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

Related Mcqs:

1. 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

2. 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

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. 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

9. All international changes in ownership of merchandise passing across the customs borders of trading countries?

   A. Merchandise trade balance
   B. International trade laws
   C. Trade barriers
   D. Merchandise imports and exports

10. An ownership share in a corporation___________________?

    A. Stock
    B. Corporation
    C. Both
    D. None