Types of Economies - IX

Simple economy functions through

• Barter system

• Money system

The technique of production in a complex economy is

• Simple

• Complicated

• non-existent

Closed economy has interdependent trade relations with other countries

• True

• False

An economy which is self sufficient and self reliant is known as

• Closed economy

• Agricultural economy

• Open economy

• Mixed economy

The central authority has full control on all economic activities in a

• Simple economy

• Free economy

• Planned economy

• open economy

An economy in which economic activities are controlled by the forces of demand and supply is known as

• Simple economy

• Planned economy

• Agricultural economy

• Free economy

Infrastructure facilities like transport, communication and banking are well developed in

• Industrial economy

• Agricultural economy

Consumer sovereignty is a key indicator of

• Socialistic economy

• Capitalistic economy

• Mixed economy

Misallocation and wastage of resources takes place mostly in

• Capitalistic economy

• Socialistic econmoy

• Mixed economy

Collective ownership of all means of production is an essential feature of

• Capitalistic economy

• Socialistic economy

• Mixed economy