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Test: National Income-1 - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: National Income-1

Test: National Income-1 for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: National Income-1 questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: National Income-1 MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: National Income-1 below.
Solutions of Test: National Income-1 questions in English are available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Test: National Income-1 solutions in Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics, notes, lectures and mock test series for SSC CGL Exam by signing up for free. Attempt Test: National Income-1 | 10 questions in 10 minutes | Mock test for SSC CGL preparation | Free important questions MCQ to study SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL Exam | Download free PDF with solutions
Test: National Income-1 - Question 1

What is Gross Domestic Product (GDP)?

Detailed Solution for Test: National Income-1 - Question 1
Gross Domestic Product (GDP) is the total value of goods and services currently produced within the domestic territory of a country.
Test: National Income-1 - Question 2

Why should GDP include only the value of final goods and services?

Detailed Solution for Test: National Income-1 - Question 2
GDP should include only the value of final goods and services to avoid double counting and ignore transactions involving intermediate goods.
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Test: National Income-1 - Question 3

What does Gross National Product (GNP) include that GDP does not?

Detailed Solution for Test: National Income-1 - Question 3
GNP includes Net factor income from abroad, which GDP does not.
Test: National Income-1 - Question 4
What is Personal Income?
Detailed Solution for Test: National Income-1 - Question 4
Personal Income is the sum of all incomes actually received by all individuals or households during a given year.
Test: National Income-1 - Question 5
What is Disposable Income?
Detailed Solution for Test: National Income-1 - Question 5
Disposable Income is the income left after deducting personal taxes from personal income.
Test: National Income-1 - Question 6
What does the Income Method focus on in estimating national income?
Detailed Solution for Test: National Income-1 - Question 6
The Income Method focuses on estimating national income by summing up the incomes of all individuals in the country.
Test: National Income-1 - Question 7
How is national income measured using the Output or Production Method?
Detailed Solution for Test: National Income-1 - Question 7
National income is measured using the Output or Production Method by dividing the economy into different sectors and finding the net values of production.
Test: National Income-1 - Question 8
How does the Expenditure Method arrive at national income?
Detailed Solution for Test: National Income-1 - Question 8
The Expenditure Method arrives at national income by adding up all the expenditure made on goods and services.
Test: National Income-1 - Question 9
What is a special difficulty in measuring national income in under-developed countries?
Detailed Solution for Test: National Income-1 - Question 9
A special difficulty in measuring national income in under-developed countries is the prevalence of non-monetised transactions.
Test: National Income-1 - Question 10
What is Net National Product (NNP) at Market Price?
Detailed Solution for Test: National Income-1 - Question 10
NNP at Market Price is the market value of all final goods and services after providing for depreciation.
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