Civics Polity · Economics

Political and Economic Systems

1,968 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

Which of the following economies is also known as free market economy?

  1. Capitalist economy

  2. Socialist economy

  3. Mixed economy

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

Capitalist economy is also known as free market economy because the interference of state is least. Socialist economy is always under direct control of state and means of production are under the state. Mixed economy lies in between the two extremes.

Multiple choice

Which of the following economies has no central planning and controlling authority?

  1. Capitalist economy

  2. Socialist economy

  3. Mixed economy

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

Capitalist economy is also known as free market economy because the interference of state is least or nil. Socialist economy is always under direct control of state and means of production are under the state. Mixed economy lies in between the two extremes.

Multiple choice

The level of consumption, investments, savings, production techniques, production policy etc. are exclusively decided by Government in

  1. capitalist economy

  2. socialist economy

  3. mixed economy

  4. all of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Socialist economy is always under direct control of state and means of production are under the state. Capitalist economy is also known as free market economy because the interference of state is least. Mixed economy lies in between the two extremes.

Multiple choice

Which economy inculcates the best features of controlled and uncontrolled economies?

  1. Capitalist economy

  2. Socialist economy

  3. Mixed economy

  4. Communist economy
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Mixed economy lies in between the two extremes. Socialist economy is always under direct control of state and means of production are under the state. Capitalist economy is also known as free market economy because the interference of state is minimum or nil.

Multiple choice

Which of the following is also known as controlled economy?

  1. Capitalist economy

  2. Socialist economy

  3. Mixed economy

  4. Communist economy
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Socialist economy or controlled economy is always under direct control of state and means of production are under the state. Capitalist economy is also known as uncontrolled or free market economy because the interference of state is minimum or nil. Mixed economy lies in between the two extremes.

Multiple choice

There is simultaneous existence of private and public sectors in

  1. capitalist economy

  2. socialist economy

  3. mixed economy

  4. all of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Mixed economy lies in between the two extremes. Socialist economy is always under direct control of state and means of production are under the state. Capitalist economy is also known as free market economy because the interference of state is least.

Multiple choice

Economic planning is an essential feature of

  1. capitalist economy

  2. socialist economy

  3. mixed economy

  4. dual economy
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Economic planning is a hallmark of a socialist economy, where the state controls the means of production and allocates resources according to a central plan.

Multiple choice

Directions: Pick the odd one out.

  1. Philanthropism

  2. Exclusivism

  3. Altruism

  4. Liberalism
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Philanthropism, Altruism, and Liberalism are generally positive or constructive social/philosophical concepts. Exclusivism refers to the practice of excluding others, making it the odd one out in this context.

Multiple choice

Karl Marx explained the process of class struggle with the help of which one of the following theories?

  1. Empirical liberalism

  2. Existentialism

  3. Darwin's theory of evolution

  4. Dialectical materialism
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Karl Marx explained the process of class struggle with the help of Dialectical Materialism. Dialectical materialism is a strand of Marxism synthesising Hegel\'s dialectics and Ludwig Andreas Feuerbach\'s materialism. According to certain followers of Karl Marx, it is the philosophical basis of Marxism, although this remains a controversial assertion due to the disputed status of science and naturalism in Marx\'s thought. The basic idea of dialectical materialism is that every economic order grows to a state of maximum efficiency, while at the same time developing internal contradictions or weaknesses that contribute to its decay.