Economics MCQs For Lectureship CSS PMS And NTS Part IV

31 National income is a measure of what?

Payments made to factors of production

32 When a country is considered poor?

Less production of goods per capita

33 A country is also considered poor with

Less GNP per capita

34 What relation do Consumption and National Income have?

A functional relation

35 What is Macroeconomics?

Aggregate economic activity

36 What is a closed economy?

No international trade is concluded

37 When one or more persons are living in a joint family, in economics it called

Household

38 What is the largest type of income in Pakistan?

Compensation of employees

39 Can you define an open economy?

Interact with other economies

40 On whom corporate tax is levied?

Joint stock companies