Classification on the Basis of Ownership

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  • Q1

    ___________ talked about communist economic system in his book.

    Marks:1
    Answer:

    Karl Marx

    Explanation:

    Karl Marx talked about communist economic system in his book ‘Das Capital’. Soviet Russia was the first country in the world to establish a communist economy based on Marxian principles.

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  • Q2

    Consider the following statements and identify the wrong one.

    Marks:1
    Answer:

    Under capitalist economy production is carried on small scale and under government control.

    Explanation:

    Under capitalist economy production is carried on large scale. Hence, low cost goods are available to consumers. The goods are also of standard quality because there is a competition.

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  • Q3

    ___________ is a characteristic of Capitalist economy.

    Marks:1
    Answer:

    Freedom of enterprise and contract

    Explanation:

    Freedom of enterprise and contract is a characteristic of Capitalist economy. It implies that every individual has the freedom to initiate a business or occupation of his choice according to his ability and skills in a capitalistic economy.

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  • Q4

    ___________ economy is also known as free economy and laissez-faire economy .

    Marks:1
    Answer:

    Capitalistic

    Explanation:

    Capitalistic economy is also known as free economy in the sense it is based on free economy and laissez-faire economy in the sense that there is a complete non-interference by government in the economy.

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  • Q5

    Amongst the following given options which one is the correct definition of economy.

    Marks:1
    Answer:

    An economy is a system of production and exchange of goods and services.

    Explanation:

    An economy is a system of production and exchange of goods and services. It performs two main functions: (a) It produces goods and services to satisfy human wants. (b) It provides employment or income earning opportunities to people.

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