Description : "he national income consists of a collection of goods and services reduced to common basis by being measured in terms of money,"— Who says this? (1) Samuelson (2) Kuznets (3) Hicks (4) Pigou
Last Answer : (3) Hicks Explanation: British economist John Hicks said that National income is a collection of goods and services reduced to a common basis by being measured in terms of money. Hicks ... macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory.
Description : -The theory of stages of growth is associated with (a) Simon Kuznets (b) W.W. Rostow (c) Paul Samuelson (d) Colin Clark
Last Answer : (b) W.W. Rostow
Description : Revealed preference theory of demand is given by (a) Paul M. Sweegy (b) Marshall (c) Paul Samuelson (d) Hicks
Last Answer : (a) Paul M. Sweegy
Description : Who developed the Game Theory a. J.R. Hicks b. William J. Baumol c. Neumann Morgenstern d. Samuelson P.T.
Last Answer : c. Neumann Morgenstern
Description : The total value of goods and services produced in a country during a given period is - (1) Disposable income (2) National income (3) Per capita income (4) Net national income
Last Answer : (2) National income Explanation: National income is the total value a country's final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.
Description : The sum total of production of goods and services in the three sectors in a given year is called______. (a) Gross National Income (b) National Income (c) Net Domestic Product (d) Gross Domestic Product
Last Answer : (d) Gross Domestic Product
Description : Which is not added in the calculation of national income in India? (a) The value of goods and services. (b) The sold value of old fridge. © Services rendered by the housewives (d) Both (b) and (c)
Last Answer : (d) Both (b) and (c)
Description : The total value of goods and services produced in a country during a given period is (1) Disposable income (2) National income (3) Per capita income (4) Net national income
Last Answer : National income
Description : Which economist stated the positive impact of monopoly? A.Marshall B.Adam Smith C.Joseph Schumpeter D.Pigou
Last Answer : C.Joseph Schumpeter
Description : Who defined ‘Rent’ as that portion or produce of the earth which is paid to the landlord for the use of original and indestructible power of the soil ? (1) Ricardo (2) Marshall (3) Keynes (4) Pigou
Last Answer : Ricardo
Description : Which of the following economic concepts is categorised on the basis of Current Account or Capital Account or both? A. Balance of Payments B. Value of the food grain stock of a country C. Gross National Product D. Gross National Income(GNI) E. Total collection of Direct Taxes in a year
Last Answer : A. Balance of Payments Explanation: A Balance of payments statements is a summary of a nation‘s total economic transactions undertaken on international account. It is usually composed of two sections :-
Description : Gross National Product is the money measure of - (1) all tangible goods produced in a country (2) final goods and services produced in the economy (3) services generated annually in the economy (4) all tangible goods available in the economy
Last Answer : (2) final goods and services produced in the economy Explanation: Gross national product (GNP) is the market value of all products and services produced in one year by labour and property supplied ... (including income of those located abroad), minus income of non-residents located in that country.
Description : Gross National Product is the money measure of (1) all tangible goods produced in a country (2) final goods and services produced in the economy (3) services generated annually in the economy (4) all tangible goods available in the economy
Last Answer : final goods and services produced in the economy
Description : The data collection for national income estimation is conducted in India by— (1) The Finance Ministry of the Government of India (2) The RBI (3) The NSSO (National Sample Survey Organization (4) None of these
Last Answer : (3) The NSSO (National Sample Survey Organization Explanation: The National Sample Survey Office (NSSO) in India is a unique setup to carry out surveys on socioeconomic, demographic, agricultural ... of India for collection of statistical data in the areas which are vital for developmental planning.
Description : The data collection for national income estimation is conducted in India by— (1) The Finance Ministry of the Government of India (2) The RBI (3) The NSSO (National Sample Survey Organi-sation) (4) None of these
Last Answer : The NSSO (National Sample Survey Organi-sation)
Description : The book which is at the centrepiece of the study of Macro - Economics was written by - (1) Prof. Samuelson (2) Prof. J.M. Keynes (3) Prof. Benham (4) Prof. Baumol
Last Answer : (2) Prof. J.M. Keynes Explanation: J.M. Keynes's magnum opus, The General Theory of Employment, Interest and Money' is often viewed as the foundation of modern macroeconomics. Macroeconomics ... , structure, behavior, and decision-making of an economy as a whole, rather than individual markets.
Description : Who propounded the Innovation theory of profits? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo.
Last Answer : (1) J.A. Schumpeter Explanation: Schumpeter's (1934) original theory of innovative profits emphasized the role of entrepreneurship (his term was entrepreneurial profits) and the ... innovation, in which independent inventors typically fed discoveries as potential inputs to entrepreneurial firms.
