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Unit Test-I Class-XII-SET-1

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175 views2 pages

Unit Test-I Class-XII-SET-1

Uploaded by

radhikavarshney07072007
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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DAV FERTILIZER PUBLIC SCHOOL, BABRALA

FIRST UNIT TEST-2023-24

MM: 30 CLASS- XII ECONOMICS- SET - 1 Max. Time: 1 Hour

1. Read the following statements carefully and choose the correct options: 1
Statement 1 – Fall in the value of capital due to unexpected obsolescence is depreciation.
Statement 2 – Gross investment is never less than net investment.
A. Statement 1 is true and statement 2 is false. B. Statement 1 is false and statement 2 is true
C. Both statements 1 & 2 are true. D. Both statements 1 & 2 are false.

2. Read the following statements: Assertion (A) and Reason (R) and choose the correct alternatives: 1
Assertion(A): ‘Interest on National debt is included in National Income’
Reason (R): Government borrows and spends on consumption purpose, so it is a transfer payment.
A. Both Assertion (A) & Reason (R) are True & Reason (R) is the correct explanation of (A)
B. Both Assertion (A) & Reason (R) are True & (R) is not the correct explanation of (A).
C. Assertion (A) is True but Reason (R) is False. D. Assertion (A) is False but Reason (R) is True.

3. Identify flow variable from the following: - 1


A. Distance between Delhi and Amritsar B. Investment of Mr. Mukesh as on 31 st March 2022
C. Bank Balance of Mr. Ashwin on 31st March, 2023 D. Annual Expenditure of a school

4. Read the following statements: Assertion (A) and Reason (R) and choose the correct alternatives: 1
Assertion(A): Value of only final goods are included in the estimation of national Income.
Reason (R): National Income is always expressed in monetary terms.
A. Both Assertion (A) & Reason (R) are True & Reason (R) is the correct explanation of (A)
B. Both Assertion (A) & Reason (R) are True & (R) is not the correct explanation of (A).
C. Assertion (A) is True but Reason (R) is False. D. Assertion (A) is False but Reason (R) is True.

5. Read the following statements carefully and choose the correct options: 1
Statement 1 – National Income includes income earned by factors of production with in the domestic
territory only.
Statement 2 – Factor income is same as NDPfc.
A. Statement 1 is true and statement 2 is false. B. Statement 1 is false and statement 2 is true
C. Both statements 1 & 2 are true. D. Both statements 1 & 2 are false.

6. An example of double counting in national income would be ________.


A. Wages of bus and train drivers B. Cotton cloth output by a textile mill
C. Addition a floor in a building D. Tax Receipts of a government

7. From the set of statements given in Column I and Column II, choose the correct pair of
statements: 1

Column I Column II

a) Old age Pension i) Factor income


b) Profit after tax ii) Dividend plus undistributed profits
c) Bonus iii) A component of operating surplus
d) Net domestic capital iv) Net fixed capital formation plus consumption of
formation fixed capital plus change in stock
A. a.-i B. b.- ii C. c.- iii D. d.- iv
8. Net capital formation causes__________ ( Choose the correct option) 1
A. Increase in production capacity B. Increase in depreciation
C. Increase in profits D. Increase in cost
9. Assuming Real income to be Rs 200 cr and price index to be 135, calculate nominal income. 1

QSF-SCHOL-EXAM-03 FOMAT REV.No.00 FORMAT REV. DATE:09/05/2018


DAV FERTILIZER PUBLIC SCHOOL, BABRALA
FIRST UNIT TEST-2023-24

MM: 30 CLASS- XII ECONOMICS- SET - 1 Max. Time: 1 Hour


A. 110 B. 148 C. 270 D. 675
10. Read the given flow chart- Fill up the
?
entries placed in the boxes having question
mark. Choose the correct option. 1

A. GDCF, Net Indirect Tax


B. GDFCF, NFIA
C. GDFCF, NIT
D. GDCF, Depreciation
?

Q11. Briefly explain the circular flow of National Income. 3

Q12. Distinguish between Value of Output & Value Added. 3

Q13. Are the following statements true or false? Give Reason. 3


i) "In the estimation of GDP using expenditure method, focus lies only on expenditure by the
residents of the country."
ii) Purchase of a house is a consumption
iii) Subsidy is a transfer payment

Q14. How will you treat the following while estimating domestic factor income of India? Give reason for
your answer. 3
i) Remittances from non-resident Indians to their families in India
ii) Rent paid by the embassy of Japan in India to a resident Indian
iii)Profits earned by branches of foreign bank in India

Q15.Calculate (a) Net National Product at mp and (b) Gross Domestic Product at fc: 4
(in Rs. crores)
(i) Rent and interest 6,000
(ii) Wages and salaries 1,800
(iii) Undistributed profit 400
(iv) Net indirect taxes 100
(v) Subsidies 20
(vi) Corporation tax 120
(vii) Net factor income to abroad 70
(viii) Dividends 80
(ix) Consumption of fixed capital 50
(x) Social security contribution by employers 200
(xi) Mixed income 1,000

Q16. Explain how ‘nonmonetary exchanges’ are a limitation in taking GDP as an index of welfare?
OR
Explain the steps involved in the estimation of National Income by Income method. 4

QSF-SCHOL-EXAM-03 FOMAT REV.No.00 FORMAT REV. DATE:09/05/2018

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