CUET Economics Macro > National Income PYQs

In a simple economy, the circular flow between firms and households in terms of factor payments and services also represents as.

When goods and services are evaluated at some constant set of prices, it can also be defined as.

The change in the inventory of a firm is treated as an investment. What are the major categories of investment? (A) Investment Expenditure. (B) Autonomous Investment. (C) Fixed Business Investment. (D) Residential Investment. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | | --- | --- | | (A) GNP$_{MP}$ - Depreciation | (I) NNP$_{MP}$ | | (B) GDP$_{MP}$ + NFIA | (II) GNP$_{MP}$ | | (C) NNP$_{MP}$ - Net Product Taxes - Net Production Taxes | (III) GDP$_{MP}$ | | (D) GVA$_{MP}$ | (IV) NNP$_{FC}$ | Choose the correct answer from the options given below:

Rahul buys $90 \text{ kg}$ of sugar and $5$ pairs of shoes in a year. In the year $2000$, the price of a $\text{kg}$ of sugar was $\text{Rs } 10$ and a pair of shoes was $\text{Rs } 100$. Now suppose the prices of a $\text{kg}$ of sugar and a pair of shoes have gone up to $\text{Rs } 15$ and $\text{Rs } 120$ in the year $2005$. What is the Consumer Price Index?

When nominal Gross Domestic Product is ₹840 crorer and price index is 120, then the Real Gross Domestic Product will be:

Identify the scenario which would lead to an increase in GDP, but might not necessarily improve overall welfare?

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. (C) Identify and classify the income generating units. (D) Calculating domestic factor income. Choose the correct answer from the options given below:

Which of the following is added in the estimation of national income?

Value added refers to which of the following?

Identify which of the following is not considered as 'Normal Resident' of India?

Arrange the following steps in the calculation of national income, by income method in correct sequence: (A) Add Net Factor from Abroad to arrive at National Income. (B) Estimate the factor income estimated by each sector. (C) Identify and classify the income-generating units. (D) Calculate domestic factor income. Choose the correct answer from the options given below:

Identify which of the following statements is incorrect with reference to an economy?

Identify the correct sequence with regard to externalities: (A) Leads to negative externalities. (B) Production by the refining industry pollutes nearby rivers. (C) Causes harm to people. (D) Dependent may loose their livelihood. Choose the correct answer from the options given below:

The value of nominal GDP is \$1100 and the value of real GDP is \$1000. Find the value of GDP deflator.

Which of the following are correct statements regarding Gross Domestic Product (GDP)? (A) GDP is a measure of the welfare of a country. (B) Real GDP is measured at current market prices. (C) Expenditure method estimate =Income Method estimate =Product Method estimate=GDP of a country. (D) Gross National Product at factor cost = GDP$_{MP}$ + Net factor income from abroad. Choose the correct answer from the options given below: 1. (A), (B) and (D) only 2. (A), (B) and (C) only 3. (A), (B), (C) and (D) 4. (B), (C) and (D) only

Which of the following constitutes as 'leakages' from the circular flow of income. (A) Domestic Savings. (B) Imports. (C) Outward Foreign Direct Investment. (D) Investment. Choose the correct answer from the options given below: 1. (A), (B) and (C) only 2. (A), (B), (C) and (D) 3. (B), (C) and (D) only 4. (A), (B) and (D) only

Whatever is left over is appropriated by the entrepreneur is called .................. 1. Profit. 2. Interest. 3. Subsidies. 4. Capital.

Addition to the stock of physical capital and changes in the inventory of a producer is known as: 1. Asset Appreciation. 2. Consumption. 3. Stock. 4. Investment.

Which of the following approach measures economic activity by adding the aggregate value of final goods and services newly produced in a nation during a fixed period of time?

From the following find the statements related to GDP and the welfare of the economy (A) The domestic services that women perform at home are considered in the calculation of GDP. (B) Harmful effects caused due to carbon emissions from factory production are not counted as GDP. (C) The rise in GDP may be concentrated in the hands of very few individuals or firms. (D) Higher levels of GDP always ensure higher welfare. Choose the correct answer from the options given below:

Which statement is not related to the inventory.

