Practice Test


1) _________ income data represents the contribution made by different sectors.


2) Gifts and Pensions are called as ________ income.


3) While estimating the G.N.P., double ________ should be avoided.


4) N.I at ________ price is measured with the price level of the base year.


5) National income is a _________ concept.


6) N.N.P. at ________ cost is realized as the real national income.


7) Value of the services of house wives are _________ in National Income.


8) Rental value of the self-occupied house is _________ NI.


9) Direct taxes should be __________ for the estimation of NI.


10) Indirect taxes should be ___________ for the estimation of NI.


11) In the estimation of NI, the value of goods kept for self-consumption should be _______.


12) While estimating NI, an investment in shares should be ________.


13) While estimating NI, the profits of Public Enterprises should be ________.


14) While estimating NI, unpaid services or transfer incomes should be ________.


15) In India, income method or factor cost method is used for __________ sector.


16) The value added at each stage is added up in the ________ method.


17) _________ method estimates NI with reference to aggregate expenditure of a country.


18) _________ refers to the wear and tear of its capital equipments.


19) GNP = _________ + Depreciation.


20) While estimating NI, the net income from abroad should be __________.


21) National income is the study of _______ economics.


22) GNP and GDP are _________.


23) GNP - Depreciation we get ________.


24) To obtain National income _________ taxes should be included.


25) Expenditure method is ________ used to calculate National Income.


26) ______ method is commonly used in USA.


27) _________ approach gives more reliable data of National Income.


28) _______ income is excluded in the calculation of National Income.


29) As national income increases, consumption also increases but at ______ rate.


30) At the ______ point national income is equal to consumption.


31) When consumption expenditure is _______ than national income there is dis-saving.


32) In national expenditure, we include the expenditure on final demand for goods and services which generate _________ in the economy.


33) Only final expenditure is taken into account to aviod ________ counting.


34) National income at _______ price is mesured with the price level of the base year.


35) Income method is also known as ______ method.


36) _______ method of estimating national income is more popular in developed countries.


37) National income is measured _________.


38) GNP is equal to ________.


39) NNP at market price = GNP - ________.


40) ________ income is excluded in the calculation of national income.


41) _______ approach gives more reliable data of national income.


42) National income at factor cost does not include _______.


43) National income at market price does not include _________.


44) If exports exceed imports, the net income from abroad is _________.


45) National income measured at constant price is with reference to ________.


46) If imports exceeds exports, the net income from abroad is _________.


47) Marshall and Pigou adopted 'production' as the basis of estimation of National Income.


48) Irving Fisher's definition of NI adopted 'consumption' as the basis for its estimation.


49) Depreciation is also considered as the capital consumption.


50) NI at market price includes indirect taxes.


51) NI at constant prices is estimated on the basis of base year prices.


52) There is no chances of double counting while estimating the NI.


53) NNP includes depreciation cost.


54) Subsidies increase the price of a product in the market.


55) Expenditure method is the most popular method of estimating NI in India.


56) GNP is always greater than GDP.


57) NI is a concept of micro-economics.


58) Income from theft, smugglers, pickpocketers should be included in NI.


59) Transfer payments should not be included in NI.


60) Unpaid services should be included in NI.


61) ________ refers to money value of all the final goods and services produced by a country during a year.


62) National income helps the government to


63) Domestic territory includes


64) Domestic territory includes


65) Which of the following concepts of National income takes into consideration the geographical boundaries of a country, rather than the origin of the Factors of production?


66) Concepts like GDP, GNP, NNP, etc. are measured at


67) Measurement at market prices constitute


68) Measurement at Factor cost constitute


69) Which of the following constitute the reason for difference between market prices and Factor cost?


70) Which of the following equations is correct?


71) Which of the following equations is correct?


72) Indirect taxes minus subsidies is called


73) The difference between values at market prices and Factor cost is attributed to


74) If NNP figure is available at market prices, we will ___________ indirect taxes and _________ subsidies to the figure to get National income of the economy.


75) Concepts like GDP, GNP, NDP, NNP, etc. are measured at


76) When the value of output for each year is estimated on the basis of the prices prevailing in that year, it constitutes measurement at


77) When the value of output for each year is estimated on the basis of fixed prices, or prices prevailing at a earlier point of time or in some earlier base year, it constitutes measurement at


78) Measurement at current prices constitute


79) Measurement at constant prices constitute


80) __________ is the money value of all final goods and services produced in the Domestic territory of a country during an accounting year.


