(a) On the basis of the data given below for an imaginary economy, estimate the value of Net Domestic Product at Factor Cost (NDP(FC)) : | S. No. | Items | Amount (in ₹ crore) | | --- | --- | --- | | (i) | Gross Domestic Fixed Capital Formation | 200 | | (ii) | Exports | 50 | | (iii) | Government Final Consumption Expenditure | 320 | | (iv) | Consumption of Fixed Capital | 35 | | (v) | Household Final Consumption Expenditure | 470 | | (vi) | Inventory Investment (Net) | (–) 40 | | (vii) | Imports | 60 | | (viii) | Net Indirect Taxes | 50 | | (ix) | Net Factor Income from Abroad | 20. | OR (b) (i) Elaborate the concept of Externalities with the help of suitable example. (ii) Define Operating Surplus.

(a) On the basis of the data given below for an imaginary economy, estimate the value of Net Domestic Product

Question 48 of 75

(a) On the basis of the data given below for an imaginary economy, estimate the value of Net Domestic Product at Factor Cost (NDP(FC)) :

S. No.	Items	Amount (in ₹ crore)
(i)	Gross Domestic Fixed Capital Formation	200
(ii)	Exports	50
(iii)	Government Final Consumption Expenditure	320
(iv)	Consumption of Fixed Capital	35
(v)	Household Final Consumption Expenditure	470
(vi)	Inventory Investment (Net)	(–) 40
(vii)	Imports	60
(viii)	Net Indirect Taxes	50
(ix)	Net Factor Income from Abroad	20.

OR (b) (i) Elaborate the concept of Externalities with the help of suitable example. (ii) Define Operating Surplus.

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Part (a)Concept understanding — National Income Identity

The National Income Identity: Where Does a Country's Money Come From?

Imagine you're running a lemonade stand. Every rupee you earn comes from someone buying your lemonade. Now imagine the whole country as one giant lemonade stand — every rupee earned by anyone must come from someone else spending money. That simple idea is the heart of the National Income Identity.

The Everyday Intuition

Think of the economy as a circular flow. Households earn income by working for firms. Firms produce goods and services that households buy. What households spend becomes the income of firms, which then becomes wages, rent, and profit for households again. So:

Total spending in the economy = Total income earned in the economy

This isn't a theory — it's an accounting identity. It must be true because every rupee spent by one person is a rupee earned by someone else.

The Precise Meaning (NCERT Class 12, Macroeconomics, Chapter 2)

The National Income Identity breaks down total spending into four components. NCERT gives it as:

Y = C + I + G + (X - M)

Where:

$Y$ = National Income (GDP at market prices)
$C$ = Private Final Consumption Expenditure (what households spend on goods and services)
$I$ = Gross Investment Expenditure (spending on capital goods like machinery, buildings, and inventory changes)
$G$ = Government Final Consumption Expenditure (government spending on goods and services, not transfers)
$X$ = Exports of goods and services
$M$ = Imports of goods and services
$(X - M)$ = Net Exports (exports minus imports)

Why This Matters

This identity is the foundation of all macroeconomic analysis. Here's what it tells you:

1. It's a checklist for growth. If you want GDP ( $Y$ ) to rise, at least one of $C$ , $I$ , $G$ , or $(X-M)$ must increase. No other way exists.

2. It reveals trade-offs. If government spending ( $G$ ) rises but taxes don't, either consumption ( $C$ ) or investment ( $I$ ) must fall — unless net exports improve. This is the "crowding out" debate.

3. It explains recessions. During a downturn, consumption ( $C$ ) and investment ( $I$ ) typically fall. The identity shows why governments try to boost $G$ or encourage exports.

A Simple Diagram (Describe in Words) …

Part (b)Concept understanding — Public Goods Provision

You are walking home with a friend who bought a pack of biscuits. She opens it and starts eating. You can smell the biscuits from a metre away. Can she stop you from enjoying that smell? No. And if she eats one biscuit, is there less biscuit left for her? Yes. That simple difference is the entire foundation of public goods.

The Two Key Properties

Economists classify goods based on two questions:

Rivalry: If I consume one unit, does that leave less for you? (A biscuit is rival – once eaten, it's gone. A song on the radio is non-rival – my listening doesn't reduce it for you.)
Excludability: Can the seller prevent you from consuming it if you don't pay? (A cinema ticket is excludable – no ticket, no entry. A lighthouse beam is non-excludable – you can't stop a ship from seeing it.)

A public good is a good that is both non-rival and non-excludable.

Important

Public Good = Non-Rival + Non-Excludable

The classic textbook example is national defence. If the army protects the country from invasion, it protects everyone within the borders. My being protected does not reduce the protection you get (non-rival). And you cannot be excluded from that protection even if you refuse to pay taxes (non-excludable).

Another example is clean air. Everyone breathes the same air. One person breathing doesn't use it up, and you can't stop someone from breathing.

The Problem: The Free Rider

Here is where the trouble begins. Because a public good is non-excludable, a rational person thinks: "Why should I pay for it? I will get the benefit anyway, whether I pay or not."

This is the free rider problem. If everyone thinks this way, no one pays. The good is either not provided at all, or is provided at a much lower level than society actually wants.

Think of a streetlight in your colony. If the residents are asked to voluntarily contribute money to install it, many will say, "I can see from my window just fine without paying. Let others pay." If everyone does that, the streetlight never gets installed, even though everyone would be better off with it.

Watch out

A common mistake is to think "public good" means "provided by the government." That is not the definition. A public good is defined by its economic properties (non-rival, non-excludable). The government often provides it (like defence or streetlights) precisely because the free rider problem makes private provision impossible.

The Solution: Government Provision

Because the market fails to provide public goods efficiently, the government steps in. It uses its power of taxation to force everyone to contribute. The tax is the "price" you pay for the public good, whether you wanted it or not.

The government then decides how much of the public good to provide. This is a difficult decision because there is no market price to signal what people want. The government must use tools like cost-benefit analysis or voting to decide the optimal level.

Note

Private Goods (a biscuit, a phone) are rival and excludable. Markets handle these well.

Common Resources (a public park, a fishing ground) are rival but non-excludable. These face the "tragedy of the commons" – overuse. …

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Part (a): GDP $_{MP}$ = 470+320+160−10 = 940; NDP $_{FC}$ = 940−35−50 = ₹855 crore (NFIA not used).

Part (b): (i) externalities = uncompensated spillover costs/benefits on third parties (negative e.g. pollution, positive e.g. tree-planting); (ii) operating surplus = rent + interest + profit.

Part (a): Estimating NDP at Factor Cost

The data are expenditure-side, so start with GDP at market price.

\text{GDP}_{MP} = \text{Private (Household) FCE} + \text{Government FCE} + \text{Gross Domestic Capital Formation} + (X - M)

Household FCE = 470; Government FCE = 320.
Gross Domestic Capital Formation = Gross Dom. Fixed Capital Formation + Inventory Investment (Net) = $200 + (-40) = 160$ .
Net Exports = Exports − Imports = $50 - 60 = -10$ .

\text{GDP}_{MP} = 470 + 320 + 160 + (-10) = 940

Now convert gross-market-price to net-factor-cost, domestic:

$\text{NDP}_{FC} = \text{GDP}_{MP} - \text{Consumption of Fixed Capital} - \text{Net Indirect Taxes} = 940 - 35 - 50 = \textbf{855}$ …

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Same / Similar Concept — real previous-year questions on the same or a closely similar concept, not this exact question.

Showing the 12 most recent of 68 on this concept.

CBSE 2026Set 58/2/11 markMCQ
$Q. Income generated from Aircrafts of Air India operating between Canada and England would be added to the domestic income (NDP_FC) of ________. (Choose the correct option to fill in the blank) Options : (A) Canada (B) England (C) Both Canada and England (D) India$
›Reveal solutionSolution
Domestic income (NDP $_{FC}$ ) is a territorial concept. But 'domestic territory' is wider than political borders — it includes aircraft and ships owned and operated by a country's residents between two or more countries. Since Air India is an Indian resident airline, income from its aircraft operating between Canada and England is part of India's domestic income. The correct option is (D).

The question rests on the precise definition of domestic territory used in national income accounting.

Domestic income is territorial

Domestic income (NDP $_{FC}$ ) measures the value of factor incomes generated by production carried out within the domestic territory of a country during an accounting year, regardless of whether the factors are owned by residents or non-residents.

'Domestic territory' is wider than political frontiers

Crucially, the economic concept of domestic territory is broader than the geographical/political boundary of a country. As per the standard (United Nations) definition, the domestic territory of a country also includes:

Ships and aircraft owned and operated by the normal residents of the country between two or more countries;

Fishing vessels, oil and natural-gas rigs, and floating platforms operated by residents in international waters; and

Embassies, consulates and military establishments of the country located abroad.

$_{FC}$
Applying it to Air India …
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CBSE 2026Set 58/2/11 markMCQ
$Q. Read the following statements carefully : Statement 1 : Brokerage earned by a dealer of second hand cars is included in the estimation of National Income. Statement 2 : Imputed value of production for self-consumption is included in National Income. In the light of the above given statements, choose the correct option from the following : (A) Statement 1 is true and Statement 2 is false. (B) Statement 1 is false and Statement 2 is true. (C) Both Statements 1 and 2 are true. (D) Both Statements 1 and 2 are false.$
›Reveal solutionSolution

National income counts only value added from current production. Brokerage on second-hand cars (a current service) and imputed value of self-consumed output (current production) are both included. Both statements are true.

National income measures the market value of all final goods and services produced within an economy during a year. The key principle is that we count current production and the value added at each stage, avoiding double-counting of goods produced in earlier periods.

Statement 1: Brokerage on second-hand cars

When a dealer facilitates the sale of a second-hand car, the car itself was already counted in national income in the year it was originally manufactured. Including its sale value again would be double-counting. However, the brokerage or commission the dealer earns is payment for a service rendered now—the intermediation service, the effort of matching buyer and seller, paperwork, and so on. This is fresh value added in the current year.

The dealer's brokerage is therefore part of the service sector's contribution to GDP. It represents current productive activity, even though the underlying asset is old. Think of it this way: the car is not "produced" again, but the service of facilitating its transfer is produced and consumed in the current period.

Note

The same logic applies to real-estate agents' commissions on resale homes, auction house fees, or any intermediary service tied to pre-existing assets—the service itself is new output.

Statement 2: Imputed value of self-consumption

National income aims to capture all production, whether it passes through markets or not. When a farmer grows wheat and consumes it at home, or a household uses milk from its own cow, real output has been created. If we ignored it simply because no money changed hands, we would understate the economy's true productive capacity—and create bizarre incentives (a country would appear "richer" if everyone sold their home-grown vegetables to each other instead of eating them).

The solution is imputation: we estimate the market value that output would have fetched and include it in national income. This is standard practice for: …
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CBSE 2026Set 58/3/11 markMCQ
$Q. “Consumption of a good by a person does not reduce the amount available for consumption by others. Consumers consuming such goods are known as free-riders.” Identify the type of goods indicated in the above text. Options : (A) Public goods (B) Private goods (C) Joint venture goods (D) Self-consumption goods$
›Reveal solutionSolution

The text describes non-rival goods where consumption by one person doesn't diminish availability for others, and the free-rider problem arises because exclusion is difficult. These are public goods.

The passage gives you two critical clues about the nature of the good. First, consumption by one person does not reduce the amount available for others—this is the defining feature of non-rivalry. Think of national defense: my protection by the army doesn't leave less protection for you. Second, the mention of "free-riders" signals that people can consume the good without paying for it, which happens when a good is non-excludable—you cannot prevent anyone from enjoying it once it is provided.

Public goods are characterized precisely by these two properties: non-rivalry and non-excludability. Street lighting is a classic example. Once installed, my use of the light to walk safely at night doesn't reduce the light available to you, and the municipality cannot realistically exclude non-payers from benefiting. Because exclusion is impossible, rational individuals have an incentive to free-ride—to enjoy the benefits without contributing to the cost—which is why markets typically under-provide or fail to provide public goods at all, necessitating government intervention.

Private goods, by contrast, are both rival (your consumption of an apple means I cannot consume that same apple) and excludable (the shopkeeper can refuse to give you the apple unless you pay). Joint venture goods and self-consumption goods are not standard economic classifications in the theory of public goods. …
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CBSE 2026Set MARCH1 markMCQ
$Q. Net National product at factor cost is also known as$
(a) a) National Income
(b) b) Per Capita Income
(c) c) Domestic Income
(d) d) Personal Income
›Reveal solutionSolution

NNP at factor cost = National Income; the correct option is (a) National Income.

Net National Product at factor cost (NNP-FC) is obtained after deducting depreciation from GNP and net indirect taxes from the market-price value, leaving only the sum of factor incomes (rent + wages + interest + profit) earned by normal residents. This total of factor incomes is precisely what is defined as National Income in the Karnataka 2nd PUC macroeconomics course.

…

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CBSE 2026Set ANNUAL1 markMCQ
$Q. The most appropriate measure of National Income (NI) is A) GDP_MP B) NNP_FC C) GDP_FC D) NDP_MP$
›Reveal solutionSolution

National Income = NNP at factor cost, so the answer is B.

National Income (NI) is the sum of factor incomes (rent, wages, interest and profit) earned by normal residents of a country. In aggregate terms this is Net National Product at factor cost (NNP_FC): 'Net' removes depreciation, 'National' adds net factor income from abroad, and 'factor cost' removes net indirect taxes so only factor earnings …

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CBSE 2026Set ANNUAL1 markMCQ
$Q. To include the value of goods or services more than one time in the estimation of National income is called :$
(a) Single counting
(b) Double counting
(c) Multiple counting
(d) None of these
(a) Single counting
(b) Double counting
(c) Multiple counting
(d) None of these
›Reveal solutionSolution

Double counting = counting the same value more than once while estimating national income.

In national income accounting, if the value of EVERY firm's gross output were simply added up without adjustment, the value of intermediate goods (raw materials, components bought from other firms) would get counted multiple times — once when the input-producing firm sells it, and again as part of the value of the final good it is embedded in. This overstatement is called Double Counting. It is avoided by using the Value Added method (summing only the value ADDED at each stage, i.e., Value of Outp …

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CBSE 2026Set ANNUAL1 markMCQ
$Q. Given the value of NNP_MP = Rs.800 crore, Indirect taxes = Rs.200 crore and subsidies = Rs.50 crore, then the estimated value of NNP_FC is : (A) Rs.360 crores (B) Rs.250 crores (C) Rs.230 crores (D) Rs.350 crores$
›Reveal solutionSolution

Using the standard formula, NNP_FC = Rs.650 crore -- this value is not among the paper's own four printed options, indicating a likely figure/printing error in the original question.

The standard relationship between NNP at Market Price and NNP at Factor Cost is:

NNP at Factor Cost (NNP_FC) = NNP at Market Price (NNP_MP) - Net Indirect Taxes

where Net Indirect Taxes = Indirect Taxes - Subsidies

Substituting the values given in the question:

Net Indirect Taxes = Rs.200 crore - Rs.50 crore = Rs.150 crore

NNP_FC = Rs.800 crore - Rs.150 crore = Rs.650 crore

…

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CBSE 2026Set ANNUAL1 markMCQ
$Q. An activity which results in value addition is$
(a) consumption
(b) investment
(c) production
(d) exchange
›Reveal solutionSolution
Production is the activity that adds value, because it converts inputs (raw material, labour, capital) into a good/service worth more than the inputs used.

Value addition is the increase in the value of a good at each successive stage of production — it is calculated as Value of Output minus Value of Intermediate Consumption at every firm/stage, and the sum of value added across all stages of the economy IS the value-added method of estimating national income (GDP).

Consumption is the using-up of a final good/service to satisfy a want — it does not itself create new value, it uses up value already created.

Investment is the addition to the stock of capital (machines, buildings) — it is an outcome of production, not the value-adding activity itself.

Exchange is merely the transfer of a good/service from one party to another (e.g. buying/selling) — ownership changes, but nothing new is produced. …
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CBSE 2025Set 58/4/11 markMCQ
$Q. To arrive at the value of Gross Value Added at Factor Cost (GVA_FC), __________ must be __________ to/from Gross Value Added at Market Price (GVA_MP). (Choose the correct option to fill in the blanks) (A) depreciation, added (B) depreciation, subtracted (C) Net Indirect Taxes, added (D) Net Indirect Taxes, subtracted$
›Reveal solutionSolution

The relationship between GVA at market price and GVA at factor cost is that factor cost excludes net indirect taxes. Therefore, to go from market price to factor cost, net indirect taxes must be subtracted.

The key here is understanding what each measure actually captures. Gross Value Added at Market Price (GVA_MP) is the value of output measured at the prices that buyers actually pay — that is, including all taxes on products (like GST, excise duty) and excluding any subsidies that the government provides. It reflects the market valuation of production.

Gross Value Added at Factor Cost (GVA_FC), on the other hand, measures the income earned by the factors of production — land, labour, capital, and entrepreneurship — for their contribution to production. It strips away the effect of government intervention through taxes and subsidies. The logic is simple: if a product sells for ₹100 at market price but the government has imposed a ₹10 tax on it, the producers and workers collectively earn only ₹90 from that sale. Conversely, if the government gives a ₹5 subsidy, the factor incomes total ₹105 even though the market price is ₹100.
$\text{GVA}_{FC} = \text{GVA}_{MP} - \text{Net Indirect Taxes}$
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CBSE 2025Set 58/4/11 markMCQ
$Q. Read the following statements carefully : Statement 1 : Public goods are those goods for which the payments are made by all the entities in the country. Statement 2 : Private goods are those goods which are provided by the government of a country at subsidised rates. In the light of the given statements, choose the correct option from the following : (A) Statement 1 is true and Statement 2 is false. (B) Statement 1 is false and Statement 2 is true. (C) Both Statements 1 and 2 are true. (D) Both Statements 1 and 2 are false.$
›Reveal solutionSolution
Both statements are incorrect; public goods are defined by non-rivalry and non-excludability, typically funded by taxes, while private goods are rivalrous and excludable, usually provided by private entities.

In economics, goods are broadly classified based on two fundamental characteristics: rivalry and excludability. Understanding these distinctions is crucial for comprehending how different goods are provided and consumed within an economy, and why governments often intervene in the provision of certain types of goods.

Public Goods

Public goods are characterized by two key features:

Non-rivalry: One person's consumption of the good does not diminish another person's ability to consume it. For example, if one person enjoys the benefits of national defense, it does not reduce the amount of national defense available to others. Similarly, many people can enjoy a street light without reducing its illumination for anyone else.

Non-excludability: It is either impossible or prohibitively costly to prevent individuals from consuming the good, even if they do not pay for it. Once a public good is provided, it is difficult to exclude anyone from benefiting from it. For instance, it is hard to prevent any citizen from benefiting from national defense or street lighting, regardless of whether they have directly paid for it.

Due to these characteristics, public goods often face the "free-rider problem." Individuals can benefit from the good without contributing to its cost, leading to under-provision if left to the private market. This is why public goods like national defense, street lighting, and public parks are typically provided by the government and funded through general taxation, rather than direct payments for consumption by individual users.

Note

The payment for public goods comes from general taxes collected from citizens and businesses, not from direct payments made by all entities specifically for the consumption of that particular good. The benefit is available to all, irrespective of their direct payment for it.

Private Goods

In contrast, private goods possess the opposite characteristics:

Rivalry: One person's consumption of the good prevents another person from consuming the same unit of that good. For example, if you eat a slice of pizza, no one else can eat that exact slice. If you wear a particular shirt, no one else can wear it at the same time.

Excludability: It is possible to prevent individuals from consuming the good if they do not pay for it. A seller can easily prevent someone from eating a slice of pizza or wearing a shirt if they haven't paid the price.

Private goods are typically provided by private firms in competitive markets. Consumers pay a price for these goods, and those who do not pay are excluded from consuming them. The market mechanism works efficiently for private goods because producers can charge a price and exclude non-payers, ensuring that resources are allocated based on demand and willingness to pay.

Important

The definition of a private good is based on its inherent characteristics of rivalry and excludability, not on who provides it or at what price. While governments might sometimes provide certain private goods (like healthcare or education) and subsidize them, this is a policy choice, not a defining feature of a private good itself.

