#CBSE Sample Papers for Class 12 Economics Paper 7 | Explore Tumblr posts and blogs

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NCERT Class 12 Macro Economics Chapter 1 Introduction to Macroeconomics and its Concepts

NCERT Class 12 Micro Economics Solutions

Chapter-1 Introduction to Macroeconomics and its Concepts

NCERT TEXTBOOK QUESTIONS SOLVED : Q 1. Describe the five major sectors in an economy according to the macroeconomic point of view.[3-4 Marks]

Ans: An economy may be’ divided into different sectors depending on the nature of study. Producer sector engaged in the production of goods and services. Household sector engaged in the consumption of goods and services. Note: Households are taken as the owners of factors of production. The government sector engaged in activities like taxation and subsidies. Rest of the world sector engaged in exports and imports. Financial sector (or financial system) engaged in the activity of borrowing and lending. Q 2. What are the four factors of production and remunerations to each of these called? [ 1 Mark]

Ans:

Q 3. What are the important features of a capitalist economy? [3-4 Marks]

Ans: Features of capitalist economy are: Private ownership of land and capital. Profit is the only motive. Free play of the market forces of demand and supply. Government looks after growth, stability and social justice in the economy. Q 4. Describe the Great Depression of 1929. [3-4 Marks]

Ans: The Great Depression took place in 1929 which adversely affected the developed economies of Europe and North America. It continued for 10 years. There was extreme fall in aggregate demand due to fall in income, which led to a vicious circle of poverty. Q 5. Distinguish between stock and flow. Between net investment and capital which is a stock and which is a flow? Compare net investment and capital with flow of water into a tank. [3-4 Marks]

Ans:

Net investment is a flow whereas capital is a stock. Amount of water in a tank at a particular point of time is a stock concept, whereas amount of water flowing into it is a flow concept. I. VERY SHORT ANSWER TYPE QUESTIONS (1 Mark)

Q 1. What is meant by circular flow of income? Ans: It refers to flow of money income or the flow of goods and services across different sectors of the economy in a circular form. Q 2. What are the three phases of circular flow of income?

Ans: Production Phase, Distribution Phase and Disposition Phase. Q 3. Give the meaning of factor income.

Ans: Income earned by factor of production by rendering their productive services in the production process is known as Factor Income. Q 4. What is meant by transfer income?

Ans: Income received without rendering any productive services is known as Transfer Income. Q 5. Out of factor income and transfer income which one is a unilateral concept?

Ans: Transfer income. Q 6. Define current transfers.[CBSE 2003]

Ans: Transfers made from the current income of the payer and added to the current income of the recipient (who receive) for consumption expenditure are called current transfers. Q 7. Define capital transfers.

Ans: Capital transfers are defined as transfers in cash and in kind for the purpose of investment to recipient made out of the wealth or saving of a donor. Q 8. What is the meaning of final goods?

Ans: These are those which are used for: Personal consumption (like bread purchased by consumer household), or Investment or capital formation (like building, machinery purchased by a firm) Q 9. What is meant by intermediate goods?

Ans: These are those, which are used for: Further processing (like sugar used for making sweets), or Resale in the same year (If car purchased by a car dealer for resale). Q 10. What is meant by consumption goods?

Ans: Consumption goods are those goods which satisfy the wants of consumers directly. Q 11. Define capital goods.

Ans: Capital goods are defined as all goods produced for use in future productive processes. Q 12. Give an example of a person who is staying abroad for a period more than one year and still he is treated as normal resident of India.

Ans: An Indian working in Indian Embassy in the USA will be treated as normal resident of India. II. MULTIPLE CHOICE QUESTIONS (1 Mark)

Q 1. Transfer payments refer to payments which are made: (a) Without any exchange of goods and services. (b) To workers on transfer from one job to another. (c) As compensation to employees. (d) None of these

Ans: (a) Q 2. Which one of the following items comes under consumption goods? (a) Durable goods (b) Semi-durable goods (c) Non-durable goods (d) All of these.

Ans: (d) Q 3. Service of a teacher: (a) Capital goods (b) Consumption goods (c) Intermediate goods (d) Can be Consumption goods and intermediate goods

Ans: (d) Q 4. In a circular flow of income, we have: (a) Production (b) Distribution (c) Disposition (d) All of them

Ans: (d) Q 5. Who is considered as agents of factor of production, (a) Households (b) Government (c) Rest of the world (d) All of these

Ans: (a) Q 6. Which among the following are the features of capitalist economy, (a) Private ownership of Land and Capital. (b) Profit is the only motive. (c) Free Play of market forces of demand and supply. (d) All of these

Ans: (d) Q 7. Flow of Goods & services and factors of production across different sectors in a barter economy is known as: [CBSE Sample Paper 2016] (a) Circular flow (b) Real flow (c) Monetary Flow (d) Capital Flow

Ans: (b) III. SHORT ANSWER-TYPE QUESTIONS

Q 1. Explain the basis of classifying goods into intermediate and final goods. Give suitable examples. Or [CBSE 2010] Distinguish between intermediate products and final products. Give examples. ‘ [CBSE 2009]

Ans: Q 2. Define consumption goods and what are its categories.

Ans: Consumption goods are those which satisfy the wants of the consumers directly. For example, cars, television sets, bread, furniture, air-conditioners, etc. Consumption goods can further be subdivided into the following categories:

Durable goods: These goods have an expected life time of several years and of relatively high value. They are motor cars, refrigerators, television sets, washing machines, air-conditioners, kitchen equipments, computers, communication equipments etc.

Semi-durable goods: These goods have an expected life time of use of one year or slightly more. They are not of relatively great value. Examples are clothing, furniture, electrical appliances like fans, electric irons, hot plates and crockery.

Non-durable goods: Goods which cannot be used again and again, i.e., they lose their identity in a single act of consumption are known as non durable goods. These are food grains, milk and milk products, edible oils, beverages, vegetables, tobacco and other food articles.

Goods which satisfy the human wants directly. They cannot be seen or touched, i.e., they are intangible in nature. These are medical care, transport and communications, education, domestic services rendered by hired servants, etc. Q 3. Define capital goods and its categories. Or Define ‘capital goods’.[CBSE Foreign 2011]

Ans: Capital goods are defined as all goods produced for use in future productive processes.

For example, All the durable goods like cars, trucks, refrigerators, buildings, air crafts, air-fields and submarines used to produce goods and services for sale in the market are a part of capital goods.

Stocks of raw materials, semi finished and finished goods lying with the producers at the end of an accounting year are also a part of capital goods.

Some more examples of capital goods are machinery, equipment, roads and bridges. These goods require repair or replacement over time as their value depreciate over a period of time. Q 4. Distinguish between consumption goods and capital goods. Which of these are final goods? [CBSE Delhi 2010]

Ans: Q 5. Differentiate between Current transfers and Capital Transfers.

Ans: IV. GIVE REASONS A. Giving reasons, classify the following into intermediate or final goods.

Q 1. Machines purchased by a dealer of machines. [CBSE (AZ) 2010] Ans: Intermediate good Reason: Machines purchased by a dealer of machines is an intermediate good because machines are resold by the firms to make profits or value is yet to be added to these goods by way of further processing. Q 2. A car purchased by a household.[CBSE (AI) 2010]

Ans: Final good Reason: A car purchased by a household is a final good because the household is the final user of the car and no value is to be added to the car. Q 3. Furniture purchased by a school. [CBSE Delhi 2011]

Ans: Final good Reason: Furniture purchased by a school is a final product because school is the final user of the furniture and no value is to be added to the furniture. This will be deemed as investment expenditure because furniture is used by the school for several years and is of high value. Q 4. Chalks, dusters, etc. purchased by a school. [CBSE Delhi 2011]

Ans: Intermediate good Reason: Chalks, dusters, etc. purchased by a school are intermediate goods as these are used up in the process of value – addition during the year. Q 5. Computers installed in an office.[CBSE Delhi 2011]

Ans: Final good

Reason: Computers installed in an office is a final product because computers are finally and repeatedly used by the office for several years and these are of high value. Q 6. Mobile sets purchased by a mobile dealer. [CBSE Delhi 2011]

Ans: Intermediate product Reason: Mobile sets purchased by a mobile dealer is an intermediate product because these are purchased for resale. Q 7. Expenditure on maintenance of an office building. [CBSE Delhi 2011]

Ans: Intermediate product Reason: Expenditure on maintenance of an office building is an intermediate expenditure as the things purchased for repair and maintenance are used up during the period of one year. Q 8. Expenditure on improvement of a machine in a factory.[CBSE Delhi 2011]

Ans: Final Product Reason: Expenditure on improvement of a machine in a factory is a final expenditure as the machine is repeatedly used for several years as a fixed asset. Improvement of a machine implies improvement of asset value (through investment expenditure). Q 9. Purchase of furniture by a firm.[CBSE (Al) 2010]

Ans: Final Product Reason: Purchase of furniture by a firm is a final expenditure because furniture is repeatedly used by the firm for several years and this is of high value. Q 10. Expenditure on maintenance by a firm. [CBSE (AI) 2010]

Ans: Intermediate product Reason: Expenditure on maintenance by a firm is an intermediate expenditure as the things purchased for repair and maintenance are used up during the period of one year. Q 11. Paper purchased by a publisher.

Ans: Intermediate product Reason: It is an intermediate product as paper is used for further production during the same year. Q 12. Milk purchased by households.

Ans: Final product Reason: It is a final product as it is used by households for final consumption. Q 13. Purchase of rice by a grocery shop.

Ans: Intermediate product Reason: These are intermediate products because these are purchased for resale. Q 14. Coal used by manufacturing firms.

Ans: Intermediate product Reason: It is an intermediate product as coal is used for further production during the same year. Q 15. Coal used by consumer households.

Ans: Final product Reason: It is a final product as it is used by households for final consumption. Q 16. Purchase of pulses by a consumer.

Ans: Final Product Reason: It is a final product as it is used by a consumer for final consumption. Q 17. Fertilizers used by the farmers.

Ans: Intermediate product Reason: These are intermediate products because fertilizer is used for further production during the same year. Q 18. Printer purchased by a lawyer.

Ans: Final product Reason: It is a final product because it is purchased for investment. Q 19. Wheat used by the flour mill.

Ans: Intermediate product Reason: It is an intermediate product as wheat is used for further production during the same year or is meant for resale. Q 20. Unsold coal with trader at a year end.

Ans: Final product Reason: It is a final product as the unsold coal is an investment for the trader. Q 21. Cotton used by a cloth mill.

Ans: Intermediate product Reason: It is an intermediate product as cotton is used for further production during the same year. Q 22. Wheat used by households.

