National Income _ Trial quiz

What are different methods of calculating National Income?

• Income method

• Value-added/ Total output method

• Expenditure/ total outlay method

• All the options are correct

What is GDP?

What is the concept of Gross National Product (GNP)?

• The total value of all final goods and services produced within a country's borders in a specific time period

• The total value of all final goods and services produced by a country's residents in a specific time period

• The total value of all final goods and services consumed within a country's borders in a specific time period

• The total value of all final goods and services exported by a country in a specific time period

What is the difference between GDP and GNP?

• GDP includes foreign income, while GNP does not

• GNP includes foreign income, while GDP does not

• GDP is calculated annually, while GNP is calculated quarterly

• GNP is calculated annually, while GDP is calculated quarterly

What is the significance of National Income?

• It helps in measuring the economic growth of a country

• It provides insights into the standard of living of the people

• It assists in formulating economic policies

• All of the options are correct

In a closed economy, GDP ia always equal to GNP

• True

• False

Which one is included in national Income

• Winning from lottery

• Milk purchase by a dairy shop

• National debt interest

• None of these

NNPfc is also called....

• National income

• Domestic income

• Transfer income

• Personal income