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12th Standard English Medium Economics Subject National Income Creative 2 Mark Questions with Solution Part - II updated Creative Questions

Published on: 13/05/2022

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Std: 12th Standard - Economics

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

What do you understand by Net Factor Income from Abroad (X-M)?

What is the features of GDP_MP?

What are Difficulties in assessing depreciation allowance?

Next to each of the following items indicate in the table which items belongs to GDP and which to GNP

Rent paid to an Indian who owns land in America
Salary paid to foreigners working in the India for a Indian - owned company
Interest paid on a bond in a foreign-owned company to a Indian citizen
Profits earned in India by a foreign-owned company

What do you mean by National Income?

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Answers Key:

Generic 2

5 x 2 = 10

Net factor income from abroad is the difference between the income received from abroad for rendering factor services by the normal residents of the country to the rest of the world and income paid for the factor services rendered by nonresidents in the domestic territory of a country

The main features of GDP_MP are:
1. It includes only final goods and services produced in the domestic territory of a country;
2. It includes consumption of fixed capital (depreciation);
3. It is estimated at the prevailing prices.

BASIS FOR COMPARISON	NOMINAL GDP	REAL GDP
Meaning	The aggregate market value of the economic output produced in a year within the boundaries of the country is known as Nominal GDP.	Real GDP refers to the value of economic output produced in a given period, adjusted according to the changes in the general price level.
What is it?	GDP without the effect of inflation.	Inflation adjusted GDP
Expressed in	Current year prices	Base year prices or constant prices
Value	Higher	Generally, lower

1. The deduction of depreciation allowances, accidental damages, repair and replacement charges from the national income is not an easy task.
2. It requires high degree of judgment to assess the depreciation allowance and other charges.

Rent paid to an Indian who owns land in America	GNP
Salary paid to foreigners working in the India for a Indian - owned company	GDP
Interest paid on a bond in a foreign-owned company to a Indian citizen	GNP
Profits earned in India by a foreign-owned company	GDP