Question : Which of these is not a characteristic of a free-enterprise economy?
Option 1: Decisions are based on the forces of demand and supply.
Option 2: Factor rewards are based on the productivity of factors of production.
Option 3: All economic decisions are taken by the economic planners.
Option 4: Economic decisions are regulated by the market.
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: All economic decisions are taken by the economic planners.
Solution : The correct answer is All economic decisions are taken by the economic planners.
A free enterprise economy is also known as a free-market economy or capitalism. Free enterprise economies are often associated with market-driven economies, where supply and demand determine prices and the allocation of resources. Some of the characteristics of free enterprise are:
Candidates can download this e-book to give a boost to thier preparation.
Application | Eligibility | Admit Card | Answer Key | Preparation Tips | Result | Cutoff
Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.
Question : Globalisation means
Option 1: Integration of economy
Option 2: Integration of financial market
Option 3: Integration of the domestic economy with the world economy
Option 4: integration of the various sector of the economy
Question : Which of the following is the incorrect sequence of national income from broader to narrower concepts?
Option 1: GNP at market prices - NNP at factor cost - NNP at market prices - GNP at factor cost
Option 2: GNP at market prices - NNP at market prices - NNP at factor cost - Personal income
Option 3: NNP at factor cost - Personal income - Personal disposable income
Option 4: GNP at factor cost - NNP at factor cost - Personal income - Personal disposable income
Question : Cross-demand expresses the functional relationship between
Option 1: demand and price of related commodities
Option 2: demand and income
Option 3: demand and price
Option 4: demand and supply
Question : Which factor is necessary for the development of democratic institutions?
Option 1: Strong military forces
Option 2: Respect for individual rights
Option 3: A one-party system
Option 4: An agricultural economy
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile