National Income MCQs | National Income General Knowledge(GK) Multiple Choice Questions with Answers

  3. multiple-choice-questions-and-answers-on-national-income

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Questions
1 The average income of a country is called
A Per capita income
B Disposable income
C Inflation rate
D Real national income

Answer: Per capita income
2 The value of national income adjusted for inflation is called
A Per capita income
B Disposable income
C Inflation rate
D Real national income

Answer: Real national income
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3 The value of NNP at production point is called
A NNP at factor cost
B NNP at market price
C GNP at market price
D GNP at factor cost

Answer: NNP at market price
4 The value of NNP at consumer point is called the
A NNP at factor cost
B NNP at market price
C GNP at market price
D GNP at factor cost

Answer: NNP at market price
5 When depreciation is deducted from GNP, the net value is
A Net national product
B Net domestic product
C Gross national product
D Disposable income

Answer: Net national product
6 Consider the following statements and identify the right ones.
i. While calculating GNP, income generated by foreigners in a country is taken into consideration
ii. While calculating GNP, income generated by nationals of a country outside the country is taken into account
A I only
B ii only
C both
D none

Answer: ii only
7 What is the net value of GDP after deducting depreciation from GDP?
A Net national product
B Net domestic product
C Gross national product
D Disposable income

Answer: Net domestic product
8 Consider the following statements and identify the right ones.
i. While calculating GDP, income generated by foreigners in a country is taken into consideration
ii. While calculating GDP, income generated by nationals of a country outside the country is taken into account
A I only
B ii only
C both
D none

Answer: I only
9 Consider the following statements and identify the right ones.
i. National income is the monetary value of all final goods and services produced.
ii. Depreciation is deducted from gross value to get the net value
A I only
B ii only
C both
D none

Answer: both
10 Which of the following is considered as financial year in India?
A April 1 to March 31
B January 1 to December 31
C March 1 to April 30
D March 16 to March 15

Answer: April 1 to March 31
11 Which Indian state gives highest income tax collection to the Government of India?
A Uttar Pradesh
B Kerala
C Maharashtra
D Assam

Answer: Maharashtra
12 Which is not added in the calculation of national income of India?
A The value of goods and services
B The sold value of the old fridge
C Services rendered by the housewives
D Both [B] & [C]

Answer: Both [B] & [C]
13 What percentage of Indians pay income tax?
A 15%
B 12%
C 9%
D 3%

Answer: 3%
14 If the contribution of the agricultural sector is decreasing in a country's economy, then what conclusion can be drawn?
A The country is growing in the direction of being a developed nation
B The country is moving towards becoming developing nation
C The country is moving towards becoming less developed nation
D The economic growth rate of the country has stopped

Answer: The country is growing in the direction of being a developed nation
15 Which sector contributes the most to India's economy?
A Service sector
B Manufacturing sector
C Agricultural sector
D Small scale industries

Answer: Service sector
16 How much does the primary sector contribute to India's GDP?
A 26%
B 20%
C 53%
D 14%

Answer: 20%
17 At present, how much is India's Per Capita Income (based on market prices)?
A Rs.72350
B Rs.93293
C Rs.85261
D Rs.103007

Answer: Rs.103007
18 Which state of India currently has the highest Per Capita Income?
A Goa
B Delhi
C Maharashtra
D Punjab

Answer: Maharashtra
19 What base year is used to calculate per capita income in India?
A 2004-05
B 2011-12
C 2001-2002
D 2014-15

Answer: 2011-12
20 Which Ministry is responsible for calculating GDP in India?
A Ministry of Finance
B Ministry of Commerce and Industry
C Ministry of Central Statistical and Program Implementation
D Ministry of consumer Affairs

Answer: Ministry of Central Statistical and Program Implementation
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