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1. “The central economic problem” is :
a) Scarcity of wants in relation to resources
b) Scarcity of unlimited wants
c) Scarcity of limited resources
d) Scarcity of limited resources in relation to unlimited wants.
2. Capitalist economy is not known as :
a) Market economy
b) Laissez faire economy
c) Free market economy
d) Controlled economy
3. ---------------- is the mainstay of capitalism :
a) Profit motive
b) Private property
c) Price mechanism
d) Market mechanism.
4. Which one of these is not a feature of free market economy :
a) Consumer sovereignty
b) Very less competition
c) Choice making
d) Economic choice freedom.
5. What is Price mechanism ?
a) Impersonal forces of price and market
b) Impersonal forces of price and money
c) Impersonal forces of price and demand
d) Impersonal forces of demand and supply.
6. Who decides what to produce in a Market economy ?
a) Buyers
b) Suppliers
c) Sellers
d) Capital Owners.
7. Concept of Socialistic economy was propounded by :
a) Karl Marx and Alfred
b) Karl Marx and Robbins
c) Karl Marx and Marshall
d) Karl Marx and Frederic Engels.
8. Least socio-economic exploitation is there under----------- system:
a) Capitalism
b) Socialism
c) Mixed economy
d) Free market economy.
9. All members are entitled to get benefit from the fruits of production on the basis of equal rights under :
a) Mixed economy
b) Socialistic economy
c) Capitalistic economy
d) Free market economy.
10.Huge income inequality exists under :
a) Free market system
b) Mixed system of economy
c) Controlled economy
d) Command economy.
11. Maximum socio-economic exploitation is there under----------- system:
a) Capitalism
b) Socialism
c) Mixed economy
d) Controlled economy.
12.------------- is the Driving force under capitalism :
a) Profit motive
b) Private property
c) Price mechanism
d) Marker mechanism.
13.A capitalist economy consists of __________
a. Central planning authority
b. A mechanism to decide as what, how and for whom to produce
c. Both a & b
d. None of the above
14. The capitalist Economy uses----------- as principle means of allocation of resources -
(a) Price
(b) Demand
(c) Supply
(c) Supply
(d) None of the above
15.Factors of production are owned by _____in market economies
(a) Govt.
(b) Investors
(c) Privately
(c) Privately
(d) None
16.Freedom of choice is the advantage of _________
(a) Socialism
(b) Capitalism
(c) Mixed Economy
(c) Mixed Economy
(d) None of the above
17.State monopolies arise under which of these :
a) Controlled economy
b) Mixed economy.
c) Free economy
d) Laissez faire economy.
18. Administered prices refer to:
a) Prices determined by forces of demand and supply
b) Prices determined by sellers in the market
c) Prices determined by an external authority which is usually the government
d) None of the above.
19. Which of the following is not one of the four central questions that the study of economics is supposed to answer?
a) Who produces what?
b) When are goods produced?
c) Who consumes what?
d) How are goods produced?
20.In a free market economy the allocation of resources is determined by
a) voting done by consumers
b) a central planning authority.
c) consumer preferences.
d) the level of profits of firms.
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