GST & National Income MCQs for CET 12th Level
Practice 20 free GST & National Income questions under Indian Economy — Economy.
Strengthen your GST & National Income knowledge for CET 12th Level with curated MCQs. Switch between Hindi and English anytime.
CET 12th Level — Indian Economy — GST & National Income
20 Questions • Instant results & explanations • Hindi & English
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Question 1 of 20
Which of the following elements are included in the 'Domestic Territory' of a country for GDP calculation? 1. Geographical territory of the country. 2. Exclusive Economic Zone (up to 200 nautical miles). 3. Embassies and military bases located abroad. 4. Ships and aircraft registered in the country. Select the correct answer using the code given below:
Question 2 of 20
Per Capita Income is calculated using which of the following formulas?
Question 3 of 20
Consider the following statements regarding 'Transfer Payments': 1. They are added to National Income to get Personal Income. 2. They include payments like pensions and scholarships. 3. They are earned through productive activity. Which of the statements given above are correct?
Question 4 of 20
In the context of Indian National Income Accounting, what is the 'Base Year' used for?
Question 5 of 20
In the context of Personal Income calculation, 'Undistributed Profits' are:
Question 6 of 20
Which of the following is an example of an 'Intermediate Good'?
Question 7 of 20
When calculating 'Personal Income' (PI) from National Income, which of the following is subtracted?
Question 8 of 20
Which authority conducts the calculation of GDP quarters in India (implied by the financial year division)?
Question 9 of 20
Which method involves the addition of 'Rent, Wages, Interest, and Profit' to calculate GDP?
Question 10 of 20
Consider the following statement: 'Capital gains are not included in GDP.' Why is this statement correct?
Question 11 of 20
Assertion (A): Net Factor Income Abroad (NFIA) is added to GDP to calculate GNP. Reason (R): GNP focuses on the production by residents of the country, whether within the country or outside.
Question 12 of 20
If Nominal GDP is higher than Real GDP, what does this generally indicate about the economy?
Question 13 of 20
Why is the GDP Deflator generally not used as the primary monthly inflation indicator?
Question 14 of 20
If Nominal GDP increases by 10% and prices (inflation) increase by 10% in the same year, what is the change in Real GDP?
Question 15 of 20
Which of the following are considered the four main factors of production whose costs constitute the 'Factor Cost'? 1. Land 2. Electricity 3. Labor 4. Capital 5. Entrepreneur 6. Raw Material
Question 16 of 20
Under the Income Method of calculating GDP, which of the following components are added together?
Question 17 of 20
Which of the following aggregates is mathematically equivalent to 'National Income' + 'Depreciation'?
Question 18 of 20
Which of the following is NOT a part of the 'Factor Cost' calculation?
Question 19 of 20
Which equation represents the calculation of GVA at Market Price ($GVA_{MP}$) from GVA at Basic Price ($GVA_{BP}$)?
Question 20 of 20