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Frequently Asked Questions - National Income and Related Aggregates | Economics Class 12 - Commerce PDF Download
FREQUENTLY ASKED CBSE BOARD QUESTIONS
- Give two examples of macro economics
- Differentiate between micro and macro economics
- Distinguish between intermediate goods and final goods.
- Distinguish between domestic product and national product
- What do you understand by net factor income from abroad? Explain
- While estimating national income how will you treat the following? Give reasons for your answer
a. Imputed rent of self occupied houses.
b. Interest received on debentures
c. Financial help received by flood victims
d, Capital gains
- Distinguish between transfer payments and factor payments. Give an example of each.
- From the following data calculate national income by income method and expenditure method
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FAQs on Frequently Asked Questions - National Income and Related Aggregates - Economics Class 12 - Commerce
| 1. What is national income and why is it important in commerce? |  |
Ans. National income refers to the total value of all goods and services produced within a country's borders in a specific time period. It is an important measure in commerce as it helps in assessing the economic health and performance of a country. It provides valuable insights into the overall production, income distribution, and economic growth of a nation.
| 2. How is national income calculated and what are the key components considered? | |
Ans. National income is calculated using different approaches, such as the production approach, income approach, and expenditure approach. The production approach sums up the value of all goods and services produced, the income approach measures the total income earned by individuals and businesses, and the expenditure approach calculates the total spending on goods and services. The key components considered are wages, profits, rent, interest, and government spending.
| 3. What are the limitations of using national income as a measure of economic well-being? | |
Ans. Although national income is a useful measure, it has certain limitations. It does not take into account non-market activities, such as household work and volunteer services, which can significantly contribute to the well-being of individuals. National income also does not consider income distribution, so a high national income may not necessarily mean equitable distribution of wealth. Additionally, it does not capture the informal sector and underground economy, leading to an incomplete picture of the overall economy.
| 4. How does national income contribute to policy-making and economic planning? | |
Ans. National income data is crucial for policymakers and economic planners as it provides a basis for formulating effective policies and strategies. It helps in identifying sectors that are performing well or facing challenges, enabling targeted interventions. National income data also assists in evaluating the effectiveness of existing policies and making necessary adjustments. It aids in forecasting economic growth, managing inflation, and designing social welfare programs.
| 5. How does national income affect the standard of living of a country's citizens? | |
Ans. National income plays a significant role in determining the standard of living of a country's citizens. A higher national income implies a larger economic output, which can translate into better infrastructure, healthcare, education, and other public services. It provides opportunities for employment and income generation, leading to improved living conditions. However, national income alone does not guarantee a high standard of living, as factors like income distribution, quality of governance, and social policies also influence the well-being of the population.
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