Ans: Final product Reason: It is a final product as it is used by households for final consumption. Q 23. Refrigerator installed by a firm.

Ans: Final product Reason: It is a final product because it is purchased for investment. Q 24. Sugar used by a sweet shop.

Ans: Intermediate product Reason: It is an intermediate product as sugar is used for further production during the same year. B. Giving reasons, classify the following into factor income or transfer income.

Q 1. Unemployment allowances.

Ans: Transfer income Reason: It is received without rendering any productive services. Q 2. Salary received by Pankaj from a company.

Ans: Factor income Reason: It is earned by rendering productive services. Q 3. Financial help to earthquake victims.

Ans: Transfer income Reason: It is received without rendering any productive services. Q 4. Compensation received from the employer.

Ans: Factor income Reason: It is earned by rendering productive services. Q 5. Claim received from Insurance company by an injured worker.

Ans: Transfer income Reason: It is received without rendering any productive services. Q 6. Birthday gift received from a friend.

Ans: Transfer income Reason: It is received without rendering any productive services. Q 7. Bonus received on Diwali.

Ans: Factor income Reason: It is earned by rendering productive services. C. Giving reasons, classify the following into stock or flow.

Q 1. Capital [GBSE 2013]

Ans: Stock concept Reason: Capital is stock because it is measured at a point of time. Q 2. Saving [CBSE 2013]

Ans: Flow concept Reason: Saving is flow because it is .measured during a period of time. Q 3. Gross Domestic Product [CBSE 2013]

Ans: Flow concept Reason: Gross domestic product is a flow because it is measured during a period of time. Q 4. Wealth [CBSE 2013]

Ans: Stock concept Reason: Wealth is stock because it is measured at a point of time. Q 5. Exports

Ans: Flow concept Reason: It relates to a period of time. Q 6. Imports

Ans: Flow concept Reason: It relates to a period of time. Q 7. Business capital of business

Ans: Stock concept Reason: It is related to a point of time. Q 8. Investment

Ans: Flow concept Reason: It relates to a period of time. Q 9. Foreign Investment

Ans: Flow concept Reason: It relates to a period of time. Q 10. Foreign Assets

Ans: Stock concept Reason: It relates to a point of time. Q 11. Foreign Remittances (In flow of money)

Ans: Flow concept Reason: It is related to a period of time. Q 12. Production of Wheat

Ans: Flow concept Reason: It is related to a period of time. Q 13. Income of a servant

Ans: Flow concept Reason: It is related to a period of one month or one year. Q 14. Budget Expenditure

Ans: Flow concept Reason: It is related to a period of time. (1 year) Q 15. Money supply

Ans: Stock concept Reason: It relates to a particular point of time. Q 16. Machinery of a firm Ans: Stock concept

Reason: It relates to a point of time. Q 17. A five hundred rupee note

Ans: Stock concept Reason: It is related to a point of time. D. Giving reasons state whether the following are included or excluded in/from domestic territory.

Q 1. An Indian Company in America

Ans: Excluded Reason: As it is outside the domestic territory of our country. Q 2. Microsoft Office in India

Ans: Included Reason: As it is within the domestic territory of our country. Q 3. Company in India owned by an American

Ans: Included Reason: As it is within the domestic territory of our country. Q 4. Office of Tata in New York

Ans: Excluded Reason: As it is outside the domestic territory of our country. Q 5. Branch of Foreign Bank in India

Ans: Included Reason: As it is within the domestic territory of our country. Q 6. Indian Embassy in China

Ans: Included Reason: As it is within the domestic territory of our country. Q 7. Branch of Punjab National Bank in America

Ans: Excluded Reason: As it is outside the domestic territory of our country. Q 8. Russian Embassy in India

Ans: Excluded Reason: As it is outside the domestic territory of our country. Q 9. Reliance Industries rented its building to Microsoft in America.

Ans: Excluded Reason: As it is outside the domestic territory of our country. E. Classify the following into durable, non-durable, semi-durable or services

Q 1. Refrigerator Ans: Durable Reason: As it has expected life time of several years and of relatively high value. Q 2. Clothes

Ans: Semi-durable Reason: As it have an expected life time of use of one year or slightly more. Q 3. Edible oil

Ans: Non-durable Reason: As it loose their identity in a single act of consumption. Q 4. Tuition given by a teacher

Ans: Service Reason: As it is non-material goods which satisfy the human wants directly. Q 5. Visit of a physician

Ans: Service Reason: As it is non-material goods which satisfy the human wants directly. Q 6. Washing soaps

Ans: Non-durable Reason: As it loose their identity in a single act of consumption. F. Classify the following into consumer, intermediate or capital goods.

Q 1. Milk used by a manufacturer of sweets.

Ans: Intermediate goods Reason: As it is used up while making sweets. Q 2. Cycle purchased by a consumer household

Ans: Consumer goods Reason: End user is consumer. Q 3. Textile machinery

Ans: Capital goods Reason: End user is producer. Q 4. Construction of a house

Ans: Consumer goods Reason: End user is consumer. Q 5. Bread and butter used by a consumer household.

Ans: Consumer goods Reason: End user is consumer. Q 6. Services of a private doctor purchased by a consumer household.

Ans: Consumer goods Reason: End user is consumer. Q 7. Fertilizer used by a farmer.

Ans: Intermediate goods Reason: As fertilizer is used for further production during the same year. Q 8. Passenger bus service used by a consumer household.

Ans: Consumer services Reason: End user is consumer. G. Giving reasons, classify the following into normal resident of India or not.

Q 1. Indian officials working in the Indian Embassy in USA. Ans: Normal Resident Reason: As their centre of economic interest lies in the home country. Q 2. A Japanese tourist who stays in India for 2 months.

Ans: Not a Normal Resident Reason: As their centre of economic interest lies in the foreign country. Q 3. Indians going to Pakistan for watching the cricket match.

Ans: Normal Resident Reason: As their centre of economic interest lies in the home country. Q 4. Indians working in the UNO office, located in America for less than 1 year.

Ans: Normal Resident Reason: As their centre of economic interest lies in the home country. Q 5. Indian employees working in WHO, located in India.

Ans: Normal Resident Reason: As their centre of economic interest lies in the home country. Q 6. Foreign tourists visiting India for a month to see the Taj Mahal.

Ans: Not a Normal Resident Reason: As their centre of economic interest lies in the foreign country. V. TRUE OR FALSE Giving reasons, state whether the following statements are true or false.

Q 1. Macroeconomics deals with the problems of a consumer.

Ans: False: It deals with problems of the economy. Q 2. Money flow is also known as physical flow.

Ans: False: Real flow is known as physical flow. Money flow is known by the name of nominal flow. Q 3. In a two-sector economy, total production is always equal to total consumption.

Ans: True: It happens because firms sell their entire output to the households. Q 4. Circular flow of income takes place in case of open economy and close economy.

Ans: True: Even in case of closed economy, circular flow of income takes place between households and firms. Q 5. Capital formation is a flow.[CBSE Sample Paper 2010]

Ans: True: Capital formation is measured over a period of time Q 6. Foreign remittances are a stock concept.

Ans: False: It is flow concept as these are assessed over a period of time and not at a point of time. Q 7. National Income of a country- is a stock concept.

Ans: False: It is a flow concept as it is measured over a period of time. Q 8. Bread is always a consumer good.[CBSE Sample Paper 2010]

Ans: False: It depends on the use of bread. When it is purchased by a household, it is a consumer good. If it is purchased by a restaurant, it is a producer intermediate goods. Q 9. Television is a capital good.

Ans: False: Television is a durable consumption good. Q 10. Services of a teacher is a consumption good.

Ans: True: It directly satisfies human wants. Q 11. Books in a library are intermediate goods.

Ans: False: Books used in a library are final goods as these are used by the end user. Q 12. Use of raw material is a consumption good.

Ans: False: Use of raw material helps in production process therefore it is a single use producer good. But it has no longer life. Q 13. Can purchase of a new car be categorized as an intermediate good.

Ans: True: Purchase of a new car can be categorized as an intermediate good, if purchased by a Government for military use or if it is purchased by a car dealer for resale. Q 14. A good can be an intermediate goods in one case and a final goods in another case.

Ans: True: A good can be an intermediate goods or final goods, depending upon its nature of use. For example, a car purchased by a household is a final good, whereas, it will be an intermediate good if it is purchased by a car dealer. Q 15. The concept of normal resident applies to individuals only.

Ans: False: The concept applies to institutions also, in addition to individuals. Q 16. In final goods, no value is to be added.

Ans: True: Because final goods have crossed the production boundary. Q 17. Transfer income is a part of factor income.

Ans: False: It is not a factor income, It is paid for without receiving any goods and services.

VI. HIGHER ORDER THINKING SKILLS

Q 1. Explain that Domestic territory is bigger than the political frontiers of a country.

Ans: In layman terms, the domestic territory of a nation is understood to be the territory lying within the political frontiers (or boundaries) of a country. But in national income accounting, the term domestic territory is used in a wider sense. Based on ‘freedom’ criterion, the scope of economic territory is defined to cover:

Ships and air crafts owned and operated by normal residents between two or more countries. For example, Indian Ships moving between China and India regularly are part of domestic territory of India. Similarly, planes operated by Air India between Russia and Japan are part of the domestic territory of India. Similarly, planes operated by Malaysian Airlines between India and Japan are a part of the domestic territory of Malaysia.

Fishing vessels, oil and natural gas rigs and floating platforms operated by the residents of a country in the international waters where they have exclusive rights of operation. For example, Fishing boats operated by Indian fishermen in international waters of Indian Ocean will be considered a part of domestic territory of India.

Embassies, consulates and military establishments of a country located abroad. For example, Indian Embassy in Russia is a part of the domestic territory of India.

‘Consulate’ is an office or building used by consul (an officer commissioned by the government to reside in a foreign country to promote the interest of the country to which he belongs). Q 2. “All Producer Goods are not Capital Goods”. Explain.

Ans: Producer goods are all those goods which are used in the process of production i.e., which are used in the production of other goods. Producer goods include two types of goods:

Single-use Producer Goods: Goods used as raw material by the producers. It includes raw material like coal, wood, etc. They are not capital goods as they cannot be repeatedly used in the production process.

Capital Goods: Goods which are used as fixed assets by the producers, like plant and machinery, which can be repeatedly used in the production process. So, it can be said that all capital goods are producer goods, but all producer goods are not capital goods. Q 3. “Machine purchased is always a final good.” Do you agree? Give reasons for your answer.

Ans: No, it is not necessary that machine purchased is a final good. It will depend upon its use. If a machine is purchased by a household, then it is a final good. For example, washing machine purchased by a consumer household is a final goods.

