The 'Personal Income' in national accounting is: MCQ with Answer and Explanation

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The 'Personal Income' in national accounting is:

A. the same as national income

B. corporate profits only

C. income received by households before personal taxes

D. income after personal taxes

Answer: Option C

Solution (By JKSSB Mock Tests)

Personal income is the income received by households before personal taxes.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'RTGS' system in India is used for transactions of minimum amount:

A. Rs 10,00,000

B. Rs 1,000

C. Rs 5,00,000

D. Rs 2,00,000

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Correct Answer: Option D

Explanation:
RTGS minimum amount is Rs 2,00,000.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Fiscal deficit' is financed by:

A. only foreign aid

B. only taxes

C. market borrowings and other liabilities

D. only disinvestment

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Correct Answer: Option C

Explanation:
Fiscal deficit is financed through market borrowings and other liabilities.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is an example of a flow variable in economics?

A. Money supply at a point in time

B. National wealth

C. National income

D. Capital stock

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Correct Answer: Option C

Explanation:
National income is a flow variable as it is measured over a period of time. Wealth, capital stock and money supply at a point in time are stock variables.

This question belongs to: Economy GK Economy Set 1

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