National Income Test 11- Quick Revision: AP Macroeconomics

Which wants get satisfied by Government produced goods and services?
Business wants
Collective wants
Individual wants
Market needs
Corporate Enterprise needs
American ships moving between England and Australia lie in the domestic territory of: I. America II. England III. Australia
I only
II only
III only
I and II
I, II and III
A housewife’s services are:
A part of Consumption
A part of Production
Not a part of Consumption
Not a part of Production
A part of own account Production
Personal Income is:
GNP – Depreciation
NI – Taxes
NI + Transfer Payments
GNP – Transfer Payments
NI + Transfer Payment – Undistributed Profits and Corporate Taxes
Consumption and Savings add up to:
Personal Disposable Income
Net Personal Savings
Private Income
Net Domestic Product at Factor Cost
Net Investment
“The Net National Product at Factor Cost includes the sum of Direct Taxes.” This statement:
is True
is False
depends upon the goods taxed
depends on the taxing authority
depends on the factors used in producing the goods taxed
Interest on Public Debt paid by the Government to the general public forms part of:
Transfer Payment
Domestic Income
Undistributed Profits
Direct Taxes
Factor Payment
The deflator is used to
Account for increase in GNP
Account for change in the goods
Account for decrease in GNP
Account for changes in the price level
All of these
Street lighting provided by Government falls under:
Capital Formation
Transfer Earnings
An example of the Flow Concept includes: I. National Income II. National Capital III. National Wealth
I only
II only
III only
II and III
I, II and III

Here is a quick revision of the Concepts, Methods and Computation relating to National Income. While taking this test, go through all the options very carefully. Try out this 7-minute short Multiple Choice questions test on the Concepts relating to National Income, its related Concepts and its computation.

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