If it is purchased by a firm for its own use, then it is also a final good. For example, refrigerator purchased by a firm.

If it is bought by a firm for resale, then it is an intermediate good. For example, machine purchased by a machine dealer. Q 4. “ Machine purchased is always a capital good.” Do you agree? Give reasons for your answer.

Ans: No, it is not necessary that machine purchased is a capital good. It will depend upon its use. If a sewing machine is purchased by a tailor, then it is a fixed asset of the tailor and considered to be a capital good. But the same machine purchased by a consumer household is considered to be a durable use consumer goods.

If a car purchased by a taxi driver as a taxi or if purchased by a firm for use in its business is a capital good. But the same car purchased by a consumer household is a durable use consumer goods.

Note: So, finally, the end user of a good determine, whether it is capital good or durable use consumer goods. If an end user of a durable goods is a producer, it is a capital good. If an end user of a durable goods is a consumer household, it is a durable use consumer goods. So, capital goods are only those durable goods which are used as producer goods, not as consumer goods. VII. VALUE BASED QUESTION

Q. Compensation to flood victims is a good social security measure by the government. But why is it not included in the estimation of national income?

Ans: Because this is a transfer payment. Value: Implement of Knowledge VIII. APPLICATION BASED QUESTIONS

Q1. The concept of domestic territory helps to estimate ‘Domestic Product’. Defend or refute.

Ans: The concept of domestic territory helps to estimate ‘Domestic Product’. As we know Domestic Product includes goods and services produced by production units located in the domestic territory (irrespective of fact whether carried out by residents or non-residents). The money value of domestic product is termed as Domestic Income. Q 2. The concept of Normal Resident helps to estimate ‘National Product’. Defend or refute.

Ans: The concept of Normal Resident helps to estimate “National Product’. National Product includes production activities of normal residents irrespective of fact whether performed within the economic territoiy or outside it. The money value of national product is termed as National Income.

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sony7109162-blog · 5 years ago

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shivamgumber50 · 5 years ago

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lazykoalacollectionblog · 6 years ago

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MCQ Questions Based On Paper1 CBSE UGC NET EXAM July 2018 [Solved]

New Post has been published on https://ugcnetpaper1.com/cbse-ugc-net-solved-paper-1-july-2018/

MCQ Questions Based On Paper1 CBSE UGC NET EXAM July 2018 [Solved]

MCQ Previous Papers CBSE UGC NET Solved Paper 1 July 2018

Please find below 50 MCQ of Teaching Aptitude Question Based on CBSE UGC NET Solved Paper 1 July 2018 UGC NET exam. Answer of All those has been provided below the question.

**We have tried to compile the best answer, however, if you find any answer in incorrect , please feel free to comment we will be more than happy to modify same.

Questions along with Answers Below – Explanations are always welcome

1. Which of the following set of statements best describes the nature and objectives of teaching?

Teaching and learning are integrally related.

There is no difference between teaching and training.

Concern of all teaching is to ensure some kind of transformation in students.

All good teaching is formal in nature.

A teacher is a senior person.

Teaching is a social act whereas learning is a personal act.

Code:

(a), (b) and (d)

(b), (c) and (e)

(a), (c) and (f)

(d), (e) and (f)

Answer: 3

2. Which of the following learner characteristics is highly related to effectiveness of teaching?

(1) Prior experience of the learner

(2) Educational status of the parents of the learner

(3) Peer groups of the learner

(4) Family size from which the learner comes.

Answer: 1

3. In the two sets given below Set –I indicates methods of teaching while Set –II provides the basic requirements for success/effectiveness. Match the two sets and indicate your answer by choosing from the code:

Set – I (Method of teaching)

(a) Lecturing

(b) Discussion in groups

(d) Programmed Instructional procedure

Set – II (Basic requirements for success/effectiveness)

(i) Small step presentation with feedback provided

(ii) Production of large number of ideas

(iii) Content delivery in a lucid language

(iv) Use of teaching-aids

(v) Theme based interaction among participants

Code:

(a) (b) (c) (d) (1) i (ii) (iii) (iv) (2) (ii) (iii) (iv) (v) (3) (iii) (v) (ii) (i) 4 (iv) (ii) (i) (iii)

Answer: 3

From the list of evaluation procedures given below identify those which will be called ‘formative evaluation’. Indicate your answer by choosing from the code:

(a) A teacher awards grades to students after having transacted the course work.

(b) During interaction with students in the classroom, the teacher provides corrective feedback.

(d) The teacher clarifies to doubts of students in the class itself.

(e) The overall performance of a student’s us reported to parents at every three months interval.

(f) The learner’s motivation is raised by the teacher through a question-answer session.

Codes:

(1) (a), (b) and (c)

(2) (b), (c) and (d)

(3) (a), (c) and (e)

(4) (b), (d) and (f)

Answer: 4

5. Assertion (A): All teaching should aim at ensuring learning.

Reason (R): All learning results from teaching.

Choose the correct answer from the following code:

(1) Both (A) and (R) are true, and (R) is the correct explanation of (A).

(2) Both (A) and (R) are true, but (R) is not the correct explanation of (A).

(3) (A) is true, but (R) is false.

(4) (A) is false, but (R) is true.

Answer: 3

6. There are two sets given below. Set – I specifies the types of research, while Set –II indicates their characteristics. Match the two and given your answer by selecting the appropriate code.

Set – I (Research types)

(a) Fundamental research

(b) Applied research

(d) Evaluative research

Set – II (Characteristics)

(i) Finding out the extent of perceived impact of an intervention

(ii) Developing an effective explanation through theory building

(iii) Improving an existing situation through use of interventions

(iv) Exploring the possibility of a theory for use in various situations

(v) Enriching technological resources

Codes:

(a) (b) (c) (d)

(1) ii (iv) (iii) (i)

(2) (v) (iv) (iii) (ii)

(3) (iii) (ii) (iii) (iv)

4 (ii) (iii) (iv) (v)

Answer: 1

7. Which of the sets of activities best indicate the cyclic nature of action research strategy?

(1) Reflect, Observe, Plan, Act

(2) Observe, Act, Reflect, Plan

(3) Act, Plan, Observe, Reflect

(4) Plan, Act, Observe, Reflect

Answer: 4

8. Which of the following sequence of research steps is nearer to scientific method?

(1) Suggested solution of the problem, Deducing the consequences of the solution, Perceiving the problem situation, Location of the difficulty and testing the solutions.

(2) Perceiving the problem situation, Locating the actual problem and its definition, Hypothesizing, Deducing the consequences of the suggested solution and Testing the hypothesis in action.

(3) Defining a problem, Identifying the causes of the problem, Defining a population, Drawing a sample, Collecting data and Analysing results.

(4) Identifying the causal factors, Defining the problem, Developing a hypothesis, Selecting a sample, Collecting data and arriving at generalization and Conclusions.

Answer: 3

9. The problem of ‘research ethics’ is concerned with which aspect of research activities?

(1) Following the prescribed format of a thesis

(2) Data analysis through qualitative or quantitative technique

(3) Defining the population of research

(4) Evidence based research reporting

Answer: 4

10. In which of the following activities, potential for nurturing creative and critical thinking is relatively greater?

(1) Preparing research summary

(2) Presenting a seminar paper

(3) Participation in research conference

(4) Participation in a workshop

Answer: 4

Read the following passage carefully and answer questions from 11 to 15:

If India has to develop her internal strengths, the nation has to focus on the technological imperatives, keeping in mind three dynamic dimensions: the people, the overall economy and the strategic interests. These technological imperatives also take into account a ‘fourth’ dimensions, time, and offshoot of modern day dynamism in business, trade, and technology that leads to continually shifting targets. We believe that technological strengths are especially crucial in dealing with this fourth dimension underlying continuous change in the aspirations of the people, the economy in the global context, and the strategic interests. The progress of technology lies at the heart of human history. Technological strengths are the key to creating more productive employment in an increasingly competitive market place and to continually upgrade human skills. Without a pervasive use of technologies, we cannot achieve overall development of our people in the years to come. The direct linkages of technology to the nation’s strategic strengths are becoming more and more clear, especially since 1990s. India’s own strength in a number of core areas still puts it in a position of reasonable strength in geo-political context. Any nation aspiring to become a developed one needs to have strengths in various strategic technologies and also the ability to continually upgrade them through its own creative strengths. For people-oriented actions as well, whether for the creation of large scale productive employment or for ensuring nutritional and health security for people, or for better living conditions, technology is the only vital input. The absence of greater technological impetus could lead to lower productivity and wastage of precious natural resources. Activities with low productivity or low value addition, in the final analysis hurt the poorest most important. India, aspiring to become a major economic power in terms of trade and increase in GDP, cannot succeed on the strength of turnkey projects designed and built abroad or only through large-scale imports of plant machinery, equipment and know how. Even while being alive to the short-term realities, medium and long-term strategies to develop core technological strengths within our industry are vital for envisioning a developed India.

11. According to the above passage, which of the following are indicative of the fourth dimension?

(a) Aspirations of people

(b) Modern day dynamism

(d) Strategic interests

Code:

(1) (a), (b) and (c) only

(2) (b), (c) and (d) only

(3) (a), (c) and (d) only

(4) (a), (b) and (d) only

Answer: 3

12. More productive employment demands:

(1) Pervasive use of technology

(2) Limiting competitive market place

(3) Geo-political considerations

(4) Large industries

Answer: 1

13. Absence of technology would lead to:

(a) Less pollution

(b) Wastage of precious natural resources

(d) Hurting the poorest most

Codes:

(1) (a), (b) and (c) only

(2) (b), (c) and (d) only

(3) (a), (b) and (d) only

(4) (a), (c) and (d) only

Answer: 2

14. The advantage if technological inputs would result in:

(1) Unbridled technological growth

(2) Importing plant machinery

(3) Sideling environmental issues

(4) Lifting our people to a life of dignity

Answer: 4

15. Envisioning a developed India requires:

(1) Aspiration to become a major economics player

(2) Dependence upon projects designed abroad

(3) Focus on short-term projects

(4) Development of core technological strengths

Answer: 4

16. Differentiation between acceptance and non-acceptance of certain stimuli in classroom communication is the basis of:

(1) Selective expectation of performance

(2) Selective affiliation to peer groups

(3) Selective attention

(4) Selective morality

Answer: 1

17. Assertion (A): The initial messages to students in the classroom by a teacher need not be critical to establish interactions later.

Reason (R): More control over the communication process means more control over what the students are learning.

Codes:

(1) Both (A) and (R) are true, and (R) is the correct explanation of (A).

