12th class Economics chapter 1 online mcq test with answers for ICS part 2 Economics chapter 1 (National Income)

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Sr.#	Question	Answer
1	The largest part of national income goes to	A. Consumption B. Investment C. Saving D. Transfer payment
2	Gross nationa product includes	A. A loan from one's parents B. A loan from a domestic bank C. A loan from other countries D. None of theabove
3	It would increase the lvel of national income.	A. An increase in taxation B. A reduction in governmnet spending C. An increase in exports D. Students scholarships
4	Personal income includes.	A. Direct taxes B. Indirect taxes C. Depreciation D. None of the above
5	It is considered as investment	A. Construction of a house B. Purchase of an old house C. Salaries of college professors D. a and b above
6	Which statment is true	A. National Income = Naional expenditure - indirettaxes B. N1 =GNP -NNP C. N1 =P1 D. NI =NNP-Indirect taxes
7	It is not included in estimation of national incoe	A. Illegal income B. Services of house wife C. Imports D. All are not included
8	Net investment is	A. Gross investment minus household investment B. Gross investment minus govt. investment C. Gross investment minus capital consumption allowance D. None of the above
9	It is counted in GDP	A. Sale price of an old car B. A TV set produced this year but not sold C. Purchase of 100 shares of PSO D. The leisure people consume
10	A closed economy is best described as one in which	A. thre are no monopolies B. No corporations C. No extemalities D. No international trade