National Income Accounting MCQ Questions for Class 12 Economics Chapter 2 with Answers

We have compiled the NCERT/CBSE chapter-wise Multiple Choice Class 12 Economics Chapter 2 National Income Accounting with Answers by expert subject teacher for latest syllabus and examination. Prepare effectively for the exam taking the help of the Class 12 Economics Objective Questions PDF free of cost from here. Students also can take a free test of the Multiple Choice Questions of National Income Accounting. Each question has four options followed by the right answer. Download the Economics Quiz Questions with Answers for Class 12 Pdf and prepare to help students understand the concept very well.

MCQ Questions for Class 12 Macroeconomics with Answers: Introductory Macroeconomics


Question 1.

National income is the sum of factor income accruing to

(i) Nationals
(ii) Economic territory
(iii) Residents
(iv) Both residents and non-residents

(iii) Residents


Question 2.

Q2. Who had made the first attempt at National Income Accounting?

(i) Prof. D.R.Gadgill
(ii) Simon Kuznets
(iii) J.M.Keynes
(iv) Gregory King

(iv) Gregory King


Question 3.

Which of the following is not a component of domestic income?

(i) Operating surplus
(ii) Compensation of employees
(iii) Net factor income from abroad
(iv) Mixed income


(iii) Net factor income from abroad


Question 4.

Net capital formation causes

(i) Increase in production capacity
(ii) Increase in depreciation
(iii) Increase in profits
(iv) Increase in cost

(i) Increase in production capacity


Question 5.

Accounting of National Income at constant prices is known as

(i) Money income
(ii) Real income
(iii) Current income
(iv) Domestic income

(ii) Real income


Question 6.

Calculation of National Income at Market Prices is known as

(i) Money income
(ii) Real income
(iii) Non-monetary income
(iv) None of these

(i) Money income


Question 7.

Which of the following is not true about final goods?

(i) Final gods satisfy wants of ultimate consumers and producers.
(ii) Final goods have direct demand as they satisfy the wants directly.
(iii) Final goods are subject to further transformation in the process of production.
(iv) Final goods are neither used up as raw-material nor for resale in the same year.

(iii) Final goods are subject to further transformation in the process of production.


Question 8.

Those goods which satisfy human wants directly are called

(i) Intermediate goods
(ii) Consumer goods
(iii) Capital goods
(iv) None of these

(ii) Consumer goods


Question 9.

The subject of the Study of Macro Economics is:

(i) The Principle of National Income
(ii) The Principle of Consumer
(iii) The Principle of Producer
(iv) None of these

(i) The Principle of National Income


Question 10.

Employment Theory is related to :

(i) Static Economics
(ii) Micro Economics
(iii) Macro Economics
(iv) None of these

(iii) Macro Economics


Question 11.

Which of the following is sPktock ?

(i) Wealth
(ii) Saving
(iii) Export
(iv) Profit

(i) Wealth


Question 12

Which one of the following is included in ‘Stock’?

(i) Quantity of Money
(ii) Wealth
(iii) Quantity of wheat stored in a warehouse
(iv) All the above

(iv) All the above


Question 13

Which services are provided by families to a firm?

(i) Land
(ii) Labour
(iii) Capital and Enterprises
(iv) All the above

(iv) All the above


Question 14.

The primary sector includes:

(i) Agriculture
(ii) Retail trading
(iii) Small Industries
(iv) All the these

(iv) All the these


Question 15

Which of the following is not flow?

(i) Capital
(ii) Income
(iii) Investment
(iv) Depreciation

(i) Capital


Question 16.

Net National Income at Factor Cost is called?

(i) National Income
(ii) Gross Investment
(iii) Domestic Income
(iv) None of these

(i) National Income


Question 17

If for a country net factor income from abroad is negative then:

(i) GDP < GNP

(ii) GDP > GNP
(iii) GDP ≥ GNP
(iv) GDP = GNP

(ii) GDP > GNP


Question 18.

Which one of the following services are included in the Secondary Sector?

(i) Insurance
(ii) Manufacturing
(iii) Trade
(iv) Banking

(ii) Manufacturing


Question 19

Which one is included in Primary Sector?

(i) Land
(ii) Forest
(iii) Mining
(iv) All these

(iv) All these

Question 20.


Which one is included in National Income?

(i) Transfer Earnings
(ii) Sale proceeds of Shares and Bonds
(iii) Black Money
(iv) None of the Above

(iv) None of the Above


Question 21.

GNP at MP =

(i) GDPMP – Depreciation
(ii) GDPMP + Depreciation
(iii) GDPMP ÷ Depreciation
(iv) GDPMP + Net factor income from abroad

(iv)


Question 22.

NDPMP =

(i) GDPMP – Depreciation
(ii) GDPFC + Net factor income from abroad
(iii) NNPFC + Net indirect taxes
(iv) All of these

(i)


Question 23.

NNPMP =

(i) GNPMP – Depreciation
(ii) NDPMP + Net factor income from abroad
(iii) NNPFC + Net indirect taxes
(iv) All of these

(iv) All of these


Question 24.

GDPFC =

(i) GDPMP – Net indirect taxes
(ii) GDP MP + Net indirect taxes
(iii) GDP MP + Subsidies
(iv) GDP MP – Indirect taxes

(i)


Question 25.

NDPFC =

(i) GDPFC – Indirect taxes
(ii) GDPFC – Depreciation
(iii) GDPFC + Economic subsidy
(iv) All of these

(ii)


Question 26.

NNPFC =

(i) GNPFC – Depredation
(ii) NNPMP + Economic subsidy – Indirect taxes
(iii) NDPMP + Net factor income from abroad
(iv) All of these

(iv) All of these


Question 27.

Which of the following leads to depreciation?

(i) Normal wear and tear
(ii) Damages due to floods
(iii) Damages due to market – crash
(iv) None of these

(i) Normal wear and tear


Question 28.

Basis of the difference between the concepts of market Price and Factor Cost is:

(i) Direct taxes
(ii) Indirect taxes
(iii) Subsidies
(iv) Net indirect taxes

(iv) Net indirect taxes

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