Top 150+ Solved Macro Economics 1 MCQ Questions Answer
Q. Why do not the sale or purchase of used goods are not included in the GDP?
a. used goods have only limited life
b. used goods are not fresh production
c. used goods are included in the previous gdp calculations
d. all the above
Q. Inventories are unsold goods produced by a firm, then why do they are included in GDP?
a. inventories represent value
b. inventories add to the stock of the firm
c. they are purchases by the firm itself
d. all the above
Q. The value of ‘intermediate goods’ are excluded from GDP calculation because:
a. it will increase the gdp unduly
b. it results in multiple counting of same value
c. intermediate goods are not important
d. all the above
Q. Value added at each stage of production means:
a. value of output minus value of input
b. total value added by that stage
c. total value produced at that stage
d. all of the above
Q. Imputed value of good is added to the GDP because:
a. they indeed represent value
b. there is no market price for that
c. they increase consumption
d. none of the above
Q. GDP Deflator is also called as:
a. implicit cost deflator
b. gdp at factor cost
c. implicit wage deflator
d. implicit price deflator
Q. Personal Income includes:
a. dividend distributed
b. social insurance contributions
c. corporate profit
d. none of the above
Q. Disposable Income does not include:
a. excise dutypaid
b. income tax
c. customs dutypaid
d. none of theabove
Q. Investment is reckoned by which method for computing GDP:
a. income method
b. productmethod
c. expenditure method
d. value added method
Q. Adam Smith, the father of modern economic theory, defined economics as a subject,which is mainly concerned with the study of nature and causes of generation of
a. wealth
b. welfare
c. hipness
d. scarcity
Q. introduced the concept of welfare in the study of economics:
a. fischer
b. alfred marshall
c. j s mill
d. adam smith
Q. Who defined economics as: a science which studies human behavior as a relationshipbetween ends and scarce means which have alternative uses:
a. j b say
b. alfred marshall
c. david ricardo
d. robbins
Q. The problem of scarcity and choice making can be depicted using the tool of curve.
a. demand
b. isoquant
c. indifference
d. production possibility
Q. Macroeconomicsis primarily concerned with aggregates. Which of the following is nota macroeconomic aggregate?
a. decision making by a household
b. the unemployment rate, and inflation levels
c. national income
d. the supply of money