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National Income

Total questions: 116

Worksheet time: 57mins

Name
Class
Date
1.

Which of the following is not a flow

a)

Capital

b)

Income

c)

Investment

d)

Depreciation

2.

Stock variable is defined as a variable which is

a)

Measured over a period of time

b)

Particular point of time

c)

Cannot be measured

d)

None of these

3.

Real flow is also known as nominal flow

a)

False

b)

True

4.

Which of the following are covered under the domestic territory of India

a)

State Bank of India in London

b)

Google office in India

c)

Office of TATA motors in Australia

d)

Russian embassy in India

5.

Which of the following is an example of transfer income

a)

Bonus

b)

Unemployment allowance

c)

Compensation from the employer

d)

All of the above

6.

NFIA is

a)

Export - Import

b)

Visible export - Visible import

c)

FIFA - FITA

d)

Factor income received from abroad

7.

Unforeseen obsolescence of fixed capital assets during production is

a)

Consumption of fixed capital

b)

Capital loss

c)

Income loss

d)

None of the above

8.

Which one of the following is not an example of final goods

a)

Chalk, duster etc. Purchased by a school

b)

Fertilizer used by the farmers

c)

Wheat used by the flour mill

d)

All of the above

9.

Japanese embassy in India is a part of domestic territory of (a)  

10.

Market price and factor cost will be equal when there is

a)

No direct tax

b)

No indirect tax

c)

No subsidy

d)

No indirect tax no subsidy

11.

Gross investment can be equal to net investment

4 lines
12.

National Income is always more than the domestic income

a)

True

b)

False

13.

Which of the following is not a component of operating surplus

a)

Interest

b)

Rent

c)

Royalty

d)

COE

14.

In a closed economy, GDP ia always equal to GNP

a)

True

b)

False

15.

GNP exceeds NNP by

a)

Amount of total taxes

b)

Government expenditure

c)

Transfer payments

d)

Difference Between gross and net investment

16.

Which one is included in national Income

a)

Winning from lottery

b)

Milk purchase by a dairy shop

c)

National debt interest

d)

None of these

17.

Distributed profits is also known as

a)

Corporate tax

b)

Dividend

c)

Retained earnings

d)

DA

18.

Measurement of national income at constant prices constitute its

a)

Nominal value

b)

Real value

19.

Factor income paid to non-resident within the domestic territory of a country leads to

a)

Increase in domestic income

b)

Decrease in National income

c)

Both a & b

d)

No change

20.

Two sector economy consists of _____ and _____

(a)  

21.

Which of the following is not a factor income

a)

Old age pension

b)

Rent

c)

Profit

d)

Interest

22.

Market price and factor cost will be equal when there is

a)

No direct tax

b)

No indirect tax

c)

No subsidy

d)

No indirect tax no subsidy

23.

In a closed economy, GDP ia always equal to GNP

a)

True

b)

False

24.

Distributed profits is also known as

a)

Corporate tax

b)

Dividend

c)

Retained earnings

d)

DA

25.

Measurement of national income at constant prices constitute its

a)

Nominal value

b)

Real value

26.

When domestic income is greater than national income

a)

NFIA is 0

b)

NFIA is +ve

c)

NFIA is -ve

d)

None of these

27.

What is added to NNPfc to get NNPmp?

a)

Depreciation

b)

Net indirect taxes

c)

Subsidies

d)

NFIA

28.

NNPfc is also called....

a)

National income

b)

Domestic income

c)

Transfer income

d)

Personal income

29.

Transfer payments refer to payments, which are made:

a)

Without any exchange of goods and services

b)

To workers on transfer from one job to another

c)

As compensation to employees

d)

None

30.

GNP(MP) = GDP(MP) + ________ :

a)

Depreciation

b)

Indirect taxes

c)

NFIA

d)

Subsidy

31.

