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Economics Past Questions and Answers

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Economics Questions

Question 1081:

The Gross Domestic Product is defined as the total value of?

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A All final goods and services produced in a country during the year
B All assets of a country in a particular year
C Exports net of total value of imports
D All receipts

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Question 1082:

In the national income and product accounts, double counting is avoided if?

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A Only final goods counted
B Only intermediate goods are counted
C Only intermediate and final goods are counted
D The value of all goods and services are added together

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Question 1083:

If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?

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A W -P - R - Z
B W + P + Z - R
C P - R - Z + W
D W + P + R + Z

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Question 1084:

A major obstacle to economic development is?

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A A rise in industrial output
B Low farm productivity
C Free trade
D Ineffective trade unions

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Question 1085:

Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

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A Managerial economies
B Indivisibilities
C The extent of the market
D The pooling of dissimilar risks

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