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Chapters
2: Consumer's Behavior
3: Demand Analysis
4: Elasticity of Demand
5: Producer's Behaviour
6: Forms of Market and Price Determination Under Perfect Competition
7: Factors of Production
8: Introduction to Macro Economics
▶ 9: National Income
10: Determinants of Aggregates
11: Money
12: Commercial Banking
13: Central Banking
14: Public Economics
![Micheal Vaz solutions for Economics [English] 12 Standard HSC chapter 9 - National Income - Shaalaa.com](/images/economics-english-12-standard-hsc_6:5f2b1b2038084cf381bfa42c826a928c.jpg "Micheal Vaz solutions for Economics [English] 12 Standard HSC chapter 9 - National Income")
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Solutions for Chapter 9: National Income
Below listed, you can find solutions for Chapter 9 of Maharashtra State Board Micheal Vaz for Economics [English] 12 Standard HSC.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 9 National Income Exercise 1 [Page 79]
Fill in the blank with appropriate alternatives given below
National income is the subject matter of _________ Economics.
Micro
Macro
Managerial
Business
Fill in the blank with appropriate alternatives given below
GDP (FC) = GDP (MP) – __________
factor cost
indirect taxes
depreciation
subsidy
Fill in the blank with appropriate alternatives given below
In India, the responsibility for the calculation of national income rests with _________.
World Bank
International Monetary Fund
Central Statistical Organization
International Labour Organization
Fill in the blank with appropriate alternatives given below
National income is __________ concept.
stock
final
intermediate
flow
Fill in the blank with appropriate alternatives given below
Paper purchased by a publisher is __________.
intermediate good
final good
consumer good
service
Match the following groups:
| Group A | Group B | ||
| 1) | Income method | a) | Personal income – direct taxes |
| 2) | Unemployment allowance | b) | Money value of goods and services |
| 3) | Disposable Income | c) | Factor cost method |
| 4) | National Income | d) | Personal income subsidy |
| 5) | NNP(MP) | e) | Transfer payment |
| f) | GNP(MP) - Depreciation | ||
| g) | Output method | ||
| h) | Transfer income | ||
State whether the following statement is true or false.
National income is computed every year.
True
False
State whether the following statement is true or false.
Inclusion of value of intermediate goods leads to double counting.
True
False
State whether the following statement is true or false.
GDP includes net income from abroad.
True
False
State whether the following statement is true or false.
Financial year in India is leap year.
True
False
State whether the following statement is true or false.
Services of housewives are included in national income.
True
False
Micheal Vaz solutions for Economics [English] 12 Standard HSC 9 National Income Exercise 2 [Page 79]
Define or explain the following concept:
Final goods
Define or explain the following concept:
National income
Define or explain the following concept:
Personal income
Define or explain the following concept:
Depreciation
Give reason or explain the following statement:
Income from second hand sale of goods is excluded from national income.
Give reason or explain the following statement:
National income at factor cost includes subsidy.
Give reason or explain the following statement:
National income estimates are accurate in India.
Give reason or explain the following statement:
Old age pension is transfer income.
Give reason or explain the following statement:
Paid services are included in national income.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 9 National Income Exercise 3 [Page 79]
Distinguish between:
Gross national product and Gross domestic product.
Distinguish between:
Net national product and Net domestic product.
Distinguish between:
Output method of measuring national income and Income method of measuring national income.
Distinguish between:
Gross National Product and Net National Product
Distinguish between:
National income at market prices and national income at factor cost
Write short note on:
Value added approach
Write short note on:
Expenditure method of measuring national income.
Write short note on:
Circular flow of national income
Write short note on:
Personal disposable income
Write short note on:
Net national product at factor cost
Micheal Vaz solutions for Economics [English] 12 Standard HSC 9 National Income Exercise 4 [Page 80]
Answer the following question:
What is double counting of national income?
Answer the following question:
What are the features of national income?
Answer the following question:
Explain the concept of Gross domestic product at market prices.
Answer the following question:
State the precautions while using expenditure method to measure national income.
Answer the following question:
Explain the income method of measuring national income.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 9 National Income Exercise 5 [Page 80]
State with reason, whether you agree or disagree with the following statement:
There are many theoretical difficulties in the measurement of national income.
Agree
Disagree
State with reason whether you agree or disagree with the following statement:
Many precautions are to be taken while estimating national income by income method.
State with reason whether you agree or disagree with the following statement:
Gross National product and Gross Domestic product are same concepts.
State with reason whether you agree or disagree with the following statement:
The money value of intermediate goods is not included in the estimation of national income.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 9 National Income Exercise 6 [Page 80]
Write any four practical difficulties in national income estimation.
Answer in detail:
Explain the Output method of measuring National income.
Answer in detail:
Explain the 'Final Good Approach' to avoid double counting of goods and services in the estimation of national income.
Solutions for 9: National Income
Micheal Vaz solutions for Economics [English] 12 Standard HSC chapter 9 - National Income
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Concepts covered in Economics [English] 12 Standard HSC chapter 9 National Income are Concept of National Income.
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