Economic Institutions — Practice Quiz
Telangana Open School (TOSS) · Class 12 · Sociology
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Quick Quiz: Economic Institutions
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What is the main purpose of economic institutions in society?
Which of the following is an example of a fundamental economic institution?
In primitive societies, what was the main form of economic activity?
What does the term 'distribution' refer to in an economic system?
Sample Questions
Which of the following best describes a contract?
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An agreement between two or more people to act in a certain way
A contract is defined as an agreement between two or more parties to perform specific actions within a specified time.
What is the primary focus of economic activities?
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Satisfying human needs
Economic activities are rational actions aimed at producing means to satisfy human needs like food, shelter, and clothing.
Which of the following is NOT a component of an economic system?
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Education
The three main components of an economic system are production, distribution, and consumption. Education is a social institution, not a core economic component.
In a capitalist economy, who owns the means of production?
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Private individuals or companies
In a capitalist economy, the means of production such as land, factories, and capital are privately owned.
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