Question : Which of the following can be considered as an example of a flow variable?
(i) Production of rice (ii) Import of cloth (iii) Change in capital
Option 1: None of (i), (ii) and (iii)
Option 2: Only (iii)
Option 3: All of (i), (ii) and (iii)
Option 4: Only (i) and (ii)
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Correct Answer: All of (i), (ii) and (iii)
Solution : The correct option is All of (i), (ii) and (iii) .
All three options can be classified as flow variables in economics. The production of rice denotes the quantity of rice generated within a defined timeframe, typically a year. Similarly, the import of cloth signifies the amount of cloth brought into a country over a specified period, which could range from a month to a year. Lastly, the change in capital includes alterations in a firm's capital holdings within a particular period, often measured annually.
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