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MULTIPLE CHOICE QUESTIONS : (MCQ’s)
1. Capitalism, Socialism and Mixed Economy are the branches of the _____ system .
(a) Democratic
(b) Economic
(c) Social
(d) Political
2. ________ is the economic system in which the profit is the main motive and resources are owned privately.
(a) Capitalism
(b) Price mechanism
(c) Socialism
(d) Profit motive
3. ________is one of the features of the mixed economy .
(a) Economic growth
(b) Limited resources
(c) Price mechanism
(d) Personal freedom
4. __________ is one of the features of socialism .
(a) Private property
(b) Controlled price
(c) Profit motive
(d) Collective ownership
5. Economic problem arises because ________ are scarce and have alternative uses .
(a) Products
(b) Needs
(c) Resources
(d) Energy
6. The increase in productive capacity of an economy is called _________ .
(a) Capitalism
(b) Socialism
(c) Mixed economy
(d) Economic growth
7. In Capitalism Economic system ____remains the main motive in this type of economy
(a) Products
(b) Profits
(c) Resources
(d) Energy
8. Economic system in which resources are owned by government and social welfare is the main motive are called _____
(a) Capitalism
(b) Socialism
(c) Mixed economy
(d) Economic growth
9. A ____Economic system is a system that combines both Capitalism and Socialism
(a) Democratic
(b) Mixed
(c) Social
(d) Political
10. _______problem is the problem of optimum utilization of resources.
(a) Democratic
(b) Economic
(c) Social
(d) Political
11. Resources of a society are in limited supply wheras human wants are _____.
(a) Productive
(b) Needed
(c) Resourceful
(d) Unlimited
12. Since ____are scarce community should not waste resources.
(a) Products
(b) Profits
(c) Resources
(d) Energy
13. One word for Free Market Economy is ____.
(a) Capitalism
(b) Pricing
(c) Socialism
(d) Profit
14. Capitalism,Socialism and ____are the three types of economic system
(a) Products
(b) Resources
(c) Mixed economy
(d) Economic growth
15. Economic problem is the problem of ____utilization of Resources.
(a) Least
(b) Optimum
(c) Zero
(d) Minimum
16. _______ are scarce and it is important to use them as effeciently as possible.
(a) Products
(b) Resources
(c) Profits
(d) Energies
17. Economics is traditionally concerned with allowing individuals to aim at increasing their _______welfare.
(a) Product
(b) Resource
(c) Overall
(d) Economic
18. _____ was an economic problem that Adam Smith was concerned about in his influential book of economics “A Wealth of Nations.
(a) Products
(b) Monopoly
(c) Mixed economy
(d) Economic growth
19. _______ has been a major economic problem in advanced economies.
(a) Unemployment
(b) Employment
(c) Mixed economy
(d) Economic growth
20. A ______ is a period of negative economic growth
(a) Advancement
(b) Drawback
(c) Mixed economy
(d) Recession
Answers:
1. (b) Economic
2. (a) Capitalism
3. (d) Personal freedom
4. (d) Collective ownership
5. (c) Resources
6. (d) Economic growth.
7. (b) Profits
8. (b) Socialism
9. (b) Mixed
10. (b) Economic
11.(d) Unlimited
12. (c) Resources
13. (a) Capitalism
14. (c) Mixed economy
15. (b) Optimum
16.(b) Resources
17.(d) Economic
18.(b) Monopoly
19.(a) Unemployment
20.(d) Recession
16.(b) Resources
17.(d) Economic
18.(b) Monopoly
19.(a) Unemployment
20.(d) Recession