In the expenditure method of GDP estimation, which of the following is included? MCQ with Answer and Explanation

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In the expenditure method of GDP estimation, which of the following is included?

A. Sale of old shares

B. Final consumption expenditure

C. Intermediate consumption

D. Transfer payments

Answer: Option B

Solution (By JKSSB Mock Tests)

The expenditure method includes final consumption expenditure, investment, government expenditure and net exports.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a type of market failure?

A. Perfect competition

B. Asymmetric information

C. Externalities

D. Public goods

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Correct Answer: Option A

Explanation:
Market failure occurs when free markets fail to allocate resources efficiently. Causes include externalities, public goods, asymmetric information and monopoly power. Perfect competition is an ideal, not a failure.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'International Court of Justice' is located in:

A. Geneva

B. Vienna

C. The Hague

D. New York

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Correct Answer: Option C

Explanation:
ICJ is located in The Hague.

This question belongs to: Economy GK Economy Set 1

Question #3

India achieved full convertibility on the current account in which year?

A. 1991

B. 1993

C. 2000

D. 1994

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Correct Answer: Option D

Explanation:
India achieved full current account convertibility in August 1994.

This question belongs to: Economy GK Economy Set 1

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