Official Class 12 Economics Worksheets: Part B Macroeconomics Chapter 02 National Income Accounting
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Question. Calculate Net Value Added at Factor Cost:
Items (Rs. in crore)
(i) Opening stock: 20
(ii) Sales tax: 15
(iii) Subsidy: 5
(iv) Consumption of fixed capital: 50
(v) Closing stock: 40
(vi) Sales: 500
(vii) Intermediate consumption: 320
(viii) Operating surplus: 60
Answer: Net Value Added at Factor Cost
= Sales + Closing stock – Opening stock – Intermediate consumption – Consumption of fixed capital – Sales tax + Subsidy
= Rs. 500 crore + Rs. 40 crore – Rs. 20 crore – Rs. 320 crore – Rs. 50 crore – Rs. 15 crore + Rs. 5 crore
= Rs. 140 crore
Net value added at factor cost = Rs. 140 crore.
Question. Calculate Value Added by Firm A and Firm B from the following data:
Items (Rs. in crore)
(i) Sales by firm B to general government: 50
(ii) Total sales by firm A: 500
(iii) Purchases by households from firm B: 400
(iv) Exports by firm B: 50
(v) Change in stock of firm A: 30
(vi) Imports by firm A: 80
(vii) Change in stock of firm B: 20
(viii) Sales by firm C to firm B: 200
(ix) Sales by firm A to firm B: 150
Answer: Value Added by Firm A
= Total sales by firm A + Change in stock of firm A – Imports by firm A
= Rs. 500 crore + Rs. 30 crore – Rs. 80 crore
= Rs. 450 crore
Value Added by Firm B
= Sales by firm B to general government + Sales to households + Exports + Change in stock of firm B – Purchases from firm C – Purchases from firm A
= Rs. 50 crore + Rs. 400 crore + Rs. 50 crore + Rs. 20 crore – Rs. 200 crore – Rs. 150 crore
= Rs. 520 crore – Rs. 350 crore
= Rs. 170 crore
Value added by firm A = Rs. 450 crore.
Value added by firm B = Rs. 170 crore.
Question. From the following data, calculate Gross Value Added at Factor Cost:
Items (Rs. in crore)
(i) Sales: 180
(ii) Rent: 5
(iii) Subsidies: 10
(iv) Change in stock: 15
(v) Purchase of raw materials: 100
(vi) Profits: 25
Answer: Gross Value added at Factor Cost
= Sales + Change in stock – Purchase of raw materials + Subsidies
= Rs. 180 crore + Rs. 15 crore – Rs. 100 crore + Rs. 10 crore
= Rs. 105 crore
Gross value added at factor cost = Rs. 105 crore.
Question. From the following data, calculate Gross Value Added at Factor Cost:
Items (Rs. in crore)
(i) Net indirect tax: 20
(ii) Purchase of intermediate products: 120
(iii) Purchase of machines: 300
(iv) Sales: 250
(v) Consumption of fixed capital: 20
(vi) Change in stock: 30
Answer: Gross Value added at Factor Cost
= Sales + Change in stock – Purchase of intermediate products – Net indirect tax
= Rs. 250 crore + Rs. 30 crore – Rs. 120 crore – Rs. 20 crore
= Rs. 140 crore
Gross value added at factor cost = Rs. 140 crore.
Question. Calculate Gross Domestic Product at Factor Cost from the following data:
Items (Rs. in crore)
(i) Private final consumption expenditure: 800
(ii) Net domestic capital formation: 150
(iii) Change in stock: 30
(iv) Net factor income from abroad: (–) 20
(v) Net indirect tax: 120
(vi) Government final consumption expenditure: 450
(vii) Net exports: (–) 30
(viii) Gross fixed capital formation: 170
(ix) Export of machinery: 40
Answer: Gross Domestic Product at Factor Cost
= Private final consumption expenditure + Government final consumption expenditure + Gross fixed capital formation + Change in stock + Net exports – Net indirect taxes
= Rs. 800 crore + Rs. 450 crore + Rs. 170 crore + Rs. 30 crore + (–) Rs. 30 crore – Rs. 120 crore
= Rs. 800 crore + Rs. 450 crore + Rs. 170 crore + Rs. 30 crore – Rs. 30 crore – Rs. 120 crore
= Rs. 1,300 crore
Gross domestic product at factor cost = Rs. 1,300 crore.
