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Worksheet Unit 1 Eco.

This document is a worksheet for a Class 12 Economics course focused on Introductory Macroeconomics. It includes multiple choice questions, short answer questions, long answer questions, and a case study related to concepts such as GDP, GNP, and national income calculations. The worksheet aims to assess students' understanding of macroeconomic principles and their applications.

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45 views2 pages

Worksheet Unit 1 Eco.

This document is a worksheet for a Class 12 Economics course focused on Introductory Macroeconomics. It includes multiple choice questions, short answer questions, long answer questions, and a case study related to concepts such as GDP, GNP, and national income calculations. The worksheet aims to assess students' understanding of macroeconomic principles and their applications.

Uploaded by

lalit.at50ls
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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worksheet for Unit 1: Introductory Macroeconomics

Class: 12
Subject: Economics
Section A: Multiple Choice Questions (1 mark each)

1. Macroeconomics studies:
a) Individual firms
b) The economy as a whole
c) Consumer behavior
d) Price determination

2. Which of the following is a flow variable?

a) Wealth
b) Money supply
c) Investment
d) Savings

3. GDP at market prices includes:

a) Only final goods


b) Intermediate goods
c) Both final and intermediate goods
d) Only services

4. Net Indirect Taxes =

a) Subsidies – Indirect Taxes


b) Indirect Taxes – Subsidies
c) Direct Taxes – Subsidies
d) None of the above

5. The circular flow of income in a two-sector economy includes:

a) Households and Firms


b) Government and Foreign Trade
c) Banks and Financial Institutions
d) All of the above

Section B: Short Answer Questions (3-4 marks each)


6. Differentiate between GDP at market price and GDP at factor cost.

7. Explain NFIA and write the components of NFIA.

8. Why are intermediate goods not included in GDP calculation?

9. Calculate GNP at MP if:

- GDP at FC = ₹500 crore


- Net factor income from abroad = ₹50 crore
- Depreciation = ₹20 crore
- Indirect Taxes = ₹30 crore
- Subsidies = ₹10 crore

Section C: Long Answer Questions (6 marks each)

10. Explain the various methods of calculating National Income.

11. Discuss the limitations of GDP as a measure of economic welfare.

12. What is the difference between stock and flow variables? Give examples.

Section D: Case Study (5 marks)

13. Read the following data and answer the questions:

- GDP at MP = ₹800 crore

- Depreciation = ₹50 crore

- Net Indirect Taxes = ₹70 crore

- Net Factor Income from Abroad = ₹30 crore

Calculate:

a) NDP at FC

b) GNP at MP

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