Tag: expenditure method and income method

Questions Related to expenditure method and income method

Illegal income includes ______ while transfer income includes ________.

economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

  1. cost, price

  2. taxes, payments

  3. none of the above

  4. betting, scholarships

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Correct Option: D

National Income is the ________ of all goods and services produced by a country during a period of year.

economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

  1. physical quantity

  2. money value

  3. value

  4. all the three

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Correct Option: B

For developed economics which of the following methods is most suitable?

economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

  1. Value Added Method

  2. Income Method

  3. Expenditure Method

  4. Product Method

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Correct Option: B

"The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money."- who says this?

economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

  1. Samuelson

  2. Kuznets

  3. Hicks

  4. Pigou

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Correct Option: C

To avoid double counting in national income GDP is calculated by summing up ________.

economics circular flow of income and methods of calculating national income expenditure method and income method methods of measuring national income national income accounting

  1. the value of all goods and services

  2. the value of final goods only

  3. the value of producers goods only

  4. the value of non-durable goods

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Correct Option: B