Good is any tangible item, whether produced or found naturally and which is available for exchange. Free good is a good that is so abundant is supply that it has no opportunity cost, for example, air. Intermediary good is a firm’s product that is used as an input into the production process of either the same firm or another.

Correct Option: D

Good is any tangible item, whether produced or found naturally and which is available for exchange. Free good is a good that is so abundant is supply that it has no opportunity cost, for example, air. Intermediary good is a firm’s product that is used as an input into the production process of either the same firm or another.

Economic progress of a country is determined by increase in per capita income of people of that country.

Correct Option: A

Economic progress of a country is determined by increase in per capita income of people of that country.

Transfer payment refers to a payment made by a public authority other than one made in exchange for goods or service produced. Transfer payments are not part of the national income. Examples include Old age pensions, unemployment compensations, social security payments and child benefit.

Correct Option: D

Transfer payment refers to a payment made by a public authority other than one made in exchange for goods or service produced. Transfer payments are not part of the national income. Examples include Old age pensions, unemployment compensations, social security payments and child benefit.

Social Status is not a dimension of Human Development Index.

Correct Option: C

Social Status is not a dimension of Human Development Index.

National Income is the total value of all goods and services produced in the economy during a particular period of time.

Correct Option: A

National Income is the total value of all goods and services produced in the economy during a particular period of time.