Macro

Introduction

Easy

Which of the following is not a characteristic of a capitalist economy?

There is private ownership of means of production.

There is public ownership of means of production.

There is sale and purchase of labour services at a price which is called the wage rate.

Production takes place for the welfare of society.

✅ Correct Option: 2

Option 1 -> Private ownership of means of production is a fundamental feature of capitalism.

Option 2 -> Public ownership contradicts capitalism; it is a feature of socialist economies.

Option 3 -> Labor markets with wage-based employment are characteristic of capitalist systems.

Option 4 -> In capitalism, production is primarily for profit, though social welfare may be a secondary outcome.

Hence, Option 2: There is public ownership of means of production. -> In a capitalist economy, the means of production (land, factories, machinery) are privately owned by individuals or corporations, not by the state or public. Public ownership is a defining feature of socialist or communist economic systems, making it contrary to capitalist principles. -> correct

2026: 21 May Shift 2

Arrange the following events in the ascending order:

A. General Theory of Employment, Interest and Money.

B. The Economic Consequences of the Peace.

C. An Enquiry into the Nature and Cause of the Wealth of Nations.

D. The Great Depression.

Choose the correct answer from the options given below:

2025: 28 May Shift 2

The basic objective of macroeconomics is to develop theoretical tools. They are called........

2026: 12 May Shift 1

Identify the correct option from the following in respect of macroeconomics:

2025: 16 May Shift 1

Identify the incorrect statement from the following.

2026: 13 May Shift 1

The families or individuals who supply factors of production to the firms and which buy the goods and services from the firms is called:

2023: 28 May Shift 2

The book 'General Theory of Employment, Interest and Money', has been written by the distinguished economist.

Which of the following is not a characteristic of a capitalist economy?

Solution

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