Here are some MCQs on Economics: Types, Sectors, Branches
1. Which of the following is not a type of economic system?
a) Market economy
b) Planned economy
c) Mixed economy
d) Democratic economy
2. In a market economy, the allocation of resources is primarily determined by:
a) Government planning
b) Centralized authority
c) Market forces
d) Consumer preferences
3. Which type of economy is characterized by private ownership of resources and free market competition?
a) Market economy
b) Command economy
c) Mixed economy
d) Socialist economy
4. In a command economy, the allocation of resources is primarily determined by:
a) Government planning
b) Market forces
c) Consumer preferences
d) Private ownership
5. A mixed economy combines elements of both:
a) Market and planned economies
b) Market and socialist economies
c) Command and planned economies
d) Command and socialist economies
