How can personal disposable income be derived from private income?
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Chapters
Unit 1 : Micro economic Theory
1: Micro and Macro Economics - An Introduction
2: Demand and Law of Demand
3: Elasticity of Demand
4: Theory of Consumer's Behaviour : Cardinal Utility Analysis
5: Theory of Consumer's Behaviour : Indifference Curve Analysis
6: Supply and Law of Supply
7: Revenue Analysis
8: Cost Theory Analysis
9: Forms of Market
10: Concept of Production and Law of Returns
11: Equilibrium of Firm and Industry Under Perfect Competition
12: Producer's Equilibrium Under Perfect Competition
13: Price Output Under Perfect Competition
14: Price Output Determination Under Monopoly
15: Price Output Determination Under Monopolistic Competition and Oligopoly
Unit 2 : Theory of Income and Employment
16: Basic Concepts of Macro Economics
17: Aggregate Demand and Supply - Determinants of Equilibrium
18: Consumption Function {Propensity to Consume)
19: Concept of Investments-Types and Determinants
20: Multiplier - I : Static and Dynamic
21: Full Employment and Voluntary Unemployment
22: Problems of Deficient Demand and Excesss Demand
23: Measures to Correct Deficient and Excess Demand
Unit 3 : Money and Banking
24: Money - An Introduction
25: Bank and Commercial Bank
26: Central Bank
Unit 4 : International Trade
27: Balance of Payments
28: Foreign Exchange Rate
Unit 5 : Public Finance
29: Fiscal Policy
30: Budget
Unit 6 ; National Income
31: National Income and Circular Flow of Income
▶ 32: Concepts of National Income
33: Measurement of National Income
34: National Income and Economic Welfare
1: Micro and Macro Economics - An Introduction
2: Demand and Law of Demand
3: Elasticity of Demand
4: Theory of Consumer's Behaviour : Cardinal Utility Analysis
5: Theory of Consumer's Behaviour : Indifference Curve Analysis
6: Supply and Law of Supply
7: Revenue Analysis
8: Cost Theory Analysis
9: Forms of Market
10: Concept of Production and Law of Returns
11: Equilibrium of Firm and Industry Under Perfect Competition
12: Producer's Equilibrium Under Perfect Competition
13: Price Output Under Perfect Competition
14: Price Output Determination Under Monopoly
15: Price Output Determination Under Monopolistic Competition and Oligopoly
Unit 2 : Theory of Income and Employment
16: Basic Concepts of Macro Economics
17: Aggregate Demand and Supply - Determinants of Equilibrium
18: Consumption Function {Propensity to Consume)
19: Concept of Investments-Types and Determinants
20: Multiplier - I : Static and Dynamic
21: Full Employment and Voluntary Unemployment
22: Problems of Deficient Demand and Excesss Demand
23: Measures to Correct Deficient and Excess Demand
Unit 3 : Money and Banking
24: Money - An Introduction
25: Bank and Commercial Bank
26: Central Bank
Unit 4 : International Trade
27: Balance of Payments
28: Foreign Exchange Rate
Unit 5 : Public Finance
29: Fiscal Policy
30: Budget
Unit 6 ; National Income
31: National Income and Circular Flow of Income
▶ 32: Concepts of National Income
33: Measurement of National Income
34: National Income and Economic Welfare
![R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 32 - Concepts of National Income - Shaalaa.com](/images/economics-english-class-12-isc_6:0ec86a6424ae41d2b0d71f72fec46101.jpg "R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 32 - Concepts of National Income")
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Solutions for Chapter 32: Concepts of National Income
Below listed, you can find solutions for Chapter 32 of CISCE R. K. Lekhi and P. K. Dhar for Economics [English] Class 12 ISC.
TEST QUESTIONSEXAMINATION CORNER
TEST QUESTIONS [Pages 32.16 - 32.19]
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 32 Concepts of National Income TEST QUESTIONS [Pages 32.16 - 32.19]
SHORT ANSWER QUESTIONS
What is meant by gross national product?
What is gross national product at market price?
Why should gross national income be equal to gross national product?
