Bihar Board 12th Economics Objective Answers Chapter 5 National Income Accounting

Bihar Board 12th Economics Objective Questions and Answers

Bihar Board 12th Economics Objective Answers Chapter 5 National Income Accounting

Question 1.
The subect of the Study of Macro Economics is:
(A) The Principle of National Income
(B) The Principle of Consumer
(C) The Principle of Producer
(D) None of these
Answer:
(A) The Principle of National Income

Question 2.
Macro Economics Studies:
(A) Employment opportunities in economy
(B) Theory of supply of Commodities
(C) Elasticity of demand in Scooter
(D) Price of wheat in market
Answer:
(A) Employment opportunities in economy

Question 3.
General Price Level is studied in:
(A) Micro Economics
(B) Macro Economics
(C) Both (a) and (b)
(D) None of these
Answer:
(B) Macro Economics

Question 4.
Employment Theory is related to :
(A) Static Economics
(B) Micro Economics
(C) Macro Economics
(D) None of these
Answer:
(C) Macro Economics

Question 5.
Increase in Stock of Capital is known as:
(A) Capital Loss
(B) Capital Profit
(C) Capital Formation
(D) None of these
Answer:
(C) Capital Formation

Question 6.
Which of the following is sPktock ?
(A) Wealth
(B) Saving
(C) Export
(D) Profit
Answer:
(A) Wealth

Question 7.
Which one of the following is included in circular flow ?
(A) Real Flow
(B) Money Flow
(C) Both (a) and (b)
(D) None of these
Answer:
(C) Both (a) and (b)

Question 8.
Which one of the following is included in ‘Stock’ ?
(A) Quantity of Money
(B) Wealth
(C) Quantity of wheat stored in warehouse
(D) All the above
Answer:
(D) All the above

Question 9.
Which one is included in flow ?
(A) Consumption
(B) Investment
(C) Income
(D) All of these
Answer:
(B) Investment

Question 10.
Which of the following is included in real flow ?
(A) Flow of Goods
(B) Flow of Services
(C) Both (a) and (b)
(D) None of these
Answer:
(C) Both (a) and (b)

Question 11.
Which services are provided by families to a firm ?
(A) Land
(B) Labour
(C) Capital and Enterprises
(D) All the above
Answer:
(D) All the above

Question 12.
Which one is included in three-sector model ?
(A) Family
(B) Firm
(C) Government
(D) All of these
Answer:
(D) All of these

Question 13.
Which one is included in four-sector model ?
(A) Family, Firm, Industry
(B) Family, Firm, Government
(C) Family, Firm, Government, Foreign Sector
(D) None of the above
Answer:
(C) Family, Firm, Government, Foreign Sector

Question 14.
Which is the equilibrium condition of circular flow in four sector model ?
(A) C + I
(B) C + I + G
(C) C + I + G + (X-M)
(D) None of these
Answer:
(C) C + I + G + (X-M)

Question 15.
Primary sector includes:
(A) Agriculture
(B) Retail trading
(C) Small Industries
(D) All the these
Answer:
(D) All the these

Question 16.
For a four sector or open economy the condition for equilibrium is:
(A) Savings + taxes + Imports = Investment + govt, expenditure + exports
(B) Total Leakages = Total Injections
(C) Aggregate output = Aggregatge Expenditure
(D) All of these
Answer:
(D) All of these

Question 17.
Which service is included in Tertiary Sector ?
(A) Mining
(B) Construction
(C) Communication
(D) Animal Husbandary
Answer:
(C) Communication

Question 18.
Which of the following is not flow ?
(A) Capital
(B) Income
(C) Investment
(D) Depreciation
Answer:
(A) Capital

Question 19.
The market price of all final goods of a country in a year is known as:
(A) GDPMP
(B) GDPFC
(C) NNPFC
(D) None of these
Answer:
(A) GDPMP

Question 20.
Which one is true ?
(A) GNP = GDP + Depreciation
(B) NNP = GNP + Depreciation
(C) NNP = GNP – Depreciation
(D) GNP = NNP – Depreciation
Answer:
(C) NNP = GNP – Depreciation

