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Economics · 2022 · 5 marks
National Income AccountingCircular Flow of Income and Methods of Calculating National Income5 marksApplylong answer
CBSE 2022 · Region 2 · Set 3 · Q11
Estimate the missing values (?), if the value of Gross Domestic Product at factor cost (GDP_fc ) by Expenditure Method and Income Method is ₹ 920…
Estimate the missing values (?), if the value of Gross Domestic Product at factor cost (GDP$\displaystyle _{fc}$) by Expenditure Method and Income Method is ₹ $\displaystyle 920$ crore :
| S. No. | Items | Amount (in ₹ crore) |
| (i) | Government Final Consumption Expenditure | ? |
| (ii) | Operating Surplus | ? |
| (iii) | Gross Domestic Fixed Capital Formation | $\displaystyle 250$ |
| (iv) | Mixed Income of Self-employed | $\displaystyle 210$ |
| (v) | Change in Stock | $\displaystyle 120$ |
| (vi) | Consumption of Fixed Capital | $\displaystyle 140$ |
| (vii) | Compensation of Employees | $\displaystyle 420$ |
| (viii) | Private Final Consumption Expenditure | $\displaystyle 540$ |
| (ix) | Net Exports | (–) $\displaystyle 60$ |
| (x) | Net Indirect Taxes | $\displaystyle 80$ |
| (xi) | Employers’ Contribution to Social Security Schemes | $\displaystyle 130$ |
Marking-scheme solution
GDP$\displaystyle _{FC}$ = Government Final Consumption Expenditure + (iii) + (v) + (viii) + (ix) – (x)
$\displaystyle 920$ = Government Final Consumption Expenditure + $\displaystyle 250$ + $\displaystyle 120$ + $\displaystyle 540$ + (–$\displaystyle 60$) – $\displaystyle 80$
Government Final Consumption Expenditure = ₹ $\displaystyle 150$ croresGDP$\displaystyle _{FC}$ = Operating Surplus + (iv) + (vi) + (vii)
$\displaystyle 920$ = Operating Surplus + $\displaystyle 210$ + $\displaystyle 140$ + $\displaystyle 420$
Operating Surplus = ₹ $\displaystyle 150$ crores
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CBSE Class 12 Economics past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.