MCQs on National Income Accounting

National income accounting is a government bookkeeping system that helps to measure the economic activity within a country. It basically looks at the total revenues that are earned by domestic companies, wages and salaries paid to domestic and foreign players, and the amount spent towards taxes by individuals and organisations within the country.

We have made a list of a number of multiple-choice questions on National Income Accounting to help students get a much clearer understanding of the topic.

  1. Which of the following is another name for the average income of a country?
    1. Inflation rate
    2. Disposable income
    3. Per capita income
    4. None of the above
  2. Answer: c

  3. Which of the following is the total value of Net National Product (NNP) at the production point?
    1. Gross national product at factor cost
    2. Gross national product at market price
    3. Net national product at factor cost
    4. Net national product at market price
  4. Answer: c

  5. Which of the following is the total value of Net National Product (NNP) at the consumer point?
    1. Gross national product at factor cost
    2. Net national product at market price
    3. Gross national product at market price
    4. Net national product at factor cost
  6. Answer: b

  7. When the depreciation is deducted from the gross national product, the net value is known as __________.
    1. Gross domestic product
    2. Net national product
    3. Net domestic product
    4. None of the above
  8. Answer: b

  9. When the depreciation is deducted from the gross domestic product, the net value is known as __________.
    1. Gross national product
    2. Net national product
    3. Net domestic product
    4. None of the above
  10. Answer: c

  11. Which of the following is the correct duration for the financial year in India?
    1. April 15th to March 15th
    2. April 1st to March 1st
    3. April 1st to March 31st
    4. January 1st to December 31st
  12. Answer: c

  13. Which of the following agencies is responsible for the calculation of gross domestic product in India?
    1. Reserve Bank of India
    2. National Statistical Office
    3. Central Statistical Office
    4. Indian Statistical Institute
  14. Answer: b

  15. Which of the following is not added while calculating the national income of India?
    1. The service rendered by housewives
    2. The value of a good or a service
    3. Both a and b are correct
    4. Both a and b are incorrect
  16. Answer: a

  17. Which of the following is not an example of an indirect tax in India?
    1. Custom duty
    2. Excise duty
    3. Sales tax
    4. Estate duty
  18. Answer: d

  19. Which of the following statements is true about the value of money during the inflationary period?
    1. The value of money is stable during the inflationary period
    2. The value of money increases during the inflationary period
    3. The value of money decreases during the inflationary period
    4. None of the above
  20. Answer: c

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