Identify the major sectors in the domestic economy.

Which of the following statements are incorrect ?

(A) Circular flow of income does not take place in a closed economy.

(B) Real flow consists of flow of factor services from households to firms.

(C) In a two-sector economy, total production is always equal to total consumption.

(D) Money flow consists of flow of factor payments from households to firms.

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Arrange the following operations in a sequential manner in order to calculate $NNP_{FC}$ from $GDP_{MP}$

A. $GDP_{MP}$ - Net Indirect Taxes

B. $NDP_{FC}$ + Net Factor Income From Abroad

C. $GDP_{FC}$ - Depreciation

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The well-being and wealth of the economy may not resonate only with possession of resources. It should ....................

A firm produces Rs 500 worth of goods per year, Rs 80 is the value of intermediate goods used by it during the year and Rs 30 is the value of capital consumption. What is the net value added per year?

Which statement is not related to the inventory.

Which of the following statements is true?

(A) Gross domestic income is a subset of national income.

(B) Corporate profit tax is a factor in income earned by the government.

(C) The production of wheat by a farmer retained by himself for his self-consumption will be included in the national income of the country.

(D) All capital goods are producer goods, but all producer goods are not necessarily capital goods.

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