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	National Income = Ntional Expenditure is an	A. Equation B. Identity C. Function D. None
2	To determine the correct level of GNP ,it is necessary to.	A. Add up the values of goods and services during one year B. Add up allsavings C. Count all imports D. Add up the value of semi finished goods
3	If we deduct direct tax from personal income we get.	A. Net National income B. Disposable income C. Personal saving D. Per capital income
4	GNP includes	A. A Loan from a bank B. A loan from one's parents C. A brokers commission D. Gilfts and donations
5	National income is a measure of	A. The zise of government revenue B. Payments made to facor of production C. Production f goods per day D. Total working hours
6	Personal income includes.	A. Direct taxes B. Indirect taxes C. Depreciation D. None of the above
7	It is avoided to make correct estimate of national income.	A. Free services B. Double counting C. Export earnings D. All of the above
8	Total value fo all final goods and services produced annually by a country.	A. NNP B. GNP C. GDP D. NI
9	Which is a flow concept.	A. Number of my shirts B. My montly income C. My total wealth D. Money Supply
10	In circular flow model	A. Govt. owns productive resources B. Firms own productive resources C. Households own productive resorces D. Rent of land is not included