Types of economy

Types of economy

9th Grade

35 Qs

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Types of economy

Types of economy

Assessment

Quiz

Social Studies, Other, English

9th Grade

Practice Problem

Medium

Created by

N.S.Lakshmi Sengupta

Used 14+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who owns the resources in a Capitalist economy?

Government

Private Individuals

Both Government and Individuals

None of the above

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Since one has freedom of enterprise in a capitalist economy, one can

start any business of their choice

choose any occupation

cannot employ any labour

can choose employer

make any production decisions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main motive of an entrepreneur under capitalism?

social welfare

government welfare

maximum labourers

maximum profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are prices determined in a capitalist economy?

by the government

by the producers

by the forces of demand and supply

by the consumers

5.

OPEN ENDED QUESTION

30 sec • Ungraded

What do you understand by "Consumer Sovereignty"

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6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the government in capitalism?

government controls the prices

government has no role

government decides production activities

government works for social welfare

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the defining characteristic of capitalism?

government ownership of all markets

private ownership of resources and production

exploitation of slave labor

development of foreign markets

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