National Income and Economic Performance Quiz
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Questions and Answers

What is the modern economy primarily based on?

  • Socialist economy
  • Resource economy
  • Money economy (correct)
  • Barter system

    • What is Gross National Product (GNP) defined as?

  • Total income of the nation
  • Aggregate market value of all final goods and services produced (correct)
  • Aggregate income earned by all people from all sources
  • Flow of goods and services produced in an economy

    • How is national income of a country typically expressed?

  • In resource terms with reference to a time interval
  • In money terms with reference to a time interval (correct)
  • In labor terms with reference to a time interval
  • In barter terms with reference to a time interval

    • What does GDP stand for?

    <p>Gross Domestic Product</p> Signup and view all the answers

    What does NI stand for in the context of national income?

    <p>National Income</p> Signup and view all the answers

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