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(ii) Bounding

(iv) David Ricardo

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(b) When income increases, consumption;

(i) Increases

(ii) Decreases

(iii) Remains constant

(iv) None of these

(c) GDPMp is equal to:

(i) GDPpc + Net indirect tax

(ii) NDPrc + Indirect Tax

(iii) GDPpc – Subsidies

(iv) None of these

(d) At the equilibrium level of income:

(i) S = 1

(ii) S > 1

(iii) S < 1

(iv) None of these

(e) The value of APC before the break-even level of income is,

(i) > 1.

(ii) <1

(iii) = 1

(iv) = 0

(f) At the break-even level of income:

(i) Income = consumption

(ii) Income < consumption

(iii) Income > consumption

(iv) None of above

(g) GNPMp equal to:

(i) GDPMp + Net factor income from abroad

(ii) GDPMp – Net indirect taxes

(iii) NNPfc + Net factor income from abroad

(iv) None of these

(h) Net indirect tax is equal to:

(i) GNPMp – GDPMp

(ii) Indirect tax Subsidy

(iii) Indirect tax + Subsidy

(iv) None of these

(i) NNPMp is equal to:

(i) GDPMp + Net factor income from abroad

(ii) GNPMp – Depreciation

(iii) GNPMp + Depreciation

(iv) None of these

Answers:

(a) Prof. J. M. Keynes (b) increases (c) GDPFC + Net indirect taxes (d) S = 1 (e) > 1 (f) income = consumption (g) GDPMp + Net factor income from abroad (h) Indirect tax – Subsidy (i) GNPMP – Depreciation

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