Civics Polity · Economics

Political and Economic Systems

1,987 Questions

Political and economic systems cover governance structures, economic ideologies, and class dynamics. Questions often explore capitalism, feudalism, totalitarianism, and libertarianism. This topic is essential for civil services and university entrance examinations, testing both political science and economics principles.

Political ideologiesTotalitarianism characteristicsCapitalism and anarchismMode of productionSocial class structures

Political and Economic Systems Questions

Multiple choice economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

The planning authority of a socialist economy aims at ___________ distribution of income.

  1. inequitable

  2. equitable

  3. random

  4. scattered
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
In socialist economy, the centrally based planning authority can plans the future government expenditure on various factors of the economy like infrastructure, health, education etc in such a way that it provides adequate employment to all the people unemployed which brings stability in the distribution of income in the economy.
Multiple choice economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

'From each according to his capacity and to each according to his work' is the principle of ___________, in a socialist economy.

  1. distribution of utilities

  2. distribution of income

  3. employment segregation

  4. wealth distribution
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
In a socialist economy, the central problems of the economy is solved by a centrally based planning authority that resolves all the centrally based problems related to production of goods and services in the economy which includes the problem of 'For whom to produce?' is decided by allocating resources for the production keeping in mind the purchasing power of the nation according to their capacity and income earned and spent by them. 
Multiple choice economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

The role played by price mechanism in a free-enterprise economy is taken up by the ___________ in a socialist economy.

  1. state governments

  2. central bank

  3. fiscal regulatory authority

  4. central planning authority
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In a socialist economy, the price mechanism i.e. price affects the demand and supply of the commodities is directed by a centrally based planning authority that controls the price mechanism to certain limits and regulates it to protect civilians from fraudulent practices.

Multiple choice economics solution to basic economic problems under different economic systems supply curve and price determination in the market price mechanism and solutions supply

It is not uncommon in a socialist economy that  ______________.

  1. private properly is abolished

  2. economic activities are guided by market forces

  3. there is absence of state intervention

  4. people acquire a motive for earning
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In a socialist economy, both private as well as government organisations utilize resources and distribute them for personal as well as social welfare. Society is given more importance as government handles all central problems of the economy. So usually in socialist economy, private property are abolished for social welfare and to bring in equality in the social and economic status of the people.

Multiple choice britain and the world the beginnings of empire history

The book 'The Wealth of Nations' promoted the concept of _________.

  1. Free Trade

  2. Protectionism

  3. Mercantilism

  4. Socialism
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Adam Smith's 'The Wealth of Nations' (1776) is a foundational text for classical economics, which advocated for free trade and the removal of government-imposed trade barriers. Mercantilism and protectionism were the systems he argued against.

Multiple choice britain and the world the beginnings of empire history

Which policy secured Britain's position as a leading trading nation during the 19th century?

  1. Laissez-faire

  2. Protectionism

  3. Mercantilism

  4. Socialism
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Laissez-faire, meaning 'let do' or non-interference, was the defining economic policy that allowed Britain to dominate global trade in the 19th century.

Multiple choice

A key principle of the economic theory of Communism is

  1. restoration of a bartering system

  2. organization of workers' unions

  3. government ownership of property

  4. privatization of business
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A fundamental tenet of communism, as envisioned by Marx and implemented in the Soviet Union, is the abolition of private property and the state ownership of the means of production.

Multiple choice

Which two major ideas are contained in the writings of Karl Marx?

  1. survival of the fittest and natural selection

  2. class struggle and revolutionary change

  3. separation of powers and checks and balances

  4. monotheism and religious tolerance
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Karl Marx's writings, particularly 'The Communist Manifesto', focus on the historical conflict between social classes (the bourgeoisie and the proletariat) and the necessity of revolutionary change to achieve a classless society.

Multiple choice

Karl Marx believes that history can be viewed as a...

  1. system in which everyone has been treated equally

  2. time when workers and factory owners can work together

  3. class struggle, rich vs poor

  4. time when there are wealthy and poor, and it needs to be
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Marxist theory posits that history is driven by the conflict between different social classes, specifically the owners of the means of production (the rich) and the workers (the poor).

Multiple choice

In order to achieve victory in China and Vietnam, Asian communists like Mao Zedong & Ho Chi Minh

  1. Relied on the leadership of educated urban elites and factory workers.

  2. Gained the support of fascists during WII

  3. Retained key elements of Confucianism while deposing the traditional elites

  4. Adapted their theories to reflect the major concerns of the peasants.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Unlike traditional Marxist theory which focused on the urban proletariat, Mao and Ho Chi Minh adapted communist ideology to mobilize the rural peasantry, who made up the vast majority of the population in their countries.