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Plus Two Economics – Chapter 8: Online Practice Exam in English

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Chapter 8 -National Income Accounting

National Income Accountiong

Multi-choice Practice Exam

Question

1) GNP – Depreciation is called

Answers

PCI

GDP

NNP

NI

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Question

2) GDP Deflator is equal to 

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nominal by real

PCI devided by real gdp

Real gdp – Nominal GDP

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Question

3) Which among the following is a flow concept ?

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Wealth

Export

Capital

Foreign exchange reserve

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Question

4) NFIA is included in :

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NNPFC

NDPFC

GDPFC

All of the above

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Question

5) When does NFIA become negative ?

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NDP > NNP

NDP = NNP

NNP < NDP

None of the above

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Question

6) When does GDP and GNP of an economy become equal ?

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When net factor income from abroad is positive

When net factor income from abroad is negative

When net factor income from abroad is zero

None of the above

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Question

7) Arrange in order

Concepts Terms
i) Value of output – Intermediate concepts a. GNP
ii) GDP + NFIA b. NNP
iii) GNP – Depreciation c. Value added
iv) NNPMP – NIT d. NNPFC

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i)b, ii)c, iii)d, iv)a

i)c, ii)a, iii)b, iv)d

i)d, ii)c, iii)b, iv)a

i)a, ii)c, iii)d, iv)b

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Question

8) Find the odd one out

GNP, NNP, CSO, GDP

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GNP

GDP

NNP

CSO

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Question

9) GDP + _______ = GNP

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NFIA

NIT

Depreciation

PI

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Question

10) Give one word

National Income ÷ Population

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PI

Per capita income

GDP

Disposable income

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Question

11) A balanced budget multiplier is unity implies that ₹ 100 increase in ‘G’ increases National Income by 

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150

100

80

50

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Question

12) Goods meant either for final consumption or for investment are called 

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Final goods

Consumption goods

Intermediate goods

Capital goods

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Question

13) Net addition to the existing stock of capital is called

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National Income

Per capita income

Investment

Depreciation

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Question

14) Under Income Method of finding National Income

GDP ≡ W + P + In + __

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C

X

G

R

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Question

15) Flow of goods and services from one sector to another sector is called

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Money Flow

Real Flow

Circular flow

Factor Income

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Question

16) The textile owner increases his inventory of cloth morethan his expected sale for the expansion of his shop. Which of the following term is used to denote this ?

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Planned Accumulation

Planned decumulation

Unplanned accumulation

Unplanned decumulation

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Question

17) The term used to refer the benefits (or harm) a firm or an individual causes to another firm or an individual for which they are not paid is 

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Transfer payments

Welfare

Externalities

Internal economies

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Question

18) Pick out the correct equation

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GDP = GNP + NFIA

NDP = GDP – NIT

NNP = GNP – NIT

NNP = GNP – Depreciation

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Question

19) Which of the following is a transfer payment ?

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Rent

Grants

Wage

Profit

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Question

20) Gross value added = Factor Cost + Depreciation + ___

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Net Investment

Net Indirect Tax

Subsidy

Savings

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Question

21) In order to avoid the problem of double counting we use

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Income method

Value added method

Expenditure method

Distributed share method

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Question

22) Net Investment = Gross Investment – ___

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Depreciation

Indirect Tax

Net Factor Income

Factor Payment

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Question

23) Net contribution made by a firm in production process is called

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Expenditure method

Income method

Value added

None of the above

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Question

24) Value of output = Price × ___

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Demand

Supply

Quantity

None of the above

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Question

25) Match the following

A B
i NNP a GDP – NFIA
ii GNP b Personal Income – Direct Taxes
iii Value Added c GNP – Depreciation
iv GDP at market prices d Value of output – Intermediate consumption
v Disposable income e GDP at factor cost – Net Indirect Tax

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i)b, ii)c, iii)d, iv)a, v)e

i)c, ii)a, iii)d, iv)e, v)b

i)d, ii)c, iii)b, iv)a, v)e

i)a, ii)c, iii)d, iv)b, v)e

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Question

26) Find the odd one out

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Gift

Donation

Bonus

Saving

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Question

27) Write one word

A variable defined at a perticular point of time

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Stock

Inventory

Flow

Income

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Question

28) Select consumption good

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Tractor

Clothing

Road

Raw Cotton

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Question

29) The index of prices of a given basket of commodities which are bought by a representative consumer is

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WPI

CPI

PPI

GDP

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Question

30) Which of the following shows budget deficit ? 

Answers

G – T

X – M

T – S

S – I

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