National Income Accounting
VERY SHORT ANSWER / OBJECTIVE TYPE QUESTIONS (1 Mark each)
1. Net national product at factor cost is called:
a) Private income b) domestic income c) national income d) Income
2. Define depreciation
3. Indirect tax less subsidies is called--------------
4. Net value added at factor cost equals to :
a) GDPmp b) NDPfc c) NNPfc d) GDPfc
5. The percentage ratio of Nominal to real GDP is called --------
6. Define mixed income of self-employed.
7. Write the components of operating surplus.
SHORT ANSWER QUESTIONS (3 / 4 Marks each)
8. Define net factor income from abroad. State its components.
9. Distinguish between real GNP and nominal GNP.
10. Explain the term domestic territory. What all is included as domestic territory of a country? Discuss its importance in national income accounting.
11. What is net factor income from abroad? Explain its components.
12. What are the advantages of Real GDP over nominal GDP.
13. Explain the components of compensation of employees.
LONG ANSWER QUESTIONS (6 Marks each)
14. What are the precautions to be taken while calculating national income? Explain with reason.
15. Explain the steps of estimating national income through the value added method.
16. Explain the steps of estimating national income through the expenditure method.
17. Explain the steps of estimating national income through the income method.
18. What are the inadequacies of national income as an index of welfare?
19. How will you treat the following in the estimation of national income ?
a) Expenditure incurred on buying shares of a company
b) Imputed value of owner occupied house
c) Wheat grown by a farmer but used for self-consumption.
Please click on below link to download CBSE Class 12 Economics National Income Accounting Worksheet Set B