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

Question

Share Report Error

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

A. Market determination of prices

B. Profit maximisation as the sole motive

C. Private ownership of means of production

D. Collective ownership of means of production

Answer: Option D

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The concept of 'Liquidity Preference' includes which of the following motives?

A. Only transactions motive

B. Transactions, precautionary and speculative motives

C. Only speculative motive

D. Only precautionary motive

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
According to Keynes, the demand for money (liquidity preference) arises from three motives: transactions, precautionary and speculative.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major objective of NITI Aayog?

A. Promoting cooperative federalism and providing strategic policy advice

B. Controlling monetary policy

C. Replacing the Finance Commission

D. Formulating Five Year Plans with mandatory targets

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
NITI Aayog aims to foster cooperative federalism, serve as a think tank, and provide strategic and technical advice to the Centre and states.

This question belongs to: Economy GK Economy Set 1

Question #3

A demat account is used for:

A. banking transactions only

B. holding foreign currency

C. trading only in commodities

D. holding shares in electronic form

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
A demat account holds securities in electronic form.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs