Part 7 Economics PI, PDI, PCI, GCF ,GDP By Md kashif hayat

1 Define personal income ?

Ans = It is the sum of all the incomes received by all the households during a given period say financial year. 

2 Mathematical formula for personal income is ?

Ans ,PI = NI + income received but not earned - income earned but not received

3 What is PDI define it ?

Ans = measures the after-tax income of persons and nonprofit corporations.

Or

 If the personal tax payments and Non tax payments are deducted from personal income PDI is obtained. 

4 Define mathematical formula for PDI ?

Ans = PI - Personal tax payments - Non tax payments 

5 What is the full form of PCI ?

Ans = Per capita income 

6 Define PCI ?

Ans = It is generally calculated by dividing the total national income ( GDP)  by total population.It serve as an indicator of a country's living standard. 

( Note = It is not the average income because it includes working and non working peoples and child.) 

7 Define GDP deflator/Implicit price deflater ?

Ans = The GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a financial year.

8 What is the mathematical formula for GDP price deflater ? 

Ans = GDP price deflater = ( Nominal GDP / Real GDP)*100

9 What is the full form of GCF ?

Ans = Gross Capital formation 

10 Define GCF ?

Ans = It is defined as the new investment addition to the fixed assets, plus the net change in inventions. 

Read More

Part 6 Economics Some important Organization and terms by Md kashif hayat

1 What is the full form of PI ?

Ans = Personal income 

2 What is the full form of PDI ?

Ans = Personal Disposable income 

3 What is the full form of PCI ? 

Ans = Per Capita income 

4 what is the full form of GCF ? 

Ans = Gross capital formation 

5 What is the full form of IFI ? 

Ans = international financial institution 

6 what is the full form of IBRD ? 

Ans = The international bank for reconstruction and development 

7 What is the full form of IDA ? 

Ans  = The international development association 

8 What is the full form of IFC? 

Ans = The international finance corporation 

9 What is the full form of MIGA ? 

Ans = The multilateral investment guarantee agency 

10 What is the full form of ICSID ? 

Ans = The international center for settlement of Investment disputes 

11 What is the full form of IMF ? 

Ans = International Monetary fund 

12 What is the full form of AIIB ?

Ans = Asian infrastructure investment bank 

13 What is the full form of ADB ? 

Ans = Asian Development Bank 

14 What is the full form of NDB ?

Ans = New development bank 🏦 

© Md kashif hayat 

Read More

Part 5 Economics NDP and NNP questions and answers Md kashif hayat

1 What is the full form of NDP? 

Ans = Net domestic products 

2 what is NDP? 

Ans = The net domestic product (NDP) equals the Gross Domestic product (GDP) minus depreciation  on a country's capital goods ( source Wikipedia) 

3 What is the mathematical formula for NDP? 

Ans =NDP= GDP - D 

4 Define depreciation in economics? 

Ans. Due to use or wear and tear when the monetary value of an assets decreases with passing time is known as depreciation. 

5 Define the full form of NNP? 

Ans = Net national product

6 What is NNP? 

Ans = The value of all finished Goods and services produced by a country's citizens in foreign territory and within the territory of own country is known as NNP. 

7 which term is technically treated as national income? 

Ans = NNP 

8 what is the mathematical formula for NNP? 

Ans = GNP - D ( depreciation) 

© Md kashif hayat 

Read More

Economy part 4 Important Question on NFFI

1 What is NFFI ? 

Ans = Difference between a nations  GNP-GDP

2 Which is calculated as the difference between the total amount that a country's citizens + company earn abroad, and the total sum of amount that the foreign citizens +companies Eran in the country 

Ans = NFFI 

3 what is the full form of NFFI?  

Ans = Net foreign factor income 

4 In mathetical term NFFI? 

Ans= NFFI = GNP-GDP. 

5 What is the full form of BEA? 

Ans = Bureau of economic analysis 

© Md kashif hayat 

Read More

Economy part 3 Important questions on GNP by Md kashif hayat

1.What is the full form of GNP? 

Ans= Gross National Product

2 How can GNP be calculated? 

Ans= It can be calculated by the total value of all the final products and services produced in a given period by a countrys resident. 

3 What is Net Exports? 

Ans= It is the difference between what a country exports ( X) - any imports ( M) of goods and services produced within a financial year. 

Note = GNP is final Goods produced by the citizen of a country irrespective of where they produced. 

4 Define the formula of GNP? 

Ans= GNP=GDP+NFFI ( X-M)  

here, X = Income from abroad, M= foreigners income from India 

NFFI = Net foreign factor income 

5 Define NFFI? 

Ans = it is the difference between a nations GNP and GDP 

© md kashif hayat 

Read More

part 2 Important economy Questions and answers on GDP by Md kashif hayat

1 Define GDP 

Ans = It is the market value of all final goods and services produced within a financial year by factors of production located within a country, or simply total market values of country output. 

2 How can GDP be estimated? 

Ans = GDP can be estimated at both factor cost and market price. 

3 What is factor cost? 

Ans= It is the price of commodity from producer side. 

4 What is market price? 

Ans = When indirect taxes imposed on commodity it is called market price. 

5 Define the formula of factor cost? 

Ans = FACTOR COST = MARKET COST + SUBSIDIES - INDIRECT TAXES 

6 define the formula for Market cost? 

Ans = FACTOR COST - SUBSIDIES + INDIRECT TAXES 

7 Define the formula for GDP? 

Ans = GDP = C ( consumption expenditure of households)  + GI ( gross investment by firms)  + G ( Government expenditure)  + ( X-M)  ( Value of exports - value of imports) 

or GDP=C+GI+G+(X-M) 

© Md kashif hayat 

Read More

10 Important economy mcq on National income part 1 Md kashif hayat

1 Financial year start and end on? 

Ans = 1 April to 31st March 

2 Which is used to measure the size of economy and level of country's economic performance. 

Ans = National income 

3 Which is used to make international comparison of people's living standerds? 

Ans = National income 

4 Important methods for calculating national Income is? 

Ans= GDP, GNP, NDP, PDI

5 Total money value of all final goods and services produced in a financial year is known as? 

Ans = National income

All rights reserved © Md kashif hayat 

Read More