81) __________ is the measure of the market value of all final goods and services produced by Factors of production located within the boundaries of a country, during a specified period of time.


82) Net Domestic product (NDP) equals


83) Allowance given for using capital equipment for production is known as


84) Depreciation allowance is also called as


85) The difference between GNP and NNP equals


86) __________ is the sum of the gross Domestic product and net Factor incomes from abroad.


87) Net National product (NNP) equals


88) National income refers to ____________ at factor cost.


89) National income means


90) Net National Product at Factor cost can be calculated as


91) Which of the following statements regarding National income is true?


92) Which of the following statements regarding National income is false?


93) What is the usual effect of double counting on the National income?


94) If net factor income from abroad is positive, then which of the following is true?


95) If net factor income from abroad is zero, then which of the following is true?


96) If net factor income from abroad is negative, then which of the following is true?


97) If net factor income from abroad is positive, then which of the following is true?


98) If net factor income from abroad is zero, then which of the following is true?


99) If net factor income from abroad is negative, then which of the following is true?


100) GDP at market price less net indirect taxes equals


101) GDP at market price less depreciation equals


102) GDP at factor cost less depreciation equals


103) GDP at market price plus net Factor income from abroad equals


104) GDP at factor cost plus net factor income from abroad equals


105) GNP at market price less net indirect taxes equals


106) GNP at market price less depreciation equals


107) GNP at factor cost less depreciation equals


108) NDP at market price less net indirect taxes equals


109) NDP at market price plus net factor income from abroad equals


110) NDP at factor cost plus net factor income from abroad equals


111) Which of the following equations regarding GDP or GNP at market prices is true?


112) Which of the following equation is used to arrive at GNP at Factor cost?


113) ________ is the net flow of output produced in an economy, after adjusting the GNP by amount.


114) The difference between values at Domestic level and National level is attributed to


115) In the process of measuring the National income, the difference between National and Domestic product is known as


116) The Factor income earned by Domestic residents abroad is 500 and the Factor income earned by foreigners in the country is 600. If the GNP of the country is 6000, the GDP of the country is


117) From the following information compute GNP at market price. GDP at Factor cost = 3000, net Factor income abroad = 200, indirect taxes = 420, subsidies = 240


118) Raj an Indian citizen, is working for an Indian MNC in USA. The income earned by Raj is part of


119) The difference between gross values and net values is attributed to


120) NNP at MP = NNP at FC, when there is


121) GNP excludes


122) Which will increase GNP?


123) GNP - NNP =


124) National income at market prices, plus subsidies, but less indirect taxes is equal to which one of the following?


125) ____________ is the sum of all incomes actually received by individuals during a given year.


126) Personal income = private income minus = __________


127) __________ is the net amount available after meeting tax liabilities.


128) _____________ is the net amount available for consumption and savings.


129) Which of the following statements is not true?


130) Consumption of a particular good or service depends on various Factors such as weather, tastes and preferences of the customer availability of the product and its substitutes, etc. but consumption is primarily determined by


131) Which of the following fiscal policy instruments has a direct impact on people's disposable income?


132) In a simple economy, National income is


133) National income may be viewed as a


134) Which of the following is not, by definition, equal to National income?


135) National income may be computed under __________ Method.


136) The three methods of computing national income are


137) Which of the following is not an approach used to measure national income?


138) Product method focuses on measurement of national income at


139) Income method focuses on measurement of national income at


140) Expenditure method focuses on measurement of National income at


141) _________ method is suitable for measuring national income in the case of agricultural sector.


142) __________ method is suitable for measuring national income in the case of small scale sector.


143) ________ method is suitable for measuring national income in the case of construction sector.


144) _________ method is suitable for measuring national income in the case of developed countries where all persons file their income tax returns.


145) _________ method is also called value added method of computing national income.


146) The net values added method of measuring national income is also known as


147) The value added by a firm is equal to


148) Which of the following items are included in computing national income under product method?


149) In which of the following approaches is national income measured by calculating the total value of the final output of a country?


150) The annual flow of Factor earnings in the form of wages, rents, interest and profits accured from labour, land, capital and organization respectively are taken into account in which of the following approaches to measuring national income?


151) Which of the following items are included in computing national income under income method?


152) Which of the following items are not included in computing national income under income method?


153) Net value added is equal to


154) __________ refers to the income where the distinction between capital and labour is not possible, e.g. income of self-employed persons.


155) Mixed income of the self-employed means


156) Income method does not include


157) ___________ sectors have expenditure in the economy.


158) ___________ method of measuring national income aggregates all the money spent by private citizens, firms and the government within a given year.


159) __________ constitutes expenditure on consumer goods and services.


160) _________ constitutes expenditure on capital goods.


161) Which of the following is not included in gross investment?


162) Consumption expenditure is done by ___________ sectors of the economy.


163) Expenditure on defense is


164) Investment expenditure is done by ___________ sectors of the economy.


165) Which is not the major source of government saving?


166) Transfer payments refer to payments which are made


167) Which of the following is an example of a government transfer payment?


168) Identify the item which is not a Factor payment.


169) In computing national income under expenditure method, the expenditure on final goods and services produced ____________ is included.


170) In computing national income under expenditure method, the expenditure on ____________ is excluded.


171) In computing national income under expenditure method, government expenditure on pensions, scholarships, unemployment allowance, etc. is


172) Under expenditure method, consumption expenditure + net domestic investment + replacement expenditure equals


173) Under expenditure method, consumption expenditure + net domestic investment + net foreign


174) Under expenditure method, consumption expenditure + net domestic investment equals


175) Under expenditure method, consumption expenditure + net Domestic investment + net foreign investment equals


176) Which of the following relationship is true?


177) Net domestic expenditure is consumption expenditure plus


178) Which of the following economic policies by governments help maintain full employment and reasonable price stability in an economy?


179) If the government announces an investment subsidy, which of the following increases?


180) Per Capita National Income means


181) Which of the following is correct?


182) The task of national income estimation to India is entrusted to the


183) As per IDRA, 1951, small scale industry is one which has investment upto ________ crore in plant and machinery excluding land and building.


184) In case of enterprises engaged in rendering of services, a small enterprise is one where investment in__________is more than 10 lakhs but less than 2 crores".


185) The condition of persistent loss and erosion of net worth is known as:


186) Which of these is not a cause of industrial sickness?


187) ____________ was set up for rehabilitation of sick units.


188) Public investment is also known as ________.


189) Using High Yield variety (HYV) seeds is associated with:


190) The duration of 11th five year plan is:


191) Target growth for sixth five year plan is :


192) A second green revolution is needed to raise the growth rate of agriculture GDP to around


193) Bureau of Industrial and Financial Reconstruction (BIFR) started its work on


194) The term industrialization involves:


195) The principle task of the planning commission is to


196) The GINI Index for India in 2000-2010 was


197) The service sector in India now accounts for


198) In India, Agricultural contributes _____ of the country's GDP.


199) Which of the following were the major export items in the period immediately after Indian Independence?
1. Fruits, Vegetables & Dairy Products
2. Rice, Wheat & Bajra
3. Textiles, Jute & Tea
4. Computers, Software's & Mobiles
Select the correct answer from the options given below-


200) Substantial improvement in agricultural productivity was achieved through


201) Green revolution was commenced in year


202) Initially High Yield Varieties Programme (HYV(D) was restricted to five crops:
1. Rice
2. Wheat
3. Maize
4. Pulses
5. Sugarcane
6. Bajra
7. Tea
8. Jawar
9. Coffee
10. Cashew
Select the correct answer from the options given below


203) Which of the following type of land tenure system were prevailed in India at the time of independence?


204) Which of the following is not related to tenancy reform?


205) Imposing limits on the amount of agricultural land that a family can hold is called


206) Tourism is example of


207) Service sector contributes about of the country's GDP.


208) Which of the following is largest contribution of GDP in India?


209) GST was introduced in year


210) GST is ________


211) Which of the following taxes are included in price?


212) Which of the following are direct taxes?
I. Income tax
II. Goods & Service Tax
III Gift Tax
IV. Custom Duty
V. Wealth tax
Select the correct answer from the options given below:


213) Direct tax is _________ in nature.


214) Which of the following tax have been abolished?


215) Which of the following tax have been abolished?


216) Presently marginal rate of income tax is


217) GST is payable on


218) Under which of the following tax system, more tax is imposed on the lower income group?


219) Find the correct statement.


220) Which committee recommended simplification and rationalization of tax system in India?