Match List-I with List-II | List-I | List-II | |---|---| | (A) Open Economy | (I) Equity and Bonds. | | (B) Financial Market | (II) Demand and supply of workforce. | | (C) Output Market | (III) Various economic avenues available. | | (D) Labor Market | (IV) Visible and Invisible Trade. | Choose the correct answer from the options given below:

Consider the following statement related to Aggregate Income (A) Aggregate revenue received by the firms is paid out to the factors of production it is considered as aggregate income. (B) Aggregate Income can be calculated by calculating the aggregate value of goods and services produced by the firms. (C) Income is being spent on the goods and services produced by the firms. It takes the form of aggregate expenditure received by firms. (D) Aggregate Income can not only be calculated through aggregate expenditure. There are other methods that exist. Which of the following combination of statements best explains the concept of Aggregate Income?

Consider the following statement Net Investment = Rs. 5 Cr. Gross Investment = Rs 7.73 Cr. Find the value of Depreciation

Consider the following data: Nominal GDP : 1900 Real GDP : 1300 What is the GDP deflator in the above conditions ?

The well-being and wealth of the economy may not resonate only with possession of resources. It should ....................

Which of the following includes replacement investment?

Which of the following makes GDP an inappropriate index of welfare? (A) Distribution of GDP. (B) Externalities. (C) Non-monetary exchanges. (D) Price Index. Choose the correct answer from the options given below:

Which of the following transaction is not included in national income?

Match List-I with List-II | List-I | List-II | |---|---| | (A) GDP at constant price | (i) known as Nominal GDP | | (B) GDP at current price | (ii) Increases only when there is increase in the quantum of output in the economy. | | (C) Welfare of the people | (III) known as earned income | | (D) Factor income | (IV) Measured in terms of the availability of goods and services | Choose the correct answer from the options given below:

Arrange the steps to calculate Net National Product at market Price by Income Method. (A) Identify and add factor Income (Rent, wages, interest and profit). (B) Add Net factor income from abroad. (C) Add Net Indirect Taxes. (D) Add mixed income of self-employed. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Capital consumption | (I) Value added | | (B) Part of raw material which gets used up | (II) Intermediate consumption | | (C) A stock variable | (III) Depriciation | | (D) A flow variable | (IV) Inventory | Choose the correct answer from the options given below:

Calculate the value of Real GDP for the year 2023 | Year | Output(units) | Market Price (in Rs) | |---|---|---| | 2022 | 150 | 10 | | 2023 | 200 | 20 |

Expenditure on the purchase of capital goods refers to ___________.

Identify the flow variable from the following:

Arrange the following statements in the context of the calculation of Gross National Product at Market price. (A) Add Net factor income from abroad. (B) Calculate values of output. (C) Determine sales for the country. (D) Deduct intermediate consumption. Choose the correct answer from the options given below:

Identify which of the following is not included while estimating national income?

Match List-I with List-II | List-I | List-II | |---|---| | (A) C + I + G + (X-M) + NFIA | (I) $GDP_{MP}$ | | (B) $GDP_{MP}$ - Depreciation | (II) Domestic Income | | (C) NDP MP - IT + Subsidies | (III) $NDP_{MP}$ | | (D) $NDP_{MP}$ + Depreciation | (IV) $GNP_{MP}$ | Choose the correct answer from the options given below:

It may be incorrect to treat GDP as an index of the welfare of the country for the following reasons. (A) Externalities. (B) Distribution of GDP is not uniform. (C) Monetary exchanges. (D) Non-monetary exchanges. Choose the correct answer from the options given below:

Identify which of the following statements is true about the final goods?

From the following, which will be included in the National Income?

Which of the following is a stock variable?

Which of the following goods undergo wear and tear, thus gradually replaced over time?

If in an economy value of Net factor Income from Abroad is 200 cores and the Factor Income to Abroad is 40 crores. Identify the value of Factor Income from Abroad.

Arrange the statements in sequence of GDP composition on the expenditure side as per the annual report, Reserve Bank of India. (A) Gross Domestic Investment. (B) Private Final Consumption Expenditure. (C) Government Final Consumption Expenditure. (D) Net Exports. Choose the correct answer from the options given below:

A firm produces Rs 1000 worth of goods per year. Rs 200 is the value of intermediate goods used by it during the year and Rs 100 is the value of capital consumption. What is the net value of total production?

The current transfers from the rest of the world such as gifts, aids, etc. are included in ________.

