CUET Economics: MacroNational Income. Free, no login required.

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

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Match List-I with List-II

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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

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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

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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

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