219) National income at market-price in an economy in one year is equal to

The sum of wages, interest, rent and profit

National income at factor costs plus indirect taxes

The sum of all factor payments plus indirect taxes minus subsidies

Value of goods and services produced in a country

Answer is:

The sum of all factor payments plus indirect taxes minus subsidies

Employment of labour

Utilization of capital

Utilization of natural resources

Utilization of all the resources

Answer is:

Increases due to substitution effect

Increases due to income effect

Increases both due to substitution and income effect

Decreases due to both substitution and income effect

Answer is:

A. W. Phillips

J. M. Keynes

R. F. Kahn

Ernst Engel

Answer is:

The GDP deflator is equal to zero

The GDP deflator is equal to one

The GDP deflator is less than one

None of the above is correct

Answer is: