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 foreign sector
B. households, firms, government and banks only
C. households, firms, banks and foreign sector
D. households, government, banks and firms
Answer: Option A
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 'Intellectual Property Rights' in India are administered by which department?
A. Department for Promotion of Industry and Internal Trade
B. RBI
C. Ministry of Finance
D. Ministry of Law
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Correct Answer: Option A

Explanation:
IPR policy is administered by DPIIT.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a type of public enterprise based on ownership?
A. Government company
B. Private limited company with no government share
C. Public corporation
D. Departmental undertaking
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Correct Answer: Option B

Explanation:
Public enterprises are owned wholly or substantially by the government and include departmental undertakings, public corporations and government companies. A purely private limited company is not a public enterprise.
This question belongs to: Economy GK Economy Set 1
Question #3
Deadweight loss in economics refers to:
A. loss of revenue to the government
B. depreciation of capital
C. loss suffered by a monopolist
D. loss of total welfare due to market inefficiency
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Correct Answer: Option D

Explanation:
Deadweight loss is the loss of economic welfare due to inefficiency such as taxes, price controls or monopoly.
This question belongs to: Economy GK Economy Set 1
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