Which of the following methods estimates national income by summing wages, rent, interest and profit? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following methods estimates national income by summing wages, rent, interest and profit?

A. Value added method

B. Expenditure method

C. Income method

D. Production method

Answer: Option C

Solution (By JKSSB Mock Tests)

The income method sums all factor incomes: wages, rent, interest and profit.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

Purchasing Power Parity theory states that exchange rates between currencies adjust to equalize:

A. inflation rates only

B. interest rates

C. government budget deficits

D. the purchasing power of currencies in terms of goods

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Purchasing Power Parity says exchange rates adjust so that identical goods cost the same in different currencies.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

Under a floating exchange rate system, a fall in the external value of a currency due to market forces is called:

A. revaluation

B. appreciation

C. depreciation

D. devaluation

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
A market-driven fall in the external value of a currency is called depreciation.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

The 'Goods and Services Tax' excludes which of the following from its purview?

A. Manufactured goods

B. Services

C. Imported goods

D. Alcoholic liquor for human consumption

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs