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B Com Exam  >  B Com Tests  >  Macro Economics  >  Test: National Income Determination - B Com MCQ

Test: National Income Determination - B Com MCQ


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10 Questions MCQ Test Macro Economics - Test: National Income Determination

Test: National Income Determination for B Com 2024 is part of Macro Economics preparation. The Test: National Income Determination questions and answers have been prepared according to the B Com exam syllabus.The Test: National Income Determination MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: National Income Determination below.
Solutions of Test: National Income Determination questions in English are available as part of our Macro Economics for B Com & Test: National Income Determination solutions in Hindi for Macro Economics course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: National Income Determination | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Macro Economics for B Com Exam | Download free PDF with solutions
Test: National Income Determination - Question 1
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What is GNP at market prices?

Detailed Solution for Test: National Income Determination - Question 1
GNP at market prices is the gross value of final goods and services produced annually in a country plus net income from abroad. It includes the total output produced in one year multiplied by their market prices.
Test: National Income Determination - Question 2
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What does NNP stand for?

Detailed Solution for Test: National Income Determination - Question 2
NNP stands for Net National Product, which is the net value of final goods and services evaluated at market prices in the course of one year in a country.
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Test: National Income Determination - Question 3
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Which component is deducted from GNP at market prices to arrive at GNP at factor cost?

Detailed Solution for Test: National Income Determination - Question 3
GNP at factor cost is obtained by deducting indirect taxes from GNP at market prices. It represents the income received by the factors of production for their services alone.
Test: National Income Determination - Question 4
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Which measure of national income excludes undistributed corporate profits?
Detailed Solution for Test: National Income Determination - Question 4
Personal income is a measure of national income that excludes undistributed corporate profits along with other deductions like profit taxes and employees' contributions.
Test: National Income Determination - Question 5
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What is the purpose of subsidies in calculating GNP at factor cost?
Detailed Solution for Test: National Income Determination - Question 5
Subsidies are granted by the government to reduce the cost of production for producers, helping them match the market price and their production costs.
Test: National Income Determination - Question 6
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What is real income?
Detailed Solution for Test: National Income Determination - Question 6
Real income is national income expressed in terms of a general level of prices of a particular year taken as a base. It adjusts for changes in price levels over time.
Test: National Income Determination - Question 7
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What is the difference between disposable income and personal income?
Detailed Solution for Test: National Income Determination - Question 7
Personal income differs from private income in that it excludes undistributed corporate profits. It represents the income received by individuals before payment of direct taxes.
Test: National Income Determination - Question 8
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Which method of measurement treats national income as a flow of goods and services?
Detailed Solution for Test: National Income Determination - Question 8
The product method treats national income as a flow of goods and services. It calculates the money value of all final goods and services produced in an economy during a year.
Test: National Income Determination - Question 9
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What is the purpose of the Expenditure Method in measuring national income?
Detailed Solution for Test: National Income Determination - Question 9
The Expenditure Method sums up private consumption, government consumption, gross capital formation (both government and private), and net exports to measure national income.
Test: National Income Determination - Question 10
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Which component of national income represents the average income of the people of a country?
Detailed Solution for Test: National Income Determination - Question 10
Per Capita Income represents the average income of the people of a country in a particular year. It can be measured at current prices or at constant prices to assess the standard of living.
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