National Income Test 7 Online Mcqs Preparation

1. The largest type of income in the Pakistan is:

A. Rental income

B. Compensation of employees

C. Proprietors income

D. Corporate profits

2. The four factor payments are:

A. Money, power, prices and wealth

B. Wages, rent, interest and profits

C. Money, capital, salaries, and income

D. Wages, interest, salaries and income

3. A closed economy is best described as one in which:

A. No international trade

B. There are no monopolies

C. No externalizes

D. No corporations

4. In economics, one or more persons living in a joint family are called a:

A. Business firm

B. Household

C. Super family

D. Social gathering

5. An open economy:

A. Is that interacts with other economies

B. Is one without taxes

C. Must be a democracy

D. Means world economy

6. GNP is always:

A. Less than NNP

B. Greater than NNP

C. Greater in many years but less in others

D. Equal to NNP

7. Which of the following is transfer payment:

A. Payment for a leased car

B. Payment of college tuition fee

C. Payment of interest

D. Payment for social security

8. Macroeconomics is concerned with:

A. How to produce goods

B. How to but stocks and bonds

C. Spending decisions of households

D. Aggregate economic activity

9. Which of the following is counted in GDP:

A. The leisure enjoyed by people

B. Sale of used car

C. A TV set produced this year but not sold

D. Purchase of shares of PSO (company)

10. Which of the following is not macroeconomics:

A. Level of wages in garment industry

B. The level of output in the economy

C. Unemployment

D. Inflation

National Income Test 7 Online Mcqs Preparation

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