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Chapter 2 National Income Accounting
NCERT Class 12 Introductory Macroeconomics • NCERT Series
MCQ
Page Ref: Page 14
National income accounting measures:
A.
Income of one household
B.
Income of one firm
C.
Economic activity of the entire economy
D.
Income of government employees only
View Explanation & Answer →
Correct Answer / Reference:
Option: C. Economic activity of the entire economy
Reference:
Found on Page Page 14
MCQ
Page Ref: Page 15
GDP stands for:
A.
Gross Domestic Product
B.
Gross Development Product
C.
General Domestic Product
D.
Gross Demand Product
View Explanation & Answer →
Correct Answer / Reference:
Option: A. Gross Domestic Product
Reference:
Found on Page Page 15
MCQ
Page Ref: Page 15
The value of final goods and services produced within domestic territory is called:
A.
GNP
B.
NNP
C.
GDP
D.
Personal income
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Correct Answer / Reference:
Option: C. GDP
Reference:
Found on Page Page 15
MCQ
Page Ref: Page 16
Intermediate goods are those goods which are:
A.
Used for final consumption
B.
Used in the production of other goods
C.
Exported abroad
D.
Produced by households
View Explanation & Answer →
Correct Answer / Reference:
Option: B. Used in the production of other goods
Reference:
Found on Page Page 16
MCQ
Page Ref: Page 16
Double counting occurs when:
A.
Final goods are counted once
B.
Intermediate goods are counted multiple times
C.
Only exports are counted
D.
Imports are excluded
View Explanation & Answer →
Correct Answer / Reference:
Option: B. Intermediate goods are counted multiple times
Reference:
Found on Page Page 16
MCQ
Page Ref: Page 17
Value added refers to:
A.
Selling price of final goods
B.
Difference between value of output and intermediate consumption
C.
Tax revenue earned by government
D.
Export earnings only
View Explanation & Answer →
Correct Answer / Reference:
Option: B. Difference between value of output and intermediate consumption
Reference:
Found on Page Page 17
MCQ
Page Ref: Page 18
Which method calculates national income through factor incomes?
A.
Product method
B.
Expenditure method
C.
Income method
D.
Inventory method
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Correct Answer / Reference:
Option: C. Income method
Reference:
Found on Page Page 18
MCQ
Page Ref: Page 18
Rent, wages, interest and profit are included in:
A.
Transfer payments
B.
Factor income
C.
Indirect taxes
D.
Subsidies
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Correct Answer / Reference:
Option: B. Factor income
Reference:
Found on Page Page 18
MCQ
Page Ref: Page 19
The expenditure method measures:
A.
Production only
B.
Total expenditure on final goods and services
C.
Government taxes only
D.
Savings only
View Explanation & Answer →
Correct Answer / Reference:
Option: B. Total expenditure on final goods and services
Reference:
Found on Page Page 19
MCQ
Page Ref: Page 18
Which of the following is a transfer payment?
A.
Salary
B.
Pension
C.
Rent
D.
Profit
View Explanation & Answer →
Correct Answer / Reference:
Option: B. Pension
Reference:
Found on Page Page 18