CBSE Questions for Class 12 Commerce Economics National Income Accounting Quiz 7 - MCQExams.com

Net national product at factor cost (NNPFC) is also known as __________.
  • net domestic product
  • gross national product
  • national income
  • personal income.
Which of the following will directly increase the GDP?
  • A rise in the market price.
  • A surplus in budget.
  • An increase in investment.
  • A deficit in budget.
Disposable Income = gross additional of saving and:
  • Investment
  • Consumption
  • Taxes
  • Miscellaneous receipts
Which of the following is /are NOT included in the national income estimation by income method?
(i)  Mixed income
(ii) Royalty
(iii) Rent
(iv) Profit
  • Only (i)
  • Only (i) and (ii)
  • Only (ii) and (iv)
  • None of the above
The three methods of calculating national income measure __________.
  • the same thing from different angle
  • different thing from different angle
  • different thing at the same angle
  • the same thing from the same angle
In which sector, expenditure method is used in India for calculating national income?
  • Agriculture sector
  • Mining sector
  • Construction sector
  • Transportation sector
Inter linked phases of product method is also known as:
  • Net output method
  • Net outflow method
  • Gross outflow method
  • None of the above
Cost of Physical Stock Rs.2,30,000
Goods purchases for Rs.10,000 received but omitted to be recorded
Goods costing Rs.20,000 were sold & delivered but omitted to be recorded
Goods costing Rs.5,000 were returned by customers but omitted to be recorded.
Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded.
The cost of stock as per books is ____________.
  • Rs.2,40,000
  • Rs.2,38,000
  • Rs.2,36,000
  • None of these
Bread can either be a consumer good or an intermediate good.
  • True
  • False
The following statements true or false? Give reasons.
A good can be an intermediary good in one case and a final good in another case. 
  • True
  • False
The following statements true or false? Give reasons
Intermediate goods have a derived demand, while final goods have direct demand. 
  • True
  • False
Capital formation is a flow concept.
  • True
  • False
The concept of normal resident applies to individuals only. 
  • True
  • False
Stock variable is defined as a variable which is __________________.
  • Measured over a period of time
  • Measured at a particular point of time
  • Cannot be measured
  • None of these
Depreciation means ___________________.
  • Destruction of a plant in a fire accident
  • Loss of fixed assets overtime due to wear and tear
  • Loss of fixed assets in an earthquake
  • Closure of the plant due to lockout
The following statement is true or false? Give reasons.
Final goods include only those goods which are consumed by the households. 
  • True
  • False
Which one of the following is an intermediate product?
  • Purchase of pulses by consumers
  • Machine purchased by a firm
  • Wheat used by a flour mill
  • Wheat used by households
Which of the following is not an example of flow variable?
  • Number of births during a year
  • National wealth
  • National income
  • Wheat produced during a year
Losses are classified as ______________.
  • Stock variable
  • Flow variable
  • Either a or b
  • Neither a nor b
The following statement is true or false? Give reasons.
Butter is only a final product. 
  • True
  • False
The following statements true or false? Give reasons.
End-use of the goods categorise the goods as intermediate goods and final goods. 
  • True
  • False
The following statements true or false? Give reasons.
Both 'Expected Obsolescence' and 'Unexpected Obsolescence' are considered for determining the amount of depreciation.
  • True
  • False
Net domestic product at factor cost is less than national income when ______________.
  • Net factor income from abroad is positive
  • Net factor income from abroad is negative
  • Net factor income from abroad is zero
  • Net exports are positive
Which of the following is an example of an intermediate goods? 
  • Car sold by a dealer of second hand cars
  • Steel and cement used to construct a flyover
  • Fertilizers purchased by a farmer
  • All the these
Goods purchased for the following purpose are final goods ________________.
  • For satisfaction of wants
  • For investment in firm
  • Both (a) and (b)
  • None of the above
Unforeseen obsolescence of fixed capital assets during production is ________________.
  • Consumption of Fixed Capital
  • Capital Loss
  • Income Loss
  • None of the above
Which of the following is not a flow?
  • Capital
  • Income
  • Investment
  • Depreciation
Foreign embassies in India are a part of India's _______________.
  • Economic territory
  • Geographical territory
  • Both (a) and (b)
  • None of the above
Which of the following flowchart correctly establishes the treatment of 'Depreciation'? 
Refrigerator purchased by a confectionery shop is an example of _______________.
  • Final Good
  • Intermediate Good
  • Capital Good
  • Both (a) and (c)
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