A country in the year 2000 produced 100 units of bread at price of Rs 10 per bread. GDP at current price was Rs 1,000. In 2001 the same country produced 110 units of bread at price Rs 15 per bread. What is the GDP deflator?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Not pass through any more stages of production or transformations | (I) Capital goods | | (B) Consumed when purchased by their ultimate consumers | (II) Intermediate goods | | (C) Gradually undergo wear and tear | (III) Final goods | | (D) Used by other producers as material inputs | (IV) Consumption goods | Choose the correct answer from the options given below:

Which government body is responsible for reporting GDP in India ? 1. Department of Revenue 2. Central Board of Direct Taxes 3. Central Statistics Office 4. Niti Ayog

Personal Disposable Income is? 1. The part of Aggregate Income which belongs to the household. 2. The part of Aggregate Income which belongs to the Government. 3. The part of Aggregate Income which belongs to the firm. 4. The part of Aggregate Income which belongs to the rest of the world.

Match List-I with List-II | List-I | List-II | |---|---| | (A) Real GDP | (I) Commodities traded in bulk. | | (B) Nominal GDP | (II) GDP evaluated at constant prices. | | (C) Consumer Price Index | (III) Commodities bought by representative consumers. | | (D) Wholesale Price Index | (IV) GDP evaluated at current market prices. | Choose the correct answer from the options given below: 1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) 2. (A) - (II), (B) - (IV), (C) - (III), (D) - (I) 3. (A) - (I), (B) - (IV), (C) - (III), (D) - (II) 4. (A) - (IV), (B) - (I), (C) - (III), (D) - (II)

Consider the following statement related to investment: (A) The common notion is that investment is using money to buy physical or financial assets. (B) From an economist's view, investment is capital formation. (C) While measuring the final output, the portion which comprises capital goods, is the Gross Investment of an Economy. (D) The common and economic view regarding investment does not make any difference. It is the same. Choose the correct answer from the options given below: 1. (A), (B) and (C) only 2. (A), (B) and (D) only 3. (A), (B), (C) and (D) 4. (B), (C) and (D) only

The basis of the difference in income and product method of National Income Accounting is best deciphered by which of the following? 1. Product method measures the aggregate value of final goods and services produced by all the firms. 2. Income method measures the sum total of consumption expenditure. 3. Product method refers to the final consumption expenditure on the goods and services produced by the firm. 4. Income method refers to the fixed cost of the goods and services produced by the firm.

Which of the following is correct regarding National Income Accounting ? 1. In order to compare the GDP figures of the same countries at different points of time, nominal GDP is used. 2. In order to compare the GDP figures of different countries, real GDP is used. 3. Flows are defined at a particular point of time. 4. Stocks are defined over a period of time.

This is the index of prices of a given basket of commodities which are bought by the representative customer. Two years under consideration are kept – one is the base year, the other is the current year. First, the cost of purchase of a given basket of commodities in the base year is calculated. Then the cost of purchase of the same basket in the current year is calculated. Then we express the latter as a percentage of the former. This index is called : 1. Customer Index Pricing 2. Consumer Index Pricing 3. Consumer Price Index 4. Customer Price Index

Gross Domestic Product at Market Price is the? 1. Gross Domestic Product at market price less net product taxes. 2. Market value of all final goods and services produced within a domestic territory of a country measured in a given financial year. 3. Expenditure to maintain the current GDP level. 4. Income earned by factors in the form of interest, profit, wages within the domestic territory of a country.

Which statements are true in terms of basic national income aggregates: (A) GNP at factor cost measures the value of output received by the factors of production belonging to a country in a year. (B) GDP is the market value of all intermediate goods and final goods and services produced within a domestic territory of a country measured in a year. (C) NDP at factor cost is the income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country. (D) GDP at factor cost is gross domestic product at market prices, less net product taxes. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) GVA at Market Prices | (I) GVA at basic prices - Net Production Taxes | | (B) GVA at basic prices | (II) NNPMP - Net Product Taxes - Net Production Taxes | | (C) GVA at factor cost | (III) GDP at market prices | | (D) National Income (NI) | (IV) GVAMP - Net Product Taxes | Choose the correct answer from the options given below:

