Market value of all final goods and services produced in a country during a year is definition of ?

Related Mcqs:

1. Which term is used for the total net value of all goods and services produced in a country in specified period of time ?

   A. National income
   B. Public income
   C. Local income
   D. Gross income

2. S = Savings, I = domestic investment, X = exports of goods and services, and M = imports of goods and services Which of the following is true ?

   A. S – I = X = M
   B. S + I = X + M
   C. S = I – (X+M)
   D. S-I = X/M

3. The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ?

   A. Pareto goods
   B. public goods
   C. private goods
   D. free goods

4. Suppose there is no tariff on imported inputs and the ratio of the value of imported inputs the value of the final product is 0.5 If the nominal tariff rate on the final product is 10 percent, the effective tariff rate equals ?

   A. 5 percent
   B. 10 percent
   C. 15 percent
   D. 20 percent

5. Assume that Country A is relatively abundant in labor and Country B is relatively abundant in land Note that wages are the returns to labor and rents are the returns to land According to the factor price equalization theorem, once Country A begins specializing according to comparative advantage and trading with Country B: A. wages and rents should fall in Country A B. wages and rents should rise in Country A C. wages should rise and rents should fall in Country A D. wages should fall and rents should raise in Country A ?

   XA. wages and rents should fall in Country A
   B. wages and rents should rise in Country A
   C. wages should rise and rents should fall in Country A
   D. wages should fall and rents should raise in Country A

6. A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?

   A. capital consumption frontier.
   B. Lorenz curve.
   C. Circular-flow diagram.
   D. Production possibility curve.

7. The total quantity of goods and services produced (or supplied) in an economy in a given period is ?

   A. aggregate investment
   B. aggregate expenditure
   C. aggregate demand
   D. aggregate output

8. In an economy measuring (1) total value added (2)total spending on final goods and (3)total factor earning gives the result that ?

   A. 3>2>1
   B. 3=2=1
   C. 3<2<1
   D. any measure can be larger or smaller than any other

9. In a free market system, the amount of goods and services that any one household gets depends upon its ?

   A. income
   B. income and wealth
   C. wealth
   D. wage and interest income

10. In certain industries Japanese employers hesitate to lay off workers Therefore they sometimes have excess supplies of goods that they cannot sell on the home market without lowering prices. To hold down losses they sell goods in overseas markets at prices well beneath those in japan This practice is best referred to as ?

    A. Orderly marketing
    B. trigger pricing
    C. domestic content pricing
    D. dumping