Now, let's evaluate the given statements:

Statement 1: Public goods are those goods for which the payments are made by all the entities in the country. …
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CBSE 2025Set 58/5/11 markMCQ
$Q. Identify, which of the following does not represent a public good. (Choose the correct option) (A) Free vaccines provided by the government (B) Defence services provided by the military (C) Purchase of railway ticket by an individual (D) Street light installed by a city municipality$
›Reveal solutionSolution
Public goods are characterized by non-rivalry and non-excludability. A railway ticket is a private good because its consumption is rivalrous (one person's use prevents another's) and excludable (non-payers can be prevented from using it).

In economics, goods and services are often classified based on two key characteristics: rivalry and excludability. Understanding these concepts is crucial for identifying what constitutes a public good.

Rivalry: A good is rivalrous if one person's consumption of it prevents or diminishes another person's ability to consume the same unit of the good. For example, if you eat an apple, no one else can eat that same apple.

Excludability: A good is excludable if it is possible to prevent people from consuming it if they do not pay for it. For example, a cinema can exclude you from watching a movie if you don't buy a ticket.

$A public good is a good that is both non-rivalrous and non-excludable .$
Because public goods are non-excludable, it is difficult to charge individuals for their use, leading to the "free-rider problem" where people can benefit without paying. Because they are non-rivalrous, the marginal cost of an additional person consuming the good is zero. These characteristics often mean that private markets under-provide public goods, necessitating government provision.

Let's analyze each option:

(A) Free vaccines provided by the government: While an individual vaccine dose is rivalrous (one person uses one dose) and excludable (you can be denied a dose), the public health benefit of widespread vaccination (e.g., herd immunity, reduced disease transmission) is largely non-rivalrous and non-excludable. When the government provides free vaccines, it aims to achieve these broader public health outcomes, which function as public goods. The societal benefit of a healthier population is a classic example of a positive externality that takes on public good characteristics.

(B) Defence services provided by the military: This is a quintessential example of a pure public good.

Non-rivalrous: The protection provided by national defense to one citizen does not reduce the protection available to any other citizen.

Non-excludable: It is practically impossible to exclude any citizen within the country's borders from benefiting from national defense, regardless of whether they pay taxes for it. …
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CBSE 2025Set 58/6/11 markMCQ
$Q. Identify, which of the following items will not be included in estimating National Income of India. (Choose the correct option) (A) Salary to Indian residents working at the Russian Embassy in India (B) Income generated from smuggling (C) Payments to farm workers in the form of foodgrains (D) Interest paid by a firm to a bank$
›Reveal solutionSolution

National income includes only legal, productive, and marketable economic activity. Smuggling is illegal and unrecorded, so it is excluded — making (B) the correct answer.

Let’s understand why each item is or isn’t counted. National income measures the total value of all final goods and services produced within a country’s domestic territory (or by its residents, depending on the method) during a year. But not every flow of money or goods qualifies — there are three key filters: productivity, legality, and marketability.

(A) Salary to Indian residents working at the Russian Embassy in India

This is included in India’s National Income. Why? Because the workers are Indian residents — they live and work in India, even though their employer is a foreign embassy. The salary they earn is a factor payment (compensation for labour) that adds to India’s domestic factor income. Embassies are treated as part of the territory of the host country for national income accounting, so this income is part of India’s Net Domestic Product at Factor Cost (NDP<sub>FC</sub>).

Note

If the same Indian residents worked at the Indian Embassy in Russia, their salary would be excluded from India’s domestic product (since the embassy is on foreign soil) but included in India’s Gross National Product (GNP) via Net Factor Income from Abroad.

(B) Income generated from smuggling

This is not included. Smuggling is an illegal activity — it violates customs and tax laws. National income accounts only record legal production of goods and services. Even if smuggling generates income, it is part of the underground economy and is deliberately excluded from official estimates. Moreover, it is unrecorded and untaxed, so no reliable data exists.

Watch out

A common mistake is to think that any income-generating activity counts. But illegal income (smuggling, black market sales, theft) is never part of National Income — even if it adds to someone’s personal income.

(C) Payments to farm workers in the form of foodgrains …
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Part (a): Estimating NDP at Factor Cost

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