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12th Economics Monthly Test - 2 ( National Income )

St. Britto Hr. Sec. School - Madurai

12th Economics Monthly Test - 2 ( National Income )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Disposable Income does not include:

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

In case of transfer payments of nation income, expenditures towards payment incurred by the government like old age pension…………..?

should be included
should not be included
both
none

Match the correct codes

1 GNP i FC + Indirect Taxes - Subsidies

2 X-M ii MP - Indirect Taxes + Subsidies

3 MP iii C + I + G + (X-M)

4 FC iv Net exports

(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

Assertion (A) :Double counting is to be avoided under value added method.
Reason (R) :Any commodity which is either raw material or intermediate good for the final production should not be included.

Both A and R are true and R is the correct explanation of A.
Both A and R are true but R is not the correct explanation of A
A is true but R is false
A is false but R is true.

_________ provides the social goods like public health and education etc.

Private
Government
Unorganised sector
None of these

The difference between NNP and NDP is _________

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

Find the incorrect match

Firms - Productive Activities
Households - Employment generation
Government - Public bodies
Capital sector - Savings and Investment

Income earned through illegal activities are __________.

gambling and smuggling
illicit extraction of liquor
gambling
All of these

GNP_MP is equal to

GDP_MP + NFIA
GDP_MP - NFIA
GDP_MP – D
None

Personal income is derived from national income by_________.undistributed corporate profit, and employees’ contributions to social security schemes and adding transfer payment.

adding
deducting
multiplying
subtracting

__________ is not the correct indicator for the living standards of the people.

Per capita income
National income
Both
None of the above

Find the incorrect one in the context of Income from illegal activities

gambling
arbitration
smuggling
illicit extraction of liquor

GNP includes __________ types of final goods and services.

Two
Four
Five
Three

Who was the Nobel laureate first introduced the concept of national income?

Quasney
Keynes
Simon Kuznets
Adam Smith

In _______ method, the measures of GDP are calculated for adding total value of output produced by all activities during a year.

Expenditure
Income
Product
All the above

Part - B

Generic 2 - Answer All Question

Mention the sector divided in social accounting method

What are the methods of measuring National Income?
What is Gross Domestic Product?

Mention the examples of factor costs

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

Define National Income.

What is Simple circular flow?

Trace the relationship between GNP and NNP

Part - C

Generic 3 - Answer All Question

Write a note on social account method of national income

Give short note on Expenditure method

What is Depreciation?
What are the difficulties in measuring National Income?

Why does depreciation is added to national income to calculate GDP when using the income approach but do not do so when using the expenditure approach?

Write briefly about national income and welfare

What is Per capita income?

List out the uses of national income

Part - D

Generic 5 - Answer All Question

Discuss the importance of social accounting in economic analysis

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

Explain the basic concepts of national income.
Discuss the Iimitations of National Income as an index of economic welfare.

Discuss the various methods of estimating the national income of a country

Discuss the method measuring the National Income by Income Method.

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