The 'circular flow of income' in a three-sector economy includes: MCQ with Answer and Explanation

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The 'circular flow of income' in a three-sector economy includes:

A. households, firms and foreign sector

B. government and foreign sector only

C. firms and government only

D. households, firms and government

Answer: Option D

Solution (By JKSSB Mock Tests)

A three-sector economy includes households, firms and government.

This question belongs to: Economy GK Economy Set 1

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Question #1

The e-NAM platform is a national network for:

A. banking transactions

B. agricultural marketing

C. railway booking

D. tax payments

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Correct Answer: Option B

Explanation:
e-NAM is an electronic national agricultural market platform to integrate agricultural mandis.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Aadhaar Enabled Payment System' uses which biometric identifier?

A. Only password

B. Fingerprint and iris

C. Only PIN

D. Only voice

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Correct Answer: Option B

Explanation:
AEPS uses Aadhaar number and biometric authentication such as fingerprint or iris.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'supply-side economics' emphasizes which policies?

A. increasing money supply

B. raising taxes

C. reducing tax rates and regulation to increase output

D. increasing aggregate demand

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Correct Answer: Option C

Explanation:
Supply-side economics emphasizes lower taxes and reduced regulation to stimulate production.

This question belongs to: Economy GK Economy Set 1

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