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

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

A. only firms

B. government and foreign sector

C. households and firms

D. only households

Answer: Option C

Solution (By JKSSB Mock Tests)

A two-sector economy includes households and firms.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'industrial licensing' after 1991 was retained for certain industries related to:

A. textiles

B. security, strategic and environmental concerns

C. food processing

D. consumer goods

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Correct Answer: Option B

Explanation:
Licensing was retained for industries related to security, strategic and environmental concerns.

This question belongs to: Economy GK Economy Set 1

Question #2

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The term inclusive growth refers to economic growth that:

A. benefits only the rich

B. benefits all sections of society and reduces inequality

C. focuses only on manufacturing

D. ignores employment

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Correct Answer: Option B

Explanation:
Inclusive growth ensures that the benefits of growth are widely shared and inequality is reduced.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'National Income' estimates in India are published with a base year of:

A. 2011-12

B. 2016-17

C. 2020-21

D. 2004-05

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Correct Answer: Option A

Explanation:
The national accounts series uses 2011-12 as the base year.

This question belongs to: Economy GK Economy Set 1

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