What do you mean by net national product at factor cost?
What do you mean by gross domestic product at factor cost?
What is net national product at market price?
Calculate the disposable income, if the personal income is ₹2,000 and the rate of income tax is twenty five percent.
What is private income?
State personal income.
State the main constituents of gross national product at factor cost.
State the formula to calculate gross national product at market price.
Mention the constituents of personal income.
What do you mean by disposable income?
Define per capita income?
What is meant by real income?
What is meant by net factor income from abroad?
What do you mean by NDP to private sector?
What do you mean by gross domestic product?
What are various sources of changes in GNP?
Make a comparison between nominal GNP and real GNP.
How is national income different from GNP at market prices?
Distinguish between GNP at factor cost and GNP at market price.
State the difference between NNP at factor cost and at market price.
Give the difference between Gross National Product at market price and Net domestic product at factor cost.
Distinguish between value added at market price and value added at factor cost.
Differentiate between personal income and private income.
Distinguish between personal income and personal disposable income.
LONG ANSWER QUESTIONS
What is gross national product at market price?
Explain the concept of Gross National Product at Factor Cost.
Distinguish between GNP at factor cost and GNP at market price.
Explain the concept of Gross National Product at Market Price.
Explain the concept of Gross National Product at Factor Cost.
Explain the concept of Domestic Product.
Distinguish between Gross national product and Gross domestic product.
Explain the concept of private income.
Explain the concept of personal income.
State personal income.
Distinguish between personal income and personal disposable income.
Explain the following terms.
Net national product at market price.
Explain the following term.
Net domestic product at market price.
Write a detailed note on the following:
Personal Income
Write detailed notes on the Per Capita Income.
Write detailed note on the following:
Private Income
Write detailed note on the following:
Disposable Income
Distinguish between nominal GNP and real GNP.
Distinguish between personal income and personal disposable income.
What is national product minus domestic product equal to?
Distinguish between GNP at factor cost and GNP at market price.
Difference between GNPMP and NDPFc·
State the difference between NNP at factor cost and at market price.
Explain the following:
Double counting.
EXAMINATION CORNER [Pages 32.20 - 32.22]
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 32 Concepts of National Income EXAMINATION CORNER [Pages 32.20 - 32.22]
(Questions From Previous ISC Papers)
Distinguish between national income at current and national income of constant prices?
Differentiate between personal income and private income.
When is the national product of a country higher than the domestic product?
Why has the GDP measure been higher than the GNP measure in India?
Give the difference between Gross National Product at market price and Net domestic product at factor cost.
Distinguish between personal income and personal disposable income.
How is national income different from GNP at market prices?
Distinguish between personal income and personal disposable income.
What is national product minus domestic product equal to?
Complete the following equation:
GNP = NNP + ______
Complete the following equation:
NNP = NDP + ______
Complete the following equation:
GDPMP = GDPPT + ______
Complete the following equation:
GDP = NDP + ______
Complete the following equation:
National Income at Factor Cost = National Income at Market Price − ______
Complete the following equation:
DPI = PI − ______
Define national income.
Give the difference between Gross National Product at market price and Net domestic product at factor cost.
Define GNP at factor cost.
How is Gross national product at factor cost is different from National income?
Distinguish between national income at current and national income of constant prices?
What is private income?
What is personal disposable income?
How is net national product at factor cost obtained from net national product at market prices?
How can gross domestic product at factor cost be obtained from the gross national product at market price?
Distinguish between ‘Gross Domestic Product’ at market prices and ‘Net Domestic Product’ at factor cost.
Distinguish between ‘Gross National Product’ at market prices and ‘Net National Product’ at factor cost.
The growth of the Gross Domestic Product is not a real indicator of economic welfare. Discuss two reasons to justify the given statement.
Define the following concepts ‘Personal Income’.
Define the following concepts ‘Personal Disposable Income.’
Show how personal income and personal disposable income are interrelated.
From the following data, calculate GNPMP and NNPFC by Expenditure Method.
| ₹ (in crore) | |
| (i) Mixed income of self-employed | 450 crores |
| (ii) Compensation of employees | 550 crores |
| (iii) Private final consumption expenditure | 1000 crores |
| (iv) Net factor income from abroad | (−)20 crores |
| (v) Net indirect taxes | 150 crores |
| (vi) Consumption of fixed capital | 170 crores |
| (vii) Net domestic capital formation | 380 crores |
| (viii) Net exports | (−)30 crores |
| (ix) Profits | 400 crores |
| (x) Rent | 150 crores |
| (xi) Interest | 200 crores |
| (xii) Government final consumption expenditure | 550 crores |
From the following data calculate GNPMP and National Income by using value added method.
| ₹ in crores | |
| (i) Gross value of output in primary sector (at FC) | 950 |
| (ii) Gross value of output in secondary sector (at FC) | 470 |
| (iii) Gross value of output in tertiary sector (at FC) | 500 |
| (iv) Value of intermediate goods in primary sector | 360 |
| (v) Value of intermediate goods in secondary sector | 200 |
| (vi) Value of intermediate goods in tertiary sector | 175 |
| (vii) Depreciation | 20 |
| (viii) Indirect Tax | 35 |
| (ix) Subsidy | 10 |
| (x) Net factor income from abroad | 4 |
Differentiate between personal income and private income.
Calculate the GNP at FC from the following data by using income method and expenditure method:
| No. | Plant | ₹ in crores |
| (i) | Operating surplus | 600 |
| (ii) | Exports | 30 |
| (iii) | Imports | 60 |
| (iv) | Private final consumption expenditure | 1,000 |
| (v) | Net indirect tax | 60 |
| (vi) | Compensation to employer | 900 |
| (vii) | Mixed income of self employed | 160 |
| (viii) | Gross Domestic Capital formation | 330 |
| (ix) | Depreciation | 30 |
| (x) | Net factor income from abroad | (−)20 |
| (xi) | Government final consumption expenditure | 450 |
Distinguish between real gross domestic product (GDP) and nominal gross domestic product (GDP).
Between real GDP and nominal GDP, which of these is a better indicator of economic welfare and why?
Distinguish between factor income and transfer income.
Solutions for 32: Concepts of National Income
TEST QUESTIONSEXAMINATION CORNER
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 32 - Concepts of National Income
Shaalaa.com has the CISCE Mathematics Economics [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. R. K. Lekhi and P. K. Dhar solutions for Mathematics Economics [English] Class 12 ISC CISCE 32 (Concepts of National Income) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
Further, we at Shaalaa.com provide such solutions so students can prepare for written exams. R. K. Lekhi and P. K. Dhar textbook solutions can be a core help for self-study and provide excellent self-help guidance for students.
Concepts covered in Economics [English] Class 12 ISC chapter 32 Concepts of National Income are Gross National Product at Market Price, Net National Product (NNP), Private Income, Personal Income of National Income, Per Capita Income, Real GDP and Nominal GDP, Key Relationships Among National Income Aggregates, Gross Domestic Product at Market Price, Net Domestic Product at Market Price, Interrelationship among National Income Aggregates, Gross Domestic Product (National Income) and Economic Welfare, National Income Aggregates, Constituents of GNP, Difference between Net Domestic and Net National Product at Market Price, Difference between Net National and Gross National Product at Market Price, Net National Income or Product at Factor Cost, Net Domestic Product or Income at Factor Cost, Gross Domestic Product or Income at Factor Cost, Gross National Product at Factor Cost, Difference between Net Domestic Product at Factor Cost and Net Domestic Product at Market Price, Factor Income from Net Domestic Product accuring to Private Sector, Difference between National and Private Income, Difference between Private and Personal Income, Disposable Income Aggregates, Real Income.
Using R. K. Lekhi and P. K. Dhar Economics [English] Class 12 ISC solutions Concepts of National Income exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in R. K. Lekhi and P. K. Dhar Solutions are essential questions that can be asked in the final exam. Maximum CISCE Economics [English] Class 12 ISC students prefer R. K. Lekhi and P. K. Dhar Textbook Solutions to score more in exams.
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