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CUET Economics 2025 PYQs22 May Shift 2. Free, no login required.

Macro

past year questions, CUET Economics 2025 22 May Shift 2

National Income

past year questions, Macro, CUET Economics 2025 22 May Shift 2

Medium

Match List-I with List-II

List-IList-II
(A) GDP_MP(I) NNP_FC + NIT
(B) GDP_FC(II) NNP_MP - NIT
(C) NNP_MP(III) GDP_FC + NIT
(D) NNP_FC(IV) GDP_MP - NIT

Choose the correct answer from the options given below:

Solution

✅ Correct Option: 4

Option 4: (A) - (III), (B) - (IV), (C) - (I), (D) - (II) -> In national income accounting, the relationship between market prices (MP) and factor cost (FC) is bridged by Net Indirect Taxes (NIT = Indirect Taxes - Subsidies). The key formulas are:

• GDP_MP = GDP_FC + NIT (adding NIT converts FC to MP)

• GDP_FC = GDP_MP - NIT (subtracting NIT converts MP to FC)

• NNP_MP = NNP_FC + NIT (same logic applies to NNP)

• NNP_FC = NNP_MP - NIT

Therefore: (A) matches (III), (B) matches (IV), (C) matches (I), and (D) matches (II). Market prices include indirect taxes, while factor cost represents actual payments to factors of production. -> correct

Related questions:

2025: 26 May Shift 2

Which of the following statements is true?

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(B) Corporate profit tax is a factor in income earned by the government.

(C) The production of wheat by a farmer retained by himself for his self-consumption will be included in the national income of the country.

(D) All capital goods are producer goods, but all producer goods are not necessarily capital goods.

Choose the correct answer from the options given below:

2025: 22 May Shift 1

Steel sheets are used for making automobiles and copper used for making utensils, what type of goods are these (Steel and Copper)?

2022: 19 July Shift 2

Which out of the following are intermediate goods ?

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(C) Furniture purchased by school

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2026: 21 May Shift 2

An economy produces two goods, bread and wheat. A representative consumer buys 10 units of bread and 50 kg of wheat in a year. In the year 2023 the price of per bread was Rs 20 and wheat per kg was Rs 40. Suppose the price of both goods has gone up to Rs. 30 per bread and Rs. 50/kg wheat in the year 2024. Calculate the Consumer Price Index (CPI).

2026: 15 May Shift 1

The Central Statistics Office (CSO) of the Government of India has been reporting the GDP at factor cost and at market prices. In its revision in January, 2015 the CSO replaced GDP at factor cost with __________

2022: 15 July Shift 2

Which of the following explains the concept of depreciation:

A. An annual allowance for wear and tear of a capital good.

B. The capital good gradually used up in each year's production process.

C. Cost of replacement of a capital good due to an accident.

D. Fall in the value of fixed asset due to unexpected change in technology.

E. Cost of the good divided by number of years of its useful life.

Choose the correct answer from the options given below:

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