( Best 60+ ) National Income MCQ

National Income MCQ mcq on national income class 12 | national income multiple choice questions and answers pdf | which one is included in national income mcq | national income and related aggregates mcq | mcq on national income with answers | national income mcq in hindi | mcq on national income upsc | national income does not include mcq National Income MCQ 1. The average income of a country is called A. Per capita income B. Disposable income C. Inflation rate D. Real national income Answer: - A. Per capita income 2. The value of NNP at production point is called A. NNP at factor cost B. NNP at market price C. GNP at market price D. GNP at factor cost Answer: - A. NNP at factor cost 3. The value of NNP at consumer point is called the A. NNP at factor cost B. NNP at market price C. GNP at market price D. GNP at factor cost Answer: - B. NNP at market price 4. When depreciation is deducted from GNP, the net value is A. Net national product (NNP) B. Net domestic product C. Gross national product D. Disposable income Answer: - A. Net national product (NNP) 5. Consider the following statements and identify the right ones. i. While calculating GNP, income generated by foreigners in a country is taken into consideration ii. While calculating GNP, income generated by nationals of a country outside the country is taken into account A. I only B. ii only C. both D. none Answer: - B. ii only Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel 6. What is the net value of GDP after deducting depreciation from GDP(Gross domestic product)? A. Net national product B. Net domestic product C. Gross national product D. Disposable income Answer: - B. Net domestic product 7. Consider the following statements and identify the right ones. i. National income is the monetary value of all final goods and services produced. ii. Depreciation is deducted from gross value to get the net value A. I only B. ii only C. both D. none Answer: - C. both 8. Which of the following is considered as financial year in India? A. April 1 to March 31 B. January 1 to December 31 C. March 1 to April 30 D. March 16 to March 15 Answer: - A. April 1 to March 31 9. Which is not added in the calculation of national income of India? A. The value of goods and services B. The sold value of the old fridge C. Services rendered by the housewives D. Both & Answer: - D. Both & 10. Which sector contributes the most to India's economy in terms of GDP? A. Service sector B. Manufacturing sector C. Agricultural sector D. Small scale industries Answer: - A. Service sector Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel National Income MCQ mcq on national income class 12 | national income multiple choice questions and answers pdf | which one is included in national income mcq | national income and related aggregates mcq | mcq on national income with answers | national income mcq in hindi | mcq on national income upsc | national income does not include mcq National Income MCQ 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 Answer: - C. Ministry of Central Statistical and Program Implementation (Central statistical organization) 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 Answer: - A. National Expenditure National income 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 Answer: - 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) 14. There are methods of measuring national income: A. 5 B. 2 C. 1 D. 3 Answer: - 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 Answer: - B. GNP GDP + net income from abroad (R-P)……. GDP+(R-P) Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel 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 Answer: - B. Depreciation allowance is a part of GNP 17. Which is the largest figure: A. NNP B. GNP C. PI (Disposable Personal Income) D. PI (personal income) Answer: - B. GNP 18. Which is a flow concept: A. Number of my shirts B. My total wealth C. My monthly income D. Money supply Answer: - C. My monthly income 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 Answer: - B. Calculate value added at each stage of production 20. Personal income includes: A. Direct taxes B. Indirect taxes C. Depreciation D. None of these Answer: - A. Direct taxes Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel National Income MCQ mcq on national income class 12 | national income multiple choice questions and answers pdf | which one is included in national income mcq | national income and related aggregates mcq | mcq on national income with answers | national income mcq in hindi | mcq on national income upsc | national income does not include mcq National Income MCQ 21. Personal income includes: A. Transfer payments B. Indirect taxes C. Depreciation D. All of the above Answer: - A. Transfer payments 22. If savings exceed investment then: A. National income rises B. National income falls C. National income is not affected D. None of the above Answer: - B. National income falls 23. This statement is true A. NI rent + interest + wages + profit B. NI rent + interest + wages + taxes C. NI Govt. expenditure + interest + wages + profit D. NI rent + interest + wages + pensions Answer: - A. NI rent + interest + wages + profit 24. 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 D. Ministry of consumer Affairs Answer: - C. Ministry of Central Statistical and Program Implementation 25. An Indian farmer produces wheat without incurring cost of inputs all sells for Rs. 1,000 to a miller who grinds wheat into flour and sells for Rs 1,200 to baker. The baker sells bread to consumers for Rs. 1,600. Total added is Rs. A. 1,600 B. 2,200 C. 1,000 D. 1,400 Answer: - A. 1,600 Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel 26. How much does the primary sector contribute to India's GDP? A. 26% B. 20% C. 53% D. 14% Answer: - B. 20% 27. Which sector contributes the most to India's economy? A. Service sector B. Manufacturing sector C. Agricultural sector D. Small scale industries Answer: - A. Service sector 28. If the contribution of the agricultural sector is decreasing in a country's economy, then what conclusion can be drawn? A. The country is growing in the direction of being a developed nation B. The country is moving towards becoming developing nation C. The country is moving towards becoming less developed nation D. The economic growth rate of the country has stopped Answer: - A. The country is growing in the direction of being a developed nation 29. Which is not added in the calculation of national income of India? A. The value of goods and services B. The sold value of the old fridge C. Services rendered by the housewives D. Both b & c Answer: - D. Both b & c 30. Output means. ……………unless stated otherwise A. Gross output at MP (GDPmp) B. Net output at MP C. Gross output at FC D. None Answer: - A. Gross output at MP (GDPmp) Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel National Income MCQ mcq on national income class 12 | national income multiple choice questions and answers pdf | which one is included in national income mcq | national income and related aggregates mcq | mcq on national income with answers | national income mcq in hindi | mcq on national income upsc | national income does not include mcq National Income MCQ 31. Which of the following is not a component of domestic income? A. Operating surplus B. Compensation of employees C. Net factor income from abroad D. Mixed income Answer: - C. Net factor income from abroad 32. If factor cost is greater than marker price, it means that A. Indirect taxes indirect taxes) B. Indirect taxes > subsidies C. I.T subsidies D. None Answer: - A. Indirect taxes indirect taxes) 33. An Indian farmer produces wheat without incurring cost of inputs alll sells for Rs. 1,000 to a miller who grinds wheat into flour and sells for Rs 1,200 to baker. The baker sells bread to consumers for Rs. 1,600. Total added is Rs. A. 1,600 B. 2,200 C. 1,000 D. 1,400 Answer: - A. 1,600 34. Which of the following is not true about final goods? A. Final gods satisfy wants of ultimate consumers and producers. B. Final goods have direct demand as they satisfy the wants directly. C. Final goods are subject to further transformation in the process of production. D. Final goods are neither used up as raw-material nor for resale in the same year. Answer: - C. Final goods are subject to further transformation in the process of production. 35. Following is an example of final good: A. Flour used by a banker in making biscuits B. Unsold stock of goods lying with the sellers C. Tyres purchased by a transport company D. Mobile sets purchased by a mobile dealer Answer: - B. Unsold stock of goods lying with the sellers Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel 36. Which out of the following is not included in estimation of NI? A. Subsidized Lunch B. Old-age Pension C. Free Medical facilities D. Construction of a house Answer: - B. Old-age Pension 37. Which of the following is a synonym of “Undistributed Profits”? A. Savings of private corporate sector B. Reserves and Surplus C. Retained Earnings D. All of these Answer: - D. All of these 38. Piyush’s mother is a teacher. She also teaches Piyush. How would you treat this white calculating national income and domestic income? A. It will be included in the national income, but not in the domestic income. B. It will be included in the domestic income, but not in the national income. C. It will be included in domestic income as well as national income. D. It will neither be included in the domestic income nor in the national income. Answer: - D. It will neither be included in the domestic income nor in the national income. 39. Subsidy implies Selling the product A. To the government at higher prices B. Below the cost of production. C. Selling the product at loss. D. Selling the product at cost plus indirect taxes. Answer: - B. Below the cost of production. 40. Which of the following is correct? A. If national income rises, per capita income must also rise. B. If population rises, per capita income must fall. C. If national income rises, welfare of the people must rise. D. None of the above. Answer: - D. None of the above. Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel National Income MCQ mcq on national income class 12 | national income multiple choice questions and answers pdf | which one is included in national income mcq | national income and related aggregates mcq | mcq on national income with answers | national income mcq in hindi | mcq on national income upsc | national income does not include mcq National Income MCQ 41. Goods which are not used in the production of other goods are called: A. Capital goods B. Consumption goods C. Producer goods D. Intermediate goods Answer: - B. Consumption goods 42. Depreciation is the: A. Loss of vale of fixed assets in use due to normal wear and tear B. Loss of value of fixed assets in use due to normal rate of accidental damages C. Loss of value of fixed assets in the due to foreseen obsolescence D. All of these Answer: - D. All of these 43. Which of following is not included in national income? A. Factor income B. Rent C. Operating surplus D. Transfer income Answer: - D. Transfer income 44. Which of following is not a capital good? A. Use of Machine tools B. Raw Material C. Advocate’s Services D. Heavy Machinery Answer: - C. Advocate’s Services 45. Which of following is not an intermediate goods? A. Wheat B. Gold C. Service of Doctor D. Sand and Bricks Answer: - C. Service of Doctor Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel 46. Which of following is not a final good? A. Machinery purchased by dealer B. Machinery purchased by a factory C. Use of petrol D. Washing machine Answer: - A. Machinery purchased by dealer 47. Which of following is not a part of national income? A. Depreciation B. Net factor income from abroad C. Operating surplus D. Mixed income Answer: - A. Depreciation 48. Product method of calculating national income is also known as: A. Income method B. Value added method C. Expenditure method D. Distribution method Answer: - B. Value added method 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 Answer: - A. Without any exchange of goods and services 50. 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 (difference between Indirect tax and subsidy) C. National debt interest D. it does not differ Answer: - B. Net Indirect Taxes (difference between Indirect tax and subsidy) Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel National Income MCQ mcq on national income class 12 | national income multiple choice questions and answers pdf | which one is included in national income mcq | national income and related aggregates mcq | mcq on national income with answers | national income mcq in hindi | mcq on national income upsc | national income does not include mcq National Income MCQ 51. Net national product at factor cost is also known as: A. Net Domestic product B. Gross National product C. National Income D. Personal Income Answer: - C. National Income 52. In GNP calculation which of the following should be excluded? A. Rental incomes B. Interest payments C. Dividends D. Government transfer payment Answer: - D. Government transfer payment 53. 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 Answer: - B. Net Indirect Taxes Also Read :- Marketing Management MCQs Digital Business Management MCQs Cost Accounting MCQs Join Our Telegram Channel

National Income MCQ

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( Best 60+ ) National Income MCQ

National Income MCQ

National Income MCQ

51. Net national product at factor cost is also known as:

52. In GNP calculation which of the following should be excluded?

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

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