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National Income Accounting Test - 5

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National Income Accounting Test - 5
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Weekly Quiz Competition
  • Question 1
    1 / -0

    Which of the following/s are the consequences of unequal distribution of national income?

    Solution

    • Countries especially like India faces a great deal of unequal distribution of wealth. The main reasons for this include the people leaving behind an immense properties to their inherits, private property possession is another reason, difference in natural quality etc.
    • Consequences of unequal distribution of wealth includes, Class-conflict, Political Domination with more representation from rich class and exploitation of poor by rich.

  • Question 2
    1 / -0
    Which among the following Indian economist had done pioneering work on national income?
    Solution

    The following points highlight the top thirteen contributions of V.K.R.V. Rao to Economics. The contributions are:

    1. Economic Activity

    2. Features of Underdeveloped Countries

    3. Industrial Development

    4. National Income Methodology

    5. Institutional Development

    6. Poverty

    7. Deficit Financing

     8. Fiscal Policy

    9. Income Tax

    10. Price Policy

    11. The Human Factor in Economic Growth and Others.

  • Question 3
    1 / -0
    "BCSBI" stands for _________________.
    Solution
    The Banking Codes and Standards Board of India (BCSBI) is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers".
  • Question 4
    1 / -0
    Net National Product is equal to ________________.
    Solution
    Net National Product (NNP) is obtained by subtracting depreciation value (i.e. capital stock consumption) from Gross National Product (money value of total output or production of final goods and produced by the nationals of a country during a given period time, generally a year). In equation form, NNP = GNP - Depreciation
  • Question 5
    1 / -0
    National Income may be determined through ________.
    Solution
    The national income of a country can be measured by three alternative methods:
    (i) Product Method
    (ii) Income Method,
    (iii) Expenditure Method. 
  • Question 6
    1 / -0
    The National Income is equal to __________.
    Solution

    The phrase at factor cost is to be contrasted with the phrase at market prices.

    Goods produced are sold at market prices which include the indirect taxes imposed by the Government. Indirect taxes are levied on commodities, such as excise duty on beer and cloth, etc.

    Thus, the market value of the national product exceeds the income paid to the factors of production by the amount of indirect taxes. Hence, net national income at factor cost shows the income actually received by the factors of production.

    On the other hand, a subsidy causes the market price to be less than the factor cost. The subsidy is an aid in money.

    .’. NNI at Factor Cost = NNPat MP plus Subsidies minus Indirect Taxes.

  • Question 7
    1 / -0
    Personal income distribution is relatively ___________________.
  • Question 8
    1 / -0
    Inflationary rise in prices ____________.
    Solution
    Inflationary rise in prices refers to a rise in the general price level in the economy. The rise in prices will lead to higher proportion of the income being spent by the people on consumption. This would thus lead to a decrease in the rate of savings when the income remains unchanged.
  • Question 9
    1 / -0
    The present status of India at present, according to its National Income, is ________.
  • Question 10
    1 / -0
    For which of the following States has Centre appointed interlocutors?
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