Economics Practice Quiz 119

Q1.What is wage labour?

A. Labour that is sold and purchased against wages B. Labour performed by family members C. Labour that is not paid D. Labour in tribal societies

Q2.How long have capitalist countries existed?

A. Last one to two hundred years B. Last three to four hundred years C. Last five hundred years D. Last thousand years

Q3.In underdeveloped countries, production in agriculture is primarily carried out by whom?

A. Wage labourers B. Peasant families C. Large firms D. Government agencies

Q4.What is the term used in the book for production units organised according to capitalist principles?

A. Firms B. Households C. Government D. Tribes

Q5.Who is at the helm of affairs in a firm?

A. The worker B. The entrepreneur C. The government D. The household

Q6.What is the motive of an entrepreneur in producing goods and services?

A. To consume them B. To distribute them freely C. To sell them in the market and earn profits D. To provide public services

Q7.What risks does an entrepreneur undertake?

A. Risks of natural disasters B. Risks and uncertainties in production and sale C. Risks of government regulation D. Risks of labour strikes

Q8.In a capitalist country, how do factors of production earn their incomes?

A. Through government grants B. Through the process of production and sale of output in the market C. Through inheritance D. Through barter

Q9.What is a household defined as in the text?

A. A group of firms B. A single individual or group making consumption decisions jointly C. A government department D. A production unit

Q10.How do households get money for consumption, saving, and taxes?

A. By working in firms and government, or as owners earning profits, rent, or interest B. By borrowing from the government C. By selling land D. By receiving foreign aid

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Economics Practice Quiz 119