Lakshya Education MCQs

Question: Own account production of services is not included in national income because:
Options:
A.Services are different from goods
B.Services are not productive
C.It is difficult to measure market value of such services
D.None of these
Answer: Option C
: C

Market value cannot be estimated for these services.

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More Questions on This Topic :

Question 1.  Household inventory is:
  1.    Not included in national income
  2.    A stock concept
  3.    Both (a) and (b)
  4.    None of these 
Answer: Option C
: C

Household inventory is a stock variable, and it is not included in national income.
Question 2. To which of the following factors of production does the payment of interest go to?
  1.    Land
  2.    Labour
  3.    Capital
  4.    Entrepreneurship
Answer: Option C
: C

Capital earns returns in the form of interest.
Question 3. Market price of the final goods and services (including depreciation) produced within the domestic territory of a country during an accounting year, is called :
  1.    GDP at market price
  2.    GNP at market price
  3.    GDP at factor cost
  4.    GNP at factor cost
Answer: Option A
: A

GDP refers to the total market value of all goods and services.

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