Description : Das Kapital, published in German in 1867, was authored by: a) Karl Marx b) John Maynard Keynes c) F. Hayek d) Samuelson
Last Answer : a) Karl Marx b) John Maynard Keynes c) F. Hayek d) Samuelson
Description : Macroeconomics as a separate branch came to be studied after thecontributions of which economist? a) Adam Smith b) John Maynard Keynes c) F. Hayek d) Samuelson
Last Answer : b) John Maynard Keynes John Maynard Keynes's 1936 book, 'The General Theory of Employment, Interest, and Money' laid the foundations for Macroeconomics
Description : Who is called as the 'founding father of modern economics'? a) Adam Smith b) John Maynard Keynes c) F. Hayek d) Samuelson
Last Answer : a) Adam Smith Adam Smith's “1776 book "An Inquiry into the Nature and Causes of the Wealth of Nations"― many of the major ideas that we use in economics today
Description : Who is credited with brining the term "the invisible hand"• in economics? a) Adam Smith b) John Maynard Keynes c) F. Hayek d) Samuelson
Last Answer : a) Adam Smith
Description : The book which is at the centrepiece of the study of Macro - Economics was written by (1) Prof. Samuelson (2) Prof. J.M. Keynes (3) Prof. Benham (4) Prof. Baumol
Last Answer : Prof. J.M. Keynes
Description : Who propounded the Innovation theory of profits ? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo
Last Answer : J.A. Schumpeter
Description : National income is the ……………. Of all the goods and services produced by a country during a period of year A. Physical quantity B. Money value C. Value D. All the three
Last Answer : B. Money value
Description : National income is the ……………. Of all the goods and services produced by a country during a period of year (a) Physical quantity ; (b) Money value ; (c) `Value ; (d) All the three
Last Answer : (b) Money value ;
Description : . Terms of trade is (a) the ratio of imports / exports (b) the ratio of exports/imports © the ratio of goods/services (d) the ratio of land/labour
Last Answer : (b) the ratio of exports/imports
Description : An Increase in national income because of an increase in price is called- (1) an increase in national income in real terms (2) an increase in national income at constant prices (3) an increase in money national income (4) an increase in national income at base year prices
Last Answer : (4) an increase in national income at base year prices Explanation: To find the real value of changes in output under inflationary conditions, the effects of any general price increase (price inflation) ... the base year. It holds prices constant in terms of the prices existing in the base year.
Description : An increase in national income because of an increase in price is called (1) an increase in national income in real terms (2) an increase in national income at constant prices (3) an increase in money national income (4) an increase in national income at base year prices
Last Answer : an increase in national income at base year prices
Description : Who defined investment as "the construction of a new capital asset like machinery or factory building"? (1) Hansen (2) J.M. Keynes (3) Harrod (4) J.R. Hicks
Last Answer : (2) J.M. Keynes Explanation: Investment expenditure refers to the creation of new assets i.e. an addition to the stock of existing capital assets. According to Keynes investment demand depends upon ... the rate of interest (IR). Investment demand decreases with the increase in the rate of interest.
Description : The time element in price analysis was introduced by : (1) J.M. Keynes (2) Alfred Marshall (3) J.S. Mill (4) J.R. Hicks
Last Answer : (2) Alfred Marshall Explanation: Marshall, who propounded the theory that price is determined by both demand and supply, also gave a great importance to the time element in the determination of price. ... and the longer the period more important will be the influence of cost of production on value."
Description : Wage fund theory was propounded by (1) J.B. Say (2) J.S. Mill (3) J.R. Hicks (4) J.M. Keynes
Last Answer : (2) J.S. Mill Explanation: J.S. Mill developed the wagesfund theory. This theory of wage was an attempt to show that in certain circumstances wages could rise above subsistence level. According to this ... be paid. This fund of capital is called wages-fund out of which wages are paid to labourers.
Description : Input – Output technique was invented by (a) Lewis (b) Hicks (c) Todaro (d) Leontief
Last Answer : (d) Leontief
Last Answer : Alfred Marshall
Description : Who defined investment as “the construction of a new capital asset like machinery or factory building” ? (1) Hansen (2) J.M. Keynes (3) Harrod (4) J.R. Hicks
Last Answer : J.M. Keynes
Last Answer : J.S. Mill
Description : Economic growth is measured by (a) Increase in national income (b) increase in infrastructure (c) increase in economic welfare (d) urbanisation
Last Answer : (a) Increase in national income
Description : Which of the following is not required while computing Gross National Product (GNP)? (1) Net foreign investment (2) Private investment (3) Per capita income of citizens (4) Purchase of goods by government
Last Answer : (3) Per capita income of citizens Explanation: Gross National Product (GNP) is the market value of all products and services produced in one year by labour and property supplied by the ... measures the value of goods and services that the country's citizens produced regardless of their location.
