The 'four-sector economy' circular flow includes: MCQ with Answer and Explanation

Question
The 'four-sector economy' circular flow includes:
A. households, firms, banks and foreign sector
B. households, government, banks and firms
C. households, firms, government and foreign sector
D. households, firms, government and banks only
Answer: Option C
Solution (By JKSSB Mock Tests)
A four-sector economy includes households, firms, government and the external sector.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'International Monetary Fund' and 'World Bank' are both headquartered in:
A. Geneva
B. Washington D.C.
C. New York
D. Paris
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Correct Answer: Option B

Explanation:
Both the IMF and World Bank are headquartered in Washington D.C., USA.
This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Interoperability' in digital markets refers to:
A. Only the proprietary control of all interfaces
B. The complete isolation of platforms
C. Only the absence of any data sharing
D. The ability of different systems, platforms or services to work together and exchange information
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Correct Answer: Option D

Explanation:
Interoperability is the capacity of different digital systems or platforms to communicate, exchange data and use the exchanged information, which can reduce switching costs and increase contestability.
This question belongs to: Economy GK Economy Set 1
Question #3
In a Lorenz curve diagram, the diagonal line represents:
A. economic growth
B. complete income inequality
C. poverty line
D. perfect equality of income distribution
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Correct Answer: Option D

Explanation:
The diagonal line in the Lorenz curve diagram represents perfect income equality.
This question belongs to: Economy GK Economy Set 1
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