Which of the following relations is true? Mark as favorite Copy Link GNP = GDP * Net factor income from abroad GNP = GDP - Net factor income from abroad GNP = GDP + Net factor income from abroad GNP = GDP / Net factor income from abroad Check Answer
A ________ occurs when a government’s total expenditures exceed the revenue that is generated, excluding money from borrowings? Mark as favorite Copy Link Current Account Deficit Budgetary Deficit Revenue Deficit Fiscal Deficit Check Answer
Name the Nobel Prize winning American economist whose report to the US Congress titled “National Income, 1929-35” paved the way for the calculation of Gross Domestic Product (GDP) as the ultimate measure of a country’s overall welfare? Mark as favorite Copy Link Paul Samuelson John Maynard Keynes Simon Kuznets Kenneth Arrow Check Answer
If there is a lack of money supply in comparison to the supply of goods and services, then the possible consequence would be _____? Mark as favorite Copy Link Hyperinflation Deflation Devaluation Inflation Check Answer
____ is the final value of all the finished goods and services produced within a country’s borders in a specific time period? Mark as favorite Copy Link Government revenue Net National Product Gross Domestic Product Gross National Product Check Answer
The aggregate value of goods and services produced in an economy can be calculated by three methods: income method, expenditure method and _____ method? Mark as favorite Copy Link spending product / value added deposit lending Check Answer
Which of the following best defines Net National Income? Mark as favorite Copy Link NDP – Depreciation GNP + Depreciation GDP – Depreciation GNP – Depreciation Check Answer
Which country was the first to implement Goods and Services Tax (GST)? Mark as favorite Copy Link France USA Germany Canada Check Answer
Tax reforms are concerned with the reforms in the government’s taxation and public expenditure policies, which are collectively known as its _____? Mark as favorite Copy Link fiscal reforms fiscal policy financial policy financial reforms Check Answer
Which of the following statements regarding Goods and Services Tax is INCORRECT? Mark as favorite Copy Link It has no Compliance Cost This eliminates the far-reaching effects of tax. It resolves disputes related to the classification of goods and services Goods and services tax will not be a cost for registered retailers, so there will be no hidden tax. Check Answer