ECO113

ECO113

University

45 Qs

quiz-placeholder

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ECO113

ECO113

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Severus Snape

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45 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines National Income?

Total money supply in a country

Total value of goods and services produced in a country in a given period

Total profits of business firms in an economy

Total government revenue collected through taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a measure of national income?

Gross Domestic Product (GDP

Net National Product (NNP)

Fiscal Deficit

Gross National Income (GNI)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a key difference between GDP and GNP?

GDP includes net income from abroad, while GNP does not

GNP includes net income from abroad, while GDP does not

GDP and GNP are always equal

GDP excludes government spending, while GNP includes it

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a method for measuring national income?

Production Method

Income Method

Expenditure Method

Taxation Method

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the expenditure method of calculating GDP, which of the following is NOT included?

Government spending

Household consumption

Transfer payments

Net exports

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method of national income measurement calculates income earned by individuals and businesses?

Production Method

Income Method

Expenditure Method

Consumption Method

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a use of national income data?

Measuring economic growth

Comparing living standards across countries

Determining the price of stock market shares

Formulating government policies

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