Real GDP is :
Ans – c) Explanation:- Real GDP = Nominal GDP/Price Index * 100
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Welfare of the people of a country is determined by:
Ans – d) Explanation:- Welfare refers to the overall well-being of every citizen of a country. The overall GDP is the total of all residents of a country. But it does not show per-person income. It may be few people…
In National income accounting rent is payment for use of :
Ans – c) Explanation:- The income method considers income paid out the angle to factors against services rendered. Thus rent is a payment to factor who provides the land on rent for production.
Income Method measures national income from:
Ans – b) Explanation:- The income method is concerned with 2nd phase of the Circular Flow of income. Where income generated in the 1st phase (production phase) is paid to out factors of production (Household). Thus Income method measures the…
Expenditure method of estimating national income takes into account:
Ans – c) Explanation:- The expenditure Method only considers the final expenditure by Household, Government, and Business
Operating Surplus is
Ans – d) Explanation:- Operating Surplus is the factor payments arising from the property as (Rent, Royalty and Interest0 and income from entrepreneurship profit) Operating Surplus:- Rent + Royalty + Interest + Profit Read More Information:- What is Operating Surplus
An employee takes a house on rent and pays the same to the landlord. The employer reimburses this amount. Such a payment by the employer is:
Ans – c) Explanation:- The rent paid by the employer to an employee for his residence is part of the compensation of the employee
Contribution of a production unit to national income is:
Ans – d) Explanation:- National income = NDP at FC + NFIA The production unit contributes the value added at factor cost (NDP at FC) NDP at FC = Value of output – Intermediate costs – depreciation – Net indirect…
Value added is :
Ans – c) Explanation:- Value Added (GDP at MP) = Sales + Net change in stock – Intermediate Costs
Converting Wheat into wheat flour is a part of this sector of the economy:
Answer – b) Explanation:- The secondary sector is concerned with the Manufacturing Sector. In the Manufacturing sector, raw material is converted into final products. Thus converting wheat into wheat flour is concerned with the Secondary sector.