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 history russia, 1905-41 the 1905 revolution russian revolution the russian revolution

Who argued that capitalism is a system in which those with money pay those without money to make things happen?

  1. Karl Marx

  2. Vladimir Lenin

  3. Nicholas II

  4. Admiral Kolchak
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
  • Karl Marx argued that capitalism is a system in which those with money pay those without money to make things happen.
  • They then sell these things for a profit i.e for more than they paid the workers to make them. They use this money to hire more people and so on.
Multiple choice contemporary indian society civics

Social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts is called ____________.

  1. Urbanisation

  2. Commercialisation

  3. Privatisation

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

Social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts is called consumerism. It involves protection and promotion of consumer interests.

Multiple choice social studies ideals of our constitution preamble of the indian constitution features of indian democracy features of the constitution and preamble

Which one of the following principles in Socialistic Government do you appreciate?

  1. Religious State

  2. Dictator King

  3. Equality

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

The socialistic government follows the ideology of socialism. Socialism emphasizes on social, economic and political equality. This ideology promotes the removal of class difference in society.

Multiple choice economics comparative studies of indian and chinese economies comparing indian and chinese economies comparative development experiences of india and its neighbours economics of development

Post 1949 revolution, China's economic system was declared as a __________ system.

  1. capitalist

  2. communist

  3. mixed economy

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

Following the 1949 revolution, the Communist Party of China established a communist economic system based on state control.

Multiple choice organisation of commerce and management public sector undertakings & global enterprises characteristics, objectives and growth of public sector enterprises public, private and joint sector cooperatives

Who defined public enterprise as "state ownership and operation of industrial, agricultural, financial and commercial undertakings"?

  1. N. N. Malaya

  2. I. V. Starke

  3. A. H. Hanson

  4. O. L. Rehan
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Hanson, “Public enterprises means state ownership and operation of industrial, agricultural, financial and commercial undertakings.”  In short, public enterprise is an activity of the government, central, state or local, involving manufacturing or production of goods.

Multiple choice political science india's internal challenges internal challenges faced by india discrimination prejudice and discrimination

Which of the following types of governments denies the private ownership of property and existence of opposition parties ?

  1. Democratic

  2. Communist

  3. Republic

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

Public ownership is the main feature of communism.Complete Decentralization of power is another important feature of Communism.

Multiple choice political science india's internal challenges internal challenges faced by india discrimination prejudice and discrimination

Which of the following may be regarded as an ultimate goal of Communism ?

  1. Class struggle

  2. Revolution

  3. Classless society

  4. Dictatorship of the proletariat
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Communism aims to create a system where all the private property is owned by the community where an individual contributes or receives according to their ability and needs. Marxist communism written by Karl Marx and Friedrich Engels have been the adopted ideology for communist movement. To achieve the idea of utopian state, Marx called for the armed revolution of the proletariat against bourgeoisie to seize means of production, police, courts, prison. Proletariat will rule in it's own class interest and eventually interim state will wither away leaving a classless communist society. So, options A,B and D are means for achieving communism, whereas ultimate aim is a classless society. Hence, C is correct answer.    

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

Which ideology is based on private ownership of the means of production?

  1. Socialist

  2. Imperialist

  3. Capitalist

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

Capitalism is based on private ownership of the means of production. Capitalists themselves determine what is to be produced and who is to be given a share of the produce. At the same time, it is also debated that capitalism distributes wealth and power in an unfair and exploitative manner.

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

Given below is the quote from Machiavelli's political treatise. In this the Prince is most strongly aligned with which of the following economic approaches?

"All courses of action are risky, so prudence is not in avoiding danger (it's impossible), but calculating risk and acting decisively. Make mistakes of ambition and not mistakes of sloth. Develop the strength to do bold things, not the strength to suffer."

  1. Socialism

  2. Communism

  3. Laissez-Faire economics

  4. Capitalism

  5. Utopianism
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets. In a capitalist market economy, decision-making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods.

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

The economic system based on private or corporate ownership of production and distribution is _______.

  1. Socialism

  2. Capitalism

  3. Feudalism

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

The correct answer is Capitalism. Socialism and Communism give significant power to the government to control the economy, while in Feudalism, corporate ownership is absent. It is only Capitalism which is entirely based on private ownership.

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

Which of the following is not a characteristic of capitalism?

  1. Competition and consumer sovereignty

  2. Pursuit of personal profit

  3. Private ownership

  4. Government control of the economy
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Capitalism is an economic, social and political system where private individuals control a country's trade and business. The government has little or no control over the market. The United States is a capitalist country. Capitalism prioritizes individual rights, private ownership, and free enterprise.

Multiple choice history the industrial revolution from capitalism to imperialism industrial revolution and inventions industrial revolution and its effects

Laissez-faire capitalism was an idea proposed by ___________________.

  1. moderate socialists

  2. mercantilists

  3. free-market industrialists

  4. abolionists

  5. labor unions
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Laissez-faire capitalism, advocating for minimal government intervention in the economy, was championed by free-market industrialists and economists like Adam Smith.