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Micheal Vaz solutions for 12th Board Exam Economics chapter 9 - National Income

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Chapters

Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Chapter 9: National Income

Exercise

Chapter 9: National Income Exercise Exercise solutions [Page 79]

Exercise | Q 1.1 | Page 79

Fill in the blank with appropriate alternatives given below

National income is the subject matter of _________ Economics. 

  • Micro

  • Macro

  • Managerial 

  • Business

Exercise | Q 1.2 | Page 79

Fill in the blank with appropriate alternatives given below

GDP (FC) = GDP (MP)  __________ 

  • factor cost

  • indirect taxes

  • depreciation

  • subsidy

Exercise | Q 1.3 | Page 79

Fill in the blank with appropriate alternatives given below

In India, the responsibility for the calculation of national income rests with _________.

  • World Bank

  • International Monetary Fund

  • Central Statistical Organization

  • International Labour Organization

Exercise | Q 1.4 | Page 79

Fill in the blank with appropriate alternatives given below

National income is __________ concept.

  • stock

  • final

  • intermediate

  • flow

Exercise | Q 1.5 | Page 79

Fill in the blank with appropriate alternatives given below

Paper purchased by a publisher is __________.

  • intermediate good

  • final good

  • consumer good

  • service

Exercise | Q 2 | Page 79

Match the following groups:

Group A Group B
1) Income method a) Personal income – direct taxes
2) Unemployment allowance b) Money value of goods and services
3) Disposable Income c) Factor cost method
4) National Income d) Personal income subsidy
5) NNP(MP) e) Transfer payment
    f) GNP(MP) - Depreciation
    g) Output method
    h) Transfer income
Exercise | Q 3.1 | Page 79

State whether the following statement is true or false.

National income is computed every year.

  • True

  • False

Exercise | Q 3.2 | Page 79

State whether the following statement is true or false.

Inclusion of value of intermediate goods leads to double counting.

  • True

  • False

Exercise | Q 3.3 | Page 79

State whether the following statement is true or false.

GDP includes net income from abroad.

  • True

  • False

Exercise | Q 3.4 | Page 79

State whether the following statement is true or false.

Financial year in India is leap year.

  • True

  • False

Exercise | Q 3.5 | Page 79

State whether the following statement is true or false.

Services of housewives are included in national income.

  • True

  • False

Chapter 9: National Income Exercise Exercise solutions [Page 79]

Exercise | Q 1.1 | Page 79

Define or explain the following concept:

Final goods

Exercise | Q 1.2 | Page 79

Define or explain the following concept:

National income

Exercise | Q 1.3 | Page 79

Define or explain the following concept:

 Personal income

Exercise | Q 1.4 | Page 79

Define or explain the following concept:

Depreciation

Exercise | Q 2.1 | Page 79

Give reason or explain the following statement:

Income from second hand sale of goods is excluded from national income.

Exercise | Q 2.2 | Page 79

Give reason or explain the following statement:

National income at factor cost includes subsidy.

Exercise | Q 2.3 | Page 79

Give reason or explain the following statement:

National income estimates are accurate in India.

Exercise | Q 2.4 | Page 79

Give reason or explain the following statement:

Old age pension is transfer income.

Exercise | Q 2.5 | Page 79

Give reason or explain the following statement:

Paid services are included in national income.

Chapter 9: National Income Exercise Exercise solutions [Page 79]

Exercise | Q 1.1 | Page 79

Distinguish between:
Gross national product and Gross domestic product

Exercise | Q 1.2 | Page 79

Distinguish between:
Net national product and Net domestic product.

Exercise | Q 1.3 | Page 79

Distinguish between:
Output method of measuring national income and Income method of measuring national income.

Exercise | Q 1.4 | Page 79

Distinguish between:
Gross National Product and Net National Product

Exercise | Q 1.5 | Page 79

Distinguish between:
National income at market prices and national income at factor cost

Exercise | Q 2.1 | Page 79

Write short note on:

Value added approach

Exercise | Q 2.2 | Page 79

Write short note on:

Expenditure method of measuring national income.

Exercise | Q 2.3 | Page 79

Write short note on:

Circular flow of national income

Exercise | Q 2.4 | Page 79

Write short note on:

Personal disposable income

Exercise | Q 2.5 | Page 79

Write short note on:

Net national product at factor cost

Chapter 9: National Income Exercise Exercise solutions [Page 80]

Exercise | Q 1.1 | Page 80

Answer the following question:

What is double counting of national income?

Exercise | Q 1.2 | Page 80

Answer the following question:

What are the features of national income?

Exercise | Q 1.3 | Page 80

Answer the following question:

Explain the concept of Gross domestic product at market prices.

Exercise | Q 1.4 | Page 80

Answer the following question:

State the precautions while using expenditure method to measure national income.

Exercise | Q 1.5 | Page 80

Answer the following question:

Explain the income method of measuring national income.

Chapter 9: National Income Exercise Exercise solutions [Page 80]

Exercise | Q 1 | Page 80

State with reason whether you agree or disagree with the following statement:

There are many conceptual or theoretical difficulties in the measurement of national income.

Exercise | Q 2 | Page 80

State with reason whether you agree or disagree with the following statement:

Many precautions are to be taken while estimating national income by income method.

Exercise | Q 3 | Page 80

State with reason whether you agree or disagree with the following statement:

Gross National product and Gross Domestic product are same concepts.

Exercise | Q 4 | Page 80

State with reason whether you agree or disagree with the following statement:

The money value of intermediate goods is not included in the estimation of national income.

Chapter 9: National Income Exercise Exercise solutions [Page 80]

Exercise | Q 1 | Page 80

Answer in detail:
Explain the practical or Statistical difficulties involved in the estimation of national income.

Exercise | Q 2 | Page 80

Answer in detail:
Explain the Output method of measuring National income.

Exercise | Q 3 | Page 80

Answer in detail:
Explain the 'Final Good Approach' to avoid double counting of goods and services in the estimation of national income.

Chapter 9: National Income

Exercise

Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Economics chapter 9 - National Income

Micheal Vaz solutions for 12th Board Exam Eco chapter 9 (National Income) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Economics solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in 12th Board Exam Economics chapter 9 National Income are Concept of National Income.

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