An annual allowance for wear and tear of capital goods is defined as?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Non-monetary exchanges | (I) Can be positive or negative | | (B) Externalities | (II) Price Index | | (C) Per capita income | (III) Domestic services by housewives | | (D) GDP deflator | (IV) Total income/Population | Choose the correct answer from the options given below:

Which of the following are included while calculating national income by expenditure method? (A) Expenditure on single-use producer goods purchased by firms. (B) Expenditure incurred by a private trust running an orphanage on the education of the children. (C) Expenditure incurred by the government on building dams and bridges across the nation. (D) Expenditure by foreigners on the final goods produced in the country. Choose the correct answer from the options given below:

What is required to be subtracted from personal income in order to obtain personal disposable income?

The value of the nominal GNP of an economy was Rs 5000 crores in a particular year. The value of GNP of that country during the same year, evaluated at the prices of same base year, was Rs 6000 crores. What is the value of the GNP deflator of the year.

There are 2496 students in a school as on 1st April 2023. During the session, there were 186 new admissions whereas 43 students withdrew from the school. At the end of the session, there were 2539 students in the school, out of whom 1800 were boys and the rest were girls. In this case, which of the following figures represent a flow variable?

Which of the following statements is true? (A) Gross domestic income is a subset of national income. (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:

Identify the major sectors in the domestic economy.

Match List-I with List-II | List-I | List-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:

Arrange the following in correct sequence for calculating National Income. (A) Add Net Factor income from abaord. (B) Deduct value of Intermediate Goods. (C) Calculate the value of output. (D) Deduct Depreciation and NIT. Choose the correct answer from the options given below:

Identify the net contribution made by a firm from the following : Domestic sales + Export + Change in stock - value of intermediate consumption.

Let us say a firm produces Rs 100 worth of goods per year, Rs 20 is the value of intermediate goods used by it during the year and Rs 10 is the value of capital consumption. Calculate the Gross value added.

Which of the following indicate that the goods and services are evaluated at some constant set of prices ?

Nation Income – Undistributed profits – Net interest payments made by households – Corporate tax + Transfer payments to the households from the government and firms, is ______

Which of the following statements are true in macroeconomics? (A). GVA at factor costs + Net production taxes = GVA at basic prices. (B). GVA at basic prices + Net product taxes = GVA at market prices. (C). GNP ≡ GDP - Net factor income from abroad. (D). NNP ≡ GNP – Depreciation. Choose the correct answer from the options given below:

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

Match List-I with List-II | List-I | List-II | |---|---| | (A). Gross Domestic Product at Market Prices (GDPMP) | (I). C + I + G + (X - M) | | (B). Gross Domestic Product at Factor Cost (GDPFC) | (II). GDPMP - Depreciation | | (C). Net Domestic Product at Market Prices (NDPMP) | (III). GDPMP - Net Product Taxes | | (D). Net Domestic Product at Factor Cost (NDPFC) | (IV). NDPMP - Net Product Taxes - Net Production Taxes | Choose the correct answer from the options given below:

Which of the following are true about national income and related aggregates? (A) National income includes factor income earned from abroad but does not include factor income paid abroad. (B) Domestic income does not include factor income earned from abroad but includes factor income paid to abroad (C) Domestic income include both factor income earned from abroad and factor income paid to abroad (D) National income can never be smaller than domestic Income. Choose the correct answer from the options given below:

Arrange the following in order as per Income method of measuring national Income. (A) Classifying the production units into primary, secondary and tertiary sector on the basis of their occupational activities (B) Adding the net factor income from abroad. (C) Determination of domestic income. (D) Finding the factor payments made by each production unit and classifying it into compensation of employees, operating surplus and mixed income. Choose the correct answer from the options given below:

What is required to be added to Net National Product at market prices to obtain National Disposable Income?

Which of the following is not an intermediate good?

Which of the following are stock variable(s)? (A) Population (B) Capital formation (C) Number of students in a school (D) Change in inventories Choose the correct answer from the options given below:

If the National income of a country is ₹4000 million, the consumption of fixed capital is ₹200 million, Gross national product at market price is ₹5000 million and subsidies are ₹100 million, what will be the amount of Indirect taxes?

Match List-I with List-II | List-I | List-II | |---|---| | (A) GNP at Market price | (I) $GDP_{MP}$ + NFIA | | (B) GDP at Market price | (II) NI - Undistributed profits - Net interest payments made by households - Corporate tax + Transfer payments to the households from the government and firms | | (C) Personal income | (III) C + I + G + X - M | | (D) Private income | (IV) Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world | Choose the correct answer from the options given below:

Which of the following will be included in the domestic territory of India?

Identify the assumptions of the two - sector economy's circular flow of income. (A) There is no trade with other countries. (B) Households do not spend all their income. (C) There is no government. (D) Households do not save. Choose the correct answer from the options given below:

Suppose the GDP at market price of a country in a particular year was Rs 2,100 crores. Depreciation was Rs 50 crores. The value of Indirect taxes was Rs 250 crores, Subsidies was Rs 150 crores and National Income was Rs 1250 crores. Calculate the aggregate value of net factor income from abroad.

Which of the following correctly defines Gross National Product at Market Prices (GNPMP)?

If for a hypothetical economy, the Net National Product at Factor cost is Rs 3580 crore, Net Indirect Taxes are Rs 35 crore and Net Current Transfers from the Rest of the World are Rs 240 crore, then what will be the value of National Disposable Income?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Expenditure method | (I) Invetory investment | | (B) Income method | (II) GDP in the phase of disposition | | (C) Value added method | (III) GDP in the phase of distribution | | (D) Value of output - sales | (IV) GDP in the phase of production | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Capital formation | (I) Intermediate good | | (B) Money Supply | (II) Final good | | (C) Television purchased by a household | (III) Flow | | (D) Steel supply for car manufacturing | (IV) Stock | Choose the correct answer from the options given below:

Choose the correct operation which will be adopted to arrive at GDP$_{MP}$ from NNP$_{MP}$.

Any new addition to capital stock in an economy is measured by _________.

From the following, find the right sequence for measuring National Income by Value Added Method: (A) Subtract the value of depreciation and net indirect taxes and add net factor income from abroad to arrive at national income. (B) Estimate the sum total value of output in the primary, secondary and tertiary sectors in the economy. (C) Estimate the value added of each sector by subtracting intermediate consumption from the value of output for every sector. (D) Calculate gross value added as the sum of value added of the three sectors.

Identify the correct statement from the following.

Which of the following are used to estimate GDP by expenditure method? (A) The final consumption expenditure on the goods and services produced by the firm. (B) The expenditure that the government makes on the final goods and services produced by firm. (C) Compensation of employees. (D) The final investment expenditure Choose the correct answer from the options given below:

A farmer produces cotton in his farm and sells it to the yarn making firm at Rs 2500. The yarn making firm sells this yarn to the cloth mill for Rs 4000, who make cloth from it and this cloth is sold to a readymade garments factory for Rs 6500. The ready made garments factory sells the garments to the retailer for Rs 9000 and makes a profit of Rs 2000. Assuming that the farmer does not incur any intermediate cost, what will be total value added in the above process?

Match List-I with List-II | List–I | List–II | | --------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | (A) Gross Domestic Product at Market Prices (GDPₘₚ) | (I) All the economic output produced by a nation’s normal residents, whether they are located within the national boundary or abroad. | | (B) Net Domestic Product at Market Prices (NDPcₘₚ) | (II) Sum of income earned by all factors in the production in the form of wages, profits, rent and interest, etc., belonging to a country during a year. | | (C) Gross National Product at Market Prices (GNPₘₚ) | (III) All production done by the national residents or the non-residents in a country gets included, regardless of whether that production is owned by a local company or a foreign entity. | | (D) National Income (NI) | (IV) Income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country. Choose the correct answer from the options given below: |

Choose the correct statements: (A) Intermediate goods are used as raw materials or inputs for production of other commodities. (B) Consumer goods are consumed when purchased by their ultimate consumers. (C) Intermediate goods crossed production process boundary. (D) Capital goods have a durable character which are used in the production process.

Calculate the value of operating surplus from following: Wages and Salaries Rs 2,000 Rent Rs 1,000 Interest Rs 500 Employers contribution in social security scheme Rs 200 Royalty Rs 300 Profits Rs 200

Which of the following indicates the sum total of Net National Product at market prices and other current transfers from the rest of the world: 1. Private Income. 2. National Disposable Income. 3. Gross Value Added. 4. Transferred Income.

