National Income and Related Aggregates (CBSE Class-12 Economics): Questions 44 - 47 of 68

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Question number: 44

» National Income and Related Aggregates » GDP and Welfare

Essay Question▾

Describe in Detail

Give the meaning of Nominal GDP and Real GDP. Which of these is the indicator of economic welfare and why?

Explanation

Nominal GDP means value of all goods and services at current prices produced in the accounting year within domestic territory of country.

Real GDP means money value of goods and services at year’s prices produced in accounting year within domestic territory of country.

Real GDP is good indicator of economic… (7 more words) …

Question number: 45

» National Income and Related Aggregates » Gross and Net Domestic Product

Essay Question▾

Describe in Detail

Calculate ‘Gross value added at factor cost’ from the following data:

Calculate Gross value added at factor cost

In this sum Calculate Gross value added at factor cost

-

( Rs. Lakhs)

Sales tax

20

Sales

400

Purchase of raw material

250

Excise duty

30

Change in stocks

(-40)

Import of raw material

12

Depreciation

9

Explanation

Gross value added at factor cost = Sales + Change in stocks - Purchase of raw material - Sales tax + Excise duty

= 400 + (-40) – 250 – (20 + 30)

=60

Question number: 46

» National Income and Related Aggregates » Personal Income

Essay Question▾

Describe in Detail

Calculate Gross National Disposable Income and Personal Income from the given data: (Rs crore)

calculate Gross National Disposable Income and Personal Income

Find Gross National Disposable Income and Personal Income

-

(Rs crore)

Personal tax

120

Net indirect tax

100

Corporation tax

90

National income

1000

Net factor income from abroad

5

Consumption of fixed capital

50

National debt interest

70

Retained earnings of private corporate sector

40

Net current transfers to the rest of the world

(-) 20

Current transfers from government

30

National income accruing to government

80

Explanation

Gross National Disposable Income = National income + Net indirect tax + Consumption of fixed capital - Net current transfers to the rest of the world

=1000 + 100 + 50 – (-20)

Rs. 1170crore

Personal income = National income - National income accruing to government + National debt interest… (42 more words) …

Question number: 47

» National Income and Related Aggregates » Net National Product

Essay Question▾

Describe in Detail

From the following data about a firm, calculate the firm’s net value added at factor cost:

calculate the firms net value added at factor cost

calculate the firms net value added at factor cost in detail

(Rs in Lac)

Subsidy

40

Sales

800

Depreciation

30

Exports

100

Closing stock

20

Opening stock

50

Intermediate purchases

500

Purchase of machinery for own use

200

Import of raw material 60

60

Explanation

Net value added at factor cost = Sales + Closing stock - Opening stock - Intermediate purchases - Depreciation + Subsidy

Net value added at factor cost = 800 + 20 – 50 - 500 – 30 + 40

=rs280 lakh

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