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WorksheetsNATIONAL INCOME ACCOUNTING
Total questions: 35
Worksheet time: 18mins
1.How many approaches in calculating national income?
4
3
2
1
4. The national income is
a. NNP at factor cost
b. NNP at market price
c. GNP at market price
d. GNP at factor cost
5.The value of the output of all goods and services produced within a country in a year.
total output
Gross Domestic Product
national income
net domestic product
6.When a nation's exports exceed its imports and is calculated as exports - imports
trade surplus
trade deficit
inventory
gross domestic product
7.When a nation's imports exceed its exports and is calculated as imports -exports
inventory
gross domestic product
trade surplus
trade deficit
In a circular flow of income in a closed economy with government intervention, leakage consists of _________________.
Investment and savings
Savings only
Savings and taxes
Savings, taxes and imports
Which of the following is considered to be an investment in the national income accounts?
Increases in inventories of unsold goods
Money deposited in a bank
Purchases of land
Purchases of Treasury bills
National production means goods and services produced within the borders of a nation during a specified period.
TRUE
FALSE
In order to calculate national production value, GDP values the goods based on the market price.
TRUE
FALSE
Net national product does not include_______________.
Interest on consumer loans
Undistributed corporate profit
Taxes on corporate profits
Depreciation
2.When will GDP at market price be equal to GDP at factor cost ?
Indirect taxes=subsidy
indirect taxes >subsidy
indirect taxes < subsidy
none of these
4. The national income is
a. NNP at factor cost
b. NNP at market price
c. GNP at market price
d. GNP at factor cost
6.When a nation's exports exceed its imports and is calculated as exports - imports
trade surplus
trade deficit
inventory
gross domestic product
8.Which of the following is a final expenditure ?
Car purchased by a dealer
Vegetables purchased by a restaurant
Milk purchased by a tea-maker
Car purchased by a household
9.Which is an example of a final good or service
Coffee Beans at Starbucks
T-Shirt at Polo Store
Lumber at furniture store
Wheat at a bakery
Which of the following is an example of STOCKS ?
Capital
Value addition
Savings
Both capital and savings
Durable goods purchased by government for military purposes are?
final goods
intermediate goods
material goods
non material goods
If we measure the flow at B by measuring the aggregate value of final goods and services produced by all the firms, it will be called ________________
expenditure method
product method
income method
both product and income method
It refers to the net MONEY value of all the final goods and services produced within the domestic territory of a country during a period of one year.
NDP fc
NDP mp
GDP fc
GDP mp
Which of the following is not one of the classifications of factor incomes?
compensation of employees
subsidies
mixed income
operating surplus
Flow of factor services from households to firms and the flow of goods and services from firms to households is called
money flow
income flow
product flow
real flow
Which of the following refers to money flows in an economy?
Flow of factor services from households to business
Flow of money across different sectors of the economy
Flow of goods from firms to households
Flow of services from firms to households
The Circular Flow Diagram is a model showing
that the different sectors of the economy are interdependent.
how the market system works.
the relationship between major sectors of the economy.
the relative importance of the different sectors of the economy.
Accounting of National Income at constant prices is known as ________
Money income
Real income
Current income
Current income
Who all are normal citizens of india?
1. An Indian girl studying in USA since 2019
2. A korean working in WHO office in delhi for 2 years
3. An american diplomat working in india since 2017
4. Indian ambassador working in singapore
2. and 4.
1. 2. and 4.
2. 3. and 4.
all of the above
Calculate NFIA when:
Factor Income From abroad= Rs. 500
Factor Income to abroad= Rs. 300
Rs. 800
Rs. 200
Rs. 500
none of the above
Gross Investment= 7000
Net Investment= 5000
calculate Depreciation.
1000
12000
2000
- 2000
