CA (Chartered Accountant) Foundation Business Economics: Questions 1 of 642
Question MCQ▾
Exploitation and inequality are minimal under:
Choices
Choice (4) | Response | |
---|---|---|
a. | Socialism | |
b. | Capitalism | |
c. | Mixed economy | |
d. | Question does not provide sufficient data or is vague |
Answer
a.
Explanation
Main types of economy
CAPITALISM | SOCIALISM | MIXED |
Individual and group ownership | Government ownership | Private as well as government ownership |
Freedom of enterprise | government monopoly | Freedom of enterprise (subject to reserved industries) |
Freedom to choice by consumers | Absence of consumer choice | Freedom to choice by consumers (in private sector) |
Exploitation of labour | Lack of exploitation | Exploitation of labour (in private sector) |
Income inequality | Income equality | Income inequality (in private sector) |
Profit motive | Service motive | Profit as well as service motive |
Hence, exploitation and inequality is minimal under socialism economy.
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