The domestic services performed by women at home are categorized as: 1. Non-monetary exchanges 2. Externalities 3. Personal services 4. Social services

Prices of a given basket of commodities which are bought by the representative consumer is indicated by which of the following? 1. Wholesale Price Index 2. Consumer Price Index 3. Market price 4. Commodity Price

There are two firms in an economy. Firm A gives Rs. 20 to the workers as wages, and keeps the remaining 30 as its profits. Similarly, firm B gives 60 as wages and keeps 90 as profits. Calculate GDP? 1. Rs. 200 2. Rs. 120 3. Rs. 50 4. Rs. 150

NNP at market prices – (Indirect taxes – Subsidies) = .............

Identify the concept which should be deducted from the value of gross investment in order to accommodate regular wear and tear of capital goods. 1. Investment. 2. Capital 3. Depreciation 4. Consumption goods

What are the main sources of demand in a closed economy? 1. Consumption, government spending, and domestic investment 2. Consumption, net exports and government spending 3. Consumption, government spending, domestic investment and net exports 4. Government spending, net exports and domestic investment

Arrange the following steps in sequence for estimating GNPMP in a particular year through the income method. (A) Adding consumption of fixed capital and Net Indirect Taxes. (B) Classify the economy into primary, secondary and tertiary sectors. (C) Estimation of Factor income within domestic territory. (D) Adding Net factor income from abroad.

The unsold finished goods, or semi-finished goods, or raw materials which a firm carries from one year to the next is a .....? 1. Flow and stock variable 2. Flow variable 3. Stock variable 4. Constant variable

Choose the correct statements from the following. (A) Capital goods are those goods which are bought not for meeting immediate need of the consumer but for producing other goods. (B) Households refer to the families or individuals who supply factors of production to the firms and which buy the goods and services from the firms (C) Consumer Price Index is the index of prices of a given basket of commodity which are bought by the representative consumer (D) Wholesale Price Index refers to the percentage change in the weighted average price level.

The benefits (or harms) a firm or an individual causes to another for which they are not paid (or penalized) is referred to as .........

Goods which are traded in large quantity and are not purchased by ordinary consumers. The price measure of such trading is known as .......

Addition to the stock of physical capital and changes in the inventory of a producer is known as .......

The ratio of nominal to real GDP refer to which economic concept?

Consumer Price Index (CPI) is measured by_______

Match List-I with List-II | List-I | List-II | |---|---| | (A) Net National Product at Market Prices (NNP_MP) | (I) GNP_MP - Net Product Taxes - Net Production Taxes | | (B) Gross National Product at Market Prices (GNP_MP) | (II) GDP at market prices | | (C) Gross National Product at Factor Cost (GNP_FC) | (III) GNP_MP - Depreciation | | (D) GVA at Market Prices | (IV) GDP_MP + NFIA | Choose the correct answer from the options given below:

What government planned for different economic activities is an application of which of the following?

Arrange the following steps of calculation of National income in sequence. (A) Deduction of intermediate cost (B) Estimation of value of output (C) Add net factor income from abroad (D) Deduction of depreciation and NIT Choose the correct answer from the options given below:

Arrange the following steps of estimation of National Income by income method in the proper sequence. (A) Identification and classification of producing firms. (B) Estimation of NDPFC (C) Estimation of NNPFC (D) Classification of factor Income. Choose the correct answer from the options given below:

When goods and services are evaluated at constant prices, the measured value is known as ........

Match List-I with List-II | List-I | List-II | | --- | --- | | (A) Gross Domestic Product at Market Price | (I) NDPMP - Net Product Taxes - Net Production Taxes | | (B) Net Domestic Product at Factor Cost | (II) GVA at basic prices - Net Production Taxes | | (C) GVA(Gross Value Added) at factor cost | (III) C+I+G+(X-M) | | (D) Gross National Product at Factor Cost | (IV) GNPMP - Net Product Taxes - Net Production Taxes | Choose the correct answer from the options given below:

The index of prices of a given basket of commodities which are bought by the representative consumer is known as :

To measure consumer price index (CPI) which of the following years are taken into consideration? (A) Current Year. (B) Preceeding Year. (C) Base Year. (D) Succeeding Year. Choose the correct answer from the options given below:

Identify the correct statement in the context of Circular Flow of Income in an economy

The value of Nominal GDP is USD 1100 and the value of Real GDP is USD 1000. Find the value of GDP deflator:

Nominal Interest Rate =

Calculate operating surplus from the following. | | | (Rs in Cr) | | --- | --- | --- | | a | Rent & Interest | 50 | | b | Bonus | 80 | | c | Profit After Tax | 30 | | d | Tax rate | 40% | Choose the correct option.

Match List I with List II | LIST I | LIST II | | --- | --- | | A. Stocks | I. Expected constant loss in value of a capital | | B. Flows | II. Unexpected destruction of capital | | C. Depreciation | III. Have time dimension | | D. Capital loss | IV. Do not have any time dimension | Choose the correct answer from the options given below:

Calculate the factor income from Abroad from the following. | | | (Rs in core) | | --- | --- | --- | | (a) | NNP at market price | 550 | | (b) | Net Indirect taxes | 30 | | (c) | NVA at factor cost | 540 | | (d) | Factor income to Abroad | 50 |

Identify the correct formula of calculating of domestic income by Expenditure Method.

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.

Net Indirect tax refers to :

If we deduct depreciation from $GNP_{mp}$ the measure of aggregate income that we obtain is called :

Match List - I with List - II. List - I | List - II (A) Indirect Tax | (I) GDP of India (B) Stock | (II) Corporate Tax (C) Flow | (III) Goods and Service Tax (D) Direct Tax | (IV) Natural Wealth of an Economy Choose the correct answer from the options given below :

Which of the following is a part of Domestic product of India ? (A) Gifts given by employer to his employees (B) Profits earned by branches of country's bank in other countries (C) Profits earned by foreign companies in India (D) Purchase of goods by foreign tourists Choose the correct answer from the options given below :

__________ refer to the benefits (or harms) a firm or an individual causes to another for which they are not paid (or penalised).

From the following data calculate net domestic product at factor cost. | S.No. | Item | Rs. crore | |-------|------|-----------| | (i) | Depreciation | 20 | | (ii) | Gross National Products at factor cost | 1000 | | (iii) | Net factor income from abroad | 30 | | (iv) | Net indirect taxes | 10 |

Which out of the following will be included in National Income ? (A) Ramesh sold his car for Rs. 5,00,000 which he used for 2 years (B) Interest paid on car loan taken by Mohan (C) Interest on debentures (D) Radha purchased goods worth Rs. 1000 to prepare cakes to be sold in an exhibition (E) Profit earned by Reliance Industries from their branch in London Choose the correct answer from the options given below :

Arrange the following steps of calculating National Income by value added method in the proper sequence. (A) Calculate Gross value of output (B) Calculate Gross value added (C) Calculate value of output in Primary, Secondary and Tertiary sector (D) Calculate National Income Choose the correct answer from the options given below :

Match List - I with List - II. | | List - I | | List - II | |---|---|---|---| | (A) | Inventories | (I) | GNP - Depreciation | | (B) | Rent | (II) | GDP + NFIA | | (C) | GNP | (III) | Capital | | (D) | NNP | (IV) | Factor Payment | Choose the correct answer from the options given below :

To find Gross value added, arrange the following in sequence : (A) Import (B) Export (C) Domestic sales (D) Domestic purchase of Raw material (E) Change in inventories Choose the correct answer from the options given below :

Match List - I with List - II. | | List - I | | List - II | |---|---|---|---| | (A) | Value of output | (I) | Sales + Change in stock | | (B) | Operating surplus | (II) | Sales + Change in stock - Intermediate consumption | | (C) | Profit | (III) | Rent + Interest + Royalty + Profit | | (D) | Value added | (IV) | Corporation tax + Undistributed profit + Dividend | Choose the correct answer from the options given below :

What will be the GDP by Income Method in crore ? | | Firm A | Firm B | |---|---|---| | Wages | 20 | 60 | | Profits | 30 | 90 |

Net National Product at factor cost (NNP_FC) is defined as :

The Household receive transfer payments from Government and firms (Pension, Scholarship, Prizes, etc.) They are a part of :

Addition to the stock of capital of a firm is known as :

Accounting of National Income at constant price is called :

To get GVA at basic prices, one among the following will be added to GVA_FC. Choose the correct option from below :

In case of an unexpected fall in turnover of a firm, who is producing a certain commodity. There will a situation of _______________ Choose the correct option.

Arrange the following operations in a sequential manner in order to calculate $NNP_{FC}$ from $GDP_{MP}$ A. $GDP_{MP}$ - Net Indirect Taxes B. $NDP_{FC}$ + Net Factor Income From Abroad C. $GDP_{FC}$ - Depreciation Choose the correct answer from the options given below:

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:

Which of the following are correct statements related to stock and flow? A. Flows are defined over on 1st January B. Flows are defined over a period of time C. Flows and stocks are defined as a mutual understanding D. Stocks are defined from January to December E. Stocks are defined at a particular point of time Choose the correct answer from the options given below:

Value Added Method of calculating aggregate annual value of goods and services is also called :

If the value of nominal GDP is Rs 5500 and of real GDP is Rs 2200, what is the value of GDP Deflator ?

Match List - I with List - II. List - I | List - II (A) Income Method | (I) Calculated at current prices (B) Expenditure Method | (II) Calculated at constant prices (C) Real GDP | (III) Aggregate of final expenditures (D) Nominal GDP | (IV) Aggregate of factor incomes Choose the correct answer from the options given below :

Which of the following will be included in the National Income of India ? (A) Donations given to a religious institution. (B) Payment of Income Tax (C) Scholarship given to students (D) Profits earned by an Indian company from its branch in France (E) Purchase of a television set by a consumer household Choose the correct answer from the options given below :

National Income can also be called :

Given below are the steps for calculation of National Income by value added method. Place them in the correct sequence. (A) Estimate Gross Domestic Product at market price (B) Calculate Net Domestic Product at factor cost (C) Estimation of value of output produced by each firm in all sectors of the economy during the year (D) Calculate Net National Product at factor cost Choose the correct answer from the options given below :

Identify which of the following are included in National Income ? (A) Gifts from abroad (B) Compensation of employees paid by a company located in India (C) Prize won in a lottery (D) Purchase of NCERT textbook by a student Choose the correct answer from the options given below :

Which of the following formula is correct ?

Choose the correct sequence to arrive at $NNP_{FC}$ using value added method. (A) $GDP_{MP}$ - Depreciation (B) $NDP_{MP}$ - Net Indirect Taxes (C) Value of output - Intermediate cost (D) Domestic income + Net factor income from abroad Choose the correct answer from the options given below :

Which of the following is NOT included in estimation of national income ?

Which of the following components, is NOT a part of compensation of employees, while estimating national income ?

Economic variables such as 'National Income' and 'profits' can be classified under which of the following heads ?

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 :

Suppose a country only produces bread. In the year 2000 it had produced 100 units of bread, price was Rs. 10 per bread. In 2001, the same country produced 110 units of bread at price was Rs. 15 per bread. In 2001, the nominal and real GDP are : (base year is 2000)

Which of the following is considered as an intermediate good ?

Which of the following is included in the estimation of National Income ?

Suppose in an economy there are only two firms A and B. Calculate Gross Domestic Product at Market Price from the given table. | Items | Firm A | Firm B | | --- | --- | --- | | Sales | 50 Cr | 200 Cr | | Change in stock | +20 Cr | -30 Cr | | Intermediate Consumption | 0 | 100 Cr |

Identify normal residents of India from amongst the following.

If a Country's real GDP is $\overline{\mathbf{\tau}}$ 400 crores and its nominal GDP is $\overline{\mathbf{\tau}}$ 1000 crores, its GDP deflator is : (Choose the correct alternative).

Identify the items which will be classified as stock items. (A) Production (B) Money supply (C) Interest on deposits (D) Savings (E) Capital stock in a Country Choose the **correct** answer from the options given below :

Which out of the following are intermediate goods ? (A) Milk purchased by a household (B) Sugar purchased by a restaurant (C) Furniture purchased by school (D) Chalk and duster purchased by school (E) Printer purchased by a lawyer Choose the **correct** answer from the options given below :

Identify the situation when value of Domestic Income is equal to the value of National Income.

If Gross Domestic Product at Market Price (GDPmp)=2995 crore. Private final consumption expenditure=1100 crore. Gross domestic fixed capital formation=1000 crore. Government final consumption expenditure=900 crore. Net imports=75 crore. The change of stock will be :

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.