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Economy Quiz
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- Question 1 of 5
1. Question
1 pointsThe Theory of ‘Wealth of Nations’ was given by-
CorrectIn this work of ‘Wealth of Nations’ Adam Smith voice against the heavy handed government regulation of commerce and Industry of the time which did not allow the economy to tap its full econmic worth and reach the level of well being. He stressed on an environment of ‘Laizzez faire’
IncorrectIn this work of ‘Wealth of Nations’ Adam Smith voice against the heavy handed government regulation of commerce and Industry of the time which did not allow the economy to tap its full econmic worth and reach the level of well being. He stressed on an environment of ‘Laizzez faire’
- Question 2 of 5
2. Question
1 pointsCapitalism is also known as
CorrectCapitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characterstics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets. In a capitalist market economy, decision making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
IncorrectCapitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characterstics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets. In a capitalist market economy, decision making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
- Question 3 of 5
3. Question
1 pointsState Economy was proposed by-
CorrectThere are 2 Version of state economy
1. Communist Economy (Pre-1985 China)
2. Socialist Economy (Erstwhile USSR)IncorrectThere are 2 Version of state economy
1. Communist Economy (Pre-1985 China)
2. Socialist Economy (Erstwhile USSR) - Question 4 of 5
4. Question
1 pointsState Economy is also Know as
CorrectIncorrect - Question 5 of 5
5. Question
1 points‘Mixed Economy’ was proposed by-
CorrectA mixed economic system is a system that combines aspects of both capitalism and socialism A mixed economic system protects private property and allow a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims . According to neoclassical theory mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions such as equal information and rational markets participants cannot be achieved in practical application
IncorrectA mixed economic system is a system that combines aspects of both capitalism and socialism A mixed economic system protects private property and allow a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims . According to neoclassical theory mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions such as equal information and rational markets participants cannot be achieved in practical application