Which of the following equation is appropriate for determining the Net Domestic Product (NDP)?
NDP = GNP - depreciation
NDP = GDP + Net Income from abroad
NDP = GDP - depreciation
NDP = GDP - Net Income from abroad
Correct answer is C
Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation and is calculated by subtracting depreciation from the gross domestic product (GDP).
The co-efficient of income elasticity of demand for inferior goods is
Positive
Equal to one
Less than one
Negative
Correct answer is D
A negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious substitutes.
Which of the following is not a concept in National Income Accounting?
Domestic National Products (DNP)
Gross National Product (GNP)
Gross Domestic Product (GDP)
Net Domestic Product (NDP)
Correct answer is A
There are various concepts of National Income, such as GDP, GNP, NNP, NI, PI, DI, and PCI which explain the facts of economic activities.
Domestic National Products is not a National Income Accounting concept.
The following are all factors determining the location of industry except
Minimum wage rate
Availability of labour
Nearness of raw materials
Proximity to the market
Correct answer is A
Factors that influence where an industry locates include:
- power supply.
- communications - including transport, telecommunications.
- labour supply - including workers with the right skills.
- access to market - where the goods are sold.
- grants and financial incentives - usually from governments.
- raw materials.
- This factors do not include minimum wage rate.
An arrangement of data in rows and columns is referred to as
Graph
Bar chart
Pie chart
Graph
Correct answer is D
A table is an arrangement of data in rows and columns. Tables are useful for various tasks such as presenting text information and numerical data.