NCERT Solutions for Class 12 Macro Economics National Income and Related Aggregates

NCERT Solutions for Class 12 Macro Economics National Income and Related Aggregates is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. Define 'depreciation'. [CBSE (Al) 2011]

Ans. Depreciation is an expected decrease in the value of fixed capital assets due to its general use.

2. When is the net domestic product at market price less than the net domestic product at factor cost?

Ans. When net indirect taxes are negative i.e., subsidies are more than indirect taxes.

3. Why is gross domestic product at factor cost more than the net domestic product at factor cost?

Ans. Gross domestic product at factor cost includes depreciation while net domestic product at factor cost does not include depreciation.

4. When will GDP of an economy be equal to GNP?

Ans. GDP and GNP will be equal when the 'net factor income from abroad' is zero.

5. When will the domestic income exceed the national income?

Ans. When the net factor income from abroad is negative.

6. If NDPFC is Rs 1,0000 crores and NFIA is (-) Rs 500 crores, how much will be the national income?

Ans. National Income = 10000 + (-500) = Rs 9500 Crore

7. If the domestic factor income is Rs 50,000 crores and the national income is Rs 45,000 crores, how much will be the net factor income from abroad?

Ans. Net factor income from abroad = 45,000 – 50,000 = (-) Rs 5000 Crore

8. Mention the three methods of measuring national income.

Ans. Value added method
Income method
Expenditure method.

9. Calculate the disposable income, if personal income is Rs 30,000 and the rate of income tax is 10%.

Ans. Disposable Income = 30,000 – (10% of 30,000) = ?27,000

10. In which type of economy, domestic income will be equal to national income?

Ans. Closed economy.

11. What is the value added method of measuring national income?

Ans. Value added method is the method that measures the national income by estimating the value added by each producing enterprises within the domestic territory of the country in an accounting year.

12. When is value of output equal to value added?

Ans. Value of output is equal to value added if there are no intermediate costs.

13. What aggregate do we get when we add up the gross value added of all the producing sectors of an economy?

Ans. Gross domestic product at market price.

14. What is the rationale for not taking into account the value of intermediate goods in the measure of GDP?

Ans. To avoid the problem of double counting.

15. If compensation of employees in a firm constitutes 65% of net value added at factor cost of a firm, find the proportion of operating surplus.

Ans. 100% – 65% = 35% (assuming mixed income is zero).

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NCERT Solutions for Class 12 Macro Economics National Income and Related Aggregates