Microeconomics - Chapter II (Economic Systems)

It is the system of an economy to solve its basic economic problem.

• Production System

• Distribution System

• Market System

• Economic System

Identify the one that does not belongs to the group.

• Capitalism

• Communism

• Socialism

• Mixed Economy

The main motive of capitalist system is __________.

• Profit

• Welfare

• Economic Stability

• Economic Equality

Which of the following is not a feature of capitalism?

• Private ownership

• Freedom

• Profit motive

• Absence of competition

In Germany, because of the economic system of the country, rich becomes richer and poor becomes poorer. Determine, which among the following describes this situation of Germany?

• Economic welfare

• Economic stability

• Economic freedom

• Economic inequality

In socialist economic system, the prices of goods and services are determined by __________.

• Individuals

• Government

• Market forces

• Demand and supply

Which of the following makes the socialist system inefficient?

• Absence of Technology

• Absence of competition

• Absence of Monopoly

• All of the options

Existence of public and private sector is featured by __________.

• Capitalist economic system

• Socialist economic system

• Mixed economic system

• None of the options

Which of the following is a feature of mixed economy?

• Co-existence of public and private sectors

• Profit motive and social interest blended

• Planning to control the economy

• All of the options

In Thailand, government actions and market forces together guide the economic activities. Prices of goods and services are determined by the government and private sector. Determine, what type of an economic system Thailand is having?

• Socialist economic system

• Planned economic system

• Mixed economic system

• Capitalist economic system