Multiple Choice Questions on Which are the following characterstics of capitalist economy 1 private ownership of means of p........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Which are the following characterstics of capitalist economy 1 private ownership of means of p...........

Economic Affairs NCERT
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     Which are the following characterstics of capitalist economy?

    1. private ownership of means of production

    2. outputs produced are distributed in the market.

    3. compulsory labour at pre-determined rate.

    select the correct option

    1 and 2

    Correct Answer

    2 and 3

    Incorrect Answer

    1 and 3

    Incorrect Answer

    all the above

    Incorrect Answer
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    Explanation:

     characterstic features of capitalist economy are:
    i. private ownership of means of production
    ii. production takes place for selling the output in the market
    iii. there is sale and purchase of labour services at a price called wage rate.

    By: Akriti Gupta
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