An economic system in which traditions and customs determine how the economy would use its scare resources ?

Related Mcqs:

1. An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?

   A. Command economy
   B. Closed economy
   C. Open economy
   D. None

2. An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________?

   A. Pure capitalism
   B. Command Economy
   C. Closed economy
   D. Open economy

3. A market in which products households sell and firms buy resources or the services of resources is__________________?

   A. Resource market
   B. Product market
   C. Consumer market
   D. Producer market

4. The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?

   A. Technology
   B. Advanced knowledge
   C. Both
   D. None

5. Failure to use all available economic resources to produce goods and services is called__________________?

   A. Unemployment
   B. Underemployment
   C. Inflation
   D. Deflation

6. The private ownership of resources and use of a system of market and prices to coordinate and direct economic activity________________?

   A. Pure capitalism
   B. Iaissez faire capital
   C. Both
   D. None

7. A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?

   A. Macroeconomic
   B. Micro economic
   C. Positive economic
   D. Normative economic

8. A large govt. role and some degree of coordinated economic decision making directed towards transforming the economy are usually viewed as essential components of__________________?

   A. Tradititional economics
   B. Development economics
   C. Political economics
   D. None

9. “structural transformation of primary subsistence economy for economic development” war proposed by ?

   A. Arthur Lewis
   B. Keyne’s
   C. Carl Marx
   D. Rostow

10. Economic model describing growth of the economy on one or at most a few sectors and variables?

    A. Formal growth model
    B. Functional growth model
    C. Aggregate growth model
    D. None