221) Which of the following equation is correct?


222) GDP at factor cost = ___________


223) Net National Product (NN(D) equals


224) National income refers to _________ at Factor Cost.


225) National income differs from Net National Product at market price by the amount of


226) GDP at market prices = ________________


227) From the following date calculate the GNP at Market Price.
GDP at Factor Cost : 6,000
Net income from abroad : 400
Indirect Taxes : 840
Subsidies : 240


228) _________ is the net amount available for consumption and savings.


229) The production method of calculating national income is also known as


230) Census of population is done in India at an interval of


231) India has about _______ of the World's area.


232) India has less than __________ of the World's income.


233) Which State has the highest population?


234) Which year is known as "Year of Great Divide"?


235) In the "Year of Great Divide", there was a __________ growth rate in population.


236) In India, Sex ratio (2011) is


237) Which of the following State has most favourable sex ratio?


238) The ratio of female to male was lowest in


239) Which of the following State has highest literary rate?


240) As per theory of Demographic Transition, there are ________ stages in the population growth?


241) As per theory of Demographic Transition, in First Stage


242) As per theory of Demographic Transition, in Second Stage


243) As per theory of Demographic Transition, in Third Stage


244) India is passing through the phase of


245) ________ is used for measuring poverty in relative sense.


246) SJSRY stands for


247) __________ results in an increasing the purchasing power of people.


248) Which of the following may suffer due to inflation?


249) When more money chases relatively less quantity of goods and services it is called as


250) __________ refers to a situation where prices rises due to increase in factor costs.


251) The combined phenomenon of stagnation and inflation is called


252) Stagflation is _________


253) The inflation experienced in country at present is


254) Budget deficit is


255) The difference between the value of nation's visible exports and visible imports is called as


256) The economic variable which is measured at a given point of time is known as _____.


257) Continuous sectoral flow of goods and money in an economy is known as _____.


258) Continuous sectoral flow of goods and services in an economy is known as _____.


259) In a closed economy, firms depend on the households for the supply of _____.


260) Continuous sectoral flow of money in an economy is known as _____.


261) Identify flow variable from the following.


262) identify stock variable from the following.


263) Which of the following is best suited as an example of a normal resident of India?


264) _____ is the factor remuneration received by the households for providing their productive services to firms as workforce.


265) Which of the following correctly represents value at Market Price?


266) Which of the following correctly represents value at national income?


267) Out of the following, which is the only macroeconomic variable?


268) Which one of the following is not a part of macro economics?


269) Rate of increase in per capita income depends upon


270) A unit of TV is


271) Which one of the following is not a stock variable?


272) In a two-sector economy, the condition of equilibrium is:


273) Net national product at factor cost will generally be:


274) Subsidy implies


275) Which of the following activities is not included in the national income?


276) The responsibility of collecting data and preparing estimates relating to India's national income has been entrusted to the


277) Consumption expenditure + net domestic investment + net foreign investment equals.


278) Which of the following is included in the national income of an economy?


279) Which of the following does not constitute intermediate consumption?


280) GNP deflator is equal to


281) Domestic factor income does not consist of which one of the following?


282) Which of the following is a negative externality caused to you, if you have a public park next to your house?


283) Which among the following is a public good?


284) Items not included in the estimation of national income


285) Operating surplus includes


286) Dividend is a component of


287) Money value of final goods and services, measured at prices of base year


288) Following will be included in national income


289) A part of profits


290) Which of the following is included in domestic income?


291) Nature of GST is:


292) Undistributed profits are also known as:


293) Brokerage paid to the broker for sale and purchase of shares is included in national income because:


294) Purely financial transactions, not included in national income:


295) Which one out of the following is the best indicator of economic growth?


296) With a rise in real national income, welfare of the people:


297) Presently industrial licensing is not applicable for


298) 100% FDI is allowed in


299) Market price of the final goods and services (including depreciation) produced within the domestic territory of a country during an accounting year, is called:


300) National income is often estimated as:


301) Domestic product is equal to:


302) Net indirect taxes are estimated as:


303) Which of the following is not correct?


304) Which one is correct?


305) Basis of the difference between the concepts of market price and factor cost is:


306) Which one leads to factor cost?


307) Which one includes depreciation?


308) Which of the following is an example of normal residents of India?


309) National income includes:


310) Financial help to a victim is:


311) The difference between national income and domestic income is that of:


312) GNP at market price is measured as:


313) National income refers to:


314) Which of the following makes GDP an inappropriate index of welfare?


315) The impact of an externality is:


316) Real national income means:


317) GDP Deflator =


318) Household inventory is:


319) Remittances from a relative working abroad are:


320) Own account production of goods is included in national income because:


321) Value added refers to:


322) Gross domestic capital formation is the sum total of:


323) Value added method measures the contribution of which of the following within the domestic territory of a country?


324) Which of the following items is not included while estimating national income by income method?


325) Which of the following is not an element of final consumption expenditure?


326) As a result of double counting, national income is:


327) Which of the following is not Included in national income?


328) Which of the following is not a transfer payment?


329) Which of the following items is not included while estimating GNP of a country at market price?


330) Own account production of services is not included in national income because:


331) Difference between closing stock and opening stock during an accounting year is known as:


332) Compensation of employees includes:


333) Operating surplus =


334) Which of the following is not included in inventory investment?


335) Which of the following is not a part of final expenditure?


336) Problem of double counting can be avoided by using:


337) Which of the following is irrelevant in the estimation of compensation of employees?


338) Out of the following, which aggregate represents 'National Income'?


339) If factor income received from abroad is equal to factor income paid abroad, then which of the following is not a valid statement?


340) If economic subsidies are added to and indirect taxes are subtracted from the national income at market prices, then it will be equal to:


341) Which of the following is not a component of operating surplus?


342) In which type of economy, domestic income is equal to national income?


343) Domestic factor income is another name for:


344) Net domestic product at factor cost is less than national income when:


345) National Income is equal to:


346) If net national product is given at Market Prices, we indirect taxes and subsidies to get National Income of the economy.


347) "Almost all of the fourth quarter increase in GDP wound up as unsold inventory sitting on shelves." If it doesn't get sold, how could it get counted into GDP?


348) "The oil crisis caused U.S. oil companies' overseas profits to shoot up, producing jump in that could mislead policy-makers." The blank should be


349) "Suppose a new computer is invented that costs one-quarter of existing computers and performs as well. Now when GDP is calculated production of the same number of computers creates only one-quarter as much dollar output - GDP falls!"


350) "Homemakers often feel their work is taken for granted, and advocates in the women's movement argue that the statistical invisibility of homemakers' work has substantive policy implications." What is meant by "statistical invisibility" here?


351) "Experts keen on the concept of Green GDP have offered a variety of suggestions to make economic statistics more environmentally friendly." An example of such a suggestion is:


352) "He claimed that a better measure of Turkish national income could be obtained by including money sent back to their families by Turks living and working in Germany, something that is currently ignored in the national accounts." This income is


353) "Note that the percent change in the GDP deflator is being used as the measure of inflation rather than the more familiar CPI. The GDP deflator is a price index that samples, not just those paid by consumers." The blank should be


354) "The government insists that the CPI measures consumer prices, not the cost of living. But don't shoot the CPI - whether bringing good news or bad, it's the best messenger we've got." During a typical inflation


355) "The rapid development of computers makes it difficult to determine how much of the change in measured prices of computers is due to pure price change or due to the change in quality of the product. It is clear that the cost of obtaining a given amount of computing capability has been falling." If the national accounts statistician makes proper adjustments, this implies that computers should be causing the CPI to


356) "As best we can tell, responded the central bank governor, the center of the 2 percent inflation target, namely 1 percent, appears to correspond to genuine price stability once the various sources of bias in the CPI are allowed for." An example of bias in the CPI measure is that it


357) In the new official figures, compared to the old official figures, the 1987 number for real GDP is


358) In the new official figures, compared to the old official figures, the 1987 number for nominal GDP is


359) In the new official figures, compared to the old official figures, the 1987 number for the price index is


360) "The Commerce Department revised its estimate of real GDP to $3.877 trillion, up from the earlier estimate of $3.835 trillion. Before adjusting for inflation, GDP was $4.603 trillion, up from $4.523 trillion." The GDP deflator used for revised calculations is


361) Suppose that inventories fall by $2b, consumption increases by $8b, unemployment insurance payments decline by $4b and imports rise by $1b. Then measured GDP should rise by