Which of the following is not correct ?

a)

NNPMP = GNPMP- depreciation

b)

NNPMP = NNPFC + net indirect taxes

c)

GDPMP = GNPMP +.NFIA

d)

NDPFC = GDPFC – depreciation

32.

In GNP calculation which of the following should be excluded?

a)

Rental incomes

b)

Interest payments

c)

Dividends

d)

Government transfer payment

33.

NNP at market price equals to NNP at factor cost, if

a)

Net indirect tax is +ve

b)

Net indirect tax is -ve

c)

Indirect tax=Subsidy

d)

None

34.

Two sector economy consists of:

a)

households, firms

b)

firms, foreign sector

c)

households, government

d)

firms, government

35.

Stock variable is defined as a variable which is:

a)

measured over a period of time

b)

measured at a particular point of time

c)

cannot be measured

d)

None of these

36.

Real flow is also known as:

a)

nominal flow

b)

physical flow

c)

money flow

d)

both nominal and physical flow

37.

Which of the following is the consumption sector?

a)

households

b)

firms

c)

foreign

d)

government

38.

which of the following is a stock?

a)

wealth

b)

saving

c)

exports

d)

profits

39.

The value of GDP at the current prevailing price is,

a)

real GDP

b)

personal income

c)

private income

d)

NDP

40.

By deducting undistributed profit from national income , we get,

a)

personal disposable income

b)

personal income

c)

private income

d)

subsidies

41.

__________ is an annual allowance for wear and tear of capital goods.

a)

depreciation

b)

appreciation

c)

allowances

42.

Market price and factor cost will be equal when there is

a)

No direct tax

b)

No indirect tax

c)

No subsidy

d)

No indirect tax no subsidy

43.

In a closed economy, GDP ia always equal to GNP

a)

True

b)

False

44.

Distributed profits is also known as

a)

Corporate tax

b)

Dividend

c)

Retained earnings

d)

DA

45.

Measurement of national income at constant prices constitute its

a)

Nominal value

b)

Real value

46.

When domestic income is greater than national income

a)

NFIA is 0

b)

NFIA is +ve

c)

NFIA is -ve

d)

None of these

47.

What is added to NNPfc to get NNPmp?

a)

Depreciation

b)

Net indirect taxes

c)

Subsidies

d)

NFIA

48.

NNPfc is also called....

a)

National income

b)

Domestic income

c)

Transfer income

d)

Personal income

49.

Transfer payments refer to payments, which are made:

a)

Without any exchange of goods and services

b)

To workers on transfer from one job to another

c)

As compensation to employees

d)

None

50.

GNP(MP) = GDP(MP) + ________ :

a)

Depreciation

b)

Indirect taxes

c)

NFIA

d)

Subsidy

51.

Which of the following is not correct ?

a)

NNPMP = GNPMP- depreciation

b)

NNPMP = NNPFC + net indirect taxes

c)

GDPMP = GNPMP +.NFIA

d)

NDPFC = GDPFC – depreciation

52.

In GNP calculation which of the following should be excluded?

a)

Rental incomes

b)

Interest payments

c)

Dividends

d)

Government transfer payment

53.

NNP at market price equals to NNP at factor cost, if

a)

Net indirect tax is +ve

b)

Net indirect tax is -ve

c)

Indirect tax=Subsidy

d)

None

54.

Two sector economy consists of:

a)

households, firms

b)

firms, foreign sector

c)

households, government

d)

firms, government

55.

Stock variable is defined as a variable which is:

a)

measured over a period of time

b)

measured at a particular point of time

c)

cannot be measured

d)

None of these

56.

Real flow is also known as:

a)

nominal flow

b)

physical flow

c)

money flow

d)

both nominal and physical flow

57.

Which of the following is the consumption sector?

a)

households

b)

firms

c)

foreign

d)

government

58.

which of the following is a stock?

a)

wealth

b)

saving

c)

exports

d)

profits

59.

The value of GDP at the current prevailing price is,

a)

real GDP

b)

personal income

c)

private income

d)

NDP

60.

