Question # 1

One of the following precautions is not included in measurement of national income by product method

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To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

Which thing should be added in net national product to get gross national product

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Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

National income is total of

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Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

A firm is in equilibrium, where:

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AR = MR

AC = MC

AC = MR

MC = MR

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Disposable personal income is equal to

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Personal income + direct taxes

Personal income + indirect taxes

Personal income + direct and indirect taxes

Personal income - direct taxes

Duopoly refers to:

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Single seller

Two seller

Multiple sellers

Multiple buyers

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

Equilibrium of national income is, when

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S > 1

S = 1

S < 1

S and 1

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

Method of measuring national income

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National income=Gross national product - depreciation allowance

National income= Net national product - Indirect costs

National income= Net national product + subsidies

National income= Net national product - indirect taxes + subsidies

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

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Principles of Economics Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers

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