(2) Both (A) and (R) are true, but (R) is not the correct explanation of (A).

(3) (A) is true, but (R) is false.

(4) (A) is false, but (R) is true.

Answer: 4

18. Assertion (A): To communicate well in the classroom is a natural ability.

Reason (R): Effective teaching in the classroom demands knowledge of the communication process.

Code:

(1) Both (A) and (R) are true, and (R) is the correct explanation of (A).

(2) Both (A) and (R) are true, but (R) is not the correct explanation of (A).

(3) (A) is true, but (R) is false.

(4) (A) is false, but (R) is true.

Answer: 4

19. Assertion (A): Classroom communication is a transactional process.

Reason (R): A teacher does not operate under the assumption that students’ responses are purposive.

Select the correct code for your answer:

(1) Both (A) and (R) are true, and (R) is the correct explanation of (A).

(2) Both (A) and (R) are true, but (R) is not the correct explanation of (A).

(3) (A) is true, but (R) is false.

(4) (A) is false, but (R) is true.

Answer: 3

20. Which of the following set of statements is correct for describing the human communication process?

(a) Non-verbal communication can stimulate ideas.

(b) Communication is a learnt ability.

(d) Communication cannot break-down.

(e) More communication means more effective learning by students.

(f) Value of what is learnt through classroom communication is not an issue for students.

Codes:

(1) (a), (c), (e) and (f)

(2) (b), (d), (e) and (f)

(3) (a), (b), (c) and (d)

(4) (a), (d), (e) and (f)

Answer: 3

21. The next term in the series -1, 5, 15, 29,________, … is

(1) 36

(2) 47

(3) 59

(4) 63

Answer: 3

22. The next term in the series: ABD, DGK, HMS, MTB, SBL, ________, … is:

(1) ZKU

(2) ZCA

(3) ZKW

(4) ZKU

Answer: 3

23. If VARANASI is coded as WCUESGZQ, then the code of KOLKATA will be:

(1) LOQOZEH

(2) HLZEOOQ

(3) ZELHOQO

(4) LQOOFZH

Answer: 4

24. Introducing, Rakesh to her husband a women said, “His brother’s father is the only son of my grandfather”. The woman is related to Rakesh as:

(1) Aunt

(2) Mother

(3) Sister

(4) Daughter

Answer: 3

25. Two numbers are in the ratio 2: 5. If 16 is added to both the numbers, their ratio becomes 1: 2. The numbers are:

(1) 16, 40

(2) 20, 50

(3) 28, 70

(4) 32, 80

Answer: 4

26. Superiority of intellect depends upon its power of concentration on one theme in the same way as a concave mirror collects all the rays that strike upon it into one point.

(1) Mathematical

(2) Psychological

(3) Analogical

(4) Deductive

Answer: 3

27. Given below are two premises (A and B). Four conclusions are drawn from them. Select the code that states validity drawn conclusion (s) (taking the premises individually or jointly).

Premises:

(A) Most of the dancers are physically fit.

(B) Most of the singers are dancers.

Conclusions:

(a) Most of the singers are physically fit.

(b) Most of the dancers are singers.

(d) Most of the physically fit persons are singers.

Code:

(1) (a) and (b)

(2) (b) and (c)

(3) (c) and (d)

(4) (d) and (a)

Answer: 1

28. Which one among the following is a presupposition in inductive reasoning?

(1) Law of identity

(2) Unchangeability in nature

(3) Harmony in nature

(4) Uniformity of nature

Answer: 4

29. If the proposition ‘domestic animals are hardly ferocious’ is taken to be false, which of the following proposition/propositions can be claimed to be certainly true? Select the correct code:

Propositions:

(a) All domestic animals are ferocious.

(b) Most of the domestic animals are ferocious.

(d) Some domestic animals are non-ferocious.

Code:

(1) (a) and (b)

(2) (a) only

(3) (c) and (d)

(4) (b) only

Answer: 3

30. Which one of the following statements is not correct in the context of Venn diagram method?

(1) It is a method of testing the validity of arguments.

(2) It represents both the premises of a syllogism in one diagram.

(3) It requires two overlapping circles for the two premises of a standard-form categorical syllogism.

(4) It can be used to represent classes as well as propositions.

Answer: 3

The table below embodies data on the production, exports and per capita consumption of rice in country P for the five years from 2012 to 2016. Answer questions 31 – 35 based on the data contained in the table.

Year-wise Production, Exports and Per Capita Consumption of Rice Year Production

(in million kg)

Exports

(in million kg)

Per Capita Consumption (in kg) 2012 186.5 114 36.25 2013 202 114 35.2 2014 238 130 38.7 2015 221 116 40.5 2016 215 88 42 Yearwise Details for DI

Where, Per Capita Consumption = (Consumption in million kg) / (Population in million) and consumption (in million kg) = Production – Exports.

31. The Percentage increase in the consumption of rice over the previous year was the highest in which year?

(1) 2013

(2) 2014

(3) 2015

(4) 2016

Answer: 2

32. What is the population of the country in the year 2014 (in million)?

(1) 2.64

(2) 2.72

(3) 2.79

(4) 2.85

Answer: 3

33. The ratio of exports to consumption in the given period was the highest in the year:

(1) 2012

(2) 2013

(3) 2014

(4) 2015

Answer: 1

34. In which year, the population of country was the highest?

(1) 2013

(2) 2014

(3) 2015

(4) 2016

Answer: 4

35. What is the average consumption of rice (in million kg) over the years 2012 – 2016?

(1) 104

(2) 102.1

(3) 108

(4) 100.1

Answer: 4

36. Which of the following statements, regarding the term ICT is/are TRUE?

P: ICT is an acronym that stands for Indian Classical Technology.

Q: Converging technologies that exemplify ICT include the merging of audio-visual, telephone and computer networks through a common cabling system.

(1) P Only

(2) Q Only

(3) P and Q

(4) Neither P nor Q

Answer: 2

37. A new Laptop has been produced that weighs less, is smaller and uses less power previous Laptop models.

Which of the following technologies has been used to accomplish this?

(1) Universal Serial Bus Mouse

(2) Faster Random Access Memory

(3) Blu Ray Drive

(4) Solid State Hard Drive

Answer: 4

38. Given the following email fields, which of the email addresses will ‘swami’ be able to see when he receives the message?

Mail- To CC and BCC for ICT

To… ram@test. com Cc… raj@test. com; ravi@test. com Bcc… swami@test. com; rama@test. com

(1) ram@test. com

(2) ram@test. com; raj@test. com; ravi@test. com

(3) ram@test. com; rama@test. com

(4) ram@test. com; rama@test. com; raj@test. com; ravi@test. com

Answer: 2

39. Put the following units of storage into the correct order, starting with the smallest unit first and going down to the largest unit:

(a) Kilobyte (b) byte (c) Megabyte (d) Terabyte (e) Gigabyte (f) Bit

Give your answer from the following code:

(1) (f), (b), (a), (c), (d), (e)

(2) (f), (b), (a), (d), (e), (c)

(3) (f), (b), (a), (c), (e), (d)

(4) (f), (b), (a), (d), (c), (e)

Answer: 3

40. With regard to computer memory, which of the following statement (s) is/are TRUE?

P: Read Only Memory (ROM) is ‘volatile’ memory.

Q: Random Access Memory (RAM) is ‘volatile’ memory.

R: Secondary Memory is ‘volatile’ memory.

(1) P only

(2) Q only

(3) P and Q only

(4) P and R only

Answer: 2

41. ‘Fly ash’ produced in thermal power plants is an ecofriendly resource for use in:

(a) agriculture as micro-nutrient

(b) wasteland development

(d) brick industry

Choose the correct answer from the code given below:

(1) (a), (b) and (d) only

(2) (b), (c) and (d) Only

(3) (a), (c) and (d) Only

(4) (a), (b), (c) and (d)

Answer: 4

42. Which of the following types of natural disasters has no definite beginning and end?

(1) Earthquakes

(2) Landsides

(3) Hurricanes

(4) Droughts

Answer: 4

43. Assertion (A): Indoor air pollution is serious hazard.

Reason (R): The dispersal of air pollutants is rather limited in indoor environment.

Choose the correct answer from the code given below:

(1) Both (A) and (R) are true and (R) is the correct explanation of (A)

(2) Both (A) and (R) are true and (R) is not the correct explanation of (A)

(3) (A) is true and (R) is false.

(4) Both (A) and (R) are false.

Answer: 1

44. In terms of their contribution to the total power generation in India, Identify the correct sequence of energy sources – Thermal Power Plants (TPP), Large Hydropower Projects (LHP), Nuclear Energy (NE) and Renewable Energy (RE) which includes solar energy, wind energy, biomass and small hydropower projects.

(1) TPP > RE > LHP > NE

(2) TPP > LHP > RE > NE

(3) LHP > TPP > RE > NE

(4) LHP > TPP > NE > RE

Answer: 1

45. Which of the following is considered as major source of pollution in rivers of India?

(1) Unregulated small scale industry

(2) Untreated sewage

(3) Agricultural run-off

(4) Thermal power plants

Answer: 2

46. India has the largest Higher Education System in the World after:

(a) The United States of America

(b) Australia

(d) United Kingdom (UK)

Select the correct answer from the code given below:

(1) (a), (b), (c) and (d)

(2) (a), (b) and (c) only

(3) (a), (c) and (d) only

(4) (a) and (c) only

Answer: 4

47. Prime Minister Research Fellowship is for students pursuing Ph. D programme in:

(1) State and Central Universities

(2) Central Universities, IISc, IITs, NITs, IISERs and IIITs

(3) IISc, IITs, NITs, IISERs, IIITs, State and Central Universities

(4) IITs and IISc

Answer: 4

48. Leader of the opposition is a member of committees which select:

(a) the central information Commissioner

(b) the Central Vigilance Commissioner

(d) the Chairperson of National Commission for women

Select the correct answer from the code given below:

(1) (a), (b), (c) and (d)

(2) (a), (b) and (c) only

(3) (a), (c) and (d) only

(4) (a), (b) and (d) only

Answer: 2

49. Which of the following statements are correct about gender budgeting?

(a) It is separates budget addressing the specific needs of women.

(b) It assesses the impact of government budget on women.

(d) It is another budgeting innovation.

Select the correct answer from the code given below:

(1) (b) and (d) only

(2) (a) and (d) only

(3) (a), (c) and (d) only

(4) (a) and (b) only

Answer: 1

50. Which of the following are the barriers to citizen-centric administration in India?

(a) Wooden and inflexible attitude of the civil servants

(b) Ineffective implementation of laws and rules

(d) Lack of job opportunities for the youth

Select the correct answer from the code given below:

(1) (a), (b), (c) and (d)

(2) (a), (b) and (c) only

(3) (a), (b) and (d) only

(4) (a) and (b) only

Answer: 4

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vidyakul-blog · 6 years ago

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How to Score Good Marks In Class 12

Hello Everyone, Today I am going to tell you the ways of scoring good marks in Class 12.

