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Given nominal income, how can we find real income? 

Important Questions on National Income Accounting

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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
The value of the nominal GNP of an economy was Rs 2,500 crores in a particular year. The value of GNP of that country during the same year, evaluated at the prices of same base year, was Rs 3,000 crores. Calculate the value of the GNP deflator of the year in percentage terms. Has the price level risen between the base year and the year under consideration?
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
National product at current prices is higher than the national product at constant prices during a period of:
MEDIUM
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Identify the factors of production.
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
According to the report forwarded by the RBI, there was a fall in the rate of inflation as measured by CPI on year-on-year basis to 5% from 8%, in the previous year. Which of the following statements represents the situation?
MEDIUM
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
When Nominal GDP is ₹840 Crores and Price Index is 120, then the Real GDP will be:
MEDIUM
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Which of the following best defines Gross National Product (GNP)?
HARD
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP

Distinguish between the Domestic Product and National Product, giving a suitable example in support of your answer.

 

EASY
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Real GDP = Nominal GDP_____×100
EASY
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
GNP deflator is represented by which of the following formulae?
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
What are the method of calculation of GDP?
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
With a rise in real national income, the welfare of the people: (Choose the correct alternative)
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Which of the following statement is correct?
 
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
What does the expenditure method of calculating GDP include?
HARD
Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Write down some of the limitations of using GDP as an index of welfare of a country.
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP

When Nominal Gross Domestic Product (GDP) is Rs. 850 crores and Price Index is 170, Real Gross Domestic Product (GDP) will be_____.

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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Measurement of national income at constant prices constitute its: 
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
Environmental Pollution caused by industrial plants is an example of_____externaility.
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
When the GDP of a given year is estimated on the basis of the price of the same year, it is called_____GDP or GDP at Current Price.
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
What is the difference between GDP and GNP?
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Economics>Macroeconomics>National Income Accounting>Nominal and Real GDP
The impact of externalities can be