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
please answers the questions
I will make u brainlist
Answers
Answer:
1) A
2) D
3) National accounts or national account systems are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting.
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. It is also known as 'Nominal National Income
5)National Income at Constant Price: It is the money value of final goods and services produced by normal residents of a country in a year, measured at base year price. Base Year is a normal year which is free from price fluctuations.
6)Real national income is nominal or money national income (output) adjusted for inflation. It is also national income at 'at constant prices. The most frequently used measure of national income is Gross Domestic Product (GDP).
7)the total value of goods produced and services provided in a country during one year.
8) D
9)C
10) A
2-C
3- to add calculate national income
7- sum total of value of products created/ produced in one territory.
8-A
9-d
10-b