Economic Systems and Market Structures CDS Questions

CDS Economy

Economic Systems and Market Structures MCQ Questions


7.
In a traditional economy, economic decisions are mainly guided by
A.
Customs, traditions and inherited practices
B.
Market prices
C.
The central planning board
D.
Corporate boards
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ANSWER :
A. Customs, traditions and inherited practices
8.
Consumer sovereignty is a distinctive feature of which type of economy?
A.
Capitalist economy
B.
Socialist economy
C.
Traditional economy
D.
Command economy
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ANSWER :
A. Capitalist economy
9.
Which economic system is most likely to suffer from extreme inequalities in income and wealth distribution?
A.
Socialist economy
B.
Capitalist economy
C.
Traditional subsistence economy
D.
Command economy
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ANSWER :
B. Capitalist economy
10.
In which type of economy is the profit motive absent as the primary driving force of production?
A.
Capitalist economy
B.
Mixed economy
C.
Socialist economy
D.
Market economy
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ANSWER :
C. Socialist economy
11.
Economic planning is an essential feature of
A.
Capitalist economy only
B.
Socialist economy only
C.
Both socialist and mixed economies
D.
Traditional economy
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ANSWER :
C. Both socialist and mixed economies
12.
The Indian economy is best described as a
A.
Pure capitalist economy
B.
Mixed economy
C.
Pure socialist economy
D.
Traditional economy
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ANSWER :
B. Mixed economy