CUET Economics - Identify the correct statement in the context of Circular Flow of Income in an economy | PYQs + Solutions

CUET Economics

Macro

Easy

Household receives factor services from firms.

Household invests while firm saves.

Firms produce goods and services.

Household supplies factor services to Government.

✅ Correct Option: 3

Related questions:

27 May Shift 2

Which statements are true in terms of basic national income aggregates:

(A) GNP at factor cost measures the value of output received by the factors of production belonging to a country in a year.

(B) GDP is the market value of all intermediate goods and final goods and services produced within a domestic territory of a country measured in a year.

(C) NDP at factor cost is the income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country.

(D) GDP at factor cost is gross domestic product at market prices, less net product taxes.

Choose the correct answer from the options given below:

16 May Shift 1

If for a hypothetical economy, the Net National Product at Factor cost is Rs 3580 crore, Net Indirect Taxes are Rs 35 crore and Net Current Transfers from the Rest of the World are Rs 240 crore, then what will be the value of National Disposable Income?

3 June Shift 1

When nominal Gross Domestic Product is ₹840 crorer and price index is 120, then the Real Gross Domestic Product will be:

CUET Economics PYQs

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