Question

Complete the correlation.

1. Personal income : Micro economics :: National Income : ……….

2. Two sector economy : Household and business firms :: ………. : Households, Business firms, Government and Foreign sector

3. Three sector economy :Y=C + I + G:: Four sector economy : ……….

4. (X-M) : ………. :: (R-P) : difference between receipts and payment from abroad

5. ……….: GDP – Depreciation :: NNP : GNP – Depreciation

6. GNP : C + I + G + (X-M) + (R-P) :: ………. : GNP – (net fall in stock of natural capital + pollution load)

7. ………. : Value of final goods and service :: Value added approach : Difference between value of output and input

8. Output Method : Product Method :: ……. Outlay Method

9. ………. : Unpaid services :: Practical difficulty : Problem of double counting

Answer 1

1. Marco economics 

2. Four sector economy 

3. Y = C + I + G + (X-M) 

4. Difference between value of export and import 

5. NDP 

6. Green GNP 

7. Final goods approach 

8. Expenditure Method

9. Theoretical difficulty