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Chapters
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 33 - Measurement 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 33 - Measurement of National Income")
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Solutions for Chapter 33: Measurement of National Income
Below listed, you can find solutions for Chapter 33 of CISCE R. K. Lekhi and P. K. Dhar for Economics [English] Class 12 ISC.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 33 Measurement of National Income TEST QUESTIONS [Pages 33.18 - 33.19]
SHORT ANSWER QUESTIONS
What is income method?
What is product or value added method?
State the constituents of national income when measured with income method.
What do you mean by value added?
What do you mean by expenditure method of measuring national income?
State the precautions of product method.
What are the difficulties of measuring national income by product method?
State three methods to measure national income.
What is double counting and what does it lead to?
How can we avoid the problem of double counting?
What do you understand by final expenditure?
What is meant by intermediate expenditure?
How is the national income measured by expenditure method?
What do you mean by private final consumption expenditure?
What items should be included while calculating national income by income method?
LONG ANSWER QUESTIONS
Explain clearly the income methods of estimating national income.
What precautions are necessary while estimating national income by income method?
State the steps pertaining to the estimation of National Income by Value Added Method.
Explain clearly the production method in the calculation of national income.
Explain the expenditure method for the estimation of national income of a country.
Explain clearly the expenditure method of estimating national income.
Explain the precautions required to be taken in estimating national income from expenditure.
Mention any two sources of financing gross domestic capital formation. Also explain these two sources.
What is double counting of national income?
How can double counting method problem be avoided?
Explain the various methods of measuring national income.
Explain the following:
Give any four difficulties to measure national income in U.D.Cs.
What are the difficulties involved in the measurement of national income?
Explain four problems faced in the calculation of the national income in underdeveloped countries.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 33 Measurement of National Income EXAMINATION CORNER [Pages 33.20 - 33.21]
(Questions From Previous ISC Papers)
What are the difficulties involved in the measurement of national income?
What is the solution to the problem of double counting in the estimation of national income?
What is double counting and what does it lead to?
What is double counting of national income?
Explain clearly the expenditure method of estimating national income.
Explain four problems faced in the calculation of the national income in underdeveloped countries.
State the steps pertaining to the estimation of National Income by Value Added Method.
Explain the income method of measuring national income.
State two precautions taken while calculating national income by the income method.
What is meant by compensation of employees?
Differentiate between final products and intermediate products.
What are various components of compensation of employees?
How would you treat the following item in estimating a country’s national product?
Sale of an old car
How would you treat the following item in estimating a country’s national product?
Purchase of shares in the stock market
How would you treat the following item in estimating a country’s national product?
Services of housewives
Explain various components of incomes in the income method of estimating national income.
How would you treat the following item in estimating a country’s national product?
Sale of an old car
Why are the following not included in the estimation of the national income?
winning a lottery
What precautions are necessary while estimating national income by value-added method?
What precautions are necessary while estimating national income by income method?
Define compensation of employees.
What are various components of compensation of employees?
Explain briefly the net output (production) method or value-added method of estimating national income.
State the steps pertaining to the estimation of National Income by Value Added Method.
Explain clearly the income method of estimating national income of a country.
Explain clearly the expenditure method of estimating national income.
State the steps pertaining to the estimation of National Income by Expenditure Method.
What are the difficulties involved in the measurement of national income?
State whether item given below is included in estimating national income. Give a reason in case to justify your answer.
Expenditure on the construction of express highway.
State whether item given below is included in estimating national income. Give a reason in case to justify your answer.
Expenditure on the purchase of old house.
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 |
Explain the following component of the domestic factor income.
Compensation of employees
Explain the following component of the domestic factor income.
Operating surplus
Explain with the help of an example, the problem of double counting while calculating national income.
Distinguish between factor income and transfer income.
Explain the components of compensation of employees for calculation of national income by income method.
Explain how the following are treated in estimating national income:
Wheat grown by a farmer for self consumption.
Explain how the following are treated in estimating National Income:
Earning of shareholders from the sale of shares.
Giving reason, state whether the following is included in national income:
Services rendered by family members to each other.
From the following data, calculate national income by income method and expenditure method:
| Item | ₹ in crores |
| (i) Compensation of employees | 700 |
| (ii) Government final consumption expenditure | 750 |
| (iii) Net factor income from abroad | (-)10 |
| (iv) Net exports | (-)15 |
| (v) Profits | 600 |
| (vi) Net indirect taxes | 60 |
| (vii) Mixed income of self employed | 350 |
| (viii) Rent | 200 |
| (ix) Interest | 310 |
| (x) Private final consumption expenditure | 1100 |
| (xi) Net domestic capital formation | 385 |
| (xii) Consumption of fixed capital | 65 |
Solutions for 33: Measurement of National Income
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 33 - Measurement 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 33 (Measurement 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.
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Concepts covered in Economics [English] Class 12 ISC chapter 33 Measurement of National Income are Net Product or Value Added Method, Precautions in the Estimation of National Income by Value-added Method, Difficulties in the Estimation of National Income by Value-added Method, Income Method, Expenditure Method, Precautions in the Estimation of National Income by Expenditure Method, Methods of Measurement of National Income, Concept of National Income, Components of Net National Product at Factor Cost in its Three Phases, Alternative Methods of National Income Estimation, Reconciling The Three Methods Of Estimating National Income, Transactions Included in National Income, Transactions not Included in National Income, The Identity of Output, Income and Expenditure, Significance of three Methods, Numericals on Income, Product and Expenditure Method.
Using R. K. Lekhi and P. K. Dhar Economics [English] Class 12 ISC solutions Measurement 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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