Quiz on National Income aggregates
1) The financial year in India is
a. April 1 to March 31
b. January 1 to December 31
c. March 1 to April 30
d. March 16 to March 15
2. 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
3. Consider the following statements and identify the right ones.
i. While calculating GDP, income generated by foreigners in a country is taken into
consideration
ii. While calculating GDP, income generated by nationals of a country outside the country is
taken into account
a. I only
b. ii only
c. both
d. none
4. The net value of GDP after deducting depreciation from GDP is
a. Net national product
b. Net domestic product
c. Gross national product
d. Disposable income
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
6. When depreciation is deducted from GNP, the net value is
a. Net national product
b. Net domestic product
c. Gross national product
d. Disposable income
7. The value of NNP at consumer point is
a. NNP at factor cost
b. NNP at market price
c. GNP at market price
d. GNP at factor cost
8. 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
9. The value of national income adjusted for inflation is called
a. Per capita income
b. Disposable income
c. Inflation rate
d. Real national income
10. The average income of the country is
a. Per capita income
b. Disposable income
c. Inflation rate
d. Real national income
11. Consider the following statements and identify the right ones.
i. Personal income refers to the income of individuals of a country.
ii. The income at their disposal after paying direct taxes is called disposable income
a. I only
b. ii only
c. both
d. none
12. Which of the following method/s is/are used to calculate national income in India?
a. Production/output /value added method
b. Expenditure method
c. Income method
d. All the above
13. The most appropriate measure of a country's economic growth is
a. GDP
b. NDP
c. Per capita real income
d. GNP
14) The last quarter growth in GDP witnessed a
a.Contraction of 23%
b.Expansion of 5%
c.Contraction of 10%
d)None of the above
15)In the basic macroeconomic equation Y= C+I+G + (X-M)
a) C,I, (X-M) recorded a decline
b)G, (X-M) recorded a decline
c) Only C recorded a decline
d)none of the above
16) Post pandemic contraction in GDP was witnessed by most countries except
a)UK
b)US
c)China
d)france
17) GDP measured at current market prices is called nominal GDP(IMF rankings). India
stands at the
a)sixth position
b) fifth position
c)third position
d)None of the above
18)Per capita income measures the well being of the individual in the country. The
country which tops the list in this respect is
a) Luxemberg
b)US
c)UK
d)none of the above
19)Given GNPfc = 5000, NFIA =500,, NIT =450, and Depreciation is 300. NDPmp is
a)4200
b)4900
c)5000
d)None of the above
20)Given Consumption =500,,( GFCF)-I =200, and G =300, NX = 200 the GNP value is
a) 700
b)800
c)950
d)None of the above
