Corporate tax is levied on:
1.Landlords
2.Municipal corporations
3.Big companies
4.Importers
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GNP includes:
1.A loan from a bank
2.Al loan from one s parents
3.Gifts and donations
4.A broker s commission
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GNP is always:
1.Less than NNP
2.Greater than NNP
3.Equal to NNP
4.Greater in many years but less in others
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If government increases taxes private savings:
1.Increase
2.Decrease
3.Do not change
4. None of the above
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In calculating national income which one will not be included:
1.Exports
2.Undistributed by firms
3.Wages of a lecturer
4.Old age pensions
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In economics one or more persons living in a joint family are called a:
1.Business firm
2.Social gathering
3.Super family
4.Household
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In terms of national income accounts multiple counting refers to:
1.The addition to GNP of multiple units of a good
2. Counting currently produced goods more than once
3.The inclusion in GNP of gross spending and taxes
4.Counting both goods and services
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It is considered as transfer payment:
1.Salary of an employee
2.Bouus paid to bank employees
3.Payment of house rent
4.Unemployment allowance paid by govt.
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It is deducted from GNP to find NNP:
1.Savings
2.Direct taxes
3.Depreciation allowance
4.Subsidies
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It is transfer payment:
1.Payment of college tuition
2.A social security payment
3.Interest paid for a bank loan
4.Payment for a leased car
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It is transfer payment:
1.Bus fare
2.College fee
3.Pension
4.Salary
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This is NOT a method of measure national income:
1.By adding all incomes
2.By adding all expenditure
3. By adding money value of all production
4.By adding all money supply in the country
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Undistributed profits are considered:
1.Income earned but not received
2.Income received but not earned
3.ncome earned and received
4.None of the above
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When National income is estimated by expenditure method we include:
1.All govt. expenditure
2.All households expenditure
3.All expenditure of the business sector
4.All of the above
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A country is poor if it has:
1.Less production of goods per capita
2.Less amount of gold
3.Less amount of foreign currency
4.Less exports
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A TV set purchased from a retail store is an example of:
1.Intermediate good B
2.Capital goods
3. Surplus goods
4.Final goods
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Direct taxes are not included in:
1.NNP
2.PI
3.DPI
4.(a) and (c) of above
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Govt. transfer payment include:
1.Social security benefits
2.Welfare benefits
3.Student scholarships
4.All of the above
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If C=200 and I = 40 then Y will equal to:
1.160
2.240
3.200
4. None of the above
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It is counted in GDP:
1.Sale price of an old car
2.Purchase of 100 shares of PSO
3.A TV set produced this year but not sold
4.The leisure people consume
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National Income is:
1.Total income spent in the economy
2. Sum of disposable personal income and saving
3.NNP minus the capital consumption allowance
4.Total income earned in producing the national product
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Net exports are:
1.Total exports plus total imports
2.Total exports minus total imports
3.Total imports minus total exports
4.Total exports divided by total imports
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Net Investment is:
1.Gross Investment minus household Investment
2.Gross Investment minus govt. Investment
3.Gross Investment minus capital consumption allowance
4.None of the above
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Select the correct statements:
1.Transfer payments are included in national income
2.Depreciation allowance is a part of GNP
3.Taxes are not included in NNP
4.GDP means Gross Direct Production
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Traffic fines are:
1.Part of personal consumption spending
2.Excluded from national income accounts
3.Included in NI but not in PI
4.Included in PI but not in Disposable PI
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Which is a flow concept:
1.Number of my shirts
2.My monthly income
3.My total wealth
4.Money supply
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Which of the following is not macroeconomics:
1.Inflation
2.Unemployment
3.The level of output in the economy
4.Level of wages in garment industry
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Which of the following would increse level of national income?
1.An increase in taxation
2. A reduction in government spending
3.A reduction in consumer spending
4.An increase in exports
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Which statement is true?
1.NNP = GNP - Depreciation
2.NNP = NI
3.NNP = DPI
4.None of these
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Which statement is true?
