Question : Freedom of choice is the advantage of
Option 1: Socialism
Option 2: Capitalism
Option 3: Mixed economy
Option 4: Communism
Correct Answer: Capitalism
Solution : The correct answer is (b) Capitalism Freedom of choice is a fundamental advantage of capitalism. In a capitalist system, individuals and businesses have the freedom to make their own economic decisions, such as what to produce, how much to produce, what to consume, and with whom to engage in trade. This freedom extends to choices related to employment, investment, entrepreneurship, and consumer preferences.
Capitalism allows individuals to pursue their self-interest and make decisions based on their own preferences and values. This includes the freedom to start and operate businesses, choose employment opportunities, set prices, and negotiate contracts. Individuals have the liberty to enter into voluntary transactions and exchanges with others based on mutual consent.
Question : The term 'Mixed Economy' refers to an economic system that combines elements of:
Option 1: Capitalism and socialism
Option 2: Socialism and communism
Option 3: Capitalism and feudalism
Option 4: Communism and feudalism
Question : The consumer is compared to a king under _______.
Option 1: socialism
Option 2: mixed economy
Option 3: communism
Option 4: capitalism
Question : The economic system in which all the means of production are owned and controlled by private individuals for profit.
Question : 'Hire' and 'Fire' is the policy of:
Option 1: capitalism
Option 2: socialism
Option 3: mixed economy
Option 4: traditional economy
Question : Which of the following best describes the economic transition experienced by post-communist regimes?
Option 1: From capitalism to socialism
Option 2: From socialism to capitalism
Option 3: From feudalism to capitalism
Option 4: From capitalism to feudalism
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