362) From the data below, the official measure of GDP is Personal Consumption Expenditures 62.0; Depreciation 5.0; Indirect Business Taxes less Subsidies 1.0; Gross Private Domestic Investment 15.0; Exports 12.0; Government Purchases of Goods and Services 20.0 Government Transfer Payments 4.0; Imports 11.0


363) Suppose the sum of consumption, investment, and government spending is $620 billion, where investment includes involuntary inventory accumulation of $2 billion in addition to expenditure on plant and equipment, and government spending includes $5 billion interest payments on the national debt, $5 billion unemployment insurance payments, $10 billion social security payments, $2 billion in salaries to elected politicians, $14 billion in salaries to government employees and $25 billion expenditure on goods and services produced by the private sector. If we imported $3 billion more than we exported, measured GDP by the adding expenditures method is


364) If in 1992 nominal GDP is 600 and real GDP is 500, then the price index for 1992


365) If a typical market basket of goods and services cost $120 in 1975, the base year, and $180 in 1985, the price index in 1985 would be


366) If the price index is 120 in 1989 and 150 in 1990, what is the rate of inflation?


367) Suppose nominal GDP is $566 billion in 1986, $600 billion in 1987 and $642 billion in 1988. If 1986 is the base year, the price index is 105 in 1987, and real growth in 1988 is 3%, from this information, the price index in 1988 is


368) Suppose hamburgers cost $1.20 last year and $1.32 this year, and the overall price index (the GDP deflator) rose from 110 last year to 120 this year.


369) If in 1994 nominal GDP is 540 and real GDP is 500, the price index for 1994 is


370) Suppose the price index is 110 and a typical basket of goods and services costs $3,300. What would this typical basket have cost in the base year?


371) If the CPI changes from 110 in 1993 to 120 in 1994, what is the rate of inflation?


372) The CPI (base year 1987) for 1990 is 120, for 1991 is 125 and for 1992 is 130. If the base year is changed from 1987 to 1992, what does the CPI for 1990 become?


373) If GDP increases in nominal terms from $600 billion in 1994 to $780 billion in 1996 and the price index (1992=100) rises from 120 to 130, how much real growth (in 1992 dollars) in GDP occurred between 1994 and 1996?


374) 1996 income expressed in 1992 dollars is


375) 1996 income expressed in 1995 dollars is


376) Inflation during 1996 was


377) A reduction in inventory is


378) Which of the following is counted as investment in national income accounting?


379) Goods and services are valued at market prices when calculating GDP. Because the "outputs" of government are not sold, they have no market prices. In the actual calculation of GDP


380) That GDP tends to overstate a nation's economic well-being is illustrated by its treatment of which of the following


381) Which of the following will be added to GDP as conventionally calculated?


382) Which of the following raises measured GDP?


383) "But economists believe that one of the most important sources of bias in the CPI as a measure of the cost of living is when consumers shift their buying patterns in response to changing relative prices, buying ..." This clipping is best completed by


384) "Republicans are already eyeing changes to the inflation measure as a way to meet their goal of halving the budget deficit by 2002. The CPI is used to adjust social security and other benefits, and income-tax brackets, for inflation." The suggested changes will lower the deficit because measured inflation will be


385) "A series of methodological improvements to the Consumer Price Index that will continue into 1999 is expected to add about half a percentage point to measured productivity growth, raising the economy's sustainable rate of GDP growth from between 2 percent and 2.25 percent to between 2.5 percent and 2.75 percent." This will increase measured productivity growth because


386) "High demand in this year's economy caught producers unaware, forcing their inventories to absorb this demand." How does this inventory change appear in the GDP calculation when adding up all expenditures?


387) If the typical market basket of goods and services cost $400 in 1995, and the price index (base year 1992) for 1995 is 120, then if this same typical bundle cost $420 in 1996, the price index in 1996 would be


388) "The economists who set up GDP also established a number of rather arbitrary conventions to distinguish between investment and consumption components of GDP. Generally, goods and services purchased by households are treated as consumption expenditures, but purchases are a major exception to this rule and are included in the investment category of GDP." The blank is best filled with new


389) "Because pollution is a byproduct of many production processes, GDP accountants should adjust GDP but do not, causing GDP to economic welfare". The blanks are best filled with


390) Gross National Product equals:


391) Net National Product equals:


392) The standard of living is often measured by:


393) Real national income measures:


394) Which of the following statements is true about the circular flow?


395) GDP measures:


396) To adjust GDP from market prices to factor cost: