CUET Economics 2025 31 May Shift 1 PYQs

Which of the following are correct statements regarding Gross Domestic Product (GDP)?

(A) GDP is a measure of the welfare of a country.

(B) Real GDP is measured at current market prices.

(C) Expenditure method estimate =Income Method estimate =Product Method estimate=GDP of a country.

(D) Gross National Product at factor cost = GDP$_{MP}$ + Net factor income from abroad.

Choose the correct answer from the options given below:

1. (A), (B) and (D) only
2. (A), (B) and (C) only
3. (A), (B), (C) and (D)
4. (B), (C) and (D) only

In a simple economy, the circular flow between firms and households in terms of factor payments and services also represents as.

What are the main sources of demand in a closed economy?

1. Consumption, government spending, and domestic investment
2. Consumption, net exports and government spending
3. Consumption, government spending, domestic investment and net exports
4. Government spending, net exports and domestic investment