1.National Expenditure = National income
2.National Expenditure = National income + National production
3.National Expenditure = National income + National Taxes
4.National Expenditure = National income - Taxes
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A closed economy is best described as one in which:
1.There are no monopolies
2.No corporations
3.No externalities
4.No international trade
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A country is poor if it has:
1.Less amount of gold
2.Less amount of local currency
3.Less amount of foreign currency
4.Less GNP per capita
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Consumption spending does not include:
1.Household s purchase of food
2.Household s purchase of car
3.Household s payment of rent for an apartment
4.Household s purchase of stock in any XYZ corporation
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GNP is always:
1.Less than NNP
2.Greater than NNP
3.Equal to NNP
4.Any of (a) (b) (c)
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GNP is:
1.Total sales in the economy
2.Total monetary transactions in an economy
3.Total monetary transactions in an economy
4.Total monetary transactions in an economy
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Gross national product includes:
1.A loan from one s parents
2. A loan from a domestic bank
3.A loan from other countries
4.None of the above
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If indirect taxes are deducted from NNP and subsidies are added we achieve:
1.Personal savings
2.DPI
3.NI
4.Per capita income
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If we deduct direct tax from personal income we get:
1. Net national income
2.Personal saving
3.Disposable income
4.Per capita income
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In circular flow model
1.Households own the resources
2.There are never international transactions
3.Household income is limited to wages and salaries
4.Financial markets ensure that the federal govt. s budget is balanced annually
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Investment spending includes the purchase of:
1.Stocks
2.Govt. bonds
3.Residential construction
4.All of the above
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It is considered as investment in national accounting:
1.Construction of a house
2.Purchase of a running hotel
3.Purchase of a new shirt
4.Increase in salaries of professors
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It is considered as investment:
1.Construction of a house
2.Purchase of an old house
3. Salaries of college professors
4.Both (a) & (b)
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It is considered as transfer payments:
1.Salaries of employees
2.Bonus of bank employees
3. Free medical care to officers
4.Unemployment allowance paid by govt.
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It is deducted from GNP to get NNP:
1.Indirect taxes
2.Depreciation
3.Direct taxes
4.Transfer payments
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Macroeconomics is concerned with:
1.Aggregate economic activity
2.Spending decisions of households
3.How to produce goods
4.How to but stocks and bonds
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Market value of all final goods and services produced in a country during a year is definition of:
1.NI
2.NNP
3.GNP
4.Consumpt
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National income is a measure of:
1.The size of government revenue
2.Payments made to factors of production
3.Total increase in wages in a year
4.Total production of goods in a period
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NI = NE is an:
1.Equation
2.Identity
3.Function
4.None of these
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Per capita income is:
1. Income per worker
2.Income per head
3.Income per household
4. Income per industrial unit
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PI is equivalent to:
1.DPI minus personal taxes
2.DPI plus unearned receipts
3.DPI minus income earned but not received
4.NI plus unearned receipts minus earnings not received (taxes)
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Real national income increases when:
1.Prices of goods are rising
2.National savings increase
3. Quantity of goods and services increases
4.None of above
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The four factor payments are:
1.Money capital salaries and income
2. Wages rent interest and profits
3.Money power prices and wealth
4.Wages interest salaries and income
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The four factor payments are:
1.Money capital salaries and income
2.Wages rent interest and profits
3.Money power prices and wealth
4.Wages interest salaries and income
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The largest part of national income is:
1.Consumption
2.Investment
3.Saving
4.Transfer payments
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There are methods of measuring national income:
1.5
2.2
3.1
4.3
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They have a functional relation
1.Consumption and national income
2.Consumption and saving
3.Consumption and investment
4.All of the above
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To avoid double counting when GDP is estimated economist:
1.Use GDP deflator
2. Calculate value added at each stage of production
3.Use retail prices
4.Use price only intermediate goods
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To determine the correct level of GNP it is necessary to:
1.Add up the values of goods and services during one year
2.Add up all savings
3.Count all imports
4.Add up the value of semi finished goods
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Transfer payments are not included in national income because:
1.Such payments are made to persons living abroad
2.Double counting would result
3.They are illegal
4.There is no method to account for these
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Transfer payments means:
1.Bank loans
2.The payment without work
3.Tax payments
4.Payment made to all factors of production
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We measure national income by this method:
1.Expenditure method
2. Income method
3.Product method
4. All of the above
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Which is the largest figure:
1.NNP
2.GNP
3.DPI
4.PI
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Which of the following is not included in personal Income:
1.Social security benefits
2.Dividend payments
3.Undistributd corporate profits
4.Interest received from saving certificates
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Which of the following would not be included in GNP:
1.Govt. transfer payments
2.Payment for construction of state high way
3.Govt. purchase of an airplane
4. Salary paid for the presidents secretary
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Which statement is true?
1.National Income = National Expenditure - indirect taxes
2.NI = GNP - NNP
3.NI = NNP - indirect taxes
4.NI = PI
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