Natural Resources And The Environment Toward Sustainable Development(Economics ) Questions and Answers

Question 1. UK GDP would exclude which of the following ?
  1.    Lawyer services purchased by a home buyer
  2.    The purchase of a new Nissan produced in Sunderland
  3.    Copper purchased by tap manufacturer Bristan
  4.    A new art gallery purchased by the city of Newcastle
  5.    Lawn care services purchased by a home owner.
Explanation:-
Answer: Option C. -> Copper purchased by tap manufacturer Bristan
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 2. Real GDP is measured in __________ prices while nominal GDP is measured in _________ prices?
  1.    foreign; domestic
  2.    current year; base year
  3.    domestic; foreign
  4.    base year; current year
  5.    intermediate; final
Explanation:-
Answer: Option D. -> base year; current year
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 3. Gross Domestic Product can be measured as the sum of ?
  1.    final goods and services intermediate goods, transfer payments, and rent
  2.    consumption investment government purchases and net exports
  3.    consumption transfer payments. wages and profits
  4.    Net National Product Gross National Product, and Disposable personal income
  5.    investment wages profits and intermediate production
Explanation:-
Answer: Option D. -> Net National Product Gross National Product, and Disposable personal income
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 4. If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ?
  1.    Rs50
  2.    Rs100
  3.    Rs650
  4.    Rs500
Explanation:-
Answer: Option D. -> Rs500
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 5. The value of plant and equipment worn out in the process of manufacturing goods and services is measured by ?
  1.    intermediate production
  2.    Net National Product
  3.    Investment
  4.    depreciation
  5.    consumption
Explanation:-
Answer: Option D. -> depreciation
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 6. Gross Domestic Product is the sum of the market value of the ?
  1.    intermediate goods
  2.    final goods and services
  3.    manufactured goods
  4.    inferior goods and services
  5.    normal goods and services
Explanation:-
Answer: Option B. -> final goods and services
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 7. The standard of living is often measured by ?
  1.    Real GDP per capita
  2.    Real GDP
  3.    Real GDP population
  4.    Real GDP plus depreciation
Explanation:-
Answer: Option A. -> Real GDP per capita
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 8. A higher GDP per capita may not means that the quality of life has really improved because ?
  1.    It measures wealth not income
  2.    It measures Gross Domestic Product
  3.    It does not measure the quality of the items produced
  4.    It is only measured every five years:
Explanation:-
Answer: Option A. -> It measures wealth not income
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 9. In a boom ?
  1.    Surpluses are likely to occur:
  2.    Prices are likely to fall
  3.    Supply will increase immediately to match demand
  4.    Shortages may occur
Explanation:-
Answer: Option C. -> Supply will increase immediately to match demand
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 10. To adjust from Gross National Product to Net National Product ?
  1.    Deduct depreciation
  2.    Deduct indirect taxes
  3.    Deduct subsidies
  4.    Add inflation
Explanation:-
Answer: Option C. -> Deduct subsidies
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
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