CBSE Questions for Class 12 Commerce Economics National Income Accounting Quiz 2 - MCQExams.com

The total value of all goods and services produced in one year in a country is called  ________.
  • national income
  • per capita income
  • net income
  • personal income
According to the 2012 World Development Report, which of the following is a high-income country?
  • China
  • India
  • Japan
  • Korea

Which of the following/s are the consequences of unequal distribution of national income?
  • Class-conflict
  • Political Domination
  • Exploitation
  • All the above
What is the circular flow of income?
  • It shows the flow of national income in an economy.
  • It shows the flow of income of only an individual.
  • It shows the flow of income of an industry.
  • None of the above.
Which of the following are the methods for measuring National Income?
  • The Product or Value Added Method
  • Expenditure Method
  • Income Method
  • All of the above
Which among the following Indian economist had done pioneering work on national income?
  • P.N Dhar
  • Jagdish Bhagwati
  • V.K.R.V. Rao
  • Prof. Shenoi
"BCSBI" stands for _________________.
  • Banking Codes and Standards Boards of India
  • Board Code for Standards in Branches
  • Board Code for Standards in Banking
  • None of the above
National Income may be determined through ________.
  • Income Approach
  • Expenditure Approach
  • Output Approach
  • All of the above
Net National Product is equal to ________________.
  • GNP + depreciation
  • GNP + exports
  • GNP - depreciation
  • GNP - exports
The National Income is equal to __________.
  • NNP - Subsidies + Taxes
  • NNP - Indirect Taxes + Subsidies
  • NNP - Direct Taxes + Subsidies
  • GNP - Subsidies + Taxes
Personal income distribution is relatively ___________________.
  • More unequal in urban areas than in rural areas
  • More equal in urban areas than in rural areas
  • More or less the same in rural and urban areas
  • More unequal in rural areas than in urban areas
Inflationary rise in prices ____________.
  • Reduces rate of saving
  • Has no effect at all on savings
  • Does not affect normal expenses
  • Increases savings
The present status of India at present, according to its National Income, is ________.
  • High income country
  • Low income group
  • Mid- income group
  • Highest income country
The national income of nation is the ________.
  • government's annual revenue
  • sum total of factor incomes
  • surplus of public sector undertakings
  • exports minus imports
For which of the following States has Centre appointed interlocutors?
  • HP
  • J & K
  • Nagaland
  • Manipur
National Income is _________.
  • governments' annual income
  • budget estimates
  • sum total of all incomes
  • revenue of public utility services
When the firm thinks of availing discount on bulk purchases, then ____________________________.
  • The number of orders will increases if the minimum quantity of purchase is less than the EOQ.
  • The carrying costs will increases if the EOQ is less than the minimum quantity of purchase.
  • The discount will not affect the carrying costs.
  • Incremental benefits come due to discount and carrying costs.
  • The incremental costs are equal to incremental befits and so discount can be ignored to calculated EOQ.
National income is a _________.
  • stock variable
  • flow variable
  • asset variable
  • none of the above
Which of the following methods or inventory valuation results in lower valuation of inventory and low income when Inflation is on the rise?
  • LIFO
  • FIFO
  • Simple average method
  • Weighed average method
An increase in national income because of an increase in price is called ________.
  • an increase in national income in real terms
  • an increase in national income at constant prices
  • an increase in money national income
  • an increase in national income at base year prices
What are the entities present in an circular flow of income in a simple economy?
  • Firms
  • Household
  • Bank
  • All of the above
Paid services are included in __________.
  • national income
  • demand
  • price
  • none of the above
Gini co-efficient is used for measuring poverty in _____________ sense.
  • absolute
  • relative
  • gross
  • net
Income method is known as ______ method.
  • factor cost
  • market price
  • output
  • expenditure
Net income from abroad should be added in the national income.
  • True
  • False
___________is the amount of money that households have available for spending and saving after income  taxes have been accounted for.
  • Personal Disposable Income
  • Income
  • Wages
  • Taxes
Expenditure method is ________ used to calculate national income.
  • widely
  • rarely
  • broadly
  • always
The income of the government through all sources is called public _________.
  • money
  • income
  • debt
  • revenue
Total Cost is the total expenditure incurred by a firm.
  • True
  • False
________ income in excluded in the calculation of net income.
  • Factor
  • Portable
  • Movable
  • Transfer
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