Question. Calculate Net National Product at Market Price from the following data:
Items (Rs. in crore)
(i) Net factor income from abroad: (–) 5
(ii) Private final consumption expenditure: 100
(iii) Personal tax: 20
(iv) Government final consumption expenditure: 20
(v) Corporation tax: 15
(vi) Gross domestic capital formation: 30
(vii) Net exports: (–) 10
(viii) Consumption of fixed capital: 25
Answer: Net National Product at Market Price
= Private final consumption expenditure + Government final consumption expenditure + Gross domestic capital formation + Net exports – Consumption of fixed capital + Net factor income from abroad
= Rs. 100 crore + Rs. 20 crore + Rs. 30 crore + (–) Rs. 10 crore – Rs. 25 crore + (–) Rs. 5 crore
= Rs. 100 crore + Rs. 20 crore + Rs. 30 crore – Rs. 10 crore – Rs. 25 crore – Rs. 5 crore
= Rs. 110 crore
\( NNP_{MP} \) = Rs. 110 crore.
Question. Calculate National Income from the following data:
Items (Rs. in crore)
(i) Compensation of employees: 800
(ii) Rent: 500
(iii) Interest: 300
(iv) Consumption of fixed capital: 80
(v) Net indirect taxes: 150
(vi) Profit: 500
(vii) Mixed income of self-employed: 800
(viii) Net factor income from abroad: (–) 50
Answer: National Income
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Net factor income from abroad
= Rs. 800 crore + Rs. 500 crore + Rs. 300 crore + Rs. 500 crore + Rs. 800 crore + (–) Rs. 50 crore
= Rs. 800 crore + Rs. 500 crore + Rs. 300 crore + Rs. 500 crore + Rs. 800 crore – Rs. 50 crore
= Rs. 2,850 crore
National income = Rs. 2,850 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Government final consumption expenditure: 300
(ii) Subsidies: 10
(iii) Rent: 400
(iv) Wages and salaries: 400
(v) Indirect tax: 60
(vi) Private final consumption expenditure: 600
(vii) Gross domestic capital formation: 120
(viii) Social security contributions by employers: 55
(ix) Royalty: 25
(x) Net factor income paid to abroad: 30
(xi) Interest: 20
(xii) Net domestic capital formation: 110
(xiii) Profit: 130
(xiv) Net exports: 70
Answer:
(a) Income Method:
National Income = Wages and salaries + Social security contributions by employers + Rent + Royalty + Interest + Profit – Net factor income paid to abroad
= Rs. 400 crore + Rs. 55 crore + Rs. 400 crore + Rs. 25 crore + Rs. 20 crore + Rs. 130 crore – Rs. 30 crore
= Rs. 1,000 crore
(b) Expenditure Method:
National Income = Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Net indirect tax – Net factor income paid to abroad
= Rs. 600 crore + Rs. 300 crore + Rs. 110 crore + Rs. 70 crore – (Rs. 60 crore – Rs. 10 crore) – Rs. 30 crore
= Rs. 600 crore + Rs. 300 crore + Rs. 110 crore + Rs. 70 crore – Rs. 50 crore – Rs. 30 crore
= Rs. 1,000 crore
National income (by income and expenditure methods) = Rs. 1,000 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Private final consumption expenditure: 300
(ii) Mixed income of self-employed: 85
(iii) Gross domestic fixed capital formation: 70
(iv) Opening stock: 15
(v) Compensation of employees: 200
(vi) Closing stock: 25
(vii) Government final consumption expenditure: 150
(viii) Operating surplus: 200
(ix) Consumption of fixed capital: 10
(x) Net indirect taxes: 25
(xi) Net factor income from abroad: (–) 5
(xii) Exports: 10
(xiii) Imports: 20
Answer:
(a) Income Method:
National Income = Compensation of employees + Operating surplus + Mixed income of self-employed + Net factor income from abroad
= Rs. 200 crore + Rs. 200 crore + Rs. 85 crore + (–) Rs. 5 crore
= Rs. 200 crore + Rs. 200 crore + Rs. 85 crore – Rs. 5 crore
= Rs. 480 crore
(b) Expenditure Method:
National Income = Private final consumption expenditure + Government final consumption expenditure + Gross domestic fixed capital formation + Change in stock (Closing stock – Opening stock) + Net exports – Consumption of fixed capital – Net indirect taxes + Net factor income from abroad
= Rs. 300 crore + Rs. 150 crore + Rs. 70 crore + (Rs. 25 crore – Rs. 15 crore) + (Rs. 10 crore – Rs. 20 crore) – Rs. 10 crore – Rs. 25 crore + (–) Rs. 5 crore
= Rs. 300 crore + Rs. 150 crore + Rs. 70 crore + Rs. 10 crore – Rs. 10 crore – Rs. 10 crore – Rs. 25 crore – Rs. 5 crore
= Rs. 480 crore
National income (by income and expenditure methods) = Rs. 480 crore.
