Question : Which of these statements is correct?

Option 1: The economic wealth of a country does not necessarily depend on the possession of resources.

Option 2: Countries endowed with natural resources are naturally the richest countries.

Option 3: The national income of a country is the total of all its resources.

Option 4: Whether resources are used in generating a flow of output and as a result, income and wealth, is immaterial.

Question : Which of the following statements is/are correct concerning income or output?
i. Income or output are flows.
ii. Income or output are stocks.
iii. Income or output can be defined over a period.

Option 1: Only i and iii

Option 2: Only ii and iii

Option 3: Only i

Option 4: Only i and ii

Question : Which of these is not a flow concept?

Option 1: Profit of a corporation.

Option 2: Output produced by a firm.

Option 3: Interest expense on loan.

Option 4: Number of machines used in a factory.

Question : Which of the following countries is not a producer of natural gas in the world?

Option 1: South Africa

Option 2: Norway

Option 3: United Kingdom

Option 4: Russia

Question : What is meant by subsistence agriculture?

Option 1: Agricultural output is sufficient for the country.

Option 2: Agriculturists produce primarily for themselves.

Option 3: Agriculture generates sufficient income.

Option 4: Agriculturists produce primarily for the market.

Question : Which of these is not a characteristic of a free-enterprise economy?

Option 1: Decisions are based on the forces of demand and supply.

Option 2: Factor rewards are based on the productivity of factors of production.

Option 3: All economic decisions are taken by the economic planners.

Option 4: Economic decisions are regulated by the market.