1. “Socialistic Pattern” comes through
(a) Free Economy
(b) Mixed Economy
(c) Public Sector
(d) None of these
2. Mixed economy means
(a) Coexistence of private and public sectors
(b) Coexistence of small and large scale industries
(c) Industries completely owned by the Government
(d) Control of means of production by the Government
3. In which of the following types of economy are the factors of production owned individually? [UPSC CAPF 2011]
(a) Capitalist
(b) Socialist
(c) Mixed
(d) Both socialist and capitalist
4. When a, fall in price of a commodity reduces total expenditure and a rise in price increases it, price elasticity of demand will be ? [UPSC CAPF 2014]
(a) 1
(b) < 1
(c) > 1
(d) Infinity
5. Zero price elasticity of demand means [UPSC CAPF 2019]
(a) whatever the change in price, there is absolutely no change in demand
(b) for a small change in price, there is a small change in demand
(c) for a small change in price, there is a large change in demand
(d) for a large change in price, there is a small change in demand
6. How is the magnitude of price elasticity for an individual good determined? [UPSC CAPF 2021]
1. By the degree to which the good is a necessity or luxury
2. By the extent to which substitutes are available
3. By the rate of income growth in the economy
4. By the relative importance of the good in the consumer’s budget
Select the correct answer using the code given below. [UPSC CAPF 2021]
(a) 1, 2 and 3
(b) 1 and 4 only
(c) 1, 2 and 4
(d) 3 and 4
