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Class Test on Economic Concepts

The document consists of a class test with multiple questions related to economics, including concepts such as net factor income from abroad, differences between final and intermediate goods, and the circular flow of income. It also includes a practical problem requiring calculations of value added by two firms and GNP based on provided data. The test assesses understanding of key economic principles and their applications.

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4 views1 page

Class Test on Economic Concepts

The document consists of a class test with multiple questions related to economics, including concepts such as net factor income from abroad, differences between final and intermediate goods, and the circular flow of income. It also includes a practical problem requiring calculations of value added by two firms and GNP based on provided data. The test assesses understanding of key economic principles and their applications.

Uploaded by

random232108
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

CLASS TEST : -2

1 WHAT IS THE NET FACTOR INCOME FROM ABROAD AND IT ‘S COMPONENT?

Q. 2 EXPLAIN THE DIFFERENCES BETWEEN FINAL GOODS AND INTERMEDIATE GOODS.

Q. 3 EXPLAIN THE DIFFERENCES BETWEEN FACTOR INCOME/PAYMENT AND TRANSFER

INCOME/PAYMENT.

Q.4 EXPLIAN THE DIFFERENCES BETWEEN STOCK AND FLOW.

Q.5 EXPLAINT THE CIRCULAR FLOW OF INCOME IN SECTOR ECONOMY.

Q.6 ON THE BASIS OF FOLLOWING DATA ABOUT AN ECONOMY WHICH CONSTITUTES ONLY TWO FIRMS.

CALCULATE a) VALUE ADDED BY FIRM A AND B, b) GNP at FC

1. SALES BY FIRM A= 100,

2. PURCHASES FROM FIRM B BY FIRM A =40,

3. PURCHASES FROM FIRM B BY FIRM B = 60,

4. SALES BY FIRM B = 200,

5. CLOSING STOCK OF A = 20,

[Link] STOCK OF B =35,

7. OPENING STOCK OF A = 25,

8. OPENING STOCK OF B =45,

9. INDIRECT TAX PAID BY BOTH THE FIRMS = 30,

10. FACTOR INCOME TO ABROAD = 25,

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