Most Important Questions on National Income
1. Real National Income denotes:
(a) National income at constant prices
(b) Per capita income
(c) National Income at current prices
(d) Net factor income
Ans. A
2. Gross National disposable income is equal to ________.
(a) Net National disposable income + Current replacement cost
(b) Net National disposable income - Corporate profit tax
(c) Gross National disposable income - Direct personal taxes
(d) Gross National disposable income - Miscellaneous fees and fines paid by the households
Ans. A
3. The estimates of National Income are prepared by
(a) National Development Council
(b) National Productivity
(c) National Income Council
(d) Central Statistical Organization
Ans. D
4. The value of national income adjusted for inflation is called _________.
(a) Per capita income
(b) Disposable income
(c) Inflation rate
(d) Real national income
Ans. D
5. National income is:
(a) Net National Product (NNP) – indirect taxes.
(b) Net National Product (NNP) at factor cost.
(c) GDP – Indirect Taxes + subsidies.
(d) GNP – Indirect taxes + subsidies.
Ans. B
6. Which one of the following is NOT correct for National Income?
(a) Gross National Product (GNP)> Gross National Income (GNI)
(b) Gross Domestic Product (GDP)=GNP less Net Income from Abroad
(c) Net National Product (NNP)=GNP less Depreciation
(d) Net Domestic Product (NDP)=NNP less Net Income from Abroad
Ans. A
7. In national income calculation, the sum total of gross value added of all the firms in the economy is known as
(a) National Disposable Income
(b) Gross National Product
(c) Gross Domestic Product
(d) National Income
Ans. C
8. Which of the following factors is included while calculating national income through income method?
(a) Undistributed profit
(b) Tax collection
(c) Rental income
(d) None of the above
Ans. C
9. The most important problem of estimating national income is __________.
(a) Unorganised market
(b) Double counting
(c) Population rises
(d) Income inequalities
Ans. B
10. National Income includes
(a) Financial help to earthquake victims
(b) Pocket money of a child
(c) Winning of a lottery prize
(d) Construction of a new house
Ans. D
11. National Income — Undistributed profits – Net interest payments made by households - Corporate tax + Transfer payments to the households from the government and firms is________.
(a) Personal income
(b) Personal Disposable Income
(c) Net National Product at factor cost
(d) National Income
Ans. A
12. Which of the following is added to national income while calculating personal income?
(a) Transfer payments to individuals
(b) Undistributed profits of corporate
(c) Transfer payments made to foreigners
(d) Mixed income of self employed
Ans. A
13. Product method of calculating national income is also known as:
(a) Income method
(b) Value added method
(c) Expenditure method
(d) None of the above
Ans. B
14. Which of the following is not a measure of National Income?
(a) GDP (Gross Domestic Product)
(b) GNP (Gross National Product)
(c) NNP (Net National Product)
(d) None of the above
Ans. D
15. Per Capital Income is obtained by dividing National Income by______.
(a) Total population of the country
(b) Total working population
(c) Area of the country
(d) Volume of the capital used
Ans. A
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