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	Circular flow of income links	A. Income expenditure B. Govt taxes govt expenditure C. Exports ,imports D. Saving and investment
2	We measure natonalincome by this method.	A. Expenditure method B. Income method C. Product method D. As of the above
3	The largest part of national income goes to	A. Consumption B. Investment C. Saving D. Transfer payment
4	It is avoided to make correct estimate of national income.	A. Free services B. Double counting C. Export earnings D. All of the above
5	Transfer payments are not included in national income becaues.	A. Such payments are made to persons livnig abroad B. Double counting would result C. They are illegal D. There is no method to account for these
6	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
7	Transfer payments means	A. Bank loans B. The payment without work C. Tax payments D. Payments made to all factors of production
8	Investment spending included the purchase of.	A. Lottery coupon B. Prize Bond C. Residential construction D. all of the above
9	The goods which arw used directly by the people are called.	A. Consumer goods B. Capital good C. Direct good D. None
10	If C= 200 and I= 40 Than Y will equal	A. 160 B. 240 C. 200 D. 8000