S.Y B.COM
SEMESTER - 3
MID SEMESTER EXAMINATION
MACRO ECONOMICS
(ME)
MCQS
(1) Net National Product does not include...
(A) Indirect business taxes
(B) Depreciation charges
(C) Corporate income taxes
(D) The rental value of house-owners
(2) A major part of a country's output is normally used for...
(A) Private consumption
(B) Public consumption
(C) Exports
(D) Investment
(3) Expenditure of defense is an item of...
(A) Public Investment
(B) Private consumption
(C) Private investment
(D) Public consumption
(4) Net national product at factor cost is also known as:
(A) Net domestic product
(B) National income
(C) Gross national product
(D) A personal income
(5) Double counting means...
(A) Counting a product more than once
(B) Counting a product at the final stage of output process
(C) Counting both as product and as factor payment
(D) Counting both as "real goods" and as "money flow"
(6) In a simple economy, National income is:
(A) More than disposable income
(B) Sometimes less than disposable income
(C) Equal to disposable income
(D) Less than disposable income
(7) Monetary deficit is the...
(A) Government deficit on payments disbursement
(B) RBIs deficit due to outstanding dues
(C) Net RBI credit to the Central Government
(D) Difference between Government payment and receipts im monitoring term
(8) Stagflation is a period of...
(A) High inflation
(B) Low unemployment
(C) High unemployment
(D) Both (a) and (b) above
(9) Customs Duty is an instrument of:
(A) Monetary Policy
(B) Trade Policy
(C) Fiscal Policy
(D) Revenue Policy
(10) Increase in net RBI credit to the Central Government is reflected in _______ deficit.
(A) Budget
(B) Monetized
(C) Revenue
(D) Gross Primary
(11) Coulborn defines "inflation" as:
(A) Too much money chasing too few good
(B) Too much goods chasing too few money
(C) The issue of too much currency
(D) The production of too much goods
(12) The rise in prices and the phenomenon of inflation...
(A) Are not related to each other
(B) Moves in the opposite direction
(C) Are inter-related
(D) None of the above
(13) Compared to 1995, the base year, in 2005 price index is Rs. 150 and national product at current prices is Rs. 600 crores. At constant prices national product will be:
(A) Rs. 900 crores
(B) Rs. 500 crores
(C) Rs. 600 crores
(D) Rs. 400 crores
(14) Which of the following is Not included in disposable income?
(A) Business Transfer Payments
(B) Corporate Dividends
(C) Social Security Benefits
(D) Personal Income Taxes
(15) In 2005 GNP at current prices was Rs. 750 compared to 2000 the price level was higher by 50 percent. In 2005 GNP at 2000 constant prices will be:
(A) Rs.750
(B) Rs. 600
(C) Rs. 500
(D) Rs. 450
(16) Double counting means counting the same value:
(A) Twice
(B) Three times
(C) Four times
(D) More than one time
(17) Transfer Payments include:
(A) Old age pensions
(B) Consumer's debt interest
(C) Payments made by individuals to the state as a tax
(D) All of these
(18) The national income of India is estimated by the:
(A) NCAER
(B) Planning Commission
(C) Indian Statistical Institute
(D) Central Statistical Organization
(19) Which of the following act as a leakage from the circular flow of spending and injection into the circular spending stream?
(A) Consumption & Saving
(B) Saving & Investment
(C) Investment & Consumption
(D) Aggregate Demand & Aggregate Supply
(20) Which of the following is an example of a flow variable?
(A) Change in money supply
(B) Consumer price index
(C) Foreign exchange reserves
(D) Gross capital stock
(21) National income does not include:
(A) Interest on unproductive national debt
(B) Income from government expenditure
(C) The payments by the households to J firms for the purchase of goods and j services
(D) Undistributed profits
(22) Transfer payments refer to:
(A) payments, made without any quid pro quo
(B) transferring wealth outside the j country through fictitious payments
(C) payments to employees at the time of transfer
(D) money transferred by one sector to another
(23) Double counting leads to:
(A) Under estimation of national product
(B) Over estimation of nationalproduct
(C) Distortation of nationalproduct
(D) None of the above
(24) To remove inequalities, the Governmat uses...
(A) Progressive taxes
(B) Indirect taxes
(C) Regressive taxes
(D) Proportional taxes
(25) Which of the following is NOT a part of direct taxes?
