CUET 2024 Economics National Income and Related Aggregates MCQ Question Answers

1. _______= GDP + Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.

2. Contribution made by entrepreneurship, remuneration of which is ________& contribution made by fixed natural resources (called ‘land’), remuneration for which is called _______.

3. GDP ≡ C + I + G + X. In this equation G and X Refer to

4. In case of an unexpected fall in sales, the firm will have unsold stock of goods which it had not anticipated. =

5. Then there are other goods that are of durable character which are used in the production process. These are tools, implements and machines. While they make production of other commodities feasible, they themselves don’t get transformed in the production process. These Goods are Called as_______

6. ­­­­­­­­­­The resource rich Africa and Latin America have some of the ________countries in the world

7. Goods like food and clothing, and services like recreation that are consumed when purchased by their ultimate consumers are called ______

8. In barter exchanges, goods (or services) are directly exchanged against each other. These exchanges are registered as part of economic activity

9. Examples are steel sheets used for making automobiles and copper used for making utensils. Here Steel and Copper Can be Resembled as _______

10. If Farmer supplies a wheat of 100 Rs. Baker sells the Produce a Cake at 200 Rs. Baker also uses 50 Rs. as a cost of intermediate Goods used In Cake. what Is the amount of a Total Value addition?

11. Personal Disposable Income is the part of the aggregate income which belongs to the _________

12. A farmer producing cotton sells it to a spinning mill where the raw cotton undergoes transformation to yarn; the yarn is, in turn, sold to a textile mill where, through the productive process, it is transformed into cloth; the cloth is, in turn, transformed through another productive process into an article of clothing which is then ready to be sold finally to the consumers for final use. Here CLOTH is to be termed as __________

13. This is a way to measure the change of prices in an economy

14. __________of calculating national income Method of calculating the national income by measuring the aggregate value of final expenditure for the goods and services produced in an economy over a period of time

15. In case of Unexpected Rise in Sales the firm will have no Stock of goods left which was not anticipated. This Situation would be referred as

16. Nominal GDP, on the other hand, is simply the value of _________at the current prevailing prices.

17. The goods purchased by consumers do not represent all the goods which are produced in a country. _______ takes into account all such goods and services

18. In India, the most highlighted measure of national income has been the______________.

19. Deletion, which is made from the value of gross investment in order to accommodate regular wear and tear of capital, is called _________

20. ___________ Means GDP evaluated at a set of constant prices.