Tutorial 3

Please answer all the quiz below:

1. A four sector economy is referred as…
   A closed economy.
   An open economy.
   A simple economy.
   An injection.
   
   
2. Double counting (counting the same thing twice) in GDP is avoided by not including…
   Net exports.
   Intermediate goods.
   Illegal actives.
   Depreciation only.
   
   
3. The simplest form of the circular flow diagram has just two kinds economics institution:
   Government and households.
   Households and firms.
   Firms and government.
   Households and importers.
   
   
4. ‘The study of economy as a whole’ the statement is refer to…
   Microeconomics.
   Market structure.
   Macroeconomics.
   National income accounting.
   
   
5. The following methods are used to calculate national income EXCEPT…
   Expenditure method.
   Saving method.
   Income method.
   Output method.
   
   
6. Product approach is also known as…
   Value added approach.
   Income approach.
   Expenditure approach.
   Input approach.
   
   
7. The following items are components of expenditure approach except …
   Personel consumption.
   Net exports.
   Government spending.
   Personal income.
   
   
8. In calculating the national income, the construction of a sport stadium is classified as…
   A private consumption expenditure.
   A government expenditure.
   An investment expenditure.
   A business injection.
   
   
9. Capital consumption allowance refers to:
   Personal consumption expenditure.
   Indirect business taxes.
   Depreciation of capital equipment.
   Expenditure on capital equipment.
   
   
10. Which one of the following is a transfer payment?
    Payment to the police force.
    Indirect taxation.
    Students allowances.
    Allowances by companies for depreciation of equipment.
    

Thanks for your coorperation.. =)