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

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. 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

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. An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and there fore decreases their production costs ?

   A. Declining industry
   B. Decreasing cost industry
   C. Both
   D. None

5. 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

6. 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

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

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

8. ______________assumes economic rationality and purely materialistic, individualistic, self interested orientation towards economic decision making?

   A. Traditional economy
   B. Political economy
   C. Capitalistic economy
   D. Open economy

9. “All LDC’s require to take off into a period of self-sustaining economic growth is a massive investment program designed to promote rapid industrialization and the building up of economic infrastructure.” ?

   A. Economic development theory
   B. Big Push theory of development
   C. Rostow’s development plan
   D. Harod Domes model

10. Employment available resources so that the maximum amount of goods and services is produced?

    A. Large scale production
    B. Full production
    C. Fringe benefits
    D. None