(A) Wealth Tax
(B) Excise Duty
(C) Profit Tax
(D) Income Tax
(26) Of the following, which is not an objective of Macro Economics...
(A) Economic Growth
(B) Social Welfare
(C) Emplayment Generation
(D) Price Stability
(27) Balance of trade is...
(A) Same as current account
(B) The difference between merctiandize export and imports
(C) File difference between current and capital account
(D) Same as capital account
(28) The difference between GNP and GDP is...
(A) Excess of tax over subsidies
(B) NFIA
(C) Depreciation
(D) Personal income
(29) The consumption function shows the relationship between...
(A) Income and saving
(B) Income and investment
(C) Income and expenditure
(D) Income and tax payment
(30) Which of the following is a leakage from the circular flow?
(A) Mr. X brought a car
(B) Mr. Z imported a car
(C) Mr. Y brought a motor cycle from his friend
(D) Mr. A sold his car to Mr. B.
(31) The slope of savings curve represents...
(A) APC
(B) APS
(C) MPS
(D) MPC
(32) If real wages increase, then price level
(A) Falls
(B) Remains the same
(C) Increase
(D) Increase less than proportionately
(33) An increase in real wages will...
(A) Increase the demand for labour
(B) Decrease the quantity of labour demand
(C) Reduce the demand for labour
(D) Increase the quantity of labour demand
(34) Accordring to Keynes which of the following variables determine the rate of interest...
(A) Income
(B) Saving
(C) Investment
(D) Money supply
(35) The sum of sales proceed expected from sales is known as...
(A) APS
(B) ADC
(C) ADP
(D) ASP
(36) Macro-economics is concerned with:
(A) The level of output of goods and services
(B) The general level of prices
(C) Both (a) and (b) above
(D) None of the above
(37) GDP at factor cost exceeds GDP at market price:
(A) When subsidies exceed indirect taxes
(B) When the factor income from abroad is negative
(C) When the factor income from abroad is positive
(D) When direct tax exceeds indirect tax
(38) The difference between GNP and GDP is:
(A) Depreciation
(B) Excess of indirect taxes over subsidies
(C) Net foreign income from abroad
(D) Personal disposable income
(39) Which of the following is closest to the concept of economic production?
(A) Sales of goods and services for profit
(B) Manufacture of goods
(C) Addition to the stock of goods and services for future use
(D) Addition to the value of commodities
(40) Purchase of water cooler by a household is treated as national income as a part of:
(A) Consumption at the time of its purchase
(B) Capital formation
(C) Consumption over a long period of time
(D) Intermediate consumption
(41) Difference between National-Capital and National Income is:
(A) NC is a flow; NI is a stock
(B) Both (a) and (b) above
(C) NC is a stock; NI is a flow
(D) None of the above
(42) National income at constant price is also called _______ National Income.
(A) Nominal
(B) Determinant
(C) Real
(D) None of the above.
(43) In a closed economy savings are equal to ______ at the equilibrium level of income.
(A) Wages
(B) Wages-Consumption
(C) Income-Investments
(D) Investments
(44) If nominal income increases by 50 % & prices increase by 30%, the real income increases by...
(A) 10%
(B) 20%
(C) 30%
(D) 40%
(45) A firm purchases inputs worth Rs. 5,000 process them and sell for Rs. 7500. Value addition by the firm is Rs. _______.
(A) -2500
(B) 2500
(C) 5000
(D) 6250
(46) National income data suffer greater inadequacies and in accuracies in:
(A) developed countries
(B) in both kinds of countries
(C) underdeveloped countries
(D) in none of these countries
(47) The three method of calculating national income measure...
(A) the same thing from different angles
(B) different things at the same angles
(C) different things from different angles
(D) the same thing from the same angles
(48) The total sales of all firms in an economy in a given year is:
(A) the same as gross national product
(B) more than gross national product
(C) equal to that of national product
(D) less than gross national product
(49) An estimate of national income...
(A) includes transfer payments
(B) includes part of transfer payments
(C) excludes parts of transfer payments
(D) excludes transfer payments
(50) Which of the following is NOT a part of direct taxes?
(A) Excise duty
(B) Wealth tax
(C) Profit tax
(D) Income tax
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