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13 Questions

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National Income Accounting Basics

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Questions and Answers

Who is the pioneer of the subject of economics mentioned in the text?

Karl Marx

Milton Friedman

Adam Smith (correct)

John Maynard Keynes

What are the three ways to calculate national income?

Production method, expenditure method, and income method

Product method, expenditure method, and income method (correct)

Production method, expenditure method, and wealth method

Product method, expenditure method, and wealth method

What are some of the central questions of economics mentioned in the text?

What generates the economic wealth of a nation, what makes countries rich or poor (correct)

How to distribute wealth, how to achieve economic equality, how to reduce poverty

How to calculate national income, how to reduce unemployment, how to control inflation

How to maximize profits, how to improve productivity, how to increase GDP

What does the economic well-being of a country depend on?

The transformation of natural resources through a production process Signup and view all the answers

In the modern economic setting, the flow of production arises out of the production of:

Commodities - goods and services by millions of enterprises Signup and view all the answers

What happens to the commodities after being produced?

They are purchased by consumers for final use Signup and view all the answers

What is an example of a final good?

Article of clothing produced from cloth Signup and view all the answers

Which entity might purchase goods or services for use in further production?

Enterprises for further production Signup and view all the answers

What is the primary factor determining the economic wealth or well-being of a country?

The use of natural resources in generating a flow of production Signup and view all the answers

What is the role of enterprises in the flow of production?

To produce commodities - goods and services Signup and view all the answers

What happens to a final good once it has been sold?

It passes out of the active economic flow Signup and view all the answers

What is meant by 'flow of production'?

The generation of income from commodity production Signup and view all the answers

What determines how economic wealth is generated from the possession of resources?

The transformation process Signup and view all the answers