Economicity Quiz 10
In a socialist economy, all decisions regarding production and distribution are taken by :
Market forces
Central planning authority
Customs and traditions
Private sector
Red-tapism and corruption lead to
Inefficiency of production
Inequality of income and wealth
Absence of technology
Efficient use of resources
Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
None of the above
The degree of response of demand to change in price is
Income elasticity of demand
Cross elasticity of demand
Price elasticity of demand
All the above.
A successful entrepreneur is one who is ready to accept :
none.
Innovations
deciding the location of the production unit
Risks
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