Question
Download Solution PDFWhich of the following can be considered as an example of flow variable?
(i) Production of rice
(ii) Import of cloth
(iii) Change in capital
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is All of (i), (ii) and (iii).Key Points
- A flow is a quantity that is measured with reference to a period of time.
- Thus, flows are defined with reference to a specific period (length of time).
- National income is a flow.
- It describes and measures flow of goods and services which become available to a country during a year.
- Example of flow variable are Production of rice, Import of cloth and Change in capital.
Additional Information Stock Variable
- Stocks are defined at a particular point in time.
- So, Wealth is a stock variable as it can be measured at a particular time.
- A flow shows change during a period of time whereas a stock indicates the quantity of a variable at a point of time.
- Wealth is a stock since it can be measured at a point of time.
- Income is a flow because it can be measured over a period of time.
- Salary and change in wealth is a flow because it can be measured over a period of time.
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