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9. The consumption function shows the relationship between consumption and: Interest rates. Saving. Price level changes. Disposable income 10. At the point where the disposable income line intersects the consumption function, saving: equals consumption. b. equals disposable income. C. is less than zero. is equal to zero. 1. Autonomous consumption is consumption that: a. varies directly with disposable income. b. varies inversely with disposable income. c. is independent of the level of disposable income. d. is constant at first and then varies with disposable income. 12. Autonomous consumption is equal to the level of consumption associated with: unstable disposable income. positive disposable income. zero disposable income. negative disposable income. 65 |Page 13. Given the consumption function C = $100 billion + 0.75 ($300 billion), autonomous consumption is equal to: $100 billion. b. $225 billion. C. $300 billion. d. $325 billion. $400 billion. 14. That part of disposal income not spent on consumption is defined as: a. transitory disposable income. b. permanent disposable income. C. disposal income. autonomous consumption. e. saving. 15. If disposal income is $400 billion, autonomous consumption is $60 billion, and MPC is 0.8, what is the level of saving? a. $20 billion. b. $210 billion. c. $380 billion. d. $590 billion. c. $780 billion. 16. The marginal propensity to consume (MPC) is computed as the change in: a. consumption divided by the change in savings. b. consumption divided by the change in disposable personal income. c. consumption divided by the change in GDP. d. None of the above. 17. The marginal propensity to consume (MPC) is the slope of the: a GDP curve. b. disposable income curve. C. consumption function. d autonomous consumption curve. 18. The slope of the consumption function is called the: autonomous consumption rate. b. marginal consumption rate. average propensity to consume O C.1. The market value of all final goods and services produced within domestic territory of the country during a year is known as----.-- a. GDPMP b. GDPFC C. GNPMP d. GNPFC 2. The money value of all final goods and services produced in the domestic territory of a country during a year plus Net factor income from abroad is called- a. GDPMP b. GDPFC c. GNPMP d. GNPFC 3. The difference between the income received from abroad for rendering factor services by the normal residents of the country to the rest of the world and income paid for the factor services rendered by nonresidents in the domestic territory of a country is known as-- a. Net Factor Income from Abroad b. Capital Consumption Allowances c. Depreciation d. None of these. 4. The difference between indirect tax and subsidy is known as--....- a. Net Factor Income from Abroad b. Capital Consumption Allowances c. Depreciation d. Net Indirect Tax. 22 | Page 5. Net National Product at Factor Cost (NNPpc) is also known as-- a. Net Factor Income from Abroad b. National Income c. National cost d. Net Indirect Tax. 6. That part of personal income which is actually available to households for consumption and saving is called- a. National Disposable Income b. Personal Disposable Income c. Personal Income d. None. 7. Real and nominal income is calculated respectively at- a. Current price and Constant Price b. Constant price and Current price c. Current price and Current price d. Constant price and Constant price. 8. GDP Deflator is equal to- Real GDP a. Nominal GDP -x 100 b. -x 100 Real GDP Nominal GDP Nominal GNP C. -x 100 d. Nominal NDP -x 100 Real GNP Real NDP 9. Sum of all kinds of income received by the individuals from all sources is called- a. Personal Income b. Private Income c. Personal Disposable Income d. None 10. GNPMP is equal to a. GDPMP + NFIA b. GDPMP - NFIA c. GDPMP - D d. None1. An annual statement of the revenue and expenditure by the government is known as- A. Revenue budget: B. Budget; C. Capital budget; D. None of these. 2. Those inflows of money to the government account against which no liability of repayment is created, is called- A. Revenue receipts; B. Capital receipts; C. Revenue expenditure; D. Capital expenditure. 3. Those inflows of money to the government against which a liability of repayment devolves upon the government, is known as- A. Revenue receipts; B. Capital receipts; C. Revenue expenditure; D. Capital expenditure. 4. A statement relating to the revenue expenditure and revenue receipts of the government is known as- A. Revenue budget: B. Budget; C. Capital budget: D. None of these. A statement relating to the capital receipts and capital expenditure of the government is known as- A. Revenue budget: B. Budget: C. Capital budget: D. None of these. 6. A budget in which the receipts of the government exceed its expenditure is called- A. Surplus budget: B. Deficit budget: C. Balanced budget; D. None of the above. 7. A budget in which the receipts of the government fall short of its expenditure is known as- A. Surplus budget: 124 | Page B. Deficit budget; C. Balanced budget; D. None of the above. 8. A budget in which the receipts of the government are matched by its expenditure is known as- A. Surplus budget; B. Deficit budget: C. Balanced budget; D. None of the above. 9. When revenue expenditure of the government is greater than the revenue receipts, it is called- A. Budget deficit; B. Revenue deficit; C. Fiscal deficit; D. Monetized deficit. 10. When overall expenditure of the government is greater than the overall receipts, it is called- A. Budget deficit: B. Revenue deficit; C. Fiscal deficit; D. Monetized deficit. 1 1. The excess of overall expenditure over the sum of revenue receipts, and recoveries of loans is called- A. Budget deficit; O C.Write 7 for true and F for false statement given below: 1. Investment means the purchase of new machines, new buildings and other capital goods that add to the existing stocks of capital. 2. Expected profitability is the main motive for investment in private sector of the economy. 3. In public sector, these decisions are motivated by profitability in terms of surplus of social benefits over social costs. 4. If the MEC