The 'Personal Income' of a country includes: MCQ with Answer and Explanation

The 'Personal Income' of a country includes:
A. transfer payments and factor incomes received by households
B. only wages
C. corporate profits retained
D. only indirect taxes
Answer: Option A
Solution (By JKSSB Mock Tests)
Personal income includes all incomes received by households, including transfer payments.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT a component of Gross Domestic Product (GDP) calculated by the expenditure method?
A. Private final consumption expenditure
B. Net factor income from abroad
C. Government final consumption expenditure
D. Gross fixed capital formation

Correct Answer: Option B


Explanation:
GDP by expenditure method includes private final consumption expenditure, government final consumption expenditure, gross fixed capital formation, and net exports. Net factor income from abroad is used to convert GDP into GNP, not a component of GDP itself.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Efficient Market Hypothesis' in its semi-strong form?
A. Prices do not reflect any information
B. Prices reflect all publicly available information
C. Prices reflect all information including private information
D. Prices reflect only past price information

Correct Answer: Option B


Explanation:
The semi-strong form of the efficient market hypothesis asserts that stock prices adjust rapidly to all publicly available information, so that neither technical nor fundamental analysis can yield abnormal returns.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'National Bamboo Mission' is related to:
A. wildlife conservation
B. fisheries development
C. silk production
D. promoting bamboo cultivation and industry

Correct Answer: Option D


Explanation:
National Bamboo Mission promotes bamboo cultivation, processing and marketing.

This question belongs to: Economy GK Economy Set 1