National Income — Practice Quiz
Gujarat Board · Class 11 · Economics
Try a 4-question quiz on National Income for Gujarat Board Class 11 Economics: tap an answer to check it and see why.
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Quick Quiz: National Income
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Who gave the production-based definition of National Income?
What is the formula for calculating Per Capita Income?
In a closed economy, which sectors are involved in circular flow?
Which method of measuring national income focuses on consumption of goods and services?
Sample Questions
Which of the following are included in GDP calculation?
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Production by citizens within country boundaries, Production by foreign citizens within country boundaries, Final goods and services only
GDP includes all production within a country's boundaries regardless of citizenship, but excludes production by citizens abroad. Only final goods are counted to avoid double counting.
NDP is calculated by deducting depreciation from GDP.
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True
Net Domestic Product (NDP) is indeed calculated by subtracting depreciation from Gross Domestic Product (GDP): NDP = GDP - Depreciation.
Which of the following are problems in measuring National Income?
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Double counting, Self-consumption, Tax evasion, Illegal income
Major problems include double counting, difficulty in valuing self-consumption, tax evasion leading to underestimation, and exclusion of illegal income. High literacy would actually help in measurement.
What does 'imputed rent' refer to?
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Estimated rent of owner-occupied houses
Imputed rent is the estimated rental value of houses occupied by their owners. It's included in national income calculation even though no actual rent is paid.
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