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Class 12 National Income Accounting worksheet

CBSE Social Science. Final and intermediate goods, value added, the three methods, GDP, GNP, NNP and national income, real and nominal GDP, deflator and CPI. Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.

Open a printable sample sheet

Sample questions

Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.

Section A · multiple choice

1.
Goods bought by consumers for final use are:
1. raw materials
2. inventories only
3. intermediate goods
4. final goods
Answer
(d) final goods
2.
What kind of good is a car bought by a household?
1. consumer durable
2. public good
3. transfer payment
4. capital good
Answer
(a) consumer durable
3.
A farmer grows wheat (using no bought inputs) and sells it to a miller for ₹120. The miller sells the flour to a baker for ₹150, and the baker sells bread to households for ₹200. What does this add to GDP?
1. ₹80
2. ₹150
3. ₹470
4. ₹200
Answer
(d) ₹200
value added: 120 + 30 + 50 = 200

Section B · short answer

4.
Why is only the value of final goods counted in GDP?
Answer
Counting intermediate goods too would count their value more than once (double counting).
5.
Stock or flow? (a) capital (b) national income
Answer
(a) stock (b) flow

Section C · long answer

6.
Explain the circular flow of income in a simple economy.
Answer
Households supply factors to firms and receive factor payments; they spend this income on firms’ goods, so money flows round and income equals expenditure equals output.

Fresh sheets for your child

In the app, every National Income Accounting sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.

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