1marks Important questions of national income class 12th
Here i am sharing you 1marks questions of national income
Ques 1: what is meant by real Gross Domestic product?
Answer: beautiful true market value of the final goods and services produced within the domestic Territory of a country during a financial year, as estimated using the base year prices.
Ques 2:What is transfer payments?
Answer: transfer payment unilateral payments corresponding to which there is no value addition in the economy. Eg: gifts etc..
Ques 3: give an example of externalities which reduces welfare of the people.
Answer: activities which are reducing the welfare of people are considered as negative externalities. Example factories producing goods causing air and water pollution.
Ques 4: what is nominal Gross Domestic product?
Answer: it refers to the market value of final goods and services produced within the domestic Territory of a country during a financial year, as estimated using the current year prices.
Ques 5: define domestic product.
Answer: The sum total of all factor incomes generated during an accounting year within the domestic Territory of a country is termed as Domestic product or domestic income of a country.
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