By deducting undistributed profit from national income , we get,

a)

personal disposable income

b)

personal income

c)

private income

d)

subsidies

61.

__________ is an annual allowance for wear and tear of capital goods.

a)

depreciation

b)

appreciation

c)

allowances

62.

National income does not include_____

a)

Wages and salaries

b)

Rent and Royalty

c)

Student scholarship

d)

Corporate Tax

63.

Which of the following is an intermediate good

a)

Bread

b)

Leather

c)

Cloth

d)

Shoes

64.

Which of the following is a flow?

a)

Population

b)

Births and deaths

c)

Water in a tank

d)

None of these

65.

Q.Which of the following is not the part of profit?

a)

Dividend

b)

Undistributed profit

c)

Corporate tax

d)

Royalty

66.

How many approaches in calculating national income?

a)

4

b)

3

c)

2

d)

1

67.

Which one of the following is not included in NI?

a)

Old age pension

b)

retirement pension

c)

wages

d)

bonus

68.

The national income is

a)

a. NNP at factor cost

b)

b. NNP at market price

c)

c. GNP at market price

d)

d. GNP at factor cost

69.

When a nation's exports exceed its imports and is calculated as exports - imports

a)

trade surplus

b)

trade deficit

c)

inventory

d)

gross domestic product

70.

Which is an example of a final good or service

a)

Coffee Beans at Starbucks

b)

T-Shirt at Polo Store

c)

Lumber at furniture store

d)

Wheat at a bakery

71.

What is depreciation?

a)

Capital loss

b)

Fixed capital loss

c)

Consumption of fixed capital

d)

None

72.

the study of national income is related to

a)

micro economics

b)

macro economics

73.

NNP= GNP-_____________

a)

deduction

b)

depreciation

c)

investment

d)

nit

74.

The value of GDP at the current prevailing price is,

a)

real GDP

b)

personal income

c)

private income

d)

NDP

75.

By deducting undistributed profit from national income , we get,

a)

personal disposable income

b)

personal income

c)

private income

d)

subsidies

76.

measuring the sum total of all factor payments will be called,

a)

product method

b)

expenditure method

c)

output method

d)

income method

77.

___________ are defined at a particular point of time.

a)

stocks

b)

flow

78.

______________ will not pass through any more stages of production.

a)

intermediate

b)

final

79.

__________ is an annual allowance for wear and tear of capital goods.

a)

depreciation

b)

appreciation

c)

allowances

80.

pollution is an example for __________ externality.

a)

positive

b)

negative

81.

the net contribution added made by a firm is called _____________

a)

value added

b)

change in output

c)

sales

82.

1.How many approaches in calculating national income?

a)

4

b)

3

c)

2

d)

1

83.

4. The national income is

a)

a. NNP at factor cost

b)

b. NNP at market price

c)

c. GNP at market price

d)

d. GNP at factor cost

84.

5.The value of the output of all goods and services produced within a country in a year.

a)

total output

b)

Gross Domestic Product

c)

national income

d)

net domestic product

85.

6.When a nation's exports exceed its imports and is calculated as exports - imports

a)

trade surplus

b)

trade deficit

c)

inventory

d)

gross domestic product

86.

7.When a nation's imports exceed its exports and is calculated as imports -exports

a)

inventory

b)

gross domestic product

c)

trade surplus

d)

trade deficit

87.

In a circular flow of income in a closed economy with government intervention, leakage consists of _________________.

a)

Investment and savings

b)

Savings only

c)

Savings and taxes

d)

Savings, taxes and imports

88.

Which of the following is considered to be an investment in the national income accounts?

a)

Increases in inventories of unsold goods

b)

Money deposited in a bank

c)

Purchases of land

d)

Purchases of Treasury bills

89.

National production means goods and services produced within the borders of a nation during a specified period.

a)

TRUE

b)

FALSE

90.

