Macro

National Income

Medium

Which of the following statements are incorrect ?

(A) Circular flow of income does not take place in a closed economy.

(B) Real flow consists of flow of factor services from households to firms.

(C) In a two-sector economy, total production is always equal to total consumption.

(D) Money flow consists of flow of factor payments from households to firms.

Choose the correct answer from the options given below :

(A) and (B) only

(A), (B) and (C) only

(A) and (D) only

✅ Correct Option: 3

Statement A is incorrect because circular flow does occur in a closed economy (between households and firms). Statement D is incorrect because money flow of factor payments goes from firms to households, not households to firms. B and C are correct.

2022: 16 July Shift 2

If NNPMP=Rs. 5,330, indirect tax=Rs. 1,770 and consumption of fixed capital = Rs. 1,550 then GNPFC will be x. The value of x is.

2023: 20 June Shift 1

Calculate compensation of employees from the following items:

Items	Rs in Crores
Profit after tax	20
Interest	45
$GDP_{MP}$	200
Goods and service tax	10
Depreciation	50
Rent	25
Corporate tax	5

Choose the correct option.

2025: 22 May Shift 1

What is change in price?

2023: 29 May Shift 2

Match List I with List II

	LIST I		LIST II
A.	Product will not pass through further transformation	I.	Capital Good
B.	A product used as raw material or input for production	II.	Final Good
C.	The good which enables for production on process	III.	Consumer Good
D.	Goods purchased by ultimate consumer	IV.	Intermediate Goods

Choose the correct answer from the options given below:

2025: 13 May Shift 1

To measure consumer price index (CPI) which of the following years are taken into consideration?

(A) Current Year.

(B) Preceeding Year.

(D) Succeeding Year.

Choose the correct answer from the options given below:

2025: 3 June Shift 1

Arrange the following steps in calculation of national income, by income method in correct sequence.

(A) Add net factor income from abroad to arrive at national income.

(B) Estimate the factor income paid by each sector.

(D) Calculating domestic factor income.

Choose the correct answer from the options given below:

Solution

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CUET Economics Past Year Questions (Topic-Wise)