As all of us know that according to our parents class 12 is the very important class for our future because if we don't pass in class 12 then no school will give us admission and more over our parents will kill us.

But according to me Class 12 is just like other classes. There is nothing like if we don't pass in class 12 then no school will give us admission. You just have to be little attentive in class 12 that's it and rest follow my tips to score good marks in class 12.

Tips to Prepare:

1. Make A Time Table: The very first step for starting any preparation we have to make our timetable and have to stick with it. Stay Focus.

2. Know your Syllabus: Before start anything first you have to go through with you syllabus because this is the step which helps us to understand how we need to prepare for our self. Mark those chapters which have high marks weightage and first cover those chapters only.

3. NCERT Solutions: After checking your syllabus now is the time for NCERT Solutions Class 12. Start with the chapters which you think is difficult for you and have high marks weightage. Because if you cover those difficult chapters then you can easily cover other chapters too. At the end of this post, I will give you chapter wise links of NCERT Solutions Class 12 Maths , NCERT Solutions Class 12 Physics, NCERT Solutions Class 12 Chemistry, Class 12 Biology Notes

4. Pay Attention in your Class: Remember I told you earlier that in Class 12 you have to belittle attentive because most of the time our subject teacher will tell us that this question is very important, it will come in your exam. So keep your ears open and pay attention to what your teacher is saying.

5. Do Your Homework Properly: Homework is something which makes us perfect in our studies because homework gives us a chance to revise those things which we have studied in our classroom. It helps us to do practice in solving maths questions. So, according to me, homework is the must.

6. Give Time to Yourself: This is the most step for anybody, nowadays everyone is so busy in there day to day life that they forget to give time to themselves, so its the most thing which you have to do to keep your mind fresh, go out with friends and play. Do meditation for 10 to 15 minutes. Make your mind feel fresh and relax because when your mind feels fresh then you can study properly and with focus.

As I told you in NCERT Solutions (3rd point) that at the end of this post I will give you chapterwise links of NCERT Solutions Class 12 Maths, Physics, Chemistry and Biology.

NCERT Solutions Class 12 Maths

NCERT Solution Chapter 1 Relations and Functions

NCERT Solution Chapter 2 Inverse Trigonometric Functions

NCERT Solution Chapter 3 Matrices

NCERT Solution Chapter 4 Determinants

NCERT Solution Chapter 5 Continuity and Differentiability

NCERT Solution Chapter 6 Applications of Derivatives

NCERT Solution Chapter 7 Integrals

NCERT Solution Chapter 8 Applications Of The Integrals

NCERT Solution Chapter 9 Differential Equations

NCERT Solution Chapter 10 Vector Algebra

NCERT Solution Chapter 11 Three – Dimensional Geometry

NCERT Solution Chapter 12 Linear Programming

NCERT Solution Chapter 13 Probability

NCERT Solutions Class 12 Physics

NCERT Solutions Chapter 1 Electric Charges and Fields

NCERT Solutions Chapter 2 Electrostatic Potential and Capacitance

NCERT Solutions Chapter 3 Current Electricity

NCERT Solutions Chapter 4 Moving Charges and Magnetism

NCERT Solutions Chapter 5 Magnetism and Matter

NCERT Solutions Chapter 6 Electromagnetic Induction

NCERT Solutions Chapter 7 Alternating Current

NCERT Solutions Chapter 8 Electromagnetic Waves

NCERT Solutions Chapter 9 Ray Optics and Optical Instruments

NCERT Solutions Chapter 10 Wave Optics

NCERT Solutions Chapter 11 Dual Nature of Radiation And Matter

NCERT Solutions Chapter 12 Atoms

NCERT Solutions Chapter 13 Nuclei

NCERT Solutions Chapter 14 Semiconductor Electronics: Materials

NCERT Solutions Chapter 15 Communication Systems

NCERT Solutions Class 12 Chemistry

NCERT Solution Chapter 1 Solid State

NCERT Solution Chapter 2 Solutions

NCERT Solution Chapter 3 Electrochemistry

NCERT Solution Chapter 4 Chemical Kinetics

NCERT Solution Chapter 5 Surface Chemistry

NCERT Solution Chapter 6 General Principles and Processes Of Isolation Of Elements

NCERT Solution Chapter 7 P – Block Elements

NCERT Solution Chapter 8 D and F Block Elements

NCERT Solution Chapter 9 Coordination Compounds

NCERT Solution Chapter 10 Haloalkanes and Haloarenes

NCERT Solution Chapter 11 Alcohols, Phenols, and Ethers

NCERT Solution Chapter 12 Aldehydes, Ketones, and Carboxylic Acids

NCERT Solution Chapter 13 Organic Compounds Containing Nitrogen

NCERT Solution Chapter 14 Biomolecules

NCERT Solution Chapter 15 Polymers

NCERT Solution Chapter 16 Chemistry In Everyday Life

Class 12 Biology Notes

Chapter 1 - Reproduction in Organism

Chapter 2 - Sexual Reproduction in Flowering Plants

Chapter 3 - Human Reproduction

Chapter 4 - Reproductive Health

Chapter 5 - Principles of Inheritance and Variation

Chapter 6 - Molecular Basis of Inheritance

Chapter 7 - Evolution

Chapter 8 - Human Health and Disease

Chapter 9 - Strategies for Enhancement in Food Production

Chapter 10 - Microbes in Human Welfare

Chapter 11 - Biotechnology: Principles and Processes

Chapter 12 - Biotechnology and its Applications

Chapter 13 - Organisms and Populations

Chapter 14 - Ecosystem

Chapter 15 - Biodiversity and Conservation

Chapter 16 - Environmental Issues

CBSE Class 12 Sample Papers 2019

CBSE Class 12 Sample Paper 2019

CBSE Class 12 Sample Paper Maths 2019

CBSE Class 12 Sample Paper Physics 2019

CBSE Class 12 Sample Paper Chemistry 2019

CBSE Class 12 Sample Paper Biology 2019

CBSE Class 12 Sample Paper Accounts 2019

CBSE Class 12 Sample Paper Economics 2019

CBSE Class 12 Sample Paper Business Studies 2019

CBSE Class 12 Sample Papers

CBSE Class 12 Physics Sample Papers

CBSE Class 12 Chemistry Sample Papers

CBSE Class 12 Maths Sample Papers

CBSE Class 12 Biology Sample Papers

CBSE Class 12 Economics Sample Papers

CBSE Class 12 Accounts Sample Papers

CBSE Class 12 Business Studies Sample Papers

Class 12 Previous Year Question Paper 2018

Previous Year Question Paper Class 12 Maths 2018

Previous Year Question Paper Class 12 Physics 2018

Previous Year Question Paper Class 12 Chemistry 2018

For study material visit Vidyakul.com they are providing online video tutorials with chapter wise solutions.

#how to score good marks in class 12 #cbse class 12 sample papers #cbse class 12 sample papers 2019 #cbse class 12 maths sample papers 2019 #cbse class 12 physics sample papers 2019 #cbse class 12 chemistry sample papers 2019 #cbse class 12 biology sample papers 2019 #cbse class 12 accounts sample papers 2019 #cbse class 12 economics sample papers 2019 #Board exams class 12 2019

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margdarsanme · 5 years ago

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NCERT Class 12 Macro Economics Chapter 2 National Income and Related Aggregates

NCERT Class 12 Micro Economics Solutions

Chapter-2 National Income and Related Aggregates

NCERT TEXTBOOK QUESTIONS SOLVED:> Q 1. Why should the aggregate final expenditure of an economy be equal to the aggregate factor payments? Explain. [3 Marks]

Ans: The sum of final expenditures in an economy must be equal to the income received by all the factors of production taken together (final spending on final goods, it does not include spending on intermediate goods). This follows from the simple idea that the revenues earned by all the firms put together must be distributed among the factors of production as salaries, wages, profits, interests earning and rents. Q 2. What is the difference between planned and unplanned inventory accumulation? Write down the relation between change in inventories and value added of a firm. [3 Marks]

Ans: Planned Inventory. It refers to changes in the stock inventories that have occurred in a planned way. In a situation of planned inventory accumulation, firm will plan to raise its inventories. Unplanned Inventory. It refers to changes in the stock of inventories that have occurred in an unexpected way. In a situation of unplanned inventory accumulation, due to unexpected fall in sales, the firm will have unsold stock of goods.

Value added of a firm (GVA) = Gross value of output produced by the firm – Value of intermediate goods used by the firm. OR GVA = Value of sales by the firm + Value of change in inventories – Value of intermediate goods used by the firm Q 3. Write down the three identities of calculating the GDP of a country by the three methods. Also, briefly explain why each of these should give us the same value of GDP. [3 Marks]

Ans: National Income = National Product = National Expenditure. Each one will give the same result. The only difference is that with product methods, NI is calculated at production or creation level with income Method NI is measured at distribution level, and with expenditure method NI is measured at disposal level. Q 4. Define budget deficit and trade deficit. The excess of private investment over saving of a country in a particular year was Rs 2,000 crores. The amount of budget deficit was (-) Rs 1,500 crores. What was the volume of trade deficit of that country? [3-4 Marks]

Ans: Budget deficit. It measures the amount by which the government expenditure exceeds the tax revenue earned by it. Budget Deficit = G – T.

Trade deficit: It measures the amount of excess expenditure over the export revenue earned by the country.

