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Economics miscellaneous

  1. Which of the following is not a feature of a capitalist economy?
    1. Right to private property
    2. Existence of competition
    3. Service motive
    4. Freedom of choice to consumers
Correct Option: C

Capitalism is an economic system in which each individual in his capacity as a consumer, producer, and resource owner is engaged in economic activity
with a large measure of economic freedom. The inspiring force in this system is self-interest and maximization of profit. The decisions of businessmen, farmers, producers, including that of wage-earners are based on the profit motive.



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