Q. Problem of double counting can be avoided by using: final output method value-added method both 1 and 2 neither 1 nor 2 Answer: both 1 and 2
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Q. Money flow involves the exchange of: Goods and services Gifts Money None of these Answer: Money
Q. Real flow is also known as: Nominal flow Physical flow Money flow Both a) and b) Answer: Physical flow
Q. Stock variable is defined as a variable that is Measured over a period of time Measured at a particular point in time Can not be measured None of these Answer: Measured at a particular point in time
Q. Losses are classified as: Stock variable Flow variable Either a) or b) Neither a) nor b) Answer: Flow variable
Q. Two-sector economy consists of: Households, firms Firms, Foreign sector Households, Government Firms, Government Answer: Households, firms
Q. Which of the following is not an example of a flow variable? Number of births during a year National Wealth National Income Wheat produced during a year Answer: National Wealth
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Q. Which of the following is not considered a factor of income? Rent Wages Gifts from abroad Profit Answer: Gifts from abroad
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Q. Which of the following is a phase of the circular flow of income? Generation Phase Distribution Phase Disposition Phase All of these Answer: All of these
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Q. Which of the following is not a part of the final expenditure? Consumer goods purchased by the government Consumer goods exported to the rest of the world Seeds purchased by the farmers Government fixed investment expenditure Answer: Seeds purchased by the farmers
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