Question 21.
GNP_Mp =?
(A) GDP_Mp – Depreciation
(B) GDP_Mp + Net Factor Income from Abroad
(C) GNP_Mp + Subsidy
(D) None of the above
Answer:
(B) GDP_Mp + Net Factor Income from Abroad

Question 22.
NNPMP = ?
(A) GNP_Mp – Depreciation
(B) GNP_Mp + Depreciation
(C) GNP_Mp + Indirect Tax
(D) None of the above
Answer:
(A) GNP_Mp – Depreciation

Question 23.
Depreciation expenses are included in:
(A) GNP_Mp
(B) NNP_Mp
(C) NNP_FC
(D) None of these
Answer:
(A) GNP_Mp

Question 24.
NDPFC = ?
(A) NDPMP – Indirect Tax
(B) GNPMP – Indirect Tax + Subsidy
(C) NDPMP – Subsidy
(D) NDPMF – Depreciation
Answer:
(B) GNPMP – Indirect Tax + Subsidy

Question 25.
Net National Income at Factor Cost is called ?
(A) National Income
(B) Gross Investment
(C) Domestic Income
(D) None of these
Answer:
(A) National Income

Question 26.
Which one is included in National Income ?
(A) Rent, Wage, Interest
(B) Rent, Wage, Salary
(C) Rent, Profit, Interest
(D) Rent, Wage, Salary, Interest, Profit
Answer:
(D) Rent, Wage, Salary, Interest, Profit

Question 27.
What is consumption of fixed capital called ?
(A) Capital formation
(B) Depreciation
(C) Investment
(D) All of these
Answer:
(B) Depreciation

Question 28.
Which of the following is correct ?
(A) Disposable Income = Personal Income – Direct Taxes
(B) Disposable Income = Private Income – Direct Taxes
(C) Disposable Income = Personal Income – Indirect Taxes
(D) Disposable Income = Private Income – Indirect Taxes
Answer:
(A) Disposable Income = Personal Income – Direct Taxes

Question 29.
If for a country net factor income from abroad is negative then:
(A) GDP < GNP
(B) GDP > GNP
(C) GDP ≥ GNP
(D) GDP = GNP
Answer:
(B) GDP > GNP

Question 30.
The market value of all final goods and services produced in an economy over a year is called :
(A) Gross National Product
(B) National Income
(C) Gross Domestic Product
(D) Net National Product
Answer:
(C) Gross Domestic Product

Question 31.
Which method is adopted in measuring National Income ?
(A) Production Method
(B) Income Method
(C) Expenditure Method
(D) All of these
Answer:
(D) All of these

Question 32.
Which sector is included in an economy ?
(A) Primary
(B) Secondary
(C) Tertiary
(D) All of these
Answer:
(D) All of these

Question 33.
Which of the following is not included in the calculation of Gross National Product ?
(A) Purchase and Sale of Old commodities
(B) Intermediate Commodities
(C) (a) and (b) both
(D) None of the above
Answer:
(C) (a) and (b) both

Question 34.
Which one of the following services is included in Secondary Sector ?
(A) Insurance
(B) Manufacturing
(C) Trade
(D) Banking
Answer:
(B) Manufacturing

Question 35.
Which one is included in Primary Sector ?
(A) Land
(B) Forest
(C) Mining
(D) All these
Answer:
(D) All these

Question 36.
To include the value of goods or services more than one time while calculating National Income is called :
(A) Single Counting
(B) Double Counting
(C) Multiple Counting
(D) None of these
Answer:
(B) Double Counting

Question 37.
Which one is a component of profit ?
(A) Dividend
(B) Undistributed Profit
(C) Corporate Profit Tax
(D) All of these
Answer:
(D) All of these

Question 38.
Which one is included in National Income ?
(A) Transfer Earnings
(B) Sale proceeds of Shares and Bonds
(C) Black Money
(D) None of the Above
Answer:
(D) None of the Above

Question 39.
Which one is included in the calculation of National Income ?
(A) New Final Goods and Services
(B) Earned Income of Indian Companies in Abroad
(C) Expenses made by Foreign Tourists in the country
(D) All the above
Answer:
(D) All the above

Question 40.
Which one is the limitation of Macro Economics ?
(A) Collective Economic Paradox
(B) Ignores Individual Units
(C) Both (a) and (b)
(D) None of these
Answer:
(C) Both (a) and (b)