National Income Quiz


National Income QuizVersión en línea Key concepts of national income por Ade Sadi Maulana 1 What is the definition of National Income? a National Income is the sum of all government expenditures in a year. b National Income is the total income received by all members of a society within a country over a period of time, usually one year. c National Income is the total tax revenue collected by the government in a year. d National Income is the total production value of all goods and services produced by a country's residents, within a year. 2 In terms of production, what does National Income represent? a National Income is the total wages paid to workers in a year. b National Income equals the total value of exports in a year. c National Income is the total value of consumer spending in a year. d National income represents the value of all production (goods and services) produced by all members of society in a given period, usually one year. 3 What is the production formula for calculating National Income? a Y = P x Q b Y = C + I + G c Y = GDP + GNP d Y = (P x Q) + (W x L) 4 What are two methods to avoid double counting when calculating the value of national production? a 1. Sum of all intermediate goods. 2. Sum of all government spending. b 1. Use nominal values only. 2. Use real values only. c 1. Use market prices only. 2. Use tax revenue as a proxy. d 1. Calculated by final goods value. 2. Calculated by added value. 5 In an open economy, what is the formula for national income? a Y = X - M b Y = C + I + G c Y = C + I + G + X + M d Y = C + I + G + (X – M) 6 What does Net Factor Income to Abroad (F) represent in the context of GNP and GDP? a F is the total foreign direct investment in the country. b F is the depreciation of capital assets abroad. c F is the net income earned by residents from factors of production abroad minus income earned by foreigners from factors of production in the domestic economy. d F is the net import value of goods and services. 7 What is the relationship between GNP, GDP, and F? a GNP = GDP + Tax - Subsidy b GNP = GDP x F c GNP = GDP ± F (F can be positive or negative) d GDP = GNP ± F 8 What does NI stand for and how is it calculated? a NI stands for Net Income and is calculated as NI = GNP – Depreciation b NI stands for National Income and is calculated as NI = NNP – Pajak Tidak Langsung (Indirect Taxes) c NI stands for Net Income and is calculated as NI = PI – Transfer Payments d NI stands for National Income and is calculated as NI = GDP – Pajak Langsung 9 What is Disposable Income (Yd) and how is it calculated? a Yd = C + S and DI = PI – Pajak Langsung b Yd = C + I and DI = PI – Pajak Perseroan c Yd = G + T and DI = PI – Laba Ditahan d Yd = C + G and DI = PI – Social Security

1

What is the definition of National Income?

a

National Income is the sum of all government expenditures in a year.

b

National Income is the total income received by all members of a society within a country over a period of time, usually one year.

c

National Income is the total tax revenue collected by the government in a year.

d

National Income is the total production value of all goods and services produced by a country's residents, within a year.

2

In terms of production, what does National Income represent?

a

National Income is the total wages paid to workers in a year.

b

National Income equals the total value of exports in a year.

c

National Income is the total value of consumer spending in a year.

d

National income represents the value of all production (goods and services) produced by all members of society in a given period, usually one year.

3

What is the production formula for calculating National Income?

a

Y = P x Q

b

Y = C + I + G

c

Y = GDP + GNP

d

Y = (P x Q) + (W x L)

4

What are two methods to avoid double counting when calculating the value of national production?

a

1. Sum of all intermediate goods. 2. Sum of all government spending.

b

1. Use nominal values only. 2. Use real values only.

c

1. Use market prices only. 2. Use tax revenue as a proxy.

d

1. Calculated by final goods value. 2. Calculated by added value.

5

In an open economy, what is the formula for national income?

a

Y = X - M

b

Y = C + I + G

c

Y = C + I + G + X + M

d

Y = C + I + G + (X – M)

6

What does Net Factor Income to Abroad (F) represent in the context of GNP and GDP?

a

F is the total foreign direct investment in the country.

b

F is the depreciation of capital assets abroad.

c

F is the net income earned by residents from factors of production abroad minus income earned by foreigners from factors of production in the domestic economy.

d

F is the net import value of goods and services.

7

What is the relationship between GNP, GDP, and F?

a

GNP = GDP + Tax - Subsidy

b

GNP = GDP x F

c

GNP = GDP ± F (F can be positive or negative)

d

GDP = GNP ± F

8

What does NI stand for and how is it calculated?

a

NI stands for Net Income and is calculated as NI = GNP – Depreciation

b

NI stands for National Income and is calculated as NI = NNP – Pajak Tidak Langsung (Indirect Taxes)

c

NI stands for Net Income and is calculated as NI = PI – Transfer Payments

d

NI stands for National Income and is calculated as NI = GDP – Pajak Langsung

9

What is Disposable Income (Yd) and how is it calculated?

a

Yd = C + S and DI = PI – Pajak Langsung

b

Yd = C + I and DI = PI – Pajak Perseroan

c

Yd = G + T and DI = PI – Laba Ditahan

d

Yd = C + G and DI = PI – Social Security