Question : Barter transaction means:

Option 1: goods are exchanged for gold

Option 2: coins are exchanged for goods

Option 3: money acts as a medium of exchange

Option 4: goods are exchanged with goods

Question : Which of the following statements is correct regarding the socialist society in the economy?

I. The government decides what goods are to be produced.
II. Distribution of goods under socialism is supposed to be based on what people need.

Option 1: Only I

Option 2: Neither I nor II

Option 3: Both I and II

Option 4: Only II

Question : Which of the following is an incorrect statement concerning public goods?

Option 1: Usually, public goods are provided by the government.

Option 2: Consumption of public goods by people is rivalrous in nature.

Option 3: It is not easy to collect fees for public goods from every individual.

Option 4: Public goods are non-excludable in nature.

Question : Which of the following is an example of direct tax?

Option 1: Escheat

Option 2: Income Tax

Option 3: Custom Duty

Option 4: Goods and Services Tax

Question : Directions: In the following question, some parts of the sentence have errors, and some are correct. Find out which part of the sentence has an error. The number of that part is the answer. If a sentence is error-free, your answer is "No Error".

One should have their teeth checked every six months.

(1) their teeth checked

(2) every six months.

(3) No Error

(4) One should have

Option 1: 1

Option 2: 2

Option 3: 3

Option 4: 4