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

Question
The 'four-sector economy' circular flow includes:
A. households, firms, government and banks only
B. households, firms, government and foreign sector
C. households, government, banks and firms
D. households, firms, banks and foreign sector
Answer: Option B
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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Practice More Economy Set 1 Questions

Question #1
The 'Account Aggregator' framework in India deals with:
A. sharing of financial data with user consent
B. deposit insurance
C. merging bank accounts
D. tax collection
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Correct Answer: Option A

Explanation:
Account Aggregator framework enables consent-based sharing of financial information.
This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Disguised Unemployment' is commonly associated with:
A. Industrial sector
B. Agricultural sector
C. Information technology sector
D. Service sector
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Correct Answer: Option B

Explanation:
Disguised unemployment is prevalent in the agricultural sector of developing countries where more people are engaged in work than are actually required, with marginal productivity close to zero.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'multidimensional poverty index' considers how many equally weighted dimensions?
A. Three
B. Ten
C. Two
D. Five
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Correct Answer: Option A

Explanation:
MPI has three equally weighted dimensions: health, education and standard of living.
This question belongs to: Economy GK Economy Set 1
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