Practice Concepts Related To National Income (3)

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9 questions

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3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is GDP?
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Think about what is produced inside a country.
Question 2.
What does NDP account for?
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It’s about wear and tear of capital.
3Question 3.
What does GDP stand for?
- A) Gross Domestic Product
- B) Global Domestic Product
- C) General Domestic Product
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It focuses solely on domestic production.
4Question 4.
True or False: GNP is the total production only within the country's borders.
- True
- False
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Consider where the production takes place.
Question 5.
A country reported GDP of $2 trillion and a depreciation of $400 billion. Calculate NDP and explain its significance.
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Subtract depreciation from total production.
Question 6.
If a citizen has a Personal Income of $70,000 and their tax rate is 20%, what is their Disposable Income? Discuss how this could affect their consumption choices.
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Calculate taxes first to find the amount left.

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