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Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce PDF Download

6 Mark questions

 

1. State whether following is true or false. Give a reason for your answer.

a) Capital formation is a flow

Ans. True, because it is measured over a period of time.

 

b) Bread is always a consumer good.

Ans. False, it depends upon the end use of bread. When it is purchased by a household it is a consumer good. When purchased by the restaurant for making a sandwich, it is an intermediate (producer) good.

 

c) Nominal GDP can never be less than real GDP

Ans. False. Nominal GDP can be less than the real GDP when the prices in the base year are more than the current year.

 

d) Gross domestic capital formation is always greater than gross fixed capital formation.

Ans. The false, gross domestic capital formation can be less than gross fixed capital formation if a change in stock is negative.

 

2. Why are exports included in the estimation of domestic product by the expenditure method? Can the gross domestic product be greater than the gross national product? Explain

Ans. Expenditure method estimates expenditure on domestic product i.e., expenditure on final goods and services produced within the economic territory of the country. It includes expenditure by residents and non-residents both. Exports though purchased by non-residents are produced within the economic territory and therefore a part of a domestic product.

Domestic product can be greater than national product if the factor income paid to the rest of the world is greater than the factor income received from the rest of the world i.e when net factor income received from abroad is negative.

 

3. How will you treat the following while estimating domestic product of India?

a) Rent received by resident Indian from his property in Singapore.

Ans. No, it will not be included in a domestic product as this income is earned outside the economic territory of India.

 

b) Salaries of Indians working in the Japanese Embassy in India

Ans. It will not be included in the domestic product of India as the embassy of Japan is not a part of the economic territory of India.

 

c) Profits earned by a branch of an American bank in India.

Ans. Yes, it is included as part of a domestic product since the branch of American bank is located within the economic territory of India.

 

d) Salaries paid to Koreans working in the Indian embassy in Korea

Ans. Yes, it will be part of the domestic product of India because the income is earned within the economic territory of India. The Indian embassy in Korea is a part of the economic territory of India.                  

 

4. How are the following treated in estimating national income from the expenditure method? Give reason.

Ans. a) Purchase of new car by a household: purchase of the car is included in the national income because it is final consumption expenditure, which is part of national income.

b) Purchase of raw material by purchase unit: purchase of raw material by purchase unit is not included in the national income because the raw material is intermediate goods and intermediate goods and service are excluded from the national income. Purchase of raw material, if included in national income will result in double counting.

c) Expenditure by the government on scholarship to the student is not included in the national income because it is a transfer payment and no productive service is rendered by the student in exchange.

 

5. Are the following item included in estimating a country‘s national income? Give reason.

Ans. 1) free cloth was given to workers: free cloth given to worker is a part of wages in kind i.e. compensation to employee such compensation to the employee is paid for the productive services in the economy, it is included in the national income.

2) Commission paid to the dealer in an old car: commission paid to a dealer in the old car is included in the estimation of national income because it is the income of the dealer for his productive services to various parties.

3) Growing vegetable in a kitchen garden of the house: growing vegetable in a kitchen garden of the house amount to production, though not for sale for self-consumption. It is included in the national income because it adds to the production of goods.

 

NATIONAL INCOME – NUMERICALS

1. Calculate Value Added at factor cost from the following.

            Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

 

Ans.    Sales + Δin stock = value of output

200 + (cl. St – op. st)

200 + (10 -15)

= 200 -5=195

Value of output – intermediate consumption

= value added at MP

195-48 = 147

V.A at FC = V.A at MP – Net indirect tax

147 – 20

127 crores

 

2. Calculate (a) Net National Product at MP, and 

(b) Gross National Disposable Income

 

            ITEMS                                                               Rs. crores

a.         Private final Consumption expenditure                      200

b.         Net indirect taxes                                                     20

c.         Change in stocks                                                       (--)15

d.         Net current transfers from abroad                             (--)10

e.         Govt. final consumption expenditure                         50

f.          Consumption of fixed capital                                     15

g.         Net domestic capital formation                                  30

h.         Net factor income from abroad                                  5

i.          Net imports                                                               10

