1. Branch of knowledge that deals with the production and consumption of goods and services of a country or region is known as ?

[A] Ecology

[B] Sociology

[C] Economy

[D] Biology

View Answer

ANSWER: Option(C).


MEMORY: No memory available.

2. How many types of primary economic system are found in the world ?

[A] One

[B] Two

[C] Three

[D] Four

View Answer

ANSWER: Option(D).


MEMORY: There are four primary economic system found in the world, which are, 1. Traditional economy 2. Command economy 3. Mixed economy and 4. Market economy.

3. An economic system where products and services are direct result of their religions, customs, traditions is called ?

[A] Mixed economy

[B] Command economy

[C] Market economy

[D] Traditional economy

View Answer

ANSWER: Option(D).


MEMORY: Traditional economy is the oldest and most ancient type of economic system in the world.

4. The “Dual Economy” is a mixture of –

[A] Traditional and command economy

[B] Mixed and market economy

[C] Market and command economy

[D] None of the above

View Answer

ANSWER: Option(C).


MEMORY: The ‘Dual Economic’ system is typically a combination of market and command economy where the market is typically more or less free from government ownership.

5. When an economic system is controlled by centralised power or by federal government known as ?

[A] Central economy

[B] Federal economy

[C] Command economy

[D] Governmental economy

View Answer

ANSWER: Option(C).


MEMORY: No memory available.

6. A mixed economic system is also known as ?

[A] Dual economy

[B] Ternary economy

[C] Quad economy

[D] Multi economy

View Answer

ANSWER: Option(A).


MEMORY: A mixed economy is also known as dual economy as it’s primarily a mixture of command and market economy.

7. In an economic system, sectors are categorised into private and public on the basis of –

[A] Development condition

[B] Ownership of businesses

[C] Nature of economy

[D] Division of resources

View Answer

ANSWER: Option(B).


MEMORY: No memory available.

8. An economic system where government does not control vital resources, such as, valuable goods or major part of it is called ?

[A] Public economy

[B] Market economy

[C] Local economy

[D] Traditional economy

View Answer

ANSWER: Option(B).


MEMORY: This is the economic system run by owners of businesseses and they determine how the economy will run and how products and services required to be produced ( as per demands ), that does not involve any governmental activities.

9. The term “Mixed economy” indicates –

[A] Both public and private sectors

[B] Both heavy and small factories

[C] Both rural and urban sectors

[D] None of the above

View Answer

ANSWER: Option(A).


MEMORY: No memory available.

10. Which of the following is not a primary economic system ?

[A] Market economy

[B] Central economy

[C] Traditional economy

[D] All of the above

View Answer

ANSWER: Option(B).


MEMORY: No memory available.