ECO442
Question: GDP at market price is GDP at factor cost pluss indirect business taxes less
Answer: subsidy
Question: intermediate consumption at factor cost = GDP at market price – depreciation + NFIA (net factor income from abroad) .
Answer: net indirect taxes
\”The MPC is constatnt at all levels of income. It is the MPC that tells us how much additional spending will be induced by each naira change in income\” This statement is credited to
Answer: J.M. Keynes
Question: The following consumption function represent C = 0.99Y
Answer: long run
Question: The is the ratio of change in consumption to the change in income which symbolically can be written as .
Answer: MPC ; î”C/i”Y
Question: The slope of the saving function is the .
Answer: MPS
Question: can be defined as the act of using goods and services to satisfy human wants. It refers to household’s expenditure on goods and services which yield utility in the current period
Answer: Consumption
Question: is the amount of income effectively received by the household sector
Answer: Personal income
Question: The concept of GDP at basic prices differs from the concept of GDP at — — in that the former includes net indirect taxes (indirect taxes less subsidies) attached to factors of production
Answer: factor costs
Question: Net indirect business tax is – less sibsidy
Answer: subsidy
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