 

Ans: (a) + (e) + (g) + (-i) = NDP MP

200 + 50+ 30 -10

280 -10 = 270 crores

NNP MP = NDP MP + NFIFA

270 + 5 = 275

NNP MP + 275 crores

 

GNDI = NNP PC + NFIFA + Net indirect taxes + Net current transfers from abroad + Depreciation (comp of fixed capital)

NNP MP – net in tax = 275 – 20 =255 crores

GNDI = 255 + 20 + 5 + (-10) + 15

= 295 – 10 = 285 crores

GNDI = 285 crores

           

3. Calculate Gross Domestic Product at Market Price by

(a) Production Method and 

(b) Income Method

 

            ITEMS                                                Rs. crores

a.         Intermediate consumption by

            i)  Primary sector                                 500

            ii)  Secondary sector                           400

            iii)  Tertiary sector                               400

b.         Value of output by

            i)  Primary sector                                 1000

            ii)  Secondary sector                           900

            iii)  Tertiary sector                               700

c.         Rent                                                    10

d.         Compensation of employees               400

e.         Mixed income                                     550

f.          Operating surplus                                300

h.         Net factor income from abroad          (--)20

i.          Interest                                                 5

j.          Consumption of fixed capital             40

k.         Net indirect taxes                                10

 

Ans: GDP MP by production method

(b) (i) + (ii) + (iii) – a (i) + (ii) + ( iii) = value added

(1000+ 900 + 700) – (500 -400-400)

2600 – 1300 = 1300 crores    Value added at MP (GDP MP)

Income method

Compensation of employees + operating surplus + mixed income = NDP FC

= 400 + 300 + 550 = 1250 crores

GDP MP = NDP FC + conspn of fixed capital + net In. tax

            = 1250+ 40 + 10

GDP MP =1300

 

4. Calculate Net National Disposable Income from the following data.

            ITEMS                                                 Rs. crores

a.         The gross domestic product at MP                       1000

b.         Net factor income from abroad                      (-) 20

c.         Net indirect taxes                                         120

d.         Consumption of fixed capital                         100

e.         Net current transfers from abroad                  50

 

Ans: NNDI = GDP MP – consumption of fixed capital + Net FIFA + Net current transfer from abroad

= 1000- 100 + 50 + (-20)

= 880 + 50 = 930 crores

 

5. Calculate Gross National Disposable Income from the following. 

            ITEMS                                                                    Rs. crores

a)         National Income                                                         2000

b)         Net current transfers from rest of the world               200

c)         Consumption of fixed capital                                     100

d)         Net factor income from abroad                                  (-) 50

e)         Net indirect taxes                                                        25

Ans:     GNDI= (a) + (b) +(c) + (e)

            = 2000 + 200 + 100 + 250

GNDI = 2550 crores

 

6.  ESTIMATE NATIONAL INCOME BY

(a) EXPENDITURE METHOD 

(b) INCOME METHOD FROM THE FOLLOWING DATA   

 

                                                                        Rs. in crores

1. Private final consumption expenditure                   210

2. Govt: final consumption expenditure                     50

3. Net domestic capital formation                              40

4. Net exports                                                             (-) 5

5. Wages & Salaries                                                    170

6. Employer’s contribution                                         10

7. Profit                                                                       45

8. Interest                                                                    20

9. Indirect taxes                                                          30

10. Subsidies                                                               05

11. Rent                                                                      10

12. Factor income from abroad                                   03

13. Consumption of fixed capital                               25

14. Royalty                                                                 15

 

Ans: National Income (NNP FC)

Expenditure Method

(1) + (2) + (3) + (4) = NDP MP

210 + 50 + 40 + (-5) = 295

NNP FC = NDP MP + factor Income from abroad – net Indirect tax ( Indirect tax – subsidy)

295 + 3 – (30 -5)

295 + 3 – 25

= 298 – 25 = 273

NNP FC= 273 crores

 

Income method:

(5) + (6) + (7) + (8) + (11) + (15)

170 + 10 + 45 + 20 + 10 + 15

= 270 (NDP FC)

NDP FC = NDP FC + FIFA

= 270 + 3= 273 crores

 

(7) FROM THE FOLLOWING DATA CALCULATE

(a) NATIONAL INCOME 

(b) PERSONAL DISPOSABLE INCOME. 

 

1.         Profit                                                                           500

2.         Rent                                                                            200

3.         Private income                                                      2000

4.         Mixed income of self-employed                                 800

5.         Compensation of employers                                       1000

6.         Consumption of fixed capital                                     100

7.         Net factor income from abroad                                  -(50)

8.         Net retained earnings of private employees’              150

9.         Interest                                                                      250

10.       Net exports                                                                 200

11.       Co-operation                                                               100

12.       Net indirect tax                                                           160

13.       Direct taxes paid by houses hold’s                             120

14.       Employers contribution to social security scheme.     60     

  

Ans: NNP FC (N. I) = (5) + (9) + (4) + (1) + (2)

1000 + 250+ 800 + 500 + 200

NDP FC = 2750 crores

NNP FC = NDP FC + (7)

 = 2750 + (-50)

NNP Fc = 2700 crores

PDI = (3) – (8) – (11) – (13)

2000 – 150 – 100 -120

PDI = 2000 – 370 = 1630 crores

 

(8) CALCULATE NATIONAL INCOME AND GROSS NATIONAL DISPOSABLE INCOME FROM THE FOLLOWING DATA.

Net indirect tax                                               05

Net domestic fixed capital formation             100

Net exports                                                  (-) 20

Gov.: final consumption expenditure             200

Net current transfer from abroad                    15

Private final consumption expenditure           600

Change in stock                                              10

Net factor from abroad                                   05

Gross domestic fixed capital formation          125

 

Ans: National Income (NNP FC)

= (4) + (6) + (2) + (7) + (3) = NDP MP

= 200 + 600 + 100 + 10 + (-20)

= 910 -20 = 890

NDP MP = 890 crores

NNP FC = NDP MP + (8) – (1)

= 890 + 5 -5

NNP FC = 890

Depreciation = (9) – (2)

125 – 100 = 25 crores

GNDI = NNP FC + Net Indirect Tax + Net Current transfers from abroad + depreciation

= 890 = 05+ 15 + 25

GNDI = 935 crores

 

(9)        CALCULATE NNP AT MARKET PRICE BY PRODUCTION METHOD AND INCOME METHOD                              

                                                                  Crores

1.         Inter mediate consumption

            (a) primary sector                                500

            (b) Secondary sector                           400

            (c) tertiary sector                                 300

2.         Value of output of

            (a) primary sector                                1,000

            (b) Secondary sector                           900

            (c) tertiary sector                                 700

3.         Rent                                                    10

4.         Emoluments of employers                  400

5.         Mixed income                                     650

6.         Operating surplus                                300

7.         Net factor income from abroad          -20

8.         Interest                                               05

9.         Consumptive of fixed capital             40

10.       Net indirect tax                                   10

 

Ans: NNP MP by production method

(2) Value of output – (1) Intermediate conspn = value added at MP

(2) a + b+ c – (1) a + b + c

1000 + 900 + 700 – 500 + 400 + 300

2600 – 1200

1400 = GDP MP

 

NNP MP = GDP MP – (9) + (7)

= 1400 – 40 + (-20)

NNP MP = 1340

 

Income Method:

NNP MP = (4) + (5) + (6) + (10) + (7)

= 400 + 650 + 300 + 10 + (-20)

NNP MP = 1350 + 10 – 20

 

(10)      CALCULATE GNP at FACTOR COST BY INCOME METHOD AND EXPENDITURE METHOD.                                                                                                    Rupees in crores