Trade Deficit = M – X Given G – T = (-) Rs 1500 crore Investment – Saving = Rs 2000 crore Trade deficit = [I – S] + [G – T] = [2000]+ [-1500] = Rs 500 crore. Q 5. Suppose the GDP at market price of a country in a particular year was Rs 1,100 crores. Net Factor Income from Abroad was Rs 100 crores. The value of Indirect taxes – Subsidies was Rs 150 crores and National Income was Rs 850 crores. Calculate the aggregate value of depreciation. [3 Marks]

Ans: National Income (or NNPFC) = GDPmp- Depreciation + Net factor income from abroad – [Indirect Taxes-Subsides] 850 = 1100 – Depreciation +100- 150 Depreciation = 1100+ 100- 150-850 Depreciation = Rs 200 Crore Q 6. Net National Product at Factor Cost of a particular country in a year is Rs 1,900 crores. There are no interest payments made by the households to the firms / government, or by the firms / government to the households. The Personal Disposable Income of the households is Rs 1,200 crores. The personal income taxes paid by them is Rs 600 crores and the value of retained earnings of the firms and government is valued at Rs 200 crores. What is the value of transfer payments made by the government and firms to the households? [3-4 Marks]

Ans: Personal disposable income = Personal income – Personal tax – miscellaneous receipts of government 1200 = Personal Income – 600 – 0 Personal Income = 1800 Crore Private Income = Personal income + retained earnings + corporate tax = 1800 + 200 + 0 = 2000 Crore Private income = NNPFC (National income) – NDPFC of government sector + Value of transfer payment 2000 = 1900 – 0 + Value of transfer payment Value of transfer payment =100 Crore Q 7. From the following data, calculate Personal Income and Personal Disposable Income. [6 Marks]

Ans: Private Income = NDPFC – NDPFC of government sector + NFIA + Transfer Income + net interest receive from household (Interest Received by Households – Interest Paid by Households) = (i) – 0 + (ii) + (vii) + [(v) – (vi)] = 8000 + 200 + 300 + (1500 – 1200) = 8800 Crore

Personal Income = Private income – Undistributed profit – Corporation tax = 8800 – (iii) – (ii) = 8800 – 1000 – 500 = 7300 Crore Personal Disposable Income = Personal income – Personal tax = 7300 – (viii) = 7300 – 500 = 6800 Crore Q 8. In a single day Raju, the barber, collects Rs 500 from haircuts; over this day, his equipment depreciates in value by Rs 50. Of the remaining Rs 450, Raju pays sales tax worth Rs 30, takes home Rs 200 and retains Rs 220 for improvement and buying of new equipment. He further pays Rs 20 as income tax from his income. Based on this information, complete Raju’s contribution to the following measures of income Gross Domestic Product NNP at market price NNP at factor cost Personal income Personal disposable income. [3-4 Marks] Ans: GDP contribution by Raju = Rs 500 NNPMP (Raju’s contribution) = GDP – Depreciation = 500 – 50 = Rs 450. NNPrr (Raju’s contribution) = NNPMP -Indirect tax =450-30 = Rs 420 Personal Income = NNPFC-Retained Earnings = 420 – 220 = Rs 200 Personal Disposable Income = Personal Income – Income Tax = 200 – 20 = Rs 180 Crore Q 9. The value of the nominal GNP of an economy was Rs 2,500 crores in aparticular year. The value of GNP of that countiy during the same year evaluated at the prices of the same base year was Rs 3,000 crores. Calculate the value of the GNP deflator of the year in percentage terms. Did the price level rise between the base year and the year under consideration? [3-4 Marks]

Ans: GNP deflator = Nominal GNP/Real GNP x 100 = 83.3% No, the price level did not rise between the base year and the year under consideration. In fact, it fell. Q 10. Write down some of the limitations of using GDP as an index of welfare of a : countiy. [6 Marks] OR Explain how distribution of gross domestic product is its limitation as a measure of economic welfare. [CBSE Delhi 2010] OR Explain how ‘distribution of gross domestic product’ is a limitation in taking domestic product as an index of welfare. [CBSE Delhi 2011]OR Can gross domestic product be used as an index of welfare of the people? Give two reasons. [CBSE Foreign 2010] OR Explain Per Capita Real GDP as Indicator of Economic Welfare. OR Explain any four limitations of using GDP as a measure/index of welfare of a country. [CBSE Sample Paper 2016]

Ans: Per Capita Real GDP can be taken as indicator for economy. But by itself is not an adequate indicator. There are many reasons behind this. These are: Many goods and services contributing economic welfare are not included in GDP Or Non-Monetary exchanges.

(a) There are many goods and services which are left out of estimation of national income on account of practical estimation difficulties e.g., services of housewives and other members, own account production, etc.

(b) These are left on account of non availability of data and problem in valuation.

(d) So, if we depend only on GDP, we would be underestimating economic welfare.

Though externalities are not taken into account in GDP, they affect welfare.

(a) When the activities of somebody result in benefits or harms to others with no payment received for the benefit and no payment made for the harm done, such benefits and harms are called externalities.

(b) Activities resulting in benefits to others are positive externalities and increase welfare; and those resulting in harm to others are called negative externalities, and thus decrease welfare.

(d) For example, construction of a flyover or a highway reduces transport cost and journey time of its users who have not contributed anything towards its cost. Expenditure on construction is included in GDP but not the positive externalities flowing from it. GDP and positive externalities both increase welfare. Therefore, taking only GDP as an index of welfare understates welfare. It means that welfare is much more than it is indicated by GDP.

(e) Similarly, GDP also does not take into account negative externalities. For examples, factories produce goods but at the same time create pollution of water and air. River Yamuna, now a drain, is a living example. The pollution harms people. The factories are not required to pay anything for harming people. Producing goods increases welfare but creating pollution reduces welfare. Therefore, taking only GDP as an index of welfare overstates welfare In this case, welfare is much less than indicated by GDP.

Change in the distribution of income (GDP) may affect welfare. (a) All people do not earn the same amount of income. Some earn more and some earn less. In other words, there is unequal distribution of income.

(b) At the same time, it is also true that in the event of rise in ‘per capita real income’ all are not better off equally. ‘Per capita’ is only an average. Income of some may rise by less and of some by more than the national average. In case of some it may even fall.

(d) If it increase it implies that rich become more rich and the poor become more poor.

(e) Utility of a rupee of income to the poor is more than to the rich. Suppose, the income of the poor declines by one rupee and that of the rich increases by one rupee. In such a case, the decline in welfare of the poor will be more than the increase in welfare of the rich.

(f) Therefore, if the rise in per capita real income inequality increases, it may lead to a decline in welfare (in the macro sense).

All products may not contribute equally to economic welfare. (a) GDP includes different types of products, like food articles, houses, clothes, police services, military services, etc. (b) Some of these products contribute more to the welfare of the people, like food, clothes, houses, etc. Other products like police services, military services etc. may comparatively contribute less and may not directly affect the standard of living of the people. (c) Therefore, how much is the economic welfare would depend more on. the types of goods and services produced, and not simply how much is produced. (d) It means that if GDP rises, the increase in welfare may not be in the same proportion.

Contribution of some products may be negative (a) GDP includes all final products whether it is milk or liquor. (b) Milk may provide both immediate and ultimate satisfaction to consumers On the other hand, liquor may provide some immediate satisfaction, but because of its harmful effects on health it may lead to decline in welfare. (c) GDP include only the monetary values of the products and not their contribution to welfare. (d) Therefore, economic welfare depends not only on the volume of consumption but also on the type or goods and services consumed.

I. VERY SHORT ANSWER TYPE QUESTIONS (1 Mark)

Q 1. Define ‘depreciation’. [CBSE (Al) 2011]

Ans: Depreciation is an expected decrease in the value of fixed capital assets due to its general use. Q 2. When is the net domestic product at market price less than the net domestic product at factor cost?

Ans: When net indirect taxes are negative i.e., subsidies are more than indirect taxes. Q 3. Why is gross domestic product at factor cost more than the net domestic product at factor cost?

Ans: Gross domestic product at factor cost includes depreciation while net domestic product at factor cost does not include depreciation. Q 4. When will GDP of an economy be equal to GNP?

Ans: GDP and GNP will be equal when the ‘net factor income from abroad’ is zero. Q 5. When will the domestic income exceed the national income?

Ans: When the net factor income from abroad is negative. Q 6. If NDPFC is Rs 1,0000 crores and NFIA is (-) Rs 500 crores, how much will be the national income?

Ans: National Income = 10000 + (-500) = Rs 9500 Crore Q 7. If the domestic factor income is Rs 50,000 crores and the national income is Rs 45,000 crores, how much will be the net factor income from abroad?

Ans: Net factor income from abroad = 45,000 – 50,000 = (-) Rs 5000 Crore Q 8. Mention the three methods of measuring national income.

Ans: Value added method Income method Expenditure method. Q 9. Calculate the disposable income, if personal income is Rs 30,000 and the rate of income tax is 10%.

Ans: Disposable Income = 30,000 – (10% of 30,000) = ?27,000 Q 10. In which type of economy, domestic income will be equal to national income?

Ans: Closed economy. Q 11. What is the value added method of measuring national income?

Ans: Value added method is the method that measures the national income by estimating the value added by each producing enterprises within the domestic territory of the country in an accounting year. Q 12. When is value of output equal to value added?

Ans: Value of output is equal to value added if there are no intermediate costs. Q 13. What aggregate do we get when we add up the gross value added of all the producing sectors of an economy?

Ans: Gross domestic product at market price. Q 14. What is the rationale for not taking into account the value of intermediate goods in the measure of GDP?

Ans: To avoid the problem of double counting. Q 15. If compensation of employees in a firm constitutes 65% of net value added at factor cost of a firm, find the proportion of operating surplus.

Ans: 100% – 65% = 35% (assuming mixed income is zero). Q 16. What is nominal gross domestic product? [CBSE Delhi 2011]

Ans: When gross domestic product (GDP) of a given year is estimated on the basis of price of the same year, it is called nominal GDP. Q 17. Define primary sector.[CBSE AI2013,]

Ans: It is the sector that produces goods by exploiting natural resources like land, water, forests, mines, etc. This sector includes agricultural and allied activities, fishing, mining and quarrying. Q 18. Define secondary sector.

Ans: It is called manufacturing sector also. Enterprises in this sector transform one type of commodity into another type of commodity. For example: leather goods from leather, flour from wheat, sugar from sugarcane, etc. Q 19. Define tertiary sector.

Ans: It is known as service sector also. Enterprises in this sector produce services only. Examples are banking, transport, communications etc. II.MULTIPLE CHOICE QUESTIONS (1 Mark)

Q 1. Which one of the following statements is incorrect? (a) GDP at market price = GDP at factor cost plus net indirect taxes. (b) NNP at factor cost = NNP at market price minus indirect taxes. (c) GNP at market price = GDP at market price plus net factor income from abroad. (d) None of them.

