TYPES OF ECONOMIES

FILL IN THE BLANKS

161.CAPITALISM is an economic system in which the means of production are
privately owned and operated for a profit.

162.SOCIALISM is an economic system in which the means of production are

owned and managed by the whole community,

163.The concept of mixed economy was propounded by J.M.Keynes

164.Under capitalism, the main objective of every producer is to earn maximum

profit.

165.Under socialism, government is the only producer.

166.An economy that exhibits elements of both capitalism and socialism is

called mixed economy

167.Underdeveloped economies are also known as developing economies.

168.Economies which enjoy a high level per capita income and high standard
of living are called developed economies.

169.Economies where level of per capita income is low and people have a
miserable living are called underdeveloped economies.

170.Social welfare is the chief motivating force behind all the economic
activities in a socialist economy.
 CHOOSE THE CORRECT ANSWER:
Q171. Which of these economists described capitalism? 

Adam Smith

Alfred Marshal

Martin Hooke

Lord Robbins

Q172.  What is the type of Indian economy?

Socialist

Capitalist

Mixed

Communist

Q173.  In 'capitalism' there is a

Governmental system

Personal ownership

Private ownership

Individual ownership

Q174. Which is the best description of a mixed economy?

The government makes all of the economic decisions.

The people will make all of the economic decisions.

The people and government both play a role in economic decisions.

Economic decisions are determined based off of what has always been done.
Q175. On the basis of the ownership of the means of production, economies are
classified into ______ categories

Two

Three

Four

Five

Q176. On the basis of level of development, economies are classified into ______
categories

Two

Three

Four

Five

Q177. Which of the following is not a characteristic of capitalism?

pursuit of personal profit

private ownership

government control of the economy

competition and consumer sovereignty

Q178. What type of economy does the United States have?

Mixed

Socialist

Capitalist

Traditional
Q179. The concept of which economy is of recent origin?

Mixed

Socialist

Capitalist

Traditional

Q180. What type of economy does Cuba have?

Mixed

Socialist

Capitalist

Traditional