Question : Statement 1: Per capita income is calculated by dividing the total national income by the population.

Statement 2: Per capita income is an indicator of the average standard of living in a country.

 

Option 1: Statement 1 is true, and Statement 2 is false.

Option 2: Statement 1 is false, and Statement 2 is true.

Option 3: Both Statement 1 and Statement 2 are true.

Option 4: Both Statement 1 and Statement 2 are false.

Question : Assertion: The per capita income of a country is obtained by dividing the total national income by the population.

Reason: Per capita income represents the average income earned per person in a country.

Option 1: Both Assertion and Reason are true, and the Reason is the correct explanation of the Assertion.

Option 2: Both Assertion and Reason are true, but the Reason is not the correct explanation of the Assertion.

Option 3: Assertion is true, but the Reason is false.

Option 4: Assertion is false, but the Reason is true.

Question : Statement 1: National income is an important measure of a country's economic performance.

Statement 2: National income reflects the total value of goods and services produced within a country's borders during a specific period.

Option 1: Statement 1 is true, and Statement 2 is false.

Option 2: Statement 1 is false, and Statement 2 is true.

Option 3: Both Statement 1 and Statement 2 are true.

Option 4: Both Statement 1 and Statement 2 are false.

Question : Statement 1: The concept of price elasticity of demand measures the responsiveness of quantity demanded to changes in income.

Statement 2: Price elasticity of demand can be calculated by dividing the percentage change in quantity demanded by the percentage change in price.

Option 1: Statement 1 is true, and statement 2 is false.

Option 2: Statement 1 is false, and statement 2 is true.

Option 3: Both statement 1 and statement 2 are true.

Option 4: Both statement 1 and statement 2 are false.

Question : Statement 1: Personal Disposable Income (PDI) represents the income available to individuals for consumption and savings.

Statement 2: Personal Savings is calculated by subtracting personal taxes from personal income.

Option 1: Statement 1 is true, and Statement 2 is false.

Option 2: Statement 1 is false, and Statement 2 is true.

Option 3: Both Statement 1 and Statement 2 are true.

Option 4: Both Statement 1 and Statement 2 are false.

Question : Statement 1: Net National Product (NNP) represents the value of final goods and services produced by a country's residents during a specific period.

Statement 2: NNP is obtained by deducting depreciation from Gross National Product (GNP).

Option 1: Statement 1 is true, and Statement 2 is false.

Option 2: Statement 1 is false, and Statement 2 is true.

Option 3: Both Statement 1 and Statement 2 are true.

Option 4: Both Statement 1 and Statement 2 are false.