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	We measure natonalincome by this method.	A. Expenditure method B. Income method C. Product method D. As of the above
2	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
3	Which statment is true	A. National Income = Naional expenditure - indirettaxes B. N1 =GNP -NNP C. N1 =P1 D. NI =NNP-Indirect taxes
4	The largest type fo in come in the Pakistan is	A. Compensation of employees B. Propretors income C. Rental income D. Corporate profits
5	GNP is	A. Total Sales in the economy B. Total monetary transactions in an economy C. Sum of market values of all goods and services prodcued in an economy D. Totla spending in an economy
6	Govt. transfer payment include	A. Social security benefits B. Welfare benefits C. Student scholarships D. All of the above
7	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
8	Real national income increases when	A. Prics of goods are rising B. National savings increases C. Quantity of goods and services increases D. None of the above
9	It is avoided to make correct estimate of national income.	A. Free services B. Double counting C. Export earnings D. All of the above
10	Total value of allfinal goods andservices produced annually by a country.	A. NNP B. GNP C. GDP D. NI