Measurement Of National Income — Practice Quiz
ICSE · Class 12 · Economics
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A hypothetical economy has two firms. Firm A has sales of ₹300 lakh, purchases from Firm B of ₹100 lakh, imports of raw material of ₹50 lakh, opening stock of ₹25 lakh, and closing stock of ₹40 lakh. What is the value added by Firm A?
Firm B has sales of ₹250 lakh, purchases from Firm A of ₹80 lakh, imports of raw material of ₹20 lakh, opening stock of ₹10 lakh, and closing stock of ₹15 lakh. What is the value added by Firm B?
An economy has only two firms. Firm A has value added of ₹55 lakh, and Firm B has value added of ₹130 lakh. Net indirect taxes paid by both firms are ₹30 lakh. What is GDP at factor cost?
A firm has value of output of ₹2,700 thousand, intermediate consumption of ₹560 thousand, depreciation of ₹100 thousand, and net indirect taxes of ₹60 thousand. What is its net value added at factor cost?
Sample Questions
A firm has sales of ₹2,000 thousand, exports of ₹500 thousand, and change in stock of ₹200 thousand. Its purchase of raw materials is ₹560 thousand and its depreciation is ₹100 thousand. What is its net value added at factor cost?
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₹1,980 thousand
Value of output = domestic sales + exports + change in stock = 2,000 + 500 + 200 = ₹2,700 thousand. Gross value added at market price = 2,700 - 560 = ₹2,140 thousand. Net value added at factor cost = 2,140 - 100 - 60 = ₹1,980 thousand.
An economy has compensation of employees of ₹300 crore, rent of ₹120 crore, interest of ₹15 crore, profit of ₹45 crore, mixed income of ₹360 crore, and net factor income from abroad of ₹30 crore. What is national income?
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₹870 crore
Domestic income = 300 + 120 + 15 + 45 + 360 = ₹840 crore. National income = domestic income + NFIA = 840 + 30 = ₹870 crore.
A country has GDP at market price of ₹1,240 crore, depreciation of ₹50 crore, net indirect taxes of ₹30 crore, and net factor income from abroad of ₹(-10) crore. What is national income?
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₹1,150 crore
National income = GDP at market price - depreciation - net indirect taxes + NFIA = 1,240 - 50 - 30 - 10 = ₹1,150 crore.
Private final consumption expenditure is ₹700 crore, government final consumption expenditure is ₹250 crore, gross domestic capital formation is ₹220 crore, net exports are ₹70 crore, depreciation is ₹50 crore, net indirect taxes are ₹30 crore, and net factor income from abroad is ₹(-10) crore. What
Show answer
₹1,150 crore
GDP at market price = 700 + 250 + 220 + 70 = ₹1,240 crore. National income = 1,240 - 50 - 30 - 10 = ₹1,150 crore.
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