12th class Economics chapter 1 online mcq test with answers for ICS part 2 Economics chapter 1 (National Income)

ICS Part 2 Economics English Medium Chapter 1 Online Test

Sr. #	Questions	Answers Choice
1	Personal income includes.	Direct taxes Indirect taxes Depreciation None of the above
2	Total value fo all final goods and services produced annually by a country.	NNP GNP GDP NI
3	In calculating national income which one will NOT be included.	Exports Old age pensions Wages of lecturer Undistributed profit by firms
4	National income is a measure of	The zise of government revenue Payments made to facor of production Production f goods per day Total working hours
5	It would increase the lvel of national income.	An increase in taxation A reduction in governmnet spending An increase in exports Students scholarships
6	Govt. transfer payment include	Social security benefits Welfare benefits Student scholarships All of the above
7	In circular flow model	Govt. owns productive resources Firms own productive resources Households own productive resorces Rent of land is not included
8	Which of the followign is not included in personali income	Social security benefits Dividend payments Undistributed corporate profits Interest received from of saving certificates
9	National Income is.	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
10	Net Exports are	Total Exports plus total imports Total exports minus total imports Total exports divided by total imports Total imports minus total exports
11	Consumption spending does NOT include.	Household's purchases of clothes Household's purchase of a car Household's paymnet of rent for an apartment Household's purchase of shares of a business corporation
12	Which of the following would NOT be included in GNP	Govt. Transfer payments Got. Purchase of an air plane Payment for construction of highway Salary paid for the presidents secretary
13	Investment spending included the purchase of.	Lottery coupon Prize Bond Residential construction all of the above
14	Market value of all final goods and services produced in a country during a year is definition	GNP NNP NI Consumption
15	PI is equivalent to	DPI Minus personal taxes DIP Plus unerned receipts DPI Minus income earned but not received NI plus unearned receipts minus personal taxes
16	Net investment is	Gross investment minus household investment Gross investment minus govt. investment Gross investment minus capital consumption allowance None of the above
17	In erms of national income accounts, multiple counting efers to.	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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