National Income Class 10th Economics Tamilnadu Board Solution

Class 10th Economics Tamilnadu Board Solution

Exercise
Question 1.

National Income is also called
A. Real Income

B. Money Income

C. Nominal Income

D. Gross National Product


Answer:

It is the total value of goods and services that a nation produces in a set time frame, generally a year.


Question 2.

National Income of a country can be calculated by
A. 2 Methods

B. 3 Methods

C. 4 Methods

D. 5 Methods


Answer:

They are:


a. Income method


b. Product method


c. Expenditure method


Question 3.

Net National product
A. GNP (-) Depreciation

B. Net domestic product

C. Per capita Income (-) Depreciation

D. Gross domestic Product (-) Depreciation


Answer:

Depreciation is removed from the calculation as to account for the usage and wear and tear of assets in an economy.


Question 4.

India’s per-capita Income is
A. 220 dollars

B. 950 dollars

C. 2930 dollars

D. 600 dollars


Answer:

It is calculated as- National Income/ Population


Question 5.

Primary sector consists of
A. Trade

B. Construction

C. Agriculture

D. Telecommunication


Answer:

Agriculture is also known as primary sector and 50% of India’s population is engaged in this sector.


Question 6.

National Income is a measure of
A. Total value of money

B. Total value of food grains

C. Total value of Industrial products

D. Total value of goods & services


Answer:

All the products and services produced in the economy is accounted for, it also includes profits and dividends earned from abroad.


Question 7.

Expenditure method estimate national income from the
A. Output side

B. Income side

C. Expenditure side

D. Saving side


Answer:

It is the sum total of expenditure made by public on goods, services and investments


Question 8.

Income method sums all form of
A. Expenditure

B. Income

C. Savings

D. Investment


Answer:

It is the sum total of income and payment received by people


Question 9.

Per-capita Income is an Indicator of
A. Richness of people

B. Poverty of people

C. Living standard of people

D. Literacy of people


Answer:

Per-capita Income is very important indicator because it shows the living standard of people and other socio-economic aspect like equality and freedom.


Question 10.

Primary sector contribution to national income in India is
A. 15.8%

B. 25.8%

C. 58.4%

D. 12.8%


Answer:

Primary sector is also known as agricultural sector which engages more than 50 of work force in India with contribution of just 15.8% in the GDP.


Question 11.

Define National Income.


Answer:

It is the total amount of money earned by an economy. It is the sum total of all the value of goods and services produced in an economy over a period of time. It is usually calculated per year.



Question 12.

How you arrive at NNP?


Answer:

Net National Product is arrived at by after deducting depreciation from the Gross National Product (GNP). It is done to account for normal usage and resulting wear and tear in the national assets. (GNP- Depreciation)



Question 13.

Write a note on Income method?


Answer:

Income method is a technique used to calculate national income of an economy. It accounts for all the payments and income received by people in an economy.



Question 14.

What is Per capita Income?


Answer:

It is the output per person in an economy in monetary value. It is indicator of living standard of people and is obtained as following: National Income/ population.



Question 15.

Write any two needs for the study of National Income.


Answer:

Need to study national income includes:


a. To estimate size of an economy and its level of performance


b. To measure value of goods and services produced in an economy


c. Compare performance and growth of any economy with that of previous years or with other countries


d. Aid government in forming beneficiary policies and programs



Question 16.

Give example for tertiary sector?


Answer:

Tertiary sector includes industries and services in the following area: Hotel, Tourism, Finance and Insurance, transportation and warehousing



Question 17.

What a note on the Protective function of modern welfare state.


Answer:

To ensure growth in economy and efficient performance the government must protect its people from internal and external threats by maintaining law and order. This can ensure smooth functioning of various income generating stakeholders in an economy.



Question 18.

What is Laissez-faire?


Answer:

It means free market or an economy with no intervention of government;


it was a state of action adopted by government in olden days. But now to ensure that the economy functions at optimum level it performs various functions



Question 19.

Define Gross Domestic Product?


Answer:

Gross Domestic Product is the value of all goods (car, food-grains, electronics etc.) and services (doctors, engineers, CA etc.) produced within the boundaries of an economy in a particular time period, generally a year. It includes depreciation



Question 20.

What is Net Domestic Product?


Answer:

Net Domestic Product is similar to GDP, but it does not include depreciation. GDP- Depreciation= NDP



Question 21.

Explain two basic concept of National Income.


Answer:

The two Components of National Income are:


a. Gross Domestic Product is the value of all goods (car, food-grains, electronics etc.) and services (doctors, engineers, CA etc.) produced within the boundaries of an economy in a particular time period, generally a year. It includes depreciation


b. Net National Product is arrived at by after deducting depreciation from the Gross National Product (GNP). It is done to account for normal usage and resulting wear and tear in the national assets. (GNP- Depreciation)



Question 22.

Explain the need for the study of National Income.


Answer:

Need to study national income includes:


a. To estimate size of an economy and its level of performance


b. To measure value of goods and services produced in an economy


c. Compare performance and growth of any economy with that of previous years or with other countries


d. Aid government in forming beneficiary policies and programs



Question 23.

Explain the methods of calculating National income.


Answer:

Following are the Methods of Calculating National Income:


a. Income method is a technique used to calculate national income of an economy. It accounts for all the payments and income received by people in an economy.


b. Expenditure method, it calculates the total expense of people on goods, services and investments.


c. Product method, it is the total value of goods and services produced in the geographical boundary of an economy.


In India, product and income method is widely used.



Question 24.

Write about the Function of Modern Welfare State.


Answer:

Following are the functions:


a. Protective Function: To ensure growth in economy and efficient performance the government must protect its people from internal and external threats by maintaining law and order. This can ensure smooth functioning of various income generating stakeholders in an economy.


b. Administrative Function: Government must fulfil its Judiciary, executive and legislative duties. E.g.: To watch over malpractices by companies and be vigilant against fraudulent activities


c. Social Security Functions: Providing aid to the needy people in an economy and looking after their welfare. E.g.: Providing subsidised Education loan, shelter to poor etc.


d. Economic Function: To indulge in activities that provide and result in greater economic and income growth. E.g.: Loan waivers to farmers, Special Economic Zones for industries etc.



Question 25.

Find out the Per capita Income of Tamil Nadu.


Answer:

The Per Capita Income of Tamil Nadu is 2,300 USD (115,700 Rs.)


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