What is Gross Domestic Product (GDP)?

The total value of goods and services currently produced within the domestic territory of a country.

The total market value of all intermediate goods.

The total value of goods produced in the previous periods.

The total value of goods and services produced in the future.

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

To include old houses and cars.

What is Personal Income?

The sum of all incomes actually received by all individuals or households during a given year.

The market value of goods and services produced within the domestic territory.

The sum of all incomes actually received by firms.

The market value of all intermediate goods.

What is Disposable Income?

The sum of all incomes actually received by all individuals or households during a given year.

The market value of goods and services produced within the domestic territory.

The sum of all incomes actually received by firms.

The income left after deducting personal taxes from personal income.

How is national income measured using the Output or Production Method?

By summing up the incomes of all individuals in the country.

By adding up all the expenditure made on goods and services.

By dividing the economy into different sectors and finding the net values of production.

By deducting depreciation from GNP.

How does the Expenditure Method arrive at national income?

By summing up the incomes of all individuals.

By adding up all the expenditure made on goods and services.

By finding the net values of production.

By deducting depreciation from GNP.

What is a special difficulty in measuring national income in under-developed countries?

Lack of differentiation in economic functioning.

Over-reliance on statistical data.

Prevalence of non-monetised transactions.

Complete organizational structure.

What is Net National Product (NNP) at Market Price?

The market value of all intermediate goods.

The market value of all final goods and services.

The market value of all final goods and services after providing for depreciation.

The market value of all goods produced in the previous periods.

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