Page 330 - GMAT 2017b_Neatb

Marketing Test

MARKETING TEST

100 QUESTIONS
60 MINUTES

Each question has four suggested answers (A), (B), (C) and (D). Decide
which one is the best answer, and on the answer sheet find the question
number that corresponds to the answer of the answer that you have selected
and darken the are with a soft pencil.

1. The three phases of circular flow include (B) Services rendered by housewives.
(A) Consumption, production and disposition. (C) Incomes from different illegal activities.
(B) Production, consumption and disposition. (D) All of the above
(C) Production and self utilization of product.
(D) Consumption of goods on profits. 8. The income received by a person, from all sources in
the form of current transfer payments and factors
2. Which of the following is an important injection into income is called
the circular flow? (A) Private income
(A) Consumption (B) Personal income
(B) Investment (C) Personal disposable income
(C) Export (D) National income
(D) All of the above
9. The current replacement cost that refers to the
3. Increase in variable such as taxes and imports from the replacement of worn-out assets for the economy are
circular flow considered only on
(A) increases the economic activity. (A) Monthly basis
(B) reduces the economic activity. (B) Quarterly basis
(C) economic activity remain unaffected. (C) Semi-annually
(D) economic activity neutralizes. (D) Annually

4. The knowledge of structure of economy is provided by 10. Value of final output is equal to
(A) Real flows (A) Value of output - value of intermediate goods.
(B) Money flows (B) Value of output + value of intermediate goods.
(C) Circular flow (C) Value of output / value of intermediate goods.
(D) leakages (D) ½ (value of output - value of intermediate
goods)
5. The incomes that are not received as rewards for the
services are considered as 11. To avoid double counting, one can adopt
(A) Factor income (A) Final output method
(B) Transfer income (B) Value added method
(C) National income (C) Both final output and value added method.
(D) Domestic income (D) Neither final output nor value added method.

6. GDPMP differ from GDPPC as, the former includes 12. An economy has two firms X and Y. On the
(A) net direct taxes information below:
(B) net indirect taxes (I) Exports by firm X = 20 naira
(C) net direct minus indirect taxes (ii) Imports by firm Y = 50 naira
(D) does net include direct or indirect taxes. (iii) Sale by firm X = 90 naira
(iv) Sales to firm Y by X = 40 naira
7. Which of the following are not included in National (v) Sales to firm X by Y = 30 naira
income? The value added by firm A will be
(A) Sale and purchase of second hand goods. (A) 50 naira
(B) 70 naira
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