            1. Private final consumption expenditure                   1000

            2. Net domestic capital formation                              200

            3. Profit                                                                       400

            4. Compensation of employers                                   800

            5. Rent                                                                        250

            6. Gov.: final consumption expenditure                     500

            7. Consumption of fixed capital                                 60

            8. Interest                                                                    150

            9. Net current transfer from row                                 (-)80

            10. Net factor income from abroad                            (-)10

            11. Net exports                                                           (-)20   

            12. Net indirect taxes                                                  80

 

Ans: GNP FC by Income method

GNP FC = 4 + 3 + 5 + 8 + 10 + 7

            800 + 400 +250 + 150 + (-10) + 60

 GNP FC = 1650 crores

 GNP FC by Expenditure Method

GNP FC = 1 + 2 + 6 + 10 + 11 -12 + 7

            = 1000 + 200 + 500 + (-10) + (-20) -80 + 60

            = 1700 -110 + 60

GNP FC = 1650 crores

 

(11)      CALCULATE PRIVATE INCOME AND PERSONAL DISPOSABLE INCOME

            FROM THE FOLLOWING DATA.                       Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

 

Ans:  Private Income = 1 – 2- 3 + 5 + 9

5050 – 500 – 100 + 200 + 80

5430 – 500

Private Income = 4930 crores

PDI = Private Income – 4 -10 -7

4930 -80 -500 -150

PDI = 4200 crores      

 

12) Calculate private income

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

 

Ans:  Private Income = 1 + 2+ 3 + 4 + 5

            250 + 40 + 10 + 20 + 5

            = 325 crores

 

 (13)     Calculate net national dispOsable income and personal income from the following data

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

Ans: NDPfc = (2) + (4) + (6)

400 + 200 + 500 = 1100 crores

NNDI = NDP fc + (12) + (1) + (11)

=1100 + (-50) + 90 + 20

NNDI = 1210 – 50

= 1160 crores

 

Personal Income

Ans:

Private Income = NDP FC –(8) – (10)

1160 -40 – 30=1090 crores

1090 + 7 + 9 +11 +12

1090 + 70 + 60 + 20 + (-50) = 1190 crores

Personal income = Private Income – Corporation Profit Tax – Savings of  private corporate sectors

1190 – 80 – 20= 1090 crores

 

(14) Calculate from the following data 

(a) Private income

(b) Personal income 

(c) Personal disposable income.

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

 

Ans Private Income = 1 + 5 + 7 -9 + 10 + 12

300 + 20 + 15 -30 + 40 + 05

Private Income = 350 crores

Personal Income = Private income – 8 – 13

= 350 – 25 – 80

Personal Income = 245 crores

PDI = Personal Income - 11

 245 – 20

PDI = 225 crores

 

15. From the following data, calculate:

(a) Gross national Disposable Income

(b) Private Income

(c) Personal Disposable Income

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

Ans GNDI = 1 + 2 -3 + 6 + 4

700 + 60 – 10 + 45 + 40= 805 -10 + 40 GNDI = 835 crores

 

b) Private Income = 1 – 5 -10 + 6 +11

700 – 50 -25 + 45 +70

Private Income = 740 crores

 

c) PDI = Private Income – 14 – 9 – 8

740 – 35 – 60 – 50

PDI = 594 crores

 

16.       Calculate Gross National Disposable Income from the following data:

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

Ans: GNDI = 1 + 5 + 2 + 3

            2000 + 250 + 200 + 100

            GNDI = 2550 crores

 

17.       Calculate Net National Disposable Income from the Following Data: 

                                                                                    (Rs. In Crores)

(1) The gross national product at factor cost                                800
(2) Net current transfer from rest of the world                       50
(3) Net indirect taxes                                                              70
(4) Consumption of fixed capital                                            60
(5)  Net factor income from abroad                                        (-)10

 

Ans: NNDI = 1 + 2 + 3 -4

            800 + 50 + 70 -60

            = 860 crores

 

NUMERICALS TO BE CALCULATED BY STUDENTS

1. Calculate Net National Disposable Income From The Following Data: 

                                                                                             (Rs. In Crores)

