Economic Quiz ( grade 11)

Capitalism refers to

• The use of market

• Government ownership of capital

• Private ownership of capital goods

• Private ownership of homes and cars

The main economic problem faced by all society is

• unemployment

• Inequality

• Poverty

• Scarcity

What do you mean by a mixed economy ?

• Modern and traditional industries

• Public and Private sectors

• Foreign and domestic investments

• commercial and subsistence farming

The best definition of economics

• Hows choices are made under conditions of scarcity

• How money is used

• Hows goods are services are produced

• How businesses maximize profits

Who is the current CEO of the Niti Aayog?

• Rajeev Kumar

• Arvind Subramanyam

• Amitabh Kant

• Narendra Modi

Which of the following statement is correct about Niti Aayog?

• Niti Aayog was formed 25th January 2016

• Niti Aayog comes under the ministry of commerce & industry.

• The full form of Niti Aayog is National Institute for transforming India.

• The Niti Aayog is a policy think tank of the Government of India.

When was Niti Aayog established?

• 1 January 2015

• 25 January 2016

• 14 May 2014

• 1 July 2015

Micro economics is a ______ equilibrium

• Partial

• General

• Total

• Multi-Variable

Robbins in his definition

• talks of scarcity of resources

• Preaches moral values

• Advises neutrality in economics

• None of the above

India has

• Socialistic economy

• Gandhian economy

• Mixed economy

• Free economy