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Questions and Answers
Which of the following best describes economic activities?
Which of the following best describes economic activities?
- Activities producing goods and services exchanged in market transactions (correct)
- Activities producing goods and services with no monetary value
- Activities producing goods with no market value
- Activities producing services exchanged through barter
What is the key characteristic of non-economic activities?
What is the key characteristic of non-economic activities?
- They produce goods and services with monetary value
- They are exchanged in market transactions
- They involve barter transactions
- They do not command any market value (correct)
Why is it important to express national income in monetary terms?
Why is it important to express national income in monetary terms?
- To compare goods and services produced in different countries
- To avoid double counting and measure the total value of production accurately (correct)
- To exclude all non-economic activities from the calculation
- To show the value of intermediate goods used in production
What type of goods are included in the calculation of national income?
What type of goods are included in the calculation of national income?
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How do intermediate goods differ from final goods?
How do intermediate goods differ from final goods?
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Why is it important to exclude intermediate goods from national income calculation?
Why is it important to exclude intermediate goods from national income calculation?
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Which statement accurately defines national income?
Which statement accurately defines national income?
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What happens if intermediate products are included in the calculation of national income?
What happens if intermediate products are included in the calculation of national income?
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"Which of the following is NOT a reason why National Income is expressed in monetary terms?"
"Which of the following is NOT a reason why National Income is expressed in monetary terms?"
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