Ans: (a) Q 2. National income differs from net national product at market price by the amount———–. (a) current transfers from the rest of the world (b) net indirect taxes (c) national debt interest (d) it does not differ

Ans: (b) Q 3. Net national product at factor cost is————-. (a) equal to national income (b) less than national income (c) more than national income (d) sometimes less than national income and sometimes more than it

Ans: (a) Q 4. The net values added method of measuring national income is also known as—————-. (a) net output method (b) production method (c) industry of origin method (d) all of the above

Ans: (d) Q 5. Identify the item which is not a factor payment: (a) Free uniforms to defense personnel (b) Salaries to the members of Parliament (c) Imputed rent of an owner occupied a building . (d) Scholarships given to the students of scheduled caste

Ans: (d) Q 6. Mixed income of the self-employed means (a) gross profits received by proprietors (b) rent, interest and profit of an enterprise (c) combined factor payments which are not distinguishable (d) wages due to family workers

Ans: (c) Q 7. Demand for final consumption arises in ——————-. (a) household sector only (b) government sector only (c) both household and government sectors (d) neither in households nor in government sector

Ans: (c) Q 8. Demand for intermediate consumption arises in—————— . (a) consumer households (b) government enterprises only (c) corporate enterprises only (d) all producing sectors of an economy

Ans: (d) Q 9. Which one of the following options is an economic activity? (a) Listening to music on the radio. (b) Teaching one’s own son at home. (c) Medical facilities rendered by a charitable dispensary. (d) A housewife doing household duties.

Ans: (c) Q 10. Net value added is equal to—————– . (a) payments accruing to factors of production (b) compensation to employees (c) wages plus rents (d) value of output minus depreciation

Ans: (a) Q 11. Per capita national income means: (a) NNP/population (b) Total capital population (c) Population NNP (d) None of them

Ans: (a) Q 12. Which one of the following statements is correct? (a) If national income rises, per capita income must also rise (b) If population rises, per capita income must fall. (c) If national income rises, welfare of the people must rise. (d) None of them

Ans: (d) III. SHORT ANSWER TYPE QUESTIONS (3-4 Marks)

1. Distinguish between domestic product and national product. When can domestic product be more than national product? [CBSE (Al) 2009] OR Differentiate between Domestic Income (NDPFC) Vs National Income (NNPFC).

Ans:

Domestic product will be greater than national product when net factor income from abroad is negative. Q 2. Differentiate between Gross Domestic Product at Market Price Vs National Income.

Ans:

Q 3. Differentiate between National Income at constant price and national income at current price?

Ans:

Q 4. Distinguish between real and nominal gross domestic product.[CBSE(AI) 2010] Or Discuss any two differences between GDP at constant prices and GDP at current Prices.[CBSE Sample Paper 2016]

Ans:

Q 5. Explain how ‘externalities’ are a limitation of taking gross domestic product as an index of welfare. [CBSE Foreign 2011]

Ans: When the activities of somebody result in benefits or harms to others with no payment received for the benefit and no payment made for the harm done, such benefits and harms are called externalities.

Activities resulting in benefits to others are positive externalities and increase welfare; and those resulting in harm to others are called negative externalities, and thus decrease welfare.

GDP does not take into account these externalities.

For example, construction of a flyover or a highway reduces transport cost and journey time of its users who have not contributed anything towards its cost. Expenditure on construction is included in GDP but not the positive externalities flowing from it. GDP and positive externalities both increase welfare.

Therefore, taking only GDP as an index of welfare understates welfare. It means that welfare is much more than it is indicated by GDP.

Similarly, GDP also does not take into account negative externalities. For examples, factories produce goods but at the same time create pollution of water and air. River Yamuna, now a drain, is a living example. The pollution harms people. The factories are not required to pay anything for harming people. Producing goods increases welfare but creating pollution reduces welfare. Therefore, taking only GDP as an index of welfare overstates welfare. In this case, welfare is much less than indicated by GDP. Q 6. Explain how “Non-Monetaiy exchanges’ are a limitation in taking gross domestic product as an index of welfare.[CBSE(AI) 2011]

Ans: There are many goods and services which are left out of estimation of national income on account of practical estimation difficulties e.g., services of housewives and other members, own account production, etc. These are left on account of non¬’ availability of data and problem in valuation. It is generally agreed that these items contribute to economic welfare. So, if we depend only on GDP, we would be underestimating economic welfare. Q 7. Explain how distribution of ‘Gross Domestic Product’ is a limitation in taking gross domestic product as an index of welfare.[CBSE Delhi 2010, 2011]

Ans: All people do not earn the same amount of income. Some earn more and some earn less. In other words, there is unequal distribution of income.

At the same time, it is also true that in the event of rise in ‘per capita real income’ all are not better off equally. ‘Per capita’ is only an average. Income of some may rise by less and of some by more than the national average. In case of some it may even fall.

It means that the inequality in the distribution of income may increase or decrease.

If it increase it implies that rich become more rich and the poor become more poor.

Utility of a rupee of income to the poor is more than to the rich. Suppose, the income of the poor declines by one rupee and that of the rich increases by one rupee. In such a case, the decline in welfare of the poor will be more than the increase in welfare of the rich.

Therefore, if the rise in per capita real income inequality increases, it may lead to a decline in welfare (in the macro sense). Q 8. State the various components of the income method that are used to calculate national income.[CBSE Sample Paper 2014]

Ans: Compensation of employees: The amount earned by employees from their employer, whether in cash or in kind or through any other social security scheme is known as compensation of employees. Operating Surplus: It is the sum of income from property and income from entrepreneurship. Mixed Income: Income of own account workers (like farmers, doctors, barbers, etc.) and unincorporated enterprises (like small shopkeepers, repair shops) is known as mixed income.

Note: (i) To estimate amount of factor payments made by each producing unit. (ii) To add all factor incomes/payments within domestic territory to get domestic income, i.e., NDPFC. NDPFC = Compensation of employees + Operating Surplus + Mixed Income Net factor income from Abroad(NFIA): NFIA is the difference between income earned by normal residents from rest of the world and similar payments made to Non residents within the domestic territory. Addition of NFIA to NDPFC to get NY, i.e., NNPpc. NNPFC = NDPFC + NFIA Q 9. Define double counting. How can the problem of double counting be avoided?

Ans: If a single transaction is recorded twice or more than twice in the calculation of national income, then it is known as double counting.

The problem of double counting is solved by value added method. Theoretically to avoid double counting there may be two alternative ways:

Final Product Approach (Value Added Approach)

Final Product Approach: According to this, value of only final products, i.e. which go for final consumption or capital formation should be included. But in practical application of this approach double counting still creeps in as every producer treats the product he sells as final whereas the same might have been used as intermediate product by the buyer.

Value Added Approach: Value added method is most effective in avoiding double counting. According to this, instead of taking value of final goods, only value added at each stage of production by a producing unit is taken. Value added of a firm by subtracting intermediate consumption from value of output. IV. TRUE OR FALSE Giving reasons, state whether the following statements are true or false.

Q 1. In a closed economy, gross national product is always equal to gross domestic product.

Ans: True: When net factor income from abroad is zero i.e., income from abroad is equal to income to abroad. Q 2. Gross investment can be equal to net investment.

Ans: True: It is possible when depreciation is zero. Q 3. Domestic Income of a country can be more than its National income.

Ans: True: It can happen when NFIA is negative i.e., factor income paid to abroad is more than factor income received from abroad. Q 4. Market price is always more than factor cost.

Ans: False: Market price can be less than factor cost if net indirect taxes (NIT) are negative. Market price can also be equal to factor cost if NIT is zero. Q 5. Measurement of national income at current prices provides a reliable base of comparison.

Ans: False: National Income at ‘Constant Prices’ provides a reliable base of comparison. Q 6. Nominal GDP can never be less than Real GDP.[CBSE Sample Paper 2010]

Ans: False: Nominal GDP can be less than real GDP, if prices in the current year are less than the prices in the base year. Q 7. Net capital gains from the sale of property is a part of domestic factor income.

Ans: False: It is not a part of domestic factor income. It is. a sale of property and not of factors. Q 8. Change in stock is not a part of Capital formation.

Ans: False: Change in stock is a part of domestic capital formation. Q 9. Brokerage paid on sale of shares and income from shares purchased is not a part of national income.

Ans: False: Brokerage paid on sale of shares or any other item is a part of national income. Q 10. Salary of Pakistan worker, working in Indian Embassy is not a national income of India.

Ans: True: It is an expenditure made by- Indian Embassy. It is a part of Indian domestic income. Q 11. Income tax paid is not a part of national income.

Ans: False: Income tax paid is part of national income. It is included in profit and individual income. Q 12. Income from imputed rent of self- occupied houses is a part of national income.

Ans: True: It is an estimated amount of . rent. If rented to any other person, he would receive the amount of rent. Q 13. Net profit of any Bank of India’s branch in USA will not be included in Indian National income.

Ans: False: Net profit of any Bank of India at USA branch is a part of national income of India. Q 14. Exports do not form a part of domestic factor income.

Ans: False: Exports are made from domestic production. It is a part of domestic factor income. Q 15. Gross domestic product at market price includes net factor income from abroad and net indirect taxes.

Ans: False: GDPMP does not include net factor income from abroad but includes net indirect taxes. Q 16. Gross National Product is always less than Gross National expenditure.

Ans: False: Gross national product is always equal to gross national expenditure. Q 17. Exports are a part of net factor income from abroad.

Ans: False: Exports are a part of domestic income. Exports are sent from home production. Q 18. Real GDP includes domestic income at current prices.

Ans: False: Real GDP is taken at some constant prices. It does not have the influence of price fluctuations. Q 19. National disposable income includes current transfers income of government.

Ans: False: National income includes income of government sector in the form of receiving of taxes. Q 20. Private income does not include net factor income from abroad.

Ans: False: Private income is a national concept. It also includes net factor income from abroad. Q 21. Personal income does not include income from personal taxes.

Ans: False: Personal income includes personal taxes, but not corporate taxes. Q 22. Personal disposable income is equal to aggregate consumption and savings.

Ans: True: Personal disposable income can be disposed upon consumption and savings both. Q 23. Private income includes earned incomes of private sector from all sources.

Ans: False: Private income includes both earned income (factor income) as well as unearned income (transfer income) of private sector from all sources. Q 24. National disposable income is the disposable income of private sector.

Ans: False: It is the disposable income of the whole country (public sector and private sector). Q 25. Travelling allowance paid by employer is a part of national income.

Ans: False: Travelling allowances are paid by an employee and then recovered from employer. It is not a part of national income Q 26. Consumption of food grains by farmer himself is not a part of national output.

Ans: False: It is a part of domestic output. It is a part of national income. Q 27. Sale of second hand car is not included in national income.

Ans: True: It’s original sale has already been included in national income of previous year. If done it will be case of double counting. Q 28. Rent received by an American from Reliance Industries with respect to building located in India will neither be included in national income nor in domestic income of India.

Ans: False: Such rent will be included in domestic income of India as building is located within the domestic territory of India Q 29. Purchase of car by a consumer is a part of gross domestic capital formation.

Ans: False: It is a part of private final consumption expenditure. Q 30. Goods produced for self-consumption will be included in national income.