(i) The gross domestic product at market price                             1,000
(ii) Net factor income from abroad                                                     (-)20
(iii) Net indirect taxes                                                                         120
(iv) Consumption of fixed capital                                                       100
(v) Net current transfer from rest of the world                                   70

 

2. Calculate Gross National Disposable Income The Following Data:

                                                                                    (Rs. In Crores)

(i) National income (or NNPfc)                                  800
(ii) Net indirect taxes                                                              100
(iii) Net factor income from abroad                                        30
(iv) Net current transfer from rest of the world                      50
(v)  Consumption of fixed capital                                           70

 

3.Calculate Gross National Disposable Income And net National Disposable Income from the Following Data:                                                              

                                                                                    (Rs. In Crores)               

(i) Consumption of fixed capital                                 30
(ii) A net national product at market price                                 240
(iii) Net  Indirect taxes                                                            40
(iv) Net current transfers from the rest of the world                    (-)20
(v) Net factor income from abroad                                         (-) 10  

                                   

4. Find Out GNPMP, NDPFC And Gross National Disposable Income.

                                                                        (Rs. In Crores)   

(i)  National income                                                    520
(ii) Net factor income from abroad                             10
(iii) Indirect taxes                                                        40
(iv) Subsidies                                                              10
(v) Consumption of fixed capital                                50
(vi) Net current transfer received from abroad           20

 

5.Calculate NNPFC, net National Disposable Income and Gross National Disposable Income from following data:                                                    (Rs. In Crores)                                   

(i) GNPMP                                                                                1000
(ii) Net Indirect taxes                                                              100
(iii) Net current transfer received from the rest of the world       (-)20
(iv) Subsidies                                                                          25
(v) Consumption of fixed capital                                            50
(vi) Net factor income paid to the rest of the world               (-)10

 

6.Find Out (a) Personal Income and (b) Personal Disposable Income from following data:

                                                                                    (Rs. In Crores) 

1.Private income                                                                     48,800
(ii)  Interest on national debit                                                 1,000
(iii) Net factor income from abroad                                        300
(iv) Corporate Savings                                                            800
(v) ) Corporation tax                                                               210
(vi) Personal income tax                                                          540

 

7.From The Following Data Calculate:

(a) Private Income and

(b) Personal disposable income.         

                                                                                                (Rs. In Crores)

(i) Income from Domestic product accruing to the private sector      4,000
(ii)  Savings of non-departmental public enterprises                           200
(iii) Current transfer from government administrative departments   150
(iv) Savings of private corporate sector                                              400
(v) Current transfers from the rest of the world                                       50
(vi) Net factor income from abroad                                                    (-) 4

(vii) Corporation tax                                                                           60
(viii) Direct Personal tax                                                                     140

 

8. Calculate 

(a) Personal Income 

(b) Personal Disposable Income from the following data:

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

 

9.From the following data calculate National Income by

(i) Income method and (ii) Expenditure method.

                                                                                    (Rs. In Crores)

(i) Compensation of employees                                  1,200
(ii) Net factor income from abroad                             (-)20
(iii) Net indirect taxes                                                 120
(iv) Profit                                                                    800
(v) Private final consumption expenditure                  2,000
(vi) Net domestic capital formation                            770
(vii) Consumption of fixed capital                              130
(viii) Rent                                                                    400
(ix) Interest                                                                 620
(x) Mixed income of self- employed                          700
(xi) Net exports                                                           (-)30
(xii) Government final consumption expenditure       1,100

 

10. From the following data, calculate Gross national product at Market Price by

(i) Income method. (ii) Expenditure method:

                                                                         (Rs. In Crores)

(i) Mixed income of self-employed                            400
(ii) Compensation of employees                                 500
(iii) Private final consumption expenditure                 900
(iv) Net factor income from abroad                            (-)20
(v) Net indirect taxes                                                  100
(vi) Consumption of fixed capital                               120
(vii) Net domestic capital formation                           280
(viii) Net exports                                                         (-)30
(ix) Profits                                                                   350
(x) Rent                                                                       100
(xi) Interest                                                                 150
(xii) Government final consumption expenditure       450

