# National Income MCQ

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## 11. Which Ministry is responsible for calculating GDP in India?

A. Ministry of Finance

B. Ministry of Commerce and Industry

C. Ministry of Central Statistical and Program Implementation (Central statistical organization)

D. Ministry of consumer Affairs

## 12. Which statement is true?

A. National Expenditure = National income

B. National Expenditure = National income + National savings

C. National Expenditure = National income + Taxes

D. National Expenditure = National income – Taxes

## 13. Which statement is true?

A. National Income = National expenditure – indirect taxes

B. NI = GNP – NNP

C. NI = NNP – indirect taxes (because, from NNP if we minus the indirect taxes it will give us NNP@FC which is equal to NI)

D. NI = PI

A. 5

B. 2

C. 1

D. 3

## 15. If we compare GDP and GNP, then:

A. GNP = GDP – net income from abroad

B. GNP = GDP + net income from abroad (R-P)……. GDP+(R-P)

C. GNP = NNP – net income from abroad

D. GNP = NNP + net income from abroad

## 16. Select the correct statement:

A. Transfer payment are included in national income

B. Depreciation allowance is a part of GNP

C. Taxes are not included in NNP

D. GDP means Gross Direct Production

## 17. Which is the largest figure:

A. NNP

B. GNP

C. PI (Disposable Personal Income)

D. PI (personal income)

## 18. Which is a flow concept:

A. Number of my shirts

B. My total wealth

C. My monthly income

D. Money supply

## 19. To avoid double counting when GDP is estimated, economists:

A. Use GDP deflator

B. Calculate value added at each stage of production

C. Use retail prices

D. Use price of only intermediate goods

## 20. Personal income includes:

A. Direct taxes

B. Indirect taxes

C. Depreciation

D. None of these