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	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
3	Corporae tax is levied on	A. Landdlords B. Inporters C. Big companies D. Municipal corporations
4	Which statment is true	A. National Income = Naional expenditure - indirettaxes B. N1 =GNP -NNP C. N1 =P1 D. NI =NNP-Indirect taxes
5	It is counted in GDP	A. Sale price of an old car B. A TV set produced this year but not sold C. Purchase of 100 shares of PSO D. The leisure people consume
6	The have a functional relation	A. Consumption and national income B. Consumption and saving C. Consumption and investment D. All of the above
7	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
8	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
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	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