Which of the following is a feature of a socialist economy? MCQ with Answer and Explanation

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Which of the following is a feature of a socialist economy?

A. Market determination of prices

B. Private ownership of means of production

C. Collective ownership of means of production

D. Profit maximisation as the sole motive

Answer: Option C

Solution (By JKSSB Mock Tests)

In a socialist economy, the means of production are owned collectively or by the state, and economic decisions are largely centralised.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Budget at a Glance' is a document that:

A. is not made public

B. is prepared by RBI

C. provides a summary of the budget

D. contains only secret information

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Correct Answer: Option C

Explanation:
Budget at a Glance provides a summary of budget estimates.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the Indian financial system?

A. Complete self-regulation without government oversight

B. Absence of regulatory institutions

C. Only one regulator for all financial markets

D. Presence of multiple regulators including RBI, SEBI, IRDAI and PFRDA

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Correct Answer: Option D

Explanation:
India's financial system is regulated by multiple specialised bodies: RBI for banking, SEBI for capital markets, IRDAI for insurance and PFRDA for pensions.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Dutch disease' phenomenon in economics refers to:

A. a fall in agricultural productivity

B. a decline in manufacturing due to a boom in natural resource exports

C. a banking crisis

D. high inflation

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Correct Answer: Option B

Explanation:
Dutch disease is a situation where a resource boom causes currency appreciation and decline in other tradable sectors like manufacturing.

This question belongs to: Economy GK Economy Set 1

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