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	Net Exports are	A. Total Exports plus total imports B. Total exports minus total imports C. Total exports divided by total imports D. Total imports minus total exports
2	The have a functional relation	A. Consumption and national income B. Consumption and saving C. Consumption and investment D. All of the above
3	In calculating national income which one will NOT be included.	A. Exports B. Old age pensions C. Wages of lecturer D. Undistributed profit by firms
4	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
5	It is not included in estimation of national incoe	A. Illegal income B. Services of house wife C. Imports D. All are not included
6	Which statment is true	A. NNP =GNP- Deprection B. NNP =N1 C. NNP = DPI D. NNP = GNP + Depreciation
7	Total value of allfinal goods andservices produced annually by a country.	A. NNP B. GNP C. GDP D. NI
8	Personal income includes.	A. Direct taxes B. Indirect taxes C. Depreciation D. None of the above
9	Transfer payments means.	A. Bank loans B. The payment without work C. Payments made to all factors of production D. Tax payments
10	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