Question : An economy which does not have any relation with the rest of the world is known as

Option 1: Socialist economy

Option 2: Closed economy

Option 3: Open economy

Option 4: Mixed economy

Question : Goods which are of durable character which are used in the production process are called_______.

Option 1: capital goods

Option 2: veblen goods

Option 3: consumption goods

Option 4: complementary goods

Question : The consumer is compared to a king under _______.

Option 1: socialism

Option 2: mixed economy

Option 3: communism

Option 4: capitalism

Question : Currency notes and coins are called ______.

Option 1: near money

Option 2: commodity money

Option 3: fiduciary money

Option 4: fiat money

Question : Directions: In the following question, some parts of the sentence may have some errors. Find out which part of the sentence has an error and select the appropriate option. If the sentence is free from error, select "No Error".

You can (1) / open the box (2) / by a screwdriver. (3) / No Error (4)

Option 1: (1)

Option 2: (2)

Option 3: (3)

Option 4: (4)