Introduction to Economics — Practice Quiz
Maharashtra Board · Class 9 · Geography
Try a 4-question quiz on Introduction to Economics for Maharashtra Board Class 9 Geography: tap an answer to check it and see why.
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Quick Quiz: Introduction to Economics
0/4Tap an answer to check it instantly. No sign-up needed for these 4.
From which Greek word is the term 'Economics' derived?
Who is known as the father of economics?
In a capitalistic economy, who owns the means of production?
What is the main aim of a socialistic economy?
Sample Questions
Which countries have adopted a mixed economy system?
Show answer
India, Sweden, United Kingdom
India, Sweden, and the UK have adopted mixed economy systems which involve co-existence of private and public sectors. China and Russia follow socialistic economies.
Globalization means building a world economy without borders.
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True
Globalization means building a world economy which is borderless, where natural resources, profit, services, capital, labor, and technology flow freely across countries.
Which of the following are main functions of an economy?
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Deciding what to produce and in what quantity, Minimizing production costs, Distribution of national income
The main functions include deciding production, minimizing costs, distributing income fairly, and planning for future needs. Maximizing only individual profits is not a main function.
Economics studies the relationship between unlimited wants and _______ resources.
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