Which of the following statements is incorrect?
A. The essence of balanced growth is that the economy should advance at a steady rate with savings equal to investment
B. The thesis of development with unlimited supplies of labour was originally formulated by R. Nurkse
C. The capital-output ratio is the inverse of the annual rate of return on productivity of capital
D. E.D. Domar assumed that full employment of labour and capital occurred simulataneously
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