National Income Accounting Class 12 MCQ Quiz – Test Your Understanding!

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Are you ready to test your knowledge of National Income Accounting from the Class 12 Economics syllabus? This chapter is crucial for understanding how a country measures its economic performance through GDP, GNP, NNP, and other national income aggregates.

About the Quiz

  • Chapter Name: National Income Accounting
  • Subject: Economics
  • Book: NCERT Class 12 Economics
  • Question Type: Multiple Choice Questions (MCQs)
  • Leaderboard: Yes (Check Your Rank!)

Why Take This Quiz?

✔ Helps in CBSE board exam revision
✔ Strengthens understanding of GDP, NDP, GNP, NNP, and per capita income
✔ Enhances problem-solving and calculation skills
✔ Track your progress with the leaderboard

Click Below to Start the Quiz!

Chapter 1-National Income Accounting

1 / 15

Which of the following goods is classified as a final good?

2 / 15

In the value-added method, the value added by a firm is calculated as:

3 / 15

Personal Disposable Income (PDI) is derived from Personal Income (PI) by:

4 / 15

Which of the following is an example of a negative externality affecting GDP and welfare?

5 / 15

Which of the following is NOT a component of Net Domestic Product at Factor Cost (NDPfc) under the income method?

6 / 15

The formula for converting GDP at market price (GDPmp) to GDP at factor cost (GDPfc) is:

7 / 15

In the circular flow of income in a two-sector economy, what flows from households to firms?

8 / 15

Net Investment is calculated as:

9 / 15

Read the following statements carefully:

Statement 1 – Net investment is a stock concept.

Statement 2 – Capital is a flow concept.

In the light of the given statements, choose the correct alternative from the following:

10 / 15

Assertion (A): Net Investment equals Gross Investment minus Depreciation.
Reason (R): Depreciation represents the increase in the stock of capital goods over time.

11 / 15

In the expenditure method, GDP at market price (GDPmp) is calculated as:

12 / 15

Flow of Goods & services and factors of production across different sectors in a barter economy is known as _____.

13 / 15

Gross National Product (GNP) differs from Gross Domestic Product (GDP) because it includes:

14 / 15

Assertion (A): GDP may overestimate welfare if negative externalities like pollution are ignored.
Reason (R): GDP includes non-monetary transactions and barter exchanges.

15 / 15

The GDP deflator is calculated as:

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27Triman80 %3 minutes 30 seconds12
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29Triman80 %5 minutes 49 seconds12
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33~himanshu73 %1 minutes 6 seconds11
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36harshit pandey73 %6 minutes 45 seconds11
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43Om60 %2 minutes 25 seconds9
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45~himanshu60 %3 minutes 41 seconds9
46Yashoshree60 %4 minutes 9 seconds9
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48shirly60 %8 minutes 11 seconds9
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60~terabaapaaya27 %33 seconds4
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Key Topics Covered in the Quiz

✔ Concepts of GDP, GNP, NNP, NDP
Factor cost vs. market price
Methods of national income calculation (Income, Product, Expenditure)
Real vs. Nominal GDP
Limitations of GDP as a growth measure

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