Types of Economies — Practice Quiz
ICSE · Class 9 · Economics
Try a 4-question quiz on Types of Economies for ICSE Class 9 Economics: tap an answer to check it and see why. 61 questions in the full chapter test.
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Quick Quiz: Types of Economies
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What is a capitalistic economy also known as?
Which statement best defines capitalism?
What is the main motive under capitalism?
Which economist is linked with the idea of the invisible hand?
Sample Questions
Which of these is a feature of a capitalist economy?
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Freedom of enterprise
In capitalism, individuals are free to start businesses and choose occupations.
Which of the following is NOT a feature of a capitalistic economy?
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Economic planning
Economic planning is not a feature of capitalism; it is linked to socialism.
Under capitalism, who decides the price of goods and services?
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The market
In a capitalist economy, the market mechanism determines prices rather than the government.
What is socialism?
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An economic system where means of production are owned and managed by the whole community
Socialism gives ownership and management of the means of production to the whole community or the state.
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