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

  1. Economics MCQ on Introduction to Macroeconomics
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