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12th Economics Weekly Test - 1 ( National Income )

St. Britto Hr. Sec. School - Madurai

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

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Match the correct codes

1 Simon Kuznets i Creator of GDP

2. Disposal income ii consumption +saving

3. NNP at factor cost iii NNP at Market prices – Indirect taxes + Subsidies

4. Y iv w + r + i + π + (R-P)

(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) – (iv) (4) – (iii)

(i) Firms, (ii) Households, (iii) Government, (iv) Rest of the world and
(v) Capital sector. are diffe rent elements of ………………?

social accounting method
private accounting method
public accounting method
social accounting model

GDP by expenditure at ________ price.

Factor price
Market price
Real price
All the above

When net factor income from abroad is deducted from NNP, the net value is__________

Gross National Product
Disposable Income
Net Domestic Product
Personal Income

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)

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

Per capita income
National income
Both
None of the above

That part of personal income which is actually available to households for consumption and saving is called________

National Disposable Income
Personal Disposable Income
Personal Income
None

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

_________ 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

Which one of the following is not a macro economic variables

Input – Output ratio
Tax – GDP ratio
Current Account Deficit - GDP ratio
Fiscal Deficit - GDP ratio

Part - B

Generic 2 - Answer All Question

What is Gross National Product?

Explain what is meant by the concept of "value added" and how it can be used to calculate GDP.

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

Write a short note on Capital Gains.

What are unpaid services?
Write the basic concepts of national income.

Part - C

Generic 3 - Answer All Question

Give short note on Expenditure method

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?

What are the difficulties in measuring National Income?

What is Per capita income?
List out the uses of national income

Write a short note on per capita income

Part - D

Generic 5 - Answer All Question

Discuss the Iimitations of National Income as an index of economic welfare.
Discuss the method measuring the National Income by Income Method.

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

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

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