Question. Estimate National Income by (a) Expenditure Method, and (b) Income Method from the following data:
Items (Rs. in crore)
(i) Private final consumption expenditure: 210
(ii) Government final consumption expenditure: 50
(iii) Net domestic capital formation: 40
(iv) Net exports: (–) 5
(v) Wages and salaries: 170
(vi) Employers' contribution to provident fund: 10
(vii) Profit: 45
(viii) Interest: 20
(ix) Indirect taxes: 30
(x) Subsidies: 5
(xi) Rent: 10
(xii) Net factor income from abroad: 3
(xiii) Consumption of fixed capital: 25
(xiv) Royalty: 15
Answer:
(a) Expenditure Method:
National Income = Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Indirect taxes + Subsidies + Net factor income from abroad
= Rs. 210 crore + Rs. 50 crore + Rs. 40 crore + (–) Rs. 5 crore – Rs. 30 crore + Rs. 5 crore + Rs. 3 crore
= Rs. 210 crore + Rs. 50 crore + Rs. 40 crore – Rs. 5 crore – Rs. 30 crore + Rs. 5 crore + Rs. 3 crore
= Rs. 273 crore
(b) Income Method:
National Income = Wages and salaries + Employers' contribution to provident fund + Rent + Royalty + Interest + Profit + Net factor income from abroad
= Rs. 170 crore + Rs. 10 crore + Rs. 10 crore + Rs. 15 crore + Rs. 20 crore + Rs. 45 crore + Rs. 3 crore
= Rs. 273 crore
National income (by income and expenditure methods) = Rs. 273 crore.
Question. From the following data, calculate Gross National Product at Market Price by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Mixed income of self-employed: 400
(ii) Compensation of employees: 500
(iii) Private final consumption expenditure: 900
(iv) Net factor income from abroad: (–) 20
(v) Net indirect taxes: 100
(vi) Consumption of fixed capital: 120
(vii) Net domestic capital formation: 280
(viii) Net exports: (–) 30
(ix) Profit: 350
(x) Rent: 100
(xi) Interest: 150
(xii) Government final consumption expenditure: 450
Answer:
(a) Gross National Product at Market Price (by Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Consumption of fixed capital + Net indirect taxes + Net factor income from abroad
= Rs. 500 crore + Rs. 100 crore + Rs. 150 crore + Rs. 350 crore + Rs. 400 crore + Rs. 120 crore + Rs. 100 crore + (–) Rs. 20 crore
= Rs. 500 crore + Rs. 100 crore + Rs. 150 crore + Rs. 350 crore + Rs. 400 crore + Rs. 120 crore + Rs. 100 crore – Rs. 20 crore
= Rs. 1,700 crore
(b) Gross National Product at Market Price (by Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports + Consumption of fixed capital + Net factor income from abroad
= Rs. 900 crore + Rs. 450 crore + Rs. 280 crore + (–) Rs. 30 crore + Rs. 120 crore + (–) Rs. 20 crore
= Rs. 900 crore + Rs. 450 crore + Rs. 280 crore – Rs. 30 crore + Rs. 120 crore – Rs. 20 crore
= Rs. 1,700 crore
\( GNP_{MP} \) (by income and expenditure methods) = Rs. 1,700 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Private final consumption expenditure: 1,000
(ii) Government final consumption expenditure: 2,000
(iii) Compensation of employees: 1,200
(iv) Net exports: (–) 20
(v) Net indirect taxes: 370
(vi) Net domestic capital formation: 800
(vii) Consumption of fixed capital: 100
(viii) Net factor income from abroad: (–) 10
(ix) Interest: 310
(x) Rent: 200
(xi) Mixed income of self-employed: 800
(xii) Profit: 900
Answer:
(a) National Income (by Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Net factor income from abroad
= Rs. 1,200 crore + Rs. 200 crore + Rs. 310 crore + Rs. 900 crore + Rs. 800 crore + (–) Rs. 10 crore
= Rs. 1,200 crore + Rs. 200 crore + Rs. 310 crore + Rs. 900 crore + Rs. 800 crore – Rs. 10 crore
= Rs. 3,400 crore
(b) National Income (by Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Net indirect taxes + Net factor income from abroad
= Rs. 1,000 crore + Rs. 2,000 crore + Rs. 800 crore + (–) Rs. 20 crore – Rs. 370 crore + (–) Rs. 10 crore
= Rs. 1,000 crore + Rs. 2,000 crore + Rs. 800 crore – Rs. 20 crore – Rs. 370 crore – Rs. 10 crore
= Rs. 3,400 crore
National income (by income and expenditure methods) = Rs. 3,400 crore.
Question. From the following data calculate Gross National Product at Market Price by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Net domestic capital formation: 375
(ii) Compensation of employees: 600
(iii) Net indirect taxes: 150
(iv) Profit: 450
(v) Rent: 200
(vi) Private final consumption expenditure: 1,100
(vii) Consumption of fixed capital: 115
(viii) Government final consumption expenditure: 700
(ix) Interest: 250
(x) Mixed income of self-employed: 500
(xi) Net factor income from abroad: (–) 15
(xii) Net exports: (–) 25
Answer:
(a) Gross National Product at Market Price (by Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Consumption of fixed capital + Net indirect taxes + Net factor income from abroad
= Rs. 600 crore + Rs. 200 crore + Rs. 250 crore + Rs. 450 crore + Rs. 500 crore + Rs. 115 crore + Rs. 150 crore + (–) Rs. 15 crore
= Rs. 600 crore + Rs. 200 crore + Rs. 250 crore + Rs. 450 crore + Rs. 500 crore + Rs. 115 crore + Rs. 150 crore – Rs. 15 crore
= Rs. 2,250 crore
(b) Gross National Product at Market Price (by Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports + Consumption of fixed capital + Net factor income from abroad
= Rs. 1,100 crore + Rs. 700 crore + Rs. 375 crore + (–) Rs. 25 crore + Rs. 115 crore + (–) Rs. 15 crore
= Rs. 1,100 crore + Rs. 700 crore + Rs. 375 crore – Rs. 25 crore + Rs. 115 crore – Rs. 15 crore
= Rs. 2,250 crore
\( GNP_{MP} \) (by income and expenditure methods) = Rs. 2,250 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Compensation of employees: 1,000
(ii) Net factor income from abroad: (–) 20
(iii) Net indirect tax: 120
(iv) Profit: 800
(v) Private final consumption expenditure: 2,000
(vi) Net domestic capital formation: 770
(vii) Consumption of fixed capital: 130
(viii) Rent: 600
(ix) Interest: 620
(x) Mixed income of self-employed: 700
(xi) Net exports: (–) 30
(xii) Government final consumption expenditure: 1,100
Answer:
(a) National Income (Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Net factor income from abroad
= Rs. 1,000 crore + Rs. 600 crore + Rs. 620 crore + Rs. 800 crore + Rs. 700 crore + (–) Rs. 20 crore
= Rs. 1,000 crore + Rs. 600 crore + Rs. 620 crore + Rs. 800 crore + Rs. 700 crore – Rs. 20 crore
= Rs. 3,700 crore
(b) National Income (Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Net indirect taxes + Net factor income from abroad
= Rs. 2,000 crore + Rs. 1,100 crore + Rs. 770 crore + (–) Rs. 30 crore – Rs. 120 crore + (–) Rs. 20 crore
= Rs. 2,000 crore + Rs. 1,100 crore + Rs. 770 crore – Rs. 30 crore – Rs. 120 crore – Rs. 20 crore
= Rs. 3,700 crore
National income (by income and expenditure methods) = Rs. 3,700 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Compensation of employees: 600
(ii) Government final consumption expenditure: 550
(iii) Net factor income from abroad: (–) 10
(iv) Net export: (–) 15
(v) Profit: 400
(vi) Net indirect tax: 60
(vii) Mixed income of self-employed: 350
(viii) Rent: 200
(ix) Interest: 310
(x) Private final consumption expenditure: 1,000
(xi) Net domestic capital formation: 385
(xii) Consumption of fixed capital: 85
Answer:
(a) National Income (Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Net factor income from abroad
= Rs. 600 crore + Rs. 200 crore + Rs. 310 crore + Rs. 400 crore + Rs. 350 crore + (–) Rs. 10 crore
= Rs. 600 crore + Rs. 200 crore + Rs. 310 crore + Rs. 400 crore + Rs. 350 crore – Rs. 10 crore
= Rs. 1,850 crore
(b) National Income (Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net export – Net indirect taxes + Net factor income from abroad
= Rs. 1,000 crore + Rs. 550 crore + Rs. 385 crore + (–) Rs. 15 crore – Rs. 60 crore + (–) Rs. 10 crore
= Rs. 1,000 crore + Rs. 550 crore + Rs. 385 crore – Rs. 15 crore – Rs. 60 crore – Rs. 10 crore
= Rs. 1,850 crore
National income (by income and expenditure methods) = Rs. 1,850 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Private final consumption expenditure: 900
(ii) Net domestic capital formation: 200
(iii) Compensation of employees: 500
(iv) Mixed income of self-employed: 400
(v) Government final consumption expenditure: 400
(vi) Net factor income from abroad: (–) 10
(vii) Profit: 220
(viii) Rent: 90
(ix) Net exports: (–) 25
(x) Interest: 100
(xi) Net indirect tax: 165
(xii) Net current transfers from rest of the world: 50
Answer:
(a) National Income (Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Net factor income from abroad
= Rs. 500 crore + Rs. 90 crore + Rs. 100 crore + Rs. 220 crore + Rs. 400 crore + (–) Rs. 10 crore
= Rs. 500 crore + Rs. 90 crore + Rs. 100 crore + Rs. 220 crore + Rs. 400 crore – Rs. 10 crore
= Rs. 1,300 crore
(b) National Income (Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Net indirect taxes + Net factor income from abroad
= Rs. 900 crore + Rs. 400 crore + Rs. 200 crore + (–) Rs. 25 crore – Rs. 165 crore + (–) Rs. 10 crore
= Rs. 900 crore + Rs. 400 crore + Rs. 200 crore – Rs. 25 crore – Rs. 165 crore – Rs. 10 crore
= Rs. 1,300 crore
National income (by income and expenditure methods) = Rs. 1,300 crore.
Question. From the following data calculate National Income by (a) Income Method, and (b) Expenditure Method:
Items (Rs. in crore)
(i) Compensation of employees: 800
(ii) Private final consumption expenditure: 1,200
(iii) Profit: 500
(iv) Rent: 200
(v) Government final consumption expenditure: 800
(vi) Interest: 150
(vii) Net factor income from abroad: 20
(viii) Net indirect taxes: 190
(ix) Mixed income of self-employed: 630
(x) Net exports: (–) 30
(xi) Net domestic capital formation: 500
(xii) Consumption of fixed capital: 150
Answer:
(a) National Income (Income Method)
= Compensation of employees + Rent + Interest + Profit + Mixed income of self-employed + Net factor income from abroad
= Rs. 800 crore + Rs. 200 crore + Rs. 150 crore + Rs. 500 crore + Rs. 630 crore + Rs. 20 crore
= Rs. 2,300 crore
(b) National Income (Expenditure Method)
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Net indirect taxes + Net factor income from abroad
= Rs. 1,200 crore + Rs. 800 crore + Rs. 500 crore + (–) Rs. 30 crore – Rs. 190 crore + Rs. 20 crore
= Rs. 1,200 crore + Rs. 800 crore + Rs. 500 crore – Rs. 30 crore – Rs. 190 crore + Rs. 20 crore
= Rs. 2,300 crore
National income (by income and expenditure methods) = Rs. 2,300 crore.
Question. Compute National Income:
Items (Rs. in crore)
(i) Mixed income of self-employed: 2,500
(ii) Net factor income from abroad: (–) 50
(iii) Rent: 500
(iv) Private income: 4,000
(v) Consumption of fixed capital: 400
(vi) Corporation tax: 700
(vii) Profits: 300
(viii) Net retained earnings of private enterprises: 500
(ix) Compensation of employees: 1,600
(x) Net indirect taxes: 500
(xi) Net current transfers from abroad: 150
(xii) Net exports: (–) 40
(xiii) Interest: 500
(xiv) Direct taxes paid by households: 300
Answer: National Income
= Compensation of employees + Rent + Interest + Profits + Mixed income of self-employed + Net factor income from abroad
= Rs. 1,600 crore + Rs. 500 crore + Rs. 500 crore + Rs. 300 crore + Rs. 2,500 crore + (–) Rs. 50 crore
= Rs. 1,600 crore + Rs. 500 crore + Rs. 500 crore + Rs. 300 crore + Rs. 2,500 crore – Rs. 50 crore
= Rs. 5,350 crore
National income = Rs. 5,350 crore.
Question. Find National Income from following using Expenditure Method:
Items (Rs. in crore)
(i) Current transfers from rest of the world: 50
(ii) Net indirect taxes: 100
(iii) Net exports: (–) 25
(iv) Rent: 90
(v) Private final consumption expenditure: 900
(vi) Net domestic capital formation: 200
(vii) Compensation of employees: 500
(viii) Net factor income from abroad: (–) 10
(ix) Government final consumption expenditure: 400
(x) Profit: 220
(xi) Mixed income of self-employed: 400
(xii) Interest: 230
Answer: National Income
= Private final consumption expenditure + Government final consumption expenditure + Net domestic capital formation + Net exports – Net indirect taxes + Net factor income from abroad
= Rs. 900 crore + Rs. 400 crore + Rs. 200 crore + (–) Rs. 25 crore – Rs. 100 crore + (–) Rs. 10 crore
= Rs. 900 crore + Rs. 400 crore + Rs. 200 crore – Rs. 25 crore – Rs. 100 crore – Rs. 10 crore
= Rs. 1,365 crore
National income = Rs. 1,365 crore.
Question. In an economy, following transactions took place. Calculate Value of Output and Value Added by firm B:
(i) Firm A sold to firm B goods of Rs. 80 crore; to firm C Rs. 50 crore; to household Rs. 30 crore and goods of value Rs. 10 crore remains unsold.
(ii) Firm B sold to firm C goods of Rs. 70 crore; to firm D Rs. 40 crore; goods of value Rs. 30 crore were exported and goods of value Rs. 5 crore was sold to government.
Answer: Value of Output of Firm B = Sales to firm C + Sales to firm D + Exports + Sales to the government
= Rs. 70 crore + Rs. 40 crore + Rs. 30 crore + Rs. 5 crore
= Rs. 145 crore
Value Added by Firm B = Value of output of firm B – Purchases from firm A
= Rs. 145 crore – Rs. 80 crore
= Rs. 65 crore
Value of output of firm B = Rs. 145 crore.
Value added by firm B = Rs. 65 crore.
Free study material for Economics
Free CBSE Practice Worksheets: Class 12 Economics Part B Macroeconomics Chapter 02 National Income Accounting
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