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Test: National Income-2 - SSC CGL MCQ


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

Test: National Income-2 for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: National Income-2 questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: National Income-2 MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: National Income-2 below.
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Test: National Income-2 - Question 1

What does the National Income measure?

Detailed Solution for Test: National Income-2 - Question 1
The National Income measures the aggregate value of all goods and services generated within the country's confines over a defined timeframe.
Test: National Income-2 - Question 2

What are the four factors of production utilized to create goods and services?

Detailed Solution for Test: National Income-2 - Question 2
The four factors of production utilized to create goods and services are land, labor, capital, and entrepreneurship.
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Test: National Income-2 - Question 3

What is the net domestic product?

Detailed Solution for Test: National Income-2 - Question 3
The net domestic product is the difference between a firm's output value and the value of intermediate goods.
Test: National Income-2 - Question 4
How is value added calculated in the Value Added Method?
Detailed Solution for Test: National Income-2 - Question 4
Value added is calculated in the Value Added Method by subtracting the value of intermediate consumption from the value of output.
Test: National Income-2 - Question 5
What does the Expenditure Method focus on in estimating national income?
Detailed Solution for Test: National Income-2 - Question 5
The Expenditure Method focuses on estimating the total value of expenditures made by various economic agents within an economy, providing insights into the total income generated.
Test: National Income-2 - Question 6
What does the circular flow of national income encompass?
Detailed Solution for Test: National Income-2 - Question 6
The circular flow of national income encompasses three phases: Production, Income, and Expenditure.
Test: National Income-2 - Question 7
Why do economists combine two or more methods to calculate National Income?
Detailed Solution for Test: National Income-2 - Question 7
Economists combine two or more methods to calculate National Income to mitigate the limitations of individual methods and provide a more accurate depiction of an economy's performance.
Test: National Income-2 - Question 8
What is the principle underlying the Expenditure Method?
Detailed Solution for Test: National Income-2 - Question 8
The principle underlying the Expenditure Method is that total income is equal to total expenditure.
Test: National Income-2 - Question 9
What is the overarching goal of calculating National Income using various methods?
Detailed Solution for Test: National Income-2 - Question 9
The overarching goal of calculating National Income using various methods is to grasp the diverse facets of an economy's functioning.
Test: National Income-2 - Question 10
Why does the Expenditure Method exclude certain items?
Detailed Solution for Test: National Income-2 - Question 10
The Expenditure Method excludes certain items, such as intermediate goods, to avoid double counting and provide an accurate estimate of national income.
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