A closed economy that attempts to be completely self-reliant ?

Related Mcqs:

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

   A. Traditional economy
   B. Mixed economy
   C. capitalistic economy
   D. Command economy

2. The households and the business firms of the economy are called__________________?

   A. Public sector
   B. Ptivate sector
   C. Govt sector
   D. None

3. Meaningful statement about the economic behavior or the economy is called_______________________?

   A. Economic principle
   B. Economic theories
   C. Both
   D. None

4. In________________ economics we look at desirability of certain aspects of the economy ?

   A. Theoretical
   B. Positive
   C. Normative
   D. None

5. The part of economy which contains all govt. entities is called__________________?

   A. Public sector
   B. Private sector
   C. Public utility
   D. None

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

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

7. Situation in which govt. intervention in an economy worsens outcomes__________________?

   A. Govt. failure
   B. Market perfection
   C. Govt. inefficiency
   D. None

8. 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

9. An economic plan that sets targets to cover all the major sectors of the national economy?

   A. Centralized plan
   B. Comprehensive plan
   C. Commune
   D. None

10. The part of the urban economy of LDC’s characterized by small competitive individual or family firms, labour intensive methods, free entry and market determined factor and product prices?

    A. Formal sector
    B. Informal sector
    C. Formal finance
    D. Informal finance