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

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

Net Investment is calculated as:

Gross Investment + Net Factor Income from Abroad

Gross Investment – Depreciation

Depreciation – Gross Investment

Gross Investment + Depreciation

2 / 15

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

PFCE + GFCE + NIT – Subsidies

PFCE + GFCE + Depreciation + NFIA

PFCE + GFCE + Net Investment – Exports

PFCE + GFCE + GDCF + Net Exports

3 / 15

Gross Value Added at market price and Gross Domestic Product at market price are one and the same thing.

True

False

4 / 15

If in an economy the value of Net Factor Income from Abroad is Rs. 200 crores and the value of Factor Income to Abroad is Rs. 40 crores. Identify the value of Factor Income from Abroad.

Rs. 180 crores

Rs. 160 crores

Rs. 200 crores

Rs. 240 crores

5 / 15

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

Also See: Money and Banking Class 12: Must-Know Questions and Answers

Operating surplus

Mixed income of self-employed

Indirect taxes

Compensation of employees

6 / 15

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

Net Factor Income from Abroad (NFIA)

Subsidies

Indirect taxes

Depreciation

7 / 15

Read the following figure carefully and choose the correct pair from the alternatives given below:

national income class 12 important questions answers

Output, production

Value added, production

Output, disposition

Wealth, development

8 / 15

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

Both A and R are true, but R is not the correct explanation of A.

A is true, but R is false.

Both A and R are true, and R is the correct explanation of A.

A is false, but R is true.

9 / 15

Inventory is a _____ concept whereas the change in inventory is a _____ concept.

stock, flow

flow, flow

flow, stock

stock, stock

10 / 15

Which of the following is a flow variable?

National income

Money supply

Stock of capital

Population at a given point

11 / 15

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

Subtracting net factor income from abroad

Adding corporate taxes

Adding transfer payments

Subtracting personal taxes and non-tax payments

12 / 15

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

Consumption expenditure

Profits

Factor services

Factor payments

13 / 15

Intermediate goods are always durable in nature.

True

False

14 / 15

The GDP deflator is calculated as:

(Nominal GDP / Real GDP) × 100

Real GDP + Nominal GDP

(Real GDP / Nominal GDP) × 100

Nominal GDP – Real GDP

15 / 15

Also See: CBSE Class 12 English Sample Paper 2023-24 with Solutions

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:

Statement 1 is true and statement 2 is false

Both statements 1 and 2 are false

Both statements 1 and 2 are true

Statement 1 is false and statement 2 is true

Your score is

The average score is 73%

Leaderboard – Top Scorers

Check the top scorers here!

Pos.	Name	Score	Duration	Points
1	Triman	100 %	1 minutes 54 seconds	15
2	hema	100 %	3 minutes 26 seconds	15
3	Ankita	100 %	5 minutes 9 seconds	15
4	Aaditya	100 %	5 minutes 31 seconds	15
5	Naman	100 %	8 minutes 36 seconds	15
6	Hazel	93 %	1 minutes 40 seconds	14
7	banana	93 %	2 minutes 23 seconds	14
8	Somya	93 %	2 minutes 36 seconds	14
9	Gazal	93 %	3 minutes 5 seconds	14
10	mani	93 %	3 minutes 12 seconds	14
11	R	93 %	3 minutes 18 seconds	14
12	Triman	93 %	3 minutes 47 seconds	14
13	harshit pandey	93 %	4 minutes 35 seconds	14
14	S	93 %	5 minutes 9 seconds	14
15	BHAU	93 %	5 minutes 13 seconds	14
16	Annie	87 %	3 minutes 13 seconds	13
17	gazal	87 %	6 minutes 5 seconds	13
18	Priya	80 %	3 minutes 2 seconds	12
19	Triman	80 %	3 minutes 30 seconds	12
20	Priya	80 %	5 minutes 17 seconds	12
21	Triman	80 %	5 minutes 49 seconds	12
22	p	80 %	6 minutes 6 seconds	12
23	..	73 %	3 minutes 14 seconds	11
24	Sandhya	73 %	6 minutes 13 seconds	11
25	harshit pandey	73 %	6 minutes 45 seconds	11
26	Devashree	73 %	7 minutes 21 seconds	11
27	Rajeev Singh	73 %	12 minutes 12 seconds	11
28	Tanvi Shrivastava	67 %	4 minutes 50 seconds	10
29	Nagamani M	67 %	7 minutes 45 seconds	10
30	Souty	67 %	11 minutes 8 seconds	10
31	Adeeb	60 %	7 minutes 53 seconds	9
32	arun	60 %	9 minutes 53 seconds	9
33	Raj	53 %	1 minutes 38 seconds	8
34	Rajeev Singh	53 %	6 minutes 16 seconds	8
35	kanu	53 %	7 minutes 52 seconds	8
36	manikandan playboy	53 %	10 minutes 26 seconds	8
37	shiv	53 %	11 minutes 10 seconds	8
38	M	47 %	6 minutes 22 seconds	7
39	Suchitha	40 %	1 minutes 2 seconds	6
40	Prince	40 %	3 minutes 47 seconds	6
41	Abc	40 %	8 minutes	6
42	rakes	40 %	11 minutes 25 seconds	6
43	Ahzyzjsj	20 %	2 minutes 2 seconds	3
44	virat	13 %	8 minutes 48 seconds	2

Also See: Deep Water Class 12 English Important Questions and Answers

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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About the Quiz

Why Take This Quiz?

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Key Topics Covered in the Quiz

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