List of top Macroeconomics Questions on National Income Accounting asked in IIT JAM EN

Consider a hypothetical economy where only apples and oranges are produced for three years:

	Apples		Oranges
Year	Quantity (Kg.)	Price (Rs. per Kg.)	Quantity (Kg.)	Price (Rs. per Kg.)
2015	10	180	5	200
2016	15	200	12	300
2017	18	250	15	350

Which of the following is/are CORRECT?

GDP_F = Gross Domestic Product at Factor Cost; GDP_M = Gross Domestic Product at Market Price; NNP_F= Net National Product at Factor Cost; C = Consumption; I = Investment; G = Government Expenditure; X = Export; M = Import; T = Tax; S = Saving; D = Depreciation; NIA = Net Income from Abroad
Which of the following expressions is/are CORRECT?

Which of the following is NOT a component of Gross Domestic Product?

Let the consumption function, tax function, and income identity be given by C = C₀+b(Y-T), T = T₀+tY, and Y=C+I₀+ G₀, respectively, where C₀, I₀, G₀, and T₀ are autonomous consumption, investment, government expenditure, and tax, respectively. If b = 0.75 and t = 0.1, then an increase in G₀ by Rs. 20 million will increase Y by Rs. ______ million (round off to 2 decimal places).

The following table presents the national income related aggregates (at current prices) for the year 2019-20:

National income-related aggregates	Rs. Lakh Crores
Net factor income earned abroad	10
Private income	175
GNP at factor cost	210
NNP at factor cost	195
Retained earnings of Nation's private sector	10
Corporate tax	25
Household direct tax	28
Personal income	140
Miscellaneous receipts of government administrative departments	0

The personal disposable income for the year 2019-20 is Rs. ___ Lakh Crores (in integer).

Suppose that per capita GDP of India and USA are growing at annual average rates of 8.8% and 1.8%, respectively. Further, consider that in 2019-20, per capita GDP of USA was USD 41099 and per capita GDP of India was USD 1570. Assuming that the two countries continue to grow at the above rates, India's per capita GDP will be equal to the per capita GDP of USA in _____ years (round off to 2 decimal places).