It will be included in domestic product of India as the branch of American bank is located within the domestic territory of India. Define the concept of value added.
No, it is not.Net export, the difference between export and import (X- M), is a part of expenditure on domestic product. = 1300 â 35 â 5 +10 + 30 + 15 It is his salary. Imputed salaries of these members will be included in national income. Persons or Entities Who are Not Normal Residents of a Country International organisations (such as UN, WHO, IMF, World Bank, etc), foreign tourists and visitors for any purpose, crew members of foreign cargo, ships and airplanes, officials, diplomats and sport persons visiting on a tour are not considered as normal residents of a country. jump to 6 Marks Questions. = 120 + [30 â 45] â 40 â 60 13.Give the meaning of factor income to abroad and factor income from abroad. Calculate Gross National Disposable Income and personal income from the following data (All India 2010), 21. (vi) No, because the branch is located outside the domestic territory of India. = (800×20) + (â500) â 8000 â 1000Â = Rs. Distinguish between Real Gross Domestic Product and Nominal Gross Domestic Product. Included as a part of rent as it is payment to self for housing services. Jump to 6 Marks Questions, Very Short Answer TypeÂ QuestionsÂ (1 Mark), Back to Top â The adjustment transforms the Nominal GDP into an index for quantity of total output. jump to 6 Marks Questions Gross National Product It is defined as the total value of all final goods and services produced in a country in a particular year, plus the income which is earned by its citizens who are located abroad and minus the income of non-residents located within the country, it includes depreciation. Estimate the following with the help of given data: (ii) Net Value Added at factor cost; and (iii) prove that it is equal to the income generated. (iii) Profits earned by a foreign bank from its branches in India. MCQ on National Income, which are covered in this chapter, relate to the topic, National Income. (ii) Indirect tax (Sale tax/excise duty). Transfer payments are all those unilateral payments corresponding to which there is no value addition in the economy, e.g. jump to NumericalQuestions, Back to Top â Ans. Free download latest Useful Resources like important concepts, sure shot questions, guess papers, exam notes and other study material for Class 12 Economics as... Free CBSE Class 12 Economics Online Mock Test with important multiple choice questions as per CBSE syllabus, Training of CBSE School Teachers on Olabs, Online Teacher Training Course on Competency based Education in DIKSHA, Conduct of the practical work during the lockdown. (b) … 14.Distinguish between domestic product and national product. (i) Yes, It is a factor income. =Rs 110 Crores.
(iv) Yes, as it is payment for use of capital. when net-factor income received from abroad is negative. These externalities can be positive as well as negative. Every learning should go into the imbibing of these skills to lead a productive and joyful life. Calculate Gross National Disposable Income from the following data (All India 2013), Ans.
Included because it is earned in domestic territory of India. CBSE Class 12 Macro Economics Important Questions (iv) Yes, because Indian embassy in China is a part of domestic territory of India.
+ Net Indirect Taxes (Indirect Taxes – Subsidies) Calculate personal income (All India 2009), Ans. = 2920 Crores.
If Net Factor Income from Abroad (i.e. 1. (ii) No, as it has already been taken into account when the house was constructed. (All India 2011). What are externalities? When the activities of one result in harm to others with no payment made for the harm done, such activities are called negative externalities, e.g. While calculating NI by income method, compensation of employees is to be included while doing so, income tax to be paid by them should not be included separately. (vi) Personal disposable income It is the amount, which is actually available to the households and the non-corporate businesses after the deduction of all tax obligations to the government. Free PDF download of Important Questions with Answers for CBSE Class 12 Economics Chapter – National Income and Related Aggregates prepared by expert Economics teachers from latest edition of CBSE(NCERT) books only by CoolGyan to score more marks in CBSE … (iv) Services charges paid to a dealer (broker) in exchange of second hand goods.
Ans. It is included in the national income as interest is a factor income and a part of domestic income. Land, Labour, Capital and Entrepreneurship are the four factors of production and rent, wages, interest and profits are the respective […] December 19, 2019 by CoolGyan Leave a Comment. It is also called GDP at current price. (v) It is a part of profit of corporate sector. It is not included in the domestic product rather it is a component of NI.
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No, because American embassy is not a part of domestic territory of India. Yes, It is a factor income.
It is his salary. It should not be included in NI because it is a windfall gain and it does not add in the flow of goods and services. Ans.
Included as it is paid to an Indian resident out side the domestic territory of a country. jump to 3-4 Marks Questions (All India 2014).
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