National Income Accounting MCQs Mock Test of Class 12th Economics

Welcome to your National Income Accounting MCQs Mock Test of Class 12th Economics

1.

Question 1. Which one is included in Primary Sector?

(a) Land

(b) Forest

(c) Mining

(d) All these

2.

Question 2. To include the value of goods or services more than one time while calculating National Income is called :

(a) Single Counting

(b) Double Counting

(c) Multiple Counting

(d) None of these

3.

Question 3. Which one is a component of profit?

(a) Dividend

(b) Undistributed Profit

(c) Corporate Profit Tax

(d) All of these

4.

Question 4. Which one is included in National Income?

(a) Transfer Earnings

(b) Sale proceeds of Shares and Bonds

(c) Black Money

(d) None of the Above

5.

Question 5. Which one of the following services are included in the Secondary Sector?

(a) Insurance

(b) Manufacturing

(c) Trade

(d) Banking

6.

Question 6. GNP at MP = ______

(A) GDPMP – Depreciation

(B) GDPMP + Depreciation

(C) GDPMP ÷ Depreciation

(D) GDPMP + Net factor income from abroad

7.

Question 7. NDPMP = ________

(A) GDPMP – Depreciation

(B) GDPFC + Net factor income from abroad

(C) NNPFC + Net indirect taxes

(D) All of these

8.

Question 8. NNPMP = ________

(A) GNPMP – Depreciation

(B) NDPMP + Net factor income from abroad

(C) NNPFC + Net indirect taxes

(D) All of these

9.

Question 9. GDPFC =

(A) GDPMP – Net indirect taxes

(B) GDPMP + Net indirect taxes

(C) GDPMP + Subsidies

(D) GDPMP – Indirect taxes

10.

Question 10. NDPFC =

(A) GDPFC – Indirect taxes

(B) GDPFC – Depreciation

(C) GDPFC + Economic subsidy

(D) All of these

11.

Question 11. NNPFC =

(A) GNPFC – Depreciation

(B) NNPMP + Economic subsidy – Indirect taxes

(C) NDPMP + Net factor income from abroad

(D) All of these

12.

Question 12. Which of the following is the method of measuring National Income?

(A) Income method

(B) Product method

(C) Expenditure method

(D) All of these

13.

Question 13. Why are the intermediate goods not included in the National Income while measuring National Income?

(A) To avoid double accounting

(B) It decreases income

(C) Intermediate goods are not good

(D) All of these

14.

Question 14. Who had made the first attempt at National Income Accounting?

(A) Prof. D.R.Gadgill

(B) Simon Kuznets

(C) J.M.Keynes

(D) Gregory King

15.

Question 15. Calculation of National Income at Market Prices is known as _________

(A) Money income

(B) Real income

(C) Non-monetary income

(D) None of these

16.

Question 16. General Price Level is studied in:

(a) Micro Economics

(b) Macro Economics

(c) Both (a) and (b)

(d) None of these

17.

Question 17. Employment Theory is related to :

(a) Static Economics

(b) Micro Economics

(c) Macro Economics

(d) None of these

18.

Question 18. Which one of the following is included in ‘Stock’?

(a) Quantity of Money

(b) Wealth

(c) Quantity of wheat stored in a warehouse

(d) All the above

19.

Question 19. Which one is included inflow ?

(a) Consumption

(b) Investment

(c) Income

(d) All of these

20.

Question 20. Which of the following is included in real flow?

(a) Flow of Goods

(b) Flow of Services

(c) Both (a) and (b)

(d) None of these

21.

Question 21. Which services are provided by families to a firm?

(a) Land

(b) Labour

(c) Capital and Enterprises

(d) All the above

22.

Question 22. Increase in Stock of Capital is known as:

(a) Capital Loss

(b) Capital Profit

(c) Capital Formation

(d) None of these

23.

Question 23. Which of the following is sPktock ?

(a) Wealth

(b) Saving

(c) Export

(d) Profit

24.

Question 24. Which one of the following is included in circular flow?

(a) Real Flow

(b) Money Flow

(c) Both (a) and (b)

(d) None of these

25.

Question 25. Which one is included in the three-sector model?

(a) Family

(b) Firm

(c) Government

(d) All of these

26.

Question 26. Which one is included in the four-sector model?

(a) Family, Firm, Industry

(b) Family, Firm, Government

(c) Family, Firm, Government, Foreign Sector

(d) None of the above

27.

Question 27. Which is the equilibrium condition of circular flow in the four sector model?

(a) C + I

(b) C + I + G

(c) C + I + G + (X-M)

(d) None of these

28.

Question 28. The primary sector includes:

(a) Agriculture

(b) Retail trading

(c) Small Industries

(d) All the these

29.

Question 29. For a four sector or open economy the condition for equilibrium is:

(a) Savings + taxes + Imports = Investment + govt, expenditure + exports

(b) Total Leakages = Total Injections

(c) Aggregate output = Aggregate Expenditure

(d) All of these

30.

Question 30. Which service is included in Tertiary Sector?

(a) Mining

(b) Construction

(c) Communication

(d) Animal Husbandry

31.

Question 31. Which of the following is not flow?

(a) Capital

(b) Income

(c) Investment

(d) Depreciation

32.

Question 32. The market price of all final goods of a country in a year is known as:

(a) GDPMP

(b) GDPFC

(c) NNPFC

(d) None of these

33.

Question 33. Which one is true?

(a) GNP = GDP + Depreciation

(b) NNP = GNP + Depreciation

(c) NNP = GNP – Depreciation

(d) GNP = NNP – Depreciation

34.

Question 34. GNPMp =?

(a) GDPMp – Depreciation

(b) GDPMp + Net Factor Income from Abroad

(c) GNPMp + Subsidy

(d) None of the

35.

Question 35. NNPMP = ?

(a) GNPMp – Depreciation

(b) GNPMp + Depreciation

(c) GNPMp + Indirect Tax

(d) None of the above

36.

Question 36. Depreciation expenses are included in:

(a) GNPMp

(b) NNPMp

(c) NNPFC

(d) None of these

37.

Question 36. Depreciation expenses are included in:

(a) GNPMp

(b) NNPMp

(c) NNPFC

(d) None of these

38.

Question 37. NDPFC = ?

(a) NDPMP – Indirect Tax

(b) GNPMP – Indirect Tax + Subsidy

(c) NDPMP – Subsidy

(d) NDPMF – Depreciation

39.

Question 38. Accounting of National Income at constant prices is known as ________

(A) Money income

(B) Real income

(C) Current income

(D) Domestic income

40.

Question 40. The subject of the Study of Macro Economics is:

(a) The Principle of National Income

(b) The Principle of Consumer

(c) The Principle of Producer

(d) None of these

41.

Question 41. Macro Economics Studies:

(a) Employment opportunities in the economy

(b) Theory of supply of Commodities

(c) Elasticity of demand in Scooter

(d) Price of wheat in the market

42.

Question 42. Net National Income at Factor Cost is called?

(a) National Income

(b) Gross Investment

(c) Domestic Income

(d) None of these

43.

Question 43. Which one is included in National Income?

(a) Rent, Wage, Interest

(b) Rent, Wage, Salary

(c) Rent, Profit, Interest

(d) Rent, Wage, Salary, Interest, Profit

44.

Question 44. What is the consumption of fixed capital called?

(a) Capital formation

(b) Depreciation

(c) Investment

(d) All of these

45.

Question 45. Which of the following is correct?

(a) Disposable Income = Personal Income – Direct Taxes

(b) Disposable Income = Private Income – Direct Taxes

(c) Disposable Income = Personal Income – Indirect Taxes

(d) Disposable Income = Private Income – Indirect Taxes

46.

Question 46. Which method is adopted in measuring National Income?

(a) Production Method

(b) Income Method

(c) Expenditure Method

(d) All of these

47.

Question 47. Which sector is included in an economy?

(a) Primary

(b) Secondary

(c) Tertiary

(d) All of these

48.

Question 48. Which of the following is not included in the calculation of Gross National Product?

(a) Purchase and Sale of Old commodities

(b) Intermediate Commodities

(c) (a) and (b) both

(d) None of the above

49.

Question 49. If for a country net factor income from abroad is negative then:

(a) GDP < GNP

(b) GDP > GNP

(c) GDP ≥ GNP

(d) GDP = GNP

50.

Question 50. The market value of all final goods and services produced in an economy over a year is called :

(a) Gross National Product

(b) National Income

(c) Gross Domestic Product

(d) Net National Product

Please fill in the comment box below.