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

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The 'Personal Income' in national accounting is:

A. income after personal taxes

B. income received by households before personal taxes

C. corporate profits only

D. the same as national income

Answer: Option B

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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Question #1

In the context of financial markets, 'Adverse Selection' before a loan is made refers to:

A. Borrowers with higher risk being more likely to seek loans

B. Only the problem of monitoring after the loan

C. Borrowers becoming riskier after receiving loans

D. Lenders always having perfect information

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Correct Answer: Option A

Explanation:
Adverse selection in credit markets occurs when higher-risk borrowers are more eager to borrow at any given interest rate, so that the pool of applicants becomes riskier as the interest rate rises.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Most Favoured Nation' treatment under WTO implies:

A. Complete free trade without any rules

B. Higher tariffs for all members

C. Non-discriminatory treatment among all member countries

D. Preferential treatment to one country at the expense of others

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Correct Answer: Option C

Explanation:
The MFN principle requires that any trade advantage granted to one WTO member must be extended to all other members, ensuring non-discrimination.

This question belongs to: Economy GK Economy Set 1

Question #3

Net factor income from abroad is equal to:

A. exports minus imports

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

C. remittances received by India

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

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Correct Answer: Option D

Explanation:
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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