National Income Quiz

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Key concepts of national income

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Ade Sadi Maulana

Indonesia

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National Income Quiz


National Income QuizOnline version Key concepts of national income by Ade Sadi Maulana 1 What is the definition of National Income? a National Income is the sum of all government expenditures in a year. b National Income is the total income received by all members of a society within a country over a period of time, usually one year. c National Income is the total tax revenue collected by the government in a year. d National Income is the total production value of all goods and services produced by a country's residents, within a year. 2 In terms of production, what does National Income represent? a National Income is the total wages paid to workers in a year. b National Income equals the total value of exports in a year. c National Income is the total value of consumer spending in a year. d National income represents the value of all production (goods and services) produced by all members of society in a given period, usually one year. 3 What is the production formula for calculating National Income? a Y = P x Q b Y = C + I + G c Y = GDP + GNP d Y = (P x Q) + (W x L) 4 What are two methods to avoid double counting when calculating the value of national production? a 1. Sum of all intermediate goods. 2. Sum of all government spending. b 1. Use nominal values only. 2. Use real values only. c 1. Use market prices only. 2. Use tax revenue as a proxy. d 1. Calculated by final goods value. 2. Calculated by added value. 5 In an open economy, what is the formula for national income? a Y = X - M b Y = C + I + G c Y = C + I + G + X + M d Y = C + I + G + (X – M) 6 What does Net Factor Income to Abroad (F) represent in the context of GNP and GDP? a F is the total foreign direct investment in the country. b F is the depreciation of capital assets abroad. c F is the net income earned by residents from factors of production abroad minus income earned by foreigners from factors of production in the domestic economy. d F is the net import value of goods and services. 7 What is the relationship between GNP, GDP, and F? a GNP = GDP + Tax - Subsidy b GNP = GDP x F c GNP = GDP ± F (F can be positive or negative) d GDP = GNP ± F 8 What does NI stand for and how is it calculated? a NI stands for Net Income and is calculated as NI = GNP – Depreciation b NI stands for National Income and is calculated as NI = NNP – Pajak Tidak Langsung (Indirect Taxes) c NI stands for Net Income and is calculated as NI = PI – Transfer Payments d NI stands for National Income and is calculated as NI = GDP – Pajak Langsung 9 What is Disposable Income (Yd) and how is it calculated? a Yd = C + S and DI = PI – Pajak Langsung b Yd = C + I and DI = PI – Pajak Perseroan c Yd = G + T and DI = PI – Laba Ditahan d Yd = C + G and DI = PI – Social Security

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National Income Quiz

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About this activity

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Download the paper version to play

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National Income QuizOnline version

by Ade Sadi Maulana

What is the definition of National Income?

In terms of production, what does National Income represent?

What is the production formula for calculating National Income?

What are two methods to avoid double counting when calculating the value of national production?

In an open economy, what is the formula for national income?

What does Net Factor Income to Abroad (F) represent in the context of GNP and GDP?

What is the relationship between GNP, GDP, and F?

What does NI stand for and how is it calculated?

What is Disposable Income (Yd) and how is it calculated?