Tag: basic concepts of national income

Quizzes (2) Questions (55)

Questions Related to basic concepts of national income

Multiple choice economics basic concepts of national income macroeconomic theories some basic concepts of macroeconomics introduction to macroeconomics

Which of these is not a feature of a Capitalist economy?

  1. Right of private property

  2. Social justice

  3. Profit maximization

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

A capitalist economy is characterized by private property, profit motive, and consumer sovereignty. Social justice is typically a goal of socialist or mixed economies, not a defining feature of pure capitalism.

Multiple choice economics basic concepts of national income macroeconomic theories some basic concepts of macroeconomics introduction to macroeconomics

A refrigerator operating in a chemist's shop is an example of ______________.

  1. free good

  2. final good

  3. intermediate good

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

A refrigerator in a chemist's shop is used as a capital good to store medicines for business purposes, making it an intermediate good in the context of the shop's operations.