Total income received by all economic agents in economy based on goods and services produced in the economy in a certain period of time.

Total market value of all final goods and services produced WITHIN a country in a given time period.

National income figures which has been adjusted by adding in the value of subsidies and deducting the amount of indirect taxes. (+) subsidies, (-) tax

The market value of the net output of final goods and services produced by a nation during a year.

The decline in value of capital equipment due to age or wear and tear.

Money which transferred from one group to another such as welfare payments, pensions and scholarship allowances.

National income after allowing for inflation.

The difference between gross national income and gross domestic income is ___.

GNP measured in current prices.

GNP measured on a fixed price or in a base year.

These are the problems in measuring national income EXCEPT:

The purchase of goods and services produced by firms, individuals or households is ___.

A person or an institution who normally resides in country and whose economic interest lies in that country is known as:

Which of the following is not in intermediate goods for a farmer?

National production means goods and services produced within the borders of a nation during a specified period.

Which of the following items is not counted in GDP calculations?

What is GDP per capita?

In a closed economy,___________ is not included.

Sugar purchased by a Sweet shop is an ___________good, it is a ________good when it is purchased by a consumer.