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Questions › IIT JAM › IIT JAM 2022 › Q49
1 markMacroeconomics › National income accounting › GDP, GNP, NDP and national incomeModerateabout 2 min

IIT JAM 2022 Question 49: National income accounting

National income 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 the 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 2019-20 is Rs. _______ lakh crores (in integer).

Answer and worked solution

Answer: 112 to 112

Personal disposable income equals personal income minus direct personal taxes paid by households.

Here 140−28=112140 - 28 = 112140−28=112 lakh crores. The other aggregates are distractors for this particular subtraction. The answer is 112112112.

National income accounting has come up 132 times in 6 exams since 2010.

What this question tests

This question is on GDP, GNP, NDP and national income, part of National income accounting in Macroeconomics.

Converting between GDP, GNP, net product and national income, and between market prices and factor cost.

TestStop has 24 past-paper questions on this subtopic.

Take this paper as a timed mockMore on GDP, GNP, NDP and national income

Question from the IIT JAM 2022 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.