Answers
1. National income is the total value a country's final output of all new goods and services produced in one year.
2. A closed economy is one that does not swap their trading with outside economies. The closed economy is independent, meaning no imports enter the country and no exports leave the country.
3. It is calculated by dividing the area's total income by its total population. Per capita income is national income divided by population size.
4. Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation. It is calculated by subtracting depreciation from the gross domestic product (GDP).
5. A transfer payment is a one-way payment to a person or organization which has given or exchanged no goods or services for it. This contrasts with a simple "payment," which in economics refers to a transfer of money in exchange for a product or service.
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