1. Which of the following items is NOT included in the calculation of national income? (A) Services (B) Wages (C) Corporate gifts (D) Incomes from the black market

2. An example of transfer payment is (A) payment of college tuition.

(B) an unemployment benefit.

(C) interest paid for a bank loan.

(D) payment for a leased car.

3. A television set purchased from a retail store is an example of (A) an intermediate good.

(B) a capital good.

(C) surplus good.

(D) final good.

4. Which of the following is NOT included in Gross Domestic Product (GDP) but is included in Gross National Product (GNP) of Malaysia?

(A) A German firm's production of BMW cars in Malaysia.

(B) Income of a Japanese engineer working in Malaysia.

(C) Economic activity of Malaysian citizens working abroad.

(D) An Indonesia-owned motel located in Malaysia

5. Which of the statements below is NOT a limitation of GDP?

(A) GDP does not include unpaid labor.

(B) GDP does not value leisure time. (C) GDP does not consider environmental degradation.

(D) GDP does not consider capital depreciation.