Domestic factor income is another name for: NDP at FCNNP at MPGDP at FCNNP at FC Answer: NDP at FC

Q. Net domestic product at factor cost is less than national income when: Net factor income from abroad is positiveNet factor income from abroad is negativeNet factor income from abroad is zeroNet exports are positive Answer: Net factor income from abroad is positive

Q. In which type of country, domestic income is equal to national income? open EconomyClosed EconomyBoth a) and b)Neither a) nor b) Answer: Closed Economy

Q. If economic subsidies are added to and indirect taxes are subtracted from the national income at market prices, then it will be equal to: Domestic IncomeNational IncomeGross national product at market pricesGross Domestic product at factor cost Answer: National Income

Q. Which of the following is not a component of operating surplus? InterestRentRoyaltyCompensation of Employees Answer: Compensation of Employees

Q. Out of the following, which aggregate represents ‘National Income’? NNP at MPGNP at FCNNP at FCGNP at MP Answer: NNP at FC

Q. Goods purchased for the following purpose are final goods: For the satisfaction of wantsFor investment in firmBoth 1 and 2None of the above Answer: Both 1 and 2

Q. If factor income received from abroad is equal to factor income paid abroad, then which of the following is not a valid statement? National income = Domestic IncomeNDP at FC + Depreciation = GNP at FCNDP at FC + Depreciation = GNP at MPAll are valid Answer: NDP at FC + Depreciation = GNP ...

Q. Foreign embassies in India are a part of India’s Economic territoryGeographical territoryboth a) and b)None of the above Answer: Geographical territory

Q. The Japanese Embassy in India is a part of the domestic territory of IndiaJapanBoth 1 and 2International Area Answer: Japan

Q. Which of the following is an example of Non-durable good? MilkBreadBoth 1 and 2Clothes Answer: Both 1 and 2

Q. A refrigerator purchased by a confectionery shop is an example of Final goodIntermediate goodCapital goodBoth 1 and 3 Answer: Both 1 and 3