Which of the following will increase the nominal value of national income?
High rate of inflation
Increase in the value of money
Increase in import
High rate of subsistence production
Correct answer is D
'Nominal' value of national income can be found by multiplying the quantity of output by the retail (market) price of this output. INcrease in the level of production, will increase the norminal value of national income which is the monetary value of outputs. But If demand increases at an unsustainable rate, resources become increasingly scarce, and firms will raise prices.
1%
7.5%
12.5%
20%
Correct answer is C
No explanation has been provided for this answer.
Money will serve as a standard of deferred payment if it is
Homogeneous
Durable
Easily recognized
Stable in value
Correct answer is D
Standard of deferred payment is a function of money. It is the function of being a widely accepted way to value a debt, thereby allowing goods and services to be acquired now and paid for in the future. For it to serve this purpose, it has to be able to retain its value overtime.
Co-operative societies formed to market the output of their members are called
Consumer's co-operative societies
Marketing co-operative societies
Credit and thrift co-operative societies
Producer's co-operative societies
Correct answer is B
Marketing Co-operatives: They are voluntary associations of producers formed with the objective of ensuring a steady market for the output of members. Marketing Co-operatives are especially suitable for marketing of agricultural products.
The long-run average cost curve is made up of several short-run
Marginal and average cost curves
Average cost curves
Average variable cost curves
Average variable and total cost curves
Correct answer is C
The long-run average cost (LRAC) curve shows the firm's lowest cost per unit at each level of output, assuming that all factors of production are variable. The LRAC curve assumes that the firm has chosen the optimal factor mix, as described in the previous section, for producing any level of output.