Q.1) What is circular flow of Income? ( 1 mark )
(A) Flow of goods, services & money (B) Flow of goods & services between households
(C) Income flows between banks and financial institutions (D) All of the above
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(Q.2) Scholarship to poor students comes under ( 1 mark )
(A) Factor Payment (B) Usual Payment
(C) Transfer Payment (D) Donation
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(Q.3) What is national income accounting? ( 1 mark )
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(Q.4) What is meant by national income at current price? ( 1 mark )
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(Q.5) What do you mean by national income at constant prices? ( 1 mark )
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(Q.6) What is real national income? ( 1 mark )
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(Q.7) Define Gross Domestic Product ( 1 mark )
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(Q.8) What do you mean by Transfer Payments? ( 1 mark )
(A) Payments made to Household (B) Payments made to producer
(C) Payments made to Retailers (D) None
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(Q.9) Net factor income from abroad ( 1 mark )
(A) Income from work. (B) Income from property
(C) Retained earning of resident companies abroad (D) All of Them
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(Q.10) Flow is a ( 1 mark )
(A) Static Concept (B) Dynamic Concept
(C) Normal Concept (D) Continuous concept
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Answers
Answer:
1) B
2) D
3)National income accounting is a bookkeeping system that a government uses to measure the level of the country's economic activity in a given time period.
4) It is the money value of final goods and services produced by normal residents of a country in a year, measured at the prices of the current year. For example, measurement of India's National Income of 2013-2014 at the prices of 2013-2014. It is also known as 'Nominal National Income'. ...
5)It is the money value of final goods and services produced by normal residents of a country in a year, measured at the prices of the current year.
6)Concept of National Income. National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money.
7)the total value of goods produced and services provided in a country during one year.
8) C
9) B
10) D
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