A
National Income refers to:
A. Total exports of a country
B. Total payments received by factors of production in a year
C. Government expenditure only
D. Total imports of a country
B. Total payments received by factors of production in a year
GDP stands for:
A. Gross Domestic Product
B. General Domestic Product
C. Gross Development Product
D. General Development Product
A. Gross Domestic Product
Which sector is included in the Product Approach?
A. Primary Sector
B. Banking Sector only
C. Foreign Sector only
D. Informal Sector only
A. Primary Sector
Which component is represented by C in the Expenditure Approach?
A. Capital
B. Consumption
C. Cost
D. Corporation Tax
B. Consumption
Disposable Personal Income (DPI) is obtained after deducting:
A. Indirect taxes
B. Corporate taxes
C. Personal income tax
D. Subsidies
C. Personal income tax
Which formula correctly represents GDP using the Expenditure Approach?
A. GDP = C + G + T
B. GDP = W + R + P
C. GDP = GNP – Depreciation
D. GDP = C + I + G + (X – M)
D. GDP = C + I + G + (X – M)
GNP is equal to:
A. GDP – Net Factor Income from Abroad
B. GDP + Net Factor Income from Abroad
C. GDP + Depreciation
D. GDP – Subsidies
B. GDP + Net Factor Income from Abroad
Which of the following is NOT a component of the Expenditure Approach?
A. Consumption
B. Investment
C. Profit
D. Government Spending
C. Profit
Market Price refers to:
A. Price received by producers only
B. Price determined by government
C. Actual price paid by consumers
D. Price excluding taxes
C. Actual price paid by consumers
National Income is obtained after deducting:
A. Exports
B. Imports
C. Subsidies
D. Depreciation
D. Depreciation
Which of the following is included in the Income Approach?
A. Exports
B. Government Spending
C. Rent
D. Imports
C. Rent
Which problem occurs when the value of intermediate goods and final goods are counted together?
A. False Information
B. Illiteracy
C. Double Counting
D. Multi-occupation
C. Double Counting
Which indicator is commonly used to compare wealth between countries?
A. Inflation Rate
B. GDP per Capita
C. Interest Rate
D. Exchange Rate
B. GDP per Capita
Personal Income includes:
A. Transfer Payments
B. Imports
C. Indirect Taxes
D. Subsidies only
A. Transfer Payments
Which of the following is a use of National Income data?
A. Determining unemployment
B. Measuring standard of living
C. Predicting labour force
D. Measuring goods and services
B. Measuring standard of living
If GDP = RM500 million and Net Factor Income from Abroad = RM50 million, GNP equals:
A. RM450 million
B. RM500 million
C. RM550 million
D. RM600 million
C. RM550 million
GDP (MP) = RM800 million and Net Factor Income from Abroad = RM40 million. Calculate GNP (MP).
A. RM760 million
B. RM800 million
C. RM840 million
D. RM880 million
C. RM840 million
Which of the following best explains why expertise is important in calculating National Income?
A. To reduce inflation
B. To increase exports
C. To improve tax collection
D. To ensure accurate data collection
D. To ensure accurate data collection
GNP (MP) = RM900 million, Indirect Taxes = RM50 million, Subsidies = RM20 million. Calculate GNP (FC).
A. RM830 million
B. RM870 million
C. RM930 million
D. RM970 million
B. RM870 million
Real GNP primarily adjusts nominal GNP for:
A. Inflation
B. Population changes
C. Government spending
D. Exchange rates
A. Inflation
GDP(MP) = RM1,000 million, Net Factor Income from Abroad = RM100 million, Indirect Taxes = RM50 million, Subsidies = RM20 million, Depreciation = RM60 million. What is National Income?
A. RM930 million
B. RM1,010 million
C. RM1,050 million
D. RM1,120 million
B. RM1,010 million
Real GNP in Year 0 is RM400 million and Real GNP in Year 1 is RM460 million. What is the Growth Rate?
A. 10%
B. 12%
C. 15%
D. 20%
C. 15%
GNP (MP) = RM600 million, Net factor Income = RM20, Indirect Taxes = RM50 million, Subsidies = RM30 million. Calculate GNP (FC).
A. RM560 million
B. RM570 million
C. RM580 million
D. RM590 million
C. RM580 million
GDP (MP) = RM1,500 million, Net Factor Income from Abroad = RM200 million, Indirect Taxes = RM80 million, Subsidies = RM30 million, Depreciation = RM130 million. What is the National Income (NI)?
A. RM1,350 million
B. RM1,420 million
C. RM1,500 million
D. RM1,520 million
D. RM1,520 million
A country's National Income is RM500 billion and its population is 25 million. What is the Per Capita Income?
A. RM2,000
B. RM20,000
C. RM200,000
D. RM2,000,000
B. RM20,000