Q. 1. Illustrate what are the different measures of the National Income? Explain how this information is usually utilized and Illustrate what are the difficulties encountered in trying to accurately measure the National Income?
2. Illustrate what are the main determinants of the level of National Income? Elucidate the concept of the consumption function, verbally, graphically and mathematically. Explain how is equilibrium of the National Income attained?
3. Elucidate the role of the government in national income determination. Illustrate what is fiscal policy, Explain how does it impact economic activity?
4. Money is defined in terms of its functions, Elucidate Illustrate what this statement means. Illustrate what are the factors that determine the demand for and provide of money. Explain how is equilibrium attained in the money market?