Economic system in which the government owns and controls the means of production to benefit all the people is called ?

Related Mcqs:

1. Name the political and economic system in which the government owns and controls the means of production to benefit all the people ?

   A. Communism
   B. Socialism
   C. Capitalism
   D. Authoritarianism

2. If goods are exported for less than society’s marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from?

   A. an import subsidy
   B. a quota
   C. comparative advantage
   D. an export subsidy

3. Mention the name for economic theory that the support of business that allows them to flourish will eventually benefit middle- and lower-income people in the form of increased economic activity and reduced unemployment?

   A. End benefit
   B. Trickle down
   C. Free market
   D. Capitalism

4. When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?

   A. less than the efficient level of output
   B. more than the efficient level of output
   C. so that consumer surplus is zero
   D. the efficient level of output

5. A firm owns long-lived property that is used by a firm in the Production of its income. What this property is called ?

   A. Unmovable asset
   B. Fixed property
   C. Production line
   D. Fixed asset

6. Suppose the equilibrium price for apartments is Rs500 per month and the government imposes rent controls of Rs250 Which of the following is unlikely to to occur as a result of the rent controls?

   A. There may be long lines of buyers waiting for apartments
   B. Landlords may discriminate among apartment renters
   C. Landlords may be offered bribes to rent apartments
   D. there will be a storage of housing
   E. the quality of apartments will improve

7. Market price adjusted to consider differences between social cost-benefit and private cost-benefit calculations are ?

   A. price distortions
   B. consumer surplus
   C. shadow prices
   D. exchange rates

8. In 1985, the Coca-cola Company made a classic marketing blunder with its deletion of its popular Coca-Cola product and introduction of what it called New Coke Analysts now believe that most of the company’s problems resulted from poor marketing research. As the public demanded their old Coke back the company relented and reintroduced Coca-Cola Classic (which has regained and surpassed its former position) while New Coke owns only 0.1 percent of the market Which of the following marketing research mistakes did Coca-Cola make ?

   A. They did not investigate pricing correctly and priced the product too high
   B. They did not investigate dealer reaction and had inadequate distribution
   C. They defined their marketing research problem too narrowly
   D. They failed to account for the Pepsi Challenge taste test in their marketing efforts

9. Name a corporation that owns enough voting stock in another firm to control management and operations by influencing of electing its board of directors ?

   A. Mother company
   B. Father company
   C. Holding company
   D. joint company

10. Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The accounting profit at Naila’s pottery factory is ?

    A. Rs30,000
    B. Rs35,000
    C. Rs75,000
    D. Rs70,000