National Income

Contents

#1. What is the formula for calculating GDP using the expenditure approach?

#2. Disposable income is calculated by subtracting which of the following from personal income?

#3. What is the primary measure of national income?

#4. Gross National Income (GNI) is equal to:

#5. The sum of all final goods and services produced within a country's borders in a specific time period is known as:

#6. What is the difference between GDP at market prices and GDP at factor cost?

#7. Which component of national income represents the total income earned by residents of a country, including income from abroad?

#8. Which of the following is considered an intermediate good?

#9. What is the primary measure of national income?

#10. Which of the following is NOT a limitation of using GDP as a measure of economic welfare?

#11. National income accounting measures the:

#12. What is the difference between GDP at market prices and GDP at factor cost?

#13. In the national income accounts, indirect taxes minus subsidies are known as:

#14. Gross National Income (GNI) is equal to:

#15. If a country's GDP increases while its population decreases, what is likely to happen to the per capita GDP?

#16. The income earned by individuals and businesses that is not used for consumption or taxes is known as:

#17. Which of the following is NOT a limitation of using GDP as a measure of economic welfare?

#18. The sum of all final goods and services produced within a country's borders in a specific time period is known as:

#19. Which of the following is included in the calculation of Gross National Product (GNP) but not in Gross Domestic Product (GDP)?

#20. Which of the following is an example of government transfer payments?

#21. If a country's GDP increases while its population decreases, what is likely to happen to the per capita GDP?

#22. Disposable income is calculated by subtracting which of the following from personal income?

#23. If a country's GDP is $500 billion, and its population is 100 million, what is the per capita GDP?

#24. Which of the following is an example of a transfer payment?

#25. 17. Which of the following is an example of government transfer payments?

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