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Online Tests
Icom Part 2 Principles of Economics Chapter 1 English Medium Online Test MCQs With Answers
Question # 1
Which is a flow concept.
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Number of my shirts
My montly income
My total wealth
Money Supply
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Question # 2
Total value of allfinal goods andservices produced annually by a country.
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NNP
GNP
GDP
NI
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Question # 3
National Income is.
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Total Income earned in producing the national product
All taxes plus govt. spending
Sum of personal income and saving
NNP minus the capital consumption allowance
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Question # 4
If we include it. national income will be over estimated
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Transfer payment
Income from abroad
Illegal income
Exports
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Question # 5
Gross nationa product includes
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A loan from one's parents
A loan from a domestic bank
A loan from other countries
None of theabove
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Question # 6
Direct taxes are not included in
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DPI
PI
NNP
a and c above
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Question # 7
It is avoided to make correct estimate of national income.
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Free services
Double counting
Export earnings
All of the above
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Question # 8
If C= 200 and I= 40 Than Y will equal
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160
240
200
8000
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Question # 9
Which of the followign is not included in personali income
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Social security benefits
Dividend payments
Undistributed corporate profits
Interest received from of saving certificates
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Question # 10
If saving exceed investment then
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National income rises
National income falls
National income is not affected
None of the above
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Question # 11
It is transfer payment
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Payment o college tuition
A social securiy payment
Payment for a leased car
Intrest paid for a bank loan
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Question # 12
To determine the correct level of GNP ,it is necessary to.
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Add up the values of goods and services during one year
Add up allsavings
Count all imports
Add up the value of semi finished goods
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Question # 13
Transfer payments means
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Bank loans
The payment without work
Tax payments
Payments made to all factors of production
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Question # 14
In erms of national income accounts, multiple counting efers to.
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The addition to GNP of multiple units of a good
Counting cureently producedgoods more than once
The inclusion in GNP of gross spending and taxes
Counting both goods and services
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Question # 15
Govt. transfer payment include
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Social security benefits
Welfare benefits
Student scholarships
All of the above
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Question # 16
It would increase the lvel of national income.
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An increase in taxation
A reduction in governmnet spending
An increase in exports
Students scholarships
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Question # 17
In circular flow model
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Govt. owns productive resources
Firms own productive resources
Households own productive resorces
Rent of land is not included
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