MCQs of Economics – National Income And The Standard Of Living

Gross National Product equals:

Net National Product equals:

The standard of living is often measured by:

In a recession:

In a boom:

GDP plus net property income from abroad equals what?

To adjust GDP from market prices to factor cost:

To adjust from Gross National Product to Net National Product:

In a recession a government:

A higher GDP per capita may not means that the quality of life has really improved because:

An example of a transfer payment is:

The value of plant and equipment worn out in the process of manufacturing goods and services is measured by

Which of the following would be excluded from UK GDP fro 2005? The sale of

Gross Domestic Product can be measured as the sum of:

Pakistan’s Gross Domestic Product (in contrast to Gross National Product) measures the production and income of

Gross Domestic Product is the sum of the market value of the

If nominal GDP in 2005 exceeds nominal GDP in 2004, then the production of output

If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is

GDP would include which of the following?

Real GDP is measured in ____ prices while nominal GDP is measured in ____ prices.

If Pakistan’s GDP exceeds Pakistan’s GNP, then:

UK GDP would exclude which of the following?

How is your purchase in Pakistan of a Rs40,000 BMW automobile that was produced entirely in Germany recorded in the Pakistan’s GDP accounts?

If your grandparents buy a newly built retirement home, this transaction would affect: