National Income and Accounting
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Question No. 1
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Which of the following represents the total monetary value of all final goods and services produced within a country's geographical boundaries during a specific period?
A.
National Income
B.
Net National Product (NNP)
C.
Gross National Product (GNP)
D.
Gross Domestic Product (GDP)
Question No. 2
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The formula GDP = C + I + G + (X - M) represents which method of calculating national income?
A.
Income Method
B.
Production Method
C.
Expenditure Method
D.
Value Added Method
Question No. 3
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What does GNP include that GDP does not?
A.
Private consumption
B.
Net factor income from abroad
C.
Investment expenditure
D.
Government expenditure
Question No. 4
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Net National Product (NNP) is calculated as:
A.
GNP + Depreciation
B.
GDP - Depreciation
C.
GNP - Depreciation
D.
GDP + Net factor income from abroad
Question No. 5
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In the circular flow of income, what are the three main economic agents?
A.
Producers, Consumers, Government
B.
Households, Firms, Government
C.
Banks, Firms, Households
D.
Primary, Secondary, Tertiary sectors
Question No. 6
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The relationship between Market Price and Factor Cost is:
A.
Market Price = Factor Cost - Indirect Taxes + Subsidies
B.
Market Price = Factor Cost + Indirect Taxes - Subsidies
C.
Market Price = Factor Cost + Subsidies - Indirect Taxes
D.
Market Price = Factor Cost × Indirect Taxes
Question No. 7
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If GDP at factor cost is ₹500 crores, indirect taxes are ₹80 crores, and subsidies are ₹30 crores, what is GDP at market price?
A.
₹520 crores
B.
₹450 crores
C.
₹550 crores
D.
₹610 crores
Question No. 8
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Factor cost includes payments to all factors of production EXCEPT:
A.
Wages to labor
B.
Rent to land
C.
Interest on capital
D.
Indirect taxes
Question No. 9
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Under the Income Method of calculating national income, which of the following is NOT included?
A.
Compensation of employees
B.
Operating surplus
C.
Mixed income
D.
Change in stock
Question No. 10
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In the Production/Output method, to avoid double counting, we consider:
A.
Gross value of output
B.
Intermediate consumption
C.
Value added
D.
Final goods only
Question No. 11
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Which method is also known as the 'Value Added Method'?
A.
Expenditure Method
B.
Income Method
C.
Production Method
D.
Investment Method
Question No. 12
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Personal Disposable Income is calculated as:
A.
Personal Income + Direct Taxes
B.
Personal Income - Direct Taxes
C.
National Income - Corporate Taxes
D.
Personal Income + Transfer Payments
Question No. 13
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Which of the following is added while calculating Personal Income from National Income?
A.
Corporate taxes
B.
Undistributed profits
C.
Transfer payments
D.
Direct taxes
Question No. 14
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If Personal Income is ₹400 crores and direct taxes paid are ₹60 crores, what is Personal Disposable Income?
A.
₹460 crores
B.
₹340 crores
C.
₹400 crores
D.
₹360 crores
Question No. 15
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In a closed economy, which component is absent from the GDP calculation?
A.
Consumption
B.
Investment
C.
Government expenditure
D.
Net exports
Question No. 16
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National Income at Factor Cost is also known as:
A.
GDP
B.
GNP
C.
NNP at Factor Cost
D.
Personal Income
Question No. 17
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The depreciation of capital assets is also called:
A.
Capital formation
B.
Capital consumption allowance
C.
Investment
D.
Gross investment
Question No. 18
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If GNP at market price is ₹800 crores and depreciation is ₹100 crores, what is NNP at market price?
A.
₹900 crores
B.
₹700 crores
C.
₹800 crores
D.
₹750 crores
Question No. 19
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Given: Consumption = ₹300, Investment = ₹100, Government expenditure = ₹80, Exports = ₹50, Imports = ₹30. Calculate GDP.
A.
₹480
B.
₹500
C.
₹530
D.
₹560
Question No. 20
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If National Income is ₹450 crores, Corporate taxes are ₹40 crores, Undistributed profits are ₹60 crores, and Transfer payments are ₹30 crores, what is Personal Income?
A.
₹380 crores
B.
₹420 crores
C.
₹350 crores
D.
₹480 crores
Question No. 21
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Which of the following transactions is NOT included in GDP calculation?
A.
Purchase of a new car
B.
Sale of a used car
C.
Government spending on infrastructure
D.
Investment in machinery
Question No. 22
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The circular flow model shows that:
A.
Money flows in one direction only
B.
Goods and money flow in the same direction
C.
Money and goods flow in opposite directions
D.
Only goods flow in the economy
Question No. 23
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Injections in the circular flow include:
A.
Savings, Taxes, Imports
B.
Investment, Government spending, Exports
C.
Consumption only
D.
All of the above
Question No. 24
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Real GDP differs from Nominal GDP in that Real GDP:
A.
Includes only real goods
B.
Is adjusted for inflation
C.
Excludes services
D.
Is always higher
Question No. 25
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Net Factor Income from Abroad is positive when:
A.
Imports exceed exports
B.
Exports exceed imports
C.
Income earned abroad by residents exceeds income paid to foreigners domestically
D.
Foreign investment exceeds domestic investment
Question No. 26
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In India, national income statistics are prepared by:
A.
Reserve Bank of India
B.
Ministry of Finance
C.
Central Statistical Office (CSO)
D.
Planning Commission
Question No. 27
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Which sector contributes the maximum to India's GDP?
A.
Primary sector
B.
Secondary sector
C.
Tertiary sector
D.
All contribute equally
Question No. 28
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Gross Value Added (GVA) is calculated as:
A.
Gross Output + Intermediate Consumption
B.
Gross Output - Intermediate Consumption
C.
Final Output + Intermediate Goods
D.
Total Production × Price
Question No. 29
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The base year for calculating Real GDP in India is currently:
A.
2004-05
B.
2011-12
C.
2017-18
D.
2019-20
Question No. 30
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Mixed Income in national accounts refers to income of:
A.
Corporate sector
B.
Government employees
C.
Self-employed and small businesses
D.
Foreign companies
Question No. 31
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Per Capita Income is calculated as:
A.
Total Income / Total Population
B.
National Income / Total Population
C.
GDP / Working Population
D.
GNP / Adult Population
Question No. 32
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Which of the following is a stock variable?
A.
National Income
B.
Investment
C.
Capital
D.
Consumption
Question No. 33
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Green GDP accounts for:
A.
Agricultural production only
B.
Environmental degradation and natural resource depletion
C.
Renewable energy production
D.
Forest cover
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