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Questions and Answers
What is the modern economy primarily based on?
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?
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?
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?
What does GDP stand for?
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What does NI stand for in the context of national income?
What does NI stand for in the context of national income?
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