Q. In a closed economy,………is not included. HouseholdsFirmsGovernmentForeign sector Answer: Foreign sector
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Q. Real flow refers to the flow of factor services from…..to……. Firms to householdsHouseholds to firmsFirms to governmentHouseholds to government Answer: Households to firms
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Q. Which of the following is the consumption sector? HouseholdsFirmsForeignGovernment Answer: Households
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Q. Problem of double counting can be avoided by using: final output methodvalue-added methodboth 1 and 2neither 1 nor 2 Answer: both 1 and 2
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Q. Money flow involves the exchange of: Goods and servicesGiftsMoneyNone of these Answer: Money
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Q. Real flow is also known as: Nominal flowPhysical flowMoney flowBoth a) and b) Answer: Physical flow
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Q. Stock variable is defined as a variable that is Measured over a period of timeMeasured at a particular point in timeCan not be measuredNone of these Answer: Measured at a particular point in time
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Q. Losses are classified as: Stock variableFlow variableEither a) or b)Neither a) nor b) Answer: Flow variable
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Q. Two-sector economy consists of: Households, firmsFirms, Foreign sectorHouseholds, GovernmentFirms, Government Answer: Households, firms
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Q. Which of the following is not an example of a flow variable? Number of births during a yearNational WealthNational IncomeWheat produced during a year Answer: National Wealth
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Q. Which of the following is not considered a factor of income? RentWagesGifts from abroadProfit Answer: Gifts from abroad
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Q. Which of the following is a phase of the circular flow of income? Generation PhaseDistribution PhaseDisposition PhaseAll of these Answer: All of these
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