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12th Economics Monthly Test - 1 ( National Income )

St. Britto Hr. Sec. School - Madurai

12th Economics Monthly Test - 1 ( National Income )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

The income method of calculating national income includes the income of the _________

farmers only
businessmen only
service sector only
factors of production

_________ is a measure of the total value of the goods and services produced in an economy fora year.

GNP
GDP
National income
Per capita income

National Income expressed in terms of money at _________ prices.

Constant Price
Market Price
Current Price
All the above

GDP Deflator is equal to________

\(\cfrac { (NominalGDP) }{ (NominalGDP) } \times 100\)
\(\cfrac { (RealGDP) }{ (NominalGDP) } \times 100\)
\(\cfrac { (NominalGNP) }{ (RealGNP) } \times 100\)
\(\cfrac { (NominalNDP) }{ (RealNDP) } \times 100\)

GDP= ___________

GDP at Market Price + Net factor income from abroad
GDP = \(\frac{Normal\ GDP}{Real\ GDP}\times100\)
GDP = GNP + Net factor income from abroad
All the above

Who first introduced the concept of circular flow of income?

William Petty
Adam Smith
David Ricardo
Fancois Quesnay

GNP at Market prices = GDP at Market Price+ __________.

Net Market Income
Net Factor Income from abroad
Botha' and 'b'
Personal Income

National income per person is used as an indicator of________.

standard ofliving of people
poverty of the people
the richness of people
growth of industrialisation

NNP stands for___________

Net National Product
National Net product
National Net Provident
National Net Provident

GNP includes __________ types of final goods and services.

Two
Four
Five
Three

__________ is measured by using three method.

National Income
Domestic Income
Per capita Income
Personal Income

Primary sector is ________

Industry
Trade
Agriculture
Construction.

The per capita income of an economy can be calculated by __________.

Dividing GDP by population
Dividing GNP by population
Multiplying GNP by population
Dividing GNP by number of people employed

The difference between NNP and NDP is _________

Depreciation
Current transfers from rest of the world
Indirect tax
Net factor income from abroad

Disposable Income does not include:

Excise duty paid
Income tax
Customs duty paid
None of the above

Part - B

Generic 2 - Answer All Question

Explain the four main categories of expenditures used in calculating GDP

Write the formula for Personal Income.

What is the difference between NNP and NDP?

Write a short note on Capital Gains.

Define GDP deflator

What is Gross Nation Product at Market Price (GNP_MP)?

What are the methods of measuring National Income?
Write the formula for calculating per capita income.

Define National Income.

Write the formula for calculating Market Price and factor cost

Give an example of how real GDP could be increased even though no more output is produced

What do you mean by Real Income?

Mention the examples of factor costs

What do you mean by Disposable Income?

What are Difficulties in assessing depreciation allowance?

Why social accounting is considered as most useful tool of national income calculation?

Part - C

Generic 3 - Answer All Question

What are the National Income identities?

List out the uses of national income

What are the items should not be included while estimating national income through income method?

What is Depreciation?
Write down the some of the statistical problems?

What is the solution to the problem of double counting in the estimation of national
income?

What are the steps involved in income method?

Explain briefly NNP at factor cost.

What is Output method? What is its major challenge?

What are the difficulties in measuring National Income?

Differentiate between personal and disposable income.

Part - D

Generic 5 - Answer All Question

Discuss the importance of social accounting in economic analysis

Explain the importance of national income

Discuss the methods of measuring the National Income by Product Method.

Explain the basic concepts of national income.
Discuss the method measuring the National Income by Income Method.

Discuss the Iimitations of National Income as an index of economic welfare.

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