Question : Administered prices refer to:

Option 1: Prices are determined by forces of demand and supply.

Option 2: Prices determined by sellers in the market

Option 3: Prices determined by an external authority which is usually the government

Option 4: None

Question : When means of production are owned, controlled and operated by government sector.
 

Option 1: Capitalist economy
 

Option 2: Socialist economy
 

Option 3: Mixed economy
 

Option 4: All of the above.
 

Question : When means of production are owned, controlled and operated by Private sector.
 

Option 1: Capitalist economy
 

Option 2: Socialist economy
 

Option 3: Mixed economy
 

Option 4: All of the above.
 

Question : Scarcity is the __________.

Option 1: limitation of supply in relation to demand for a commodity

Option 2: limitation of demand in relation to supply for a commodity

Option 3: equal of demand and supply for a commodity

Option 4: None of the above

Question : ________________ causes involuntary unemployment in the economy.
 

Option 1: Excess demand
 

Option 2: Deficient demand
 

Option 3: Excess supply
 

Option 4: Deficient supply