Ans: True: Such goods contribute to the current output and their imputed value will be included in national income. Q 31. Gross domestic capital formation is always greater than gross fixed capital formation. [CBSE Sample Paper 2010]

Ans: False: Gross domestic capital formation can be less than gross fixed capital formation if change in stock is negative. Note: As per CBSE guidelines, no marks will be given if reason to the answer is not explained. V. LONG ANSWER TYPE QUESTIONS(6 Marks)

Q 1. Calculate GNP at FC from the following data by income method, and expenditure method. [CBSE 2002]

Ans: NDPFC = Compensation of employees (Wages and salaries + Employer’s contribution towards social security scheme) + Operating Surplus + Mixed Income = [(i) + (viii)] + (iii) + (ii) = [800 + 100] + 600 + 160 = 900 + 600 + 160 = 1660 Crore GNPFC = NDPFC + Depriciation (Gross capital formation – Net capital Formation) + Net Factor Income from abroad = 1660 + [(H) – (nil) + (6c)] = 1660 + [330-300] + (-20)] = 1660 + 30 – 20 = 1670 Crore GDPMP = Government final consumption expenditure (Public final consumption expenditure) + Private final consumption expenditure + Gross domestic Capital formation + Net export (Export – Import) = (xiii) + (xii) + (v) + [(x) – (xi)] = 450 + 1000 + 330 + [30 – 60] = 1750 Crore . GNPFC = GDPMP + Net factor income from abroad – Net Indirect Tax = 1750 + (be) – (xiv) = 1750 + (- 20) – 60 = 1750 – 20 – 60 = 1670 Crore Q 2. Calculate “Gross National Product at Factor Cost” from the following data by (a) Income method, and (b) Expenditure method:[CBSE 2009]

Ans: NDPFC = Compensation of Employees + Operating Surplus( profit + Rent + Interest + Mixed Income = (iv) +[(iii) + (v) + (viii)] + 0 = 800 + [400 + 250 + 150] = 800 + 800 = 1600 Crore GNPFC = NDPFC + Depreciation (Consumption of fixed Capital) + Net factor Income from abroad = 1600 + (vii) + (x) = 1600 + 60 + (-10) = 1650 Crore GDPMP = Government final consumption expenditure + Private final consumption expenditure + Gross domestic capital formation (Net domestic capital formation + consumption of fixed capital) + Net export = (x) + (i) + [(ii) + (vii)] + (xi) = 500 + 1000 + [200 + 60] + (- 20) = 500 + 1000 + 260 – 20 = 1740 Crore GNPFC = GDPMP + Net factor income from abroad – Net Indirect Tax = 1740 + (x) – (xii) = 1740 + (-10] – 80 = 1650 Crore Q 3. From the following data, calculate (a) Gross Domestic Product at Factor Cost and (b) Factor Income To Abroad:[CBSE 2010]

Ans: (a) NDPFC = Compensation of employees + Operating surplus (Profit + Rent + Interest) + Mixed income = (i) + P) + (v) + M] + 0 = 800 + [200 + 150 + 100] = 800 + 450 = 1250 Crore Note: Gross domestic capital formation = Net fixed capital formation + Depreciation + Change in stock (vii) = (viii) + Depreciation + (ix) 300 = 200 + Depreciation + 50 Depreciation = 300 – 250 = 50 GDPFC = NDPFC + Depriciation = 1250 + 50 = 1300 Crore (b) GNPMP = GDPFC + NFIA (Factor income from abroad – Factor income paid to abroad) + Net indirect tax (iv) = 1300 + [(x) – Factor income paid to abroad] + (xi) 1400 = 1300 + (60 – Factor income paid to abroad) + 120 1400 = 1480 – Factor income paid to abroad Factor income paid to abroad = 1480 – 1400 = 80 Crore Q 4. Calculate (a) Private Income and (b) Gross Domestic Product at Factor Cost: [CBSE 2013, C, Set-I] Ans: Personal Disposable Income = Personal income – Direct taxes paid by households – Miscellaneous receipts of government (xi) = Personal Income – (iv) – (i) 200 = Personal income – 30 – 5 Personal Income = 235 Arab Private Income = Personal Income + Retained profits (Savings of private corporate sector) + Corporate Tax = 235 + (iii) + (ii) = 235 + 10 + 20 = 265 Arab „ Private income = NNPFC – Income from Domestic Product Accruing to Public Sector (Income from Property and Entrepreneurship accruing to government Administrative Departments + Saving of Non Departmental Enterprises) + National Debt interest + Current transfers from Government + Net Current transfers from rest of the world , 265 = NNPFC – [(x) + (ii)] + (viii) + (ix) + (vii) ] 265 = NNPFC – (12 + 3) + 15 + 8 + 4 NNPFC = 265 + 15 – 27 = 253 Arab GDPFC = NNPFC + Consumption of fixed capital – Net factor income from abroad = 253 + (xii) – [-(v)] = 253 + 11 + 6 = 270 Arab Q 5. Calculate (a) Private Income and (b) National Income: Ans: Personal Disposable Income =Personal Income – Direct Taxes paid by households – Miscellaneous receipts of Government (i) = Personal Income -(v)- (iii) 120 = Personal income – 15 – 4 Personal Income =139 Arab (Billion) Private Income = Personal Income + Undistributed profits of private sector + Corporate Tax = 139 + (vii) + (vi) = 139 + 3 + 6 = 148 Arab Private income = NNPFC – Income from Domestic Product Accruing to Public Sector (Income from Property and Entrepreneurship accruing to Government Administrative Departments + Saving of Non-Departmental Enterprises) + National Debt interest + Current transfers from government + Net Current transfers from rest of the world 148 = NNPFC – [(ii) + (ix)] + (viii) + (xi) + (iv) , 148 = NNPFC-(5+ 15) + 16 + 2+ 10 NNPFC = 148 + 20 – 28 = 140 Arab Q 6. Find out Gross National Product at Market price and Net National Disposable Income from the following:

Ans: GDPMP = Government final consumption expenditure+Private final consumption expenditure + Gross domestic Capital formation (Net domestic Fixed capital formation + consumption of fixed capital + Change in stocks (closing stock – opening Stock) + Net Export = (vi) + (ii) + {(ix) + (vii) + [(iv) – (i)]} + (-viii) = 300+ 1000+ {150+ 30 + [40-50]}+ (-20) = 300 + 1000 + 170 – 20 = 1450 Arab GNPMP = GDPMP + Net factor income from abroad = 1450 + (-v) = 1450 +[- (-10)] = 1460 Arab NNPFC = GNPMP – consumption of fixed capital – net indirect tax = 1460 – (vii) – 0 = 1460 – 30 = 1430 Arab NNDI = NNPFC + NIT + Net current transfer from rest of the world (abroad) = 1430 + 0 + (-iii) = 1430 + (-5) = 1425 Arab VI. HIGHER ORDER THINKING SKILLS

Q 1. Explain the components of NFIA.[3-4 Marks]

Ans: There are three components of NFIA. Net Compensation of Employees: The net compensation of employees receivable from the rest of the world is equal to the difference between compensation of employees received by resident workers who are living temporarily abroad or are employed abroad , and similar payments made to non- residents workers that are temporarily staying or are employed within the domestic territory of the country.

Met Income From Property and Entrepreneurship: Net income from property and entrepreneurship is equal to the difference between the income received by way of interest, rent and profits by the residents of a country and similar payments made to the rest of the world.

Net Retained Earnings of Resident Companies Abroad: Retained earnings refers to the undistributed profits of the companies. Resident companiesft.e. companies belonging to one country and working in the domestic territory of some other country) retain a part of their profits for further investment abroad. Likewise, foreign companies and their branches retain a part of their profits in the countries of their operation. The difference between the retained earnings of resident companies located abroad and retained earnings of the foreign companies located in a country is equal to the net retained earnings from abroad.

Note: It must be noted that NFIA is zero in a closed economy as such economy does not deal with the rest of the world sector. Q 2. Differentiate between National income and Private income. [3-4 Marks]

Ans:

VII. VALUE BASED QUESTIONS

Q 1. Why do non market economic activities, like Services of housewives Voluntary services and Leisure time activities help in the flow of goods and services of a country. But why are these not included in the estimation of national income? [ 1 Mark] Ans: They are not included in national income, because of non-availability of data and problem in measuring the proper monetary values of these services. Value : Implication of knowledge. Q 2. The given set of prices which is used for finding out real per capita income, should change frequently. Why? [ 1 Mark]

Ans: If the given set of prices used for assessing real per capita income changes frequently, then virtually what we get is nominal per capita income and this defeats the purpose of using or calculating the real per capita income. Value : Critical thinking Q 3. Why comparing the GDPs of various nations might not tell you which nation is better off? [ 1 Mark]

Ans: The well being of nation or standard of living of people is measured by per capita income (GDP / Total Population) and distribution pattern of income not only by GDP. Value : Critical thinking Q 4. GDP Calculation do not directly include the social costs of environmental damages, for example, global warming, acid rain. Do you think these costs should be included in GDP? Why or Why not? [ 1 Mark]

Ans:Yes, because people’s well-being is affected by these environmental damages. No, it is very difficult to assess real damages in monetary terms. Value : Awareness about social cost of GDP. Q 5. GDP growth rate in India for the last few years is more than 6% but still more than 28% of population is lying below poverty line. Explain any two factors responsible for it. [ 1 Mark]

Ans: There are two factors, Unequal distribution of GDP Rise in price level Value : Social awareness Q 6. Should we take real per capita income as an index of economic welfare? If not, why? [1 Mark]

Ans: Real per capita income cannot be taken as an index of economic welfare because there are many items and transactions relating to national income that have no connection with real GDP such as production of defence goods. Also it does not take into account any transaction related to illegal activities, black money and production of services for self-consumption. Value : Critical thinking Q 7. Rakesh pays Rs 1,000 towards premium on his full life policy with the LIC. Is this a part of compensation of employees? [1 Mark]

Ans: No, any contribution made by an employee himself to any insurance scheme is not a part of compensation to employee. Value: Analytic Q 8. How will you treat Rs 20,000 earned per month by Mr Rajesh against hiring out his bus to a neighboring school?[1 Mark]

Ans: Income earned by way of lease is rental income, and hence form part of operating surplus and is included in national income. Value: Analytic

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NCERT Class 12 Macro Economics Chapter 1 Introduction to Macroeconomics and its Concepts

NCERT Class 12 Micro Economics Solutions

Chapter-1 Introduction to Macroeconomics and its Concepts

NCERT TEXTBOOK QUESTIONS SOLVED : Q 1. Describe the five major sectors in an economy according to the macroeconomic point of view.[3-4 Marks]

Ans: