Basic Concepts of Macroeconomics
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Transfer Payments are paymentsMarks:1
made without rendering any services.
Explanation:Unilateral payments made without rendering any services are called transfer payments. It is a one sided payment in which no productive services are rendered like old age pension, scholarship to students, aid received from foreign countries etc
Rent, wages, interest and profit together is calledMarks:1
Explanation:Payment made to a factor of production in return for rendering productive service is called factor payment or factor income.
Quantity measurable at a particular time is known asMarks:1
Explanation:Stock is quantity measurable at particular point of time. Opening stock is the stock of material with the entreprise at the beginning of the year and closing stock is the stock of goods at the closing of the year.
Goods bought for producing other goods are calledMarks:1
All goods that are produced for use in future for production processes are called capital goods, for example, tools, implements, plant, machinery etc.
Consumption, investment, exports in an economy areMarks:1
Consumption, investment and exports are the important injections in the circular flow.Injections leads to an increase in the process of production in the economy.