There have been a series of rounds of negotiations between the signatories of GATT designed to reduce trade barriers on a multilateral basis. The first round took place in 1947. Which round came to be known as Kennedy Round?

NI = NE is an:

A. Equation

B. Identity

C. Function

D. None of these

Per capita income is:

A. Income per worker

B. Income per head

C. Income per household

D. Income per industrial unit

If indirect taxes are deducted from NNP and subsidies are added, we achieve:

A. Personal savings

B. DPI

C. NI

D. Per capita income

Transfer payments are not included in national income because:

A. Such payments are made to persons living abroad

B. Double counting would result

C. They are illegal

D. There is no method to account for these

To determine the correct level of GNP, it is necessary to:

A. Add up the values of goods and services during one year

B. Add up all savings

C. Count all imports

D. Add up the value of semi finished goods