Economics MCQS

911. What is communism?
A) Communism is a socio-economic system where the means of production are collectively owned, and there is no private ownership.
B) Communism promotes private ownership and capitalism.
C) Communism advocates for a feudal economic system.
D) Communism encourages individual ownership without collective control.


912. Who is considered the founder of modern communism?
A) Karl Marx
B) Adam Smith
C) John Maynard Keynes
D) Friedrich Hayek


913. According to communism, what is the primary source of societal conflicts?
A) Class struggle and the unequal distribution of wealth and power.
B) Innovation and technological progress.
C) Political differences.
D) Lack of resources.


914. In communism, what is the role of the government in the economy?
A) The government plays a central role in controlling and managing the means of production on behalf of the people.
B) The government has no role in the economy.
C) The government is limited to administrative functions.
D) The government promotes private ownership.


915. How does communism view private property?
A) Communism rejects private ownership of the means of production and advocates for collective ownership.
B) Communism encourages widespread private property ownership.
C) Private property is irrelevant in communism.
D) Communism supports individual ownership without restrictions.


916. According to communist ideology, what will happen to social classes over time?
A) Social classes will disappear, leading to a classless society.
B) Social classes will become more pronounced.
C) The government will establish rigid social classes.
D) The concept of social classes is irrelevant in communism.


917. What is the role of profit in a communist economy?
A) In communism, profit is not a primary motive; instead, the focus is on meeting the needs of the community.
B) Profit is the main driver of economic activities in communism.
C) Profit is irrelevant in any economic system.
D) Communism encourages excessive profit accumulation.


918. How does communism view competition among businesses?
A) Communism seeks to eliminate competition by emphasizing cooperation and central planning.
B) Communism promotes intense competition among businesses.
C) Competition is irrelevant in communism.
D) Communism supports monopolies and restricts competition.


919. According to communism, how is wealth distributed in society?
A) Wealth is distributed based on need, and everyone receives according to their requirements.
B) Wealth is distributed based on merit and individual achievements.
C) Wealth distribution is arbitrary in communism.
D) Communism promotes unequal wealth distribution.


920. What is the role of the individual in communism?
A) Individuals work for the collective good, and the emphasis is on community well-being over individual gains.
B) Individuals prioritize personal gains over communal well-being.
C) The role of the individual is irrelevant in communism.
D) Communism encourages individualism.


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