Description : 6. Assume that Potential Real GDP equals $10,000. National Income is therefore $10,000. Of this, consumers will pay $2,000 in taxes, save $1,000, and spend $7,000 on consumer goods. Business Investment ... . budget deficit of $1000 c. budget surplus of $1000 d. budget deficit of $2000 C C A A C
Last Answer : c. budget surplus of $1000
Description : Which of the following is not required while computing Gross National Product (GNP) ? (1) Net foreign investment (2) Private investment (3) Per capita income of citizens (4) Purchase of goods by government
Last Answer : Per capita income of citizens
Description : The basis of determining dearness allowance to employees in India is - (1) National Income (2) Consumer Price Index (3) Standard of Living (4) Inflation Rate
Last Answer : (2) Consumer Price Index Explanation: The Consumer Price Index Numbers for Industrial Workers CPI (1W) is utilized for fixation and revision of wages and determination of variable Dearness ... utilized as an indicator for measuring inflationary trend in the country and for policy formulations.
Description : The basis of determining dearness allowance to employees in India is _______ (1) National Income (2) Consumer Price Index (3) Standard of Living (4) Inflation Rate
Last Answer : Consumer Price Index
Description : ‘While estimating the national income, only the value of the final goods and services is used.’ -SST 10th
Last Answer : While estimating the performance of a sector, only the value of final goods and services is used. This is for avoiding double counting. The counting of the only the value of final goods and services is used. ... income only the value of the final output; i.e., X 250 should be included not X 700.
Description : What is the Gross National Product? a) The total value of Good and services manufactured in the country b) The total value of all the transactions in the country c) Reduction in the total value ... d) The total worth of goods and services generated in the country and net factor income from abroad.
Last Answer : Answer- d
Description : What do you mean by Gross National Product? a) The total value of goods and services produced in the country b) The total value of all transactions in the country c) Depreciation in the total ... d) The total value of goods and services produced in the country and net factor income from abroad
Description : Demand curve can be derived from the law of diminishlng marginal utility on which of the following assumptions? (i) Utility can be measured in quantitative terms (ii) Utility of money is constant Of these statements: A.Only ... ) and (ii) are true C.Only (ii) is true D.Neither (i) nor (ii) is true
Last Answer : B.Both (i) and (ii) are true
Description : In calculating National Income which of the following is included? (1) Services of housewives (2) Pensions (3) Income of smugglers (4) Income of watchmen
Last Answer : (4) Income of watchmen Explanation: National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this period ... is neither too short nor long a period. National product is usually used synonymous with National income.
Description : The sum total of incomes received for the services of labour, land or capital in a country is called (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income
Last Answer : (3) Gross domestic income Explanation: The Gross Domestic Income (GDI) is the total in-come received by all sectors of an economy within a nation. It includes the sum of all wages, profits, ... services), the gross domestic income of a count should exactly equal its gross domestic product (GDP).
Description : Which of the statements is correct about India's national income? (1) Percentage share of agriculture is higher than services (2) Percentage share of industry is higher than agriculture (3) ... higher than industry (4) Percentage share of services is higher than agriculture and industry put together
Last Answer : (4) Percentage share of services is higher than agriculture and industry put together Explanation: The services sector has the largest share in the GDP, accounting for 55% in 2007, up from 15% in 1950. ... allied sectors like forestry, logging and fishing ac-counted for 15.7% of the GDP in 2009-10.
Description : While estimating national income which of the following is not taken into account? (1) Services of a teacher (2) Services of a doctor (3) Services of a housewife (4) Services of a maid servant
Last Answer : (3) Services of a housewife Explanation: Services provided by housewives can be categorized as non-economic services and thus cannot be accounted in national income which is the sum total of all the goods and services produced in a country, in a particular period of time.
Description : Which one of the following items is included in the national income account? (1) Services of housewives (2) Income of smugglers (3) Services of Sadhus (4) Services of night-watchmen
Last Answer : (4) Services of nightwatchmen Explanation: National income is the total value a country's final output of all new goods and services produced in one year. Services provided by housewives, ... smugglers and services of sadhus can be categorized as noneconomic services and thus cannot be accounted.