In order to calculate national production value, GDP values the goods based on the market price.

a)

TRUE

b)

FALSE

91.

Net national product does not include_______________.

a)

Interest on consumer loans

b)

Undistributed corporate profit

c)

Taxes on corporate profits

d)

Depreciation

92.

Which of the following is not a flow

a)

Capital

b)

Income

c)

Investment

d)

Depreciation

93.

Two sector economy consists of _____ and _____

(a)  

94.

The difference between value of output and value added is:

a)

Depreciation

b)

Net Indirect tax

c)

Intermediate consumption

d)

Net factor income from abroad

95.

Product method of calculating national income is also known as:

a)

Income method

b)

Value added method

c)

Expenditure method

d)

Distribution method

96.

National income does not include_____

a)

Wages and salaries

b)

Rent and Royalty

c)

Student scholarship

d)

Corporate Tax

97.

Transfer payments refer to payments, which are made:

a)

Without any exchange of goods and services

b)

To workers on transfer from one job to another

c)

As compensation to employees

d)

None

98.

National Income differs from Net National Product at market price by the amount of:

a)

Current transfers from rest of the world

b)

Net Indirect Taxes

c)

National debt interest

d)

it does not differ

99.

GNP(MP) = GDP(MP) + ________ :

a)

Depreciation

b)

Indirect taxes

c)

NFIA

d)

Subsidy

100.

Which of the following is not correct ?

a)

NNPMP = GNPMP- depreciation

b)

NNPMP = NNPFC + net indirect taxes

c)

GDPMP = GNPMP +.NFIA

d)

NDPFC = GDPFC – depreciation

101.

In GNP calculation which of the following should be excluded?

a)

Rental incomes

b)

Interest payments

c)

Dividends

d)

Government transfer payment

102.

Goods purchased for satisfaction of wants

a)

Capital Goods

b)

Final Goods

c)

Consumption goods

d)

intermediate Goods

103.

Sector which transforms one physical good in to another physical good

a)

territiary sector

b)

secondary sector

c)

primary sector

d)

joint sector

104.

Net Value Added at Factor cost =

a)

Sum of Factor Payments

b)

Sum of Current Payments

c)

Sum of Transfer Payments

d)

Net Current Transfer from rest of the world

105.

NDP at factor cost =

a)

Net domestic product at market price - indirect tax

b)

Net Domestic Product at market price+ Subsidies

c)

Net Domestic Product at market price at market price -Net indirect tax

d)

Net Domestic product at market price + Depreciation

106.

Real GDP is considered as an index of

a)

price level in the economy

b)

welfare of the people

c)

profit maximization

d)

none of these

107.

which of the following is a stock

a)

wealth

b)

savings

c)

exports

d)

profits

108.

GNP at MP = ______

a)

GDP at Market Price – Depreciation

b)

GDP at MP + Depreciation

c)

GDP at MP + Net factor income from abroad

d)

None

109.

GDP at FC =

a)

GDP at MP – Net indirect taxes

b)

GDP at MP + Net indirect taxes

c)

GDP at MP + Subsidies

d)

GDP at MP – Indirect taxes

110.

Accounting of National Income at constant prices is known as ________

a)

Money income

b)

Real income

c)

Current income

d)

Domestic income

111.

Increase in Stock of Capital is known as:

a)

Capital Loss

b)

Capital Profit

c)

Capital Formation

d)

None of the above

112.

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

a)

GDP < GNP

b)

GDP > GNP

c)

GDP ≥ GNP

d)

GDP = GNP

113.

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

114.

Which service is included in Tertiary Sector?

a)

Mining

b)

Construction

c)

Communication

d)

Animal Husbandry

115.

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

a)

GDP at Market Price

b)

GDP at Factor Cost

c)

NNP at factor cost

d)

None

116.

Depreciation expenses are included in:

a)

GNP at Market Price

b)

NNP at Market Price

c)

NNP at factor cost

d)

None

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