 

11.Calculate 

(a) National Income and 

(b) Gross National Disposable Income from the following data

                                                                        (Rs. In Crores)

(i) Net factor income from abroad                              (-)20
(ii) Government final consumption expenditure         200
(iii) Subsidies                                                              10
(iv) Private final consumption expenditure                 800
(v) Net current transfers from the rest of the world   30
(vi) Net domestic fixed capital formation                  100
(vii) Indirect taxes                                                       80
(viii) Consumption of fixed capital                             40
(ix) Change in stock                                                    (-)10
(x) Net exports                                                            (-)50

 

12. From the following data, calculate ‘gross value added at factor cost’

                                                                        (Rs. In Crores)

(i) Sales                                                                       500
(ii) Change in stock                                                     30
(iii) Subsidies                                                              40
(iv) Consumption of fixed capital                               60
(v) Purchases of intermediate products                      350
(vi) Profit                                                                    70

 

13. From the following data, calculate:

(a) National income, and (b) Personal disposable income

                                                                        (Rs. In Crores)

(i) Compensation of employees                                  1,200’
(ii) Rent                                                                       400
(iii) Profit of                                                                 800
(iv) Consumption of fixed capital                               300
(v) Mixed income of self- employed                          1,000
(vi) private income                                                      3,600
(vii) net factor income from abroad                            (-)50
(viii) net trained earnings of private enterprises          200
(ix)interest                                                                   250
(x) net indirect taxes                                                   350
(xi) net exports                                                            (-)60
(xii) direct taxes paid by households                          150
(xiii) corporation tax                                                   100

 

14. From the following data calculate national income by

(a) Income method and (b) Expenditure method.                                     

                                                                                    (Rs. In cores)

(i) Private final consumption expenditure                               2,000
(ii) Net capital formation                                                        400
(iii) Change in stock                                                                50
(iv) Compensation of employees                                            1,900
(v) Rent                                                                                   200
(vi) Interest                                                                             150
(vii) operating surplus                                                             720
(viii) Net indirect tax                                                              400
(x) Employers’ contribution to social security schemes          100
(xi) Net exports                                                                       20       
(xii) Net factor income from aboard                                       (-)20
(xii) Government final  consumption expenditure                  600
(xvi) Consumption of fixed capital                                         100

 

15.       Find gross national product at market price by income method and expenditure method.

Long Answer Questions - National Income and Related Aggregates | Economics Class 12 - Commerce

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FAQs on Long Answer Questions - National Income and Related Aggregates - Economics Class 12 - Commerce

1. What is national income and related aggregates?
Ans. National income refers to the total value of goods and services produced within the borders of a country during a specific period, usually one year. Related aggregates include Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), and Per Capita Income, among others.
2. What is the importance of calculating national income and related aggregates?
Ans. The calculation of national income and related aggregates is important as it helps in measuring the economic growth and development of a country. It also assists in formulating economic policies, assessing the standard of living of the people, and comparing the economic performance of different countries.
3. How is national income calculated?
Ans. National income can be calculated using three methods - the Income Method, the Output Method, and the Expenditure Method. The Income Method involves adding up all the incomes earned by individuals and businesses during a specific period. The Output Method involves adding up the value of all goods and services produced during a specific period. The Expenditure Method involves adding up all the spending by households, businesses, and the government during a specific period.
4. What is the difference between GDP and GNP?
Ans. GDP refers to the total value of goods and services produced within the borders of a country during a specific period, regardless of the nationality of the producers. In contrast, GNP refers to the total value of goods and services produced by the citizens of a country, regardless of where they are located in the world.
5. What is Per Capita Income?
Ans. Per Capita Income refers to the average income earned by each individual in a country during a specific period. It is calculated by dividing the total national income by the total population of the country. Per Capita Income is used to assess the standard of living of the people in a country and to compare the economic performance of different countries.
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