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12th Standard Economics National Income English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

12th Standard

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Economics

Time : 00:20:00 Hrs
Total Marks : 20

    Answer all the questions

    20 x 1 = 20
  1. Primary sector is ________

    (a)

    Industry

    (b)

    Trade

    (c)

    Agriculture

    (d)

    Construction.

  2. Expenditure method is used to estimate national income in_______

    (a)

    Construction sector

    (b)

    Agricultural Sector

    (c)

    Service sector

    (d)

    Banking sector

  3. National income is a measure of the__________ performance of an economy

    (a)

    Industrial

    (b)

    Agricultural

    (c)

    Economic

    (d)

    Consumption

  4. __________ is deducted from gross value to get the net value

    (a)

    Income

    (b)

    Depreciation

    (c)

    Expenditure

    (d)

    Value of final goods

  5. The average income of the country is________

    (a)

    Personal Income

    (b)

    Per capita income

    (c)

    Inflation Rate

    (d)

    Disposal Income

  6. The largest proportion of national income comes from___________

    (a)

    Private sector

    (b)

    Local sector

    (c)

    Public sector

    (d)

    None of the above

  7. GDP stands for

    (a)

    Gross Domestic Product

    (b)

    Gross Direct Product

    (c)

    Gross Domestic Provident

    (d)

    Gross Derived Product

  8. A country which has no economic relations with other countries in termed as

    (a)

    Open economy

    (b)

    Closed economy

    (c)

    Planned economy

    (d)

    Command economy

  9. Nobel laureate Smimon Kuznets introduced the first concept of _________

    (a)

    Percapita Income

    (b)

    National Income

    (c)

    Domestic Income

    (d)

    Personal Income

  10. Goods and services produced in a year to satisfy immediate wants is known as ________.

    (a)

    Production

    (b)

    Consumption

    (c)

    Distribution

    (d)

    Exchange

  11. ______ income is never equal to the national income.

    (a)

    Disposal Income

    (b)

    Percapita Income

    (c)

    Personal Income

    (d)

    GDP Deflate

  12. Income earned through illegal activities are __________.

    (a)

    gambling and smuggling

    (b)

    illicit extraction of liquor

    (c)

    gambling

    (d)

    All of these

  13. National income as commonly understood by every one refers to________.

    (a)

    GNP

    (b)

    NNP

    (c)

    GDP

    (d)

    NDP

  14. The income method of calculating national income includes the income of the _________

    (a)

    farmers only

    (b)

    businessmen only

    (c)

    service sector only

    (d)

    factors of production

  15. In _______ method, the measures of GDP are calculated for adding total value of output produced by all activities during a year.

    (a)

    Expenditure

    (b)

    Income

    (c)

    Product

    (d)

    All the above

  16. __________ is measured by using three method.

    (a)

    National Income

    (b)

    Domestic Income

    (c)

    Per capita Income

    (d)

    Personal Income

  17. ____________means the total money value of all final goods and services produced in a country during a particular period of time.

    (a)

    State Revenue

    (b)

    National Income

    (c)

    Local Expenditure

    (d)

    International Income

  18. Disposable Income is also known as……………..?

    (a)

    Disposable private income

    (b)

    Disposable personal income

    (c)

    Deductible personal income

    (d)

    None of the above

  19. Given the equation, which of the following is wrong? Y = w + r + i + π + (R-P)

    (a)

    w = wages

    (b)

    r = rent

    (c)

    i = interest

    (d)

    π = income

  20. ________refers to saving an investment activities?

    (a)

    Firm sector

    (b)

    Household sector

    (c)

    Capital sector

    (d)

    Corporate sector

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