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Chapters
1: Meaning and Definition of Economics
2: Basic Economic Entities in an Economy
3: Basic Problems of An Economy
▶ 4: Types of Economies
2. An Overview of Indian Economy
5: Characteristics of Indian Economy
6: Main Sectors of Indian Economy : Agriculture
7: Main Sectors of Indian Economy : Industry
8: Main Sectors of Indian Economy : Services
9: Other Sectors of Indian Economy
3. Infrastructure of the Indian Economy
10: Economic Infrastructure
11: Social Infrastructure
4. Consumer Awareness
12: Consumer Awareness
5. Globalization
13: Globalisation
![J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 4 - Types of Economies - Shaalaa.com](/images/economic-applications-english-class-9-icse_6:af534602dfa245b6b0f8aa2f73a180ce.jpg "J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 4 - Types of Economies")
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Solutions for Chapter 4: Types of Economies
Below listed, you can find solutions for Chapter 4 of CISCE J. P. Goel and Kaushal Goel for Economic Applications [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE 4 Types of Economies QUESTIONS [Pages 55 - 58]
MULTIPLE CHOICE QUESTIONS
Which of the following is a feature of capitalistic economy?
Social welfare
Absence of competition
Government is the only producer
Freedom of enterprise
Which of the following is NOT the feature of a capitalistic economy?
High degree of competition
Economic planning
Freedom of consumption
Profit motive
Identify the feature of a socialist economy.
Social property
Economic planning
Absence of competition
All of these
______ is an economic system which has elements of both capitalism and socialism.
Unplanned economy
Developed economy
Underdeveloped economy
Mixed economy
Under ______ profit motive is replaced by the motive of social welfare.
Capitalism
Mixed economy
Socialism
None of these
Which of the following is true about a capitalist economy?
Large inequalities of income exist.
Economic fluctuations are widely seen.
Both large inequalities of income exist and economic fluctuations are widely seen.
Neither large inequalities of income exist nor economic fluctuations are widely seen.
Which of the following type of economy has purely private ownership?
Socialist economy
Capitalist economy
Mixed economy
Traditional economy
Who determines prices in a capitalist economy?
Government
Big corporates
Market forces
None of these
Capitalist economic system is the feature of which of these countries?
USA
UK
Japan
All of these
Which among the following is a guiding factor for the capitalist economy?
Profit motive
Private property
Both profit motive and private property
Neither profit motive nor private property
A mixed economy is characterised by the co-existence of ______.
Modern and traditional industries
Public and private sectors
Foreign and domestic sectors
Commercial and subsistence sectors
An underdeveloped economy is characterised by ______.
High per capita real income
Large proportion of the workforce in the service sector
State of deprivation of large proportion of population
All of these
Scarcity of capital, technological backwardness and unemployment are generally found in ______.
Developed countries
Underdeveloped countries
Both developed countries and underdeveloped countries
None of the above
Economic development is characterised by ______.
Increase in real national income and per capita income.
Structural change in the economy.
Both increase in real national income and per capita income and structural change in the economy.
None of the above.
Which of the following is NOT one of the problems facing most developing nations?
Rapid population growth
Scarcity of capital
Labour shortages
Foreign dependence
Developing countries, compared to other countries, have ______.
a lower rate of illiteracy
a greater degree of equality in the distribution of income
a lower rate of unemployment
a smaller percentage of urban population
ASSERTION - REASONING & MATCHING BASED QUESTIONS Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): Absence of competition is a feature of capitalist economy.
Reason (R): Under capitalism, there is high degree of competition in the commodity as well as factor market.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Assertion (A): In a socialist economy only those goods are produced which are in great demand.
Reason (R): Under socialism, social welfare is the chief motivating force behind all economic activities.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
From the set of statements given in Column I and Column II, choose the correct pair of statements:
| Column I | Column II |
| (A) Advantage of capitalist economy | (i) Social Welfare |
| (B) Feature of mixed economy | (ii) Coexistance of public and private sector |
| (C) Disadvantage of socialism | (iii) Cut throat competition |
| (D) Features of a developed economy | (iv) Low per capita Income |
Alternatives:
A - (i)
B - (ii)
C - (iii)
D - (iv)
Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column I:
| Column I | Column II |
| (A) Under developed economy | (i) Private ownership |
| (B) Developed economy | (ii) Social welfare |
| (C) Capitalist economy | (iii) High level of per capita income |
| (D) Socialist economy | (iv) Wide Spread Poverty |
Choose the correct alternative:
A - (iii), (B) - (i), (C) - (iv), (D) - (ii)
A - (iv), (B) - (iii), (C) - (i), (D) - (ii)
A - (iii), (B) - (iv), (C) - (ii), (D) - (i)
A - (iv), (B) - (i), (C) - (iii), (D) - (ii)
SHORT ANSWER TYPE QUESTIONS
Define a capitalist economy.
Define a socialist economy.
What is a mixed economy?
Give two features of a capitalist economy.
Discuss two merits of capitalism.
Give two principle features of a socialist economy.
State two merits of a socialistic economy.
State two advantages of a mixed economy.
State two characteristics of developed economies.
LONG ANSWER TYPE QUESTIONS
What is a capitalistