Socialist Economy and Mixed Economy

Q.

What Are the Six Key Macroeconomic Variables?

Q. After independence, India adopted an economic system where private players aimed at profit maximisation and the government aimed at achieving social welfare.

Which economic system is discussed here?

1. Capitalist economy
2. Socialist economy
3. Mixed economy
4. Democratic economy

Q. This economic system is controlled by the government, which owns and manages all the means of production. The goal of such an economy is to achieve social welfare.

Which countries have such an economic system?

1. India
2. China
3. Germany
4. Russia

Q. Identify the economic system in which the private and public sectors co-exist.

1. Capitalist economy
2. Socialist economy
3. Mixed economy
4. Communist economy

Q. An economy in which the ownership and management of the means of production are in the hands of the government is known as a .

1. socialist economy
2. capitalist economy
3. mixed economy
4. public economy

Q. A country can either have a purely capitalist or socialist economy.

1. True
2. False

Q. Identify the economic system where the government decides what, how, and for whom to produce.

1. Mixed economy
2. Socialist economy
3. Capitalist economy
4. Command economy

Q. Choose the correct pair of countries and the type of economic systems they have.

1. Capitalist
2. Socialist
3. Mixed
4. India
5. Germany
6. China

Q. In a mixed economy, the ownership and management of which of the following means of production are in the hands of government and private individuals?

1. Land, labour, and capital
2. Land and labour
3. Labour and capital
4. Land and capital

Q. Assertion (A): In the USA, the private sector owns and manages all the means of production, but the government also frames rules and policies to govern the private players.

Reasoning (R): All the countries lie somewhere between a purely capitalist and purely socialist economy.

1. Both A and R are true, but R is not the correct explanation of A.
2. Both A and R are true, and R is the correct explanation of A.
3. A is true, but R is false.
4. Both A and R are false.

Q. Choose the goal of each type of the economic systems given below.

1. Mixed
2. Earn profits
3. Gain and welfare
4. Socialist
5. Social welfare
6. Capitalist

Q. Complete the sentence.

There is a need for mixed economic system because...

1. the lower sections of the society get ignored under other economic systems.
2. the government does not possess all the resources that are required to manage the entire economy by itself.
3. the richer section of the society gets ignored.
4. the private players posses all the resources that are required to manage the entire economy.