Question : What is an economy?
Option 1: It is a system which provides people, the means to work
Option 2: It is a system which provides people, the means to earn
Option 3: Both 1 and 2
Option 4: None of the above
Correct Answer: Both 1 and 2
Solution : An economy is a system that gives people the means they need to work and earn a living. It is a system that helps people make a living. For instance, all production sources in agriculture, manufacturing, transportation and communication, banking, etc. are included in the Indian economy. Hence, the correct option is 3.
Question : What is chart of accounts?
Option 1: provides an index of every account in an accounting system
Option 2: provides a way of every account in non-accounting system
Option 4: None of these
Question : Consider the following and decide which, if any, economy is without scarcity:
Option 1: The pre-independent Indian economy, where most people were farmers.
Option 2: A mythical economy where everybody is a billionaire.
Option 3: Any economy where income is distributed equally among its people
Question : Colonialism means ____________
Option 1: System of political and social relations between two countries
Option 2: One is ruler and the other is its colony
Question : What is a password?
Option 1: a key to allow access to the system
Option 2: a key to deny access to the system
Question : The planned economy in India is based on which system?
Option 1: Capitalist system
Option 2: Traditional system
Option 3: Command system
Option 4: Socialist system
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