(A) Laissez-faire economy
(B) Free-market economy
(C) Command economy
(D) Perfectly competitive economy
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Capitalism is also called:
(A) Laissez-faire economy
(B) Planned economy
(C) Command economy
(D) Perfectly competitive economy
There is absence of role of government in:
(A) Capitalist economy
(B) Socialist economy
(C) Primitive economy
(D) Mixed economy
In a mixed economy, what is the motive of producer?
(A) Society’s welfare
(B) Profit
(C) Both of the above
(D) None of the above
Demerits of capitalism is seen in:
(A) Unequal distribution of income and wealth
(B) Business instability
(C) Consumer’s exploitation
(D) All of the above
Capitalism brings about:
(A) Maximum efficiency
(B) Rapid economic growth
(C) More economic activity
(D) All of the above
Who gave invisible hand theorem?
(A) Marshall
(B) Karl Marx
(C) Robins
(D) Adam Smith
Price mechanism is:
(A) Interaction of market forces of demand and supply to determine the price
(B) A mechanism followed by producer is determine the price
(C) A mechanism where both buyers and sellers exercise their bargaining power and then settle for a price
(D) All of the above