Factor Income is included in both _______ Income and _______ Income
Factor Income is included in both national Income and Domestic Income.
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______ refer to those goods which are used either for ________ or for further production in the same year.
Intermediate goods refer to those goods which are used either for resale or for further production in the same year.
Net indirect taxes refer to the difference between _____ and ________
Net indirect taxes refer to the difference between Indirect taxes and Subsidies.
_________ goods are used up in a single act of consumption.
Non-durable goods are used up in a single act of consumption.
_______ Income is a receipt concept.
Transfer Income is a receipt concept.
Final goods refer to those goods which are used either for __________ or for ____________.
Final goods refer to those goods which are used either for Consumption or for Investment.
A normal resident of a country refers to an __________ or an __________ who ordinarily resides in the country and whose center of economic interest also lies in that country
A normal resident of a country refers to an Individual or an Institution who ordinarily resides in the country and whose center of economic interest also lies in that country.
Net factor income from abroad can never be negative. Defend or refute the given statement with valid argument.
The given statement is refuted. Net factor income from abroad is the difference between factor income earned from the rest of the world and factor income paid to the rest of the world. If the value of factor income paid…
Gross investment is always greater than the net investment. Defend or refute the given statement with valid argument.
The given statement is refuted. Gross investment includes addition to capital stock which also includes replacement for the normal wear and tear (depreciation). Whereas, addition to capital stock in an economy is measured by net investment. So, in an accounting…
Final goods are those goods which are consumed only by the households. Defend or refute the given statement with a valid argument.
The given statement is not correct and is thus refuted. Final goods are those goods which are purchased/consumed either by households or by the producers for investment purpose, i.e., these are the goods which have crossed the production boundary.