Economy National Income MCQ (Set-1) 1. National income is defined as: Total production of goods Total monetary value of goods and services Total exports of a country Total savings 2. National income includes the following: Only goods Only services Both goods and services Only capital goods 3. National income is measured for: One day One week A given period of time Unlimited period 4. Per capita income means the following: Income of rich people Income of poor people Average income of citizens Government income 5. Per capita income is calculated by: Total income ÷ Total population Population ÷ Income Income × Population None 6. GDP stands for: Gross Domestic Product General Domestic Product Global Development Product Gross Development Plan 7. GDP includes: Only domestic production Only foreign production Production within country irrespective of ownership Only government production 8. GDP is calculated as: C + I + G + (X − M) C + I G + X I − M 9. Real GDP is: Based on current prices Only nominal Fixed tax Inflation-adjusted 10. Real GDP is expressed in: Current year prices Base year prices Future prices Market value 11. Nominal GDP is calculated at: Constant prices Base prices Current market prices Average prices 12. Green GDP includes: Only production Environmental cost Taxation Imports 13. The blue economy relates to: Agriculture Industry Ocean resources Mining 14. GSDP stands for: Gross State Domestic Product General State Development Plan Gross Sector Development Plan Global State Product 15. GSDP measures: National income State-level production Global income Private income 16. GNP is: GDP + Factor income from abroad GDP − Depreciation GDP + Tax GDP − Subsidy 17. GNP includes: Only domestic production Production by citizens anywhere Only foreign income Imports 18. NDP is: GDP − Depreciation GDP + Depreciation GDP − Tax GDP + Subsidy 19. NNP is: GNP − Depreciation GDP − Tax GDP + Subsidy GNP + Tax 20. GVA stands for: Gross Value Added General Value Addition Gross Value Account Global Value Added 21. GVA = Output − Intermediate consumption Output + Consumption Output × Tax Output − Tax 22. DPI stands for: Domestic Price Index Disposable Personal Income Direct Public Income Domestic Product Index 23. Disposable income is Income before tax Income after tax Income before saving Income before production 24. DPI formula: PI − Personal Taxes GDP − Tax GNP − Depreciation Income + Tax 25. Personal income includes: Only wages Only business income All earnings + transfers Only taxes 26. Domestic income is: Income within domestic territory Income outside country Global income Private income 27. "Current income" refers to: Past income Future income Cash flow in short-term Fixed income 28. Private income includes: Only public sector Only government Private sector income + transfers Taxes 29. The National Income Committee was formed in: 1947 1948 1949 1950 30. Presently, national income is measured by RBI CSO SEBI NABARD 31. Real national income is measured at: Current prices Constant prices Market prices Tax prices 32. Inflation affects: Real GDP Nominal GDP Both None 33. SNA is followed globally by: Only India Only Asia All countries Selected countries 34. SNA is prepared by: RBI UN WTO IMF only 35. GDP at factor cost was discontinued in 2010 2012 2015 2018 36. GDP at market price includes the following: Taxes only Subsidies only Taxes − Subsidies Subsidies − Taxes 37. GDP at factor cost excludes the following: Subsidies Taxes Both taxes and subsidies Neither 38. Which method is used to calculate national income? Income method Production method Expenditure method All of the above 39. Which of the following is NOT a method of national income? Output method Income method Profit method Expenditure method 40. GVA at basic price includes: Production taxes Production subsidies Taxes − Subsidies Only subsidies 41. Which of the following is included in GDP? Transfer payments Intermediate goods Final goods Second-hand goods 42. "Double counting" refers to the following: Counting imports twice Counting exports twice Counting intermediate goods multiple times Counting taxes twice 43. Which sector is included in national income? Agriculture Industry Services All of the above 44. National income measures: Wealth of a country Flow of goods and services Stock of assets Capital formation 45. Which is a stock concept? Income GDP Wealth Production Your score is Restart quiz Send feedback