Net factor income from abroad is equal to: MCQ with Answer and Explanation

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Net factor income from abroad is equal to:

A. exports minus imports

B. factor income received from abroad minus factor income paid to abroad

C. remittances received by India

D. factor income received from abroad plus factor income paid to abroad

Answer: Option B

Solution (By JKSSB Mock Tests)

Net factor income from abroad is the difference between factor income received from abroad and factor income paid abroad.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Deadweight loss in economics refers to:

A. loss of revenue to the government

B. depreciation of capital

C. loss suffered by a monopolist

D. loss of total welfare due to market inefficiency

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Correct Answer: Option D

Explanation:
Deadweight loss is the loss of economic welfare due to inefficiency such as taxes, price controls or monopoly.

This question belongs to: Economy GK Economy Set 1

Question #2

The International Monetary Fund and the World Bank were established at:

A. the UN General Assembly

B. the Geneva Conference

C. the Bretton Woods Conference

D. the Doha Round

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Correct Answer: Option C

Explanation:
The IMF and World Bank were established at the Bretton Woods Conference in 1944.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of public finance, 'Vertical Fiscal Imbalance' refers to:

A. Imbalance between revenue and expenditure of the same level of government

B. Imbalance between capital and revenue budgets only

C. Only the primary deficit

D. Mismatch between revenue-raising powers and expenditure responsibilities across different levels of government

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Correct Answer: Option D

Explanation:
Vertical fiscal imbalance arises when the revenue powers and expenditure responsibilities of different tiers of government (Centre and States) are mismatched.

This question belongs to: Economy GK Economy Set 1

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