Economics MCQ on Economic Systems
Economics MCQ on Economic Systems
1. The feature of Price mechanism is
(a) Socialism
(b) Mixed economic system
(c) Capitalism
(d) All of the above
Ans-(c) Capitalism
2. Modern corporation mobilize its capital by selling its
(a) Share
(b) Debenture
(c) Bonds
(d) Share & Debenture
Ans-(d) Share & Debenture
3. Socialism is a system under which economic activities are controlled by the:
(a) Government
(b) Price mechanism
(c) Market mechanism
(d) None of these
Ans-(a) Government
4. Primarily goals of socialism is
(a) To earn profit
(b) To minimize expenditures
(c) To promote social welfare
(d) all of these
Ans-(c) To promote social welfare
5. Under socialism, all economic activities’s decisions are taken by:
(a) By the government
(b) By the market forces
(c) Both (a) and (b)
(d) None of these
Ans-(a) By the government
6. Mixed economic system can be suffers from the evil of:
(a) Inefficiency
(b) Corruption
(c) Black money
(d) all of these
Ans-(d) all of these
7. Price is determined by:
(a) Forces of supply
(b) Forces of demand
(c) Both (a) and (b)
(d) None of these
Ans-(c) Both (a) and (b)
8. Self-interest of the consumers depends upon the what maximization
(a) Sales
(b) Satisfaction
(c) Profit
(d) Wealth
Ans-(b) Satisfaction
9. Private sector and public sector coexist together formation in to which economic system?
(a) Socialism
(b) Mixed economy
(c) Capitalism
(d) None of these
Ans-(b) Mixed economy
10. In the present world, there are most economies are:
(a) Socialist economies
(b) Mixed economies
(c) None of these
(d) Capitalist economies
Ans-(b) Mixed economies
11. Which people have the right to hold and use private property in any manner Under ?
(a) Capitalism
(b) Socialism
(c) Mixed Economy
(d) None of the above
Ans-(a) Capitalism
12. Under socialism, The central problems of the economy are solved by the
(a) Price mechanism,
(b) Central authority
(c) Narendra Modi
(d) Sonia Gandhi
Ans-(b) Central authority
13. Private and public sectors both comes under
(a) Price mechanism
(b) Capitalism
(c) Mixed economy
(d) None
Ans-(c) Mixed economy
14. The main motive and objectives of undertaking economic activities under socialism is
(a) Profit,
(b) Satisfaction
(c) Social welfare
(d) None
Ans-(c) Social welfare
15. In which type of economic system, desire to earn profit is the chief motive of all economic
Activities?
(a) Capitalism.
(b) Socialism
(c) Mixed Economy
(d) None
Ans-(a) Capitalism
16. What is meant by invisible hand?
(a) Income mechanism
(b) Price mechanism
(c) Individual mechanism
(d) None of the Above
Ans-(b) Price mechanism
17. Unequal distribution of income is an important feature of which type of economic system?
(a) Nationalism
(b) Distribution
(c) Capitalism
(d) None of the above
Ans-(c) Capitalism
18. Collective ownership is a feature of which type of economic system?
(a) Capitalism
(b) Socialism
(c) Naturalism
(d) All of the above
Ans-(b) Socialism
19. In which type of economic system both public and private sectors coexist together?
(a) None of the below
(b)Macroeconomic
(c) Microeconomic
(d) Mixed economic system
Ans-(d) Mixed economic system
Also you can read Economics MCQ
