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	Total value fo all final goods and services produced annually by a country.	A. NNP B. GNP C. GDP D. NI
2	Investment spending included the purchase of.	A. Lottery coupon B. Prize Bond C. Residential construction D. all of the above
3	Which statment is true	A. National Income = Naional expenditure - indirettaxes B. N1 =GNP -NNP C. N1 =P1 D. NI =NNP-Indirect taxes
4	We measure natonalincome by this method.	A. Expenditure method B. Income method C. Product method D. As of the above
5	Which is a flow concept.	A. Number of my shirts B. My montly income C. My total wealth D. Money Supply
6	Country is poor if it has.	A. Less production of gods per capita B. Less amount of gold C. Less amout of foreign currency D. Less exports
7	When National income is estimated by expenditue method we include.	A. All govt expenditure B. All houseolds expenditure C. All of the above D. All expenditure of the business sector
8	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
9	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
10	It is avoided to make correct estimate of national income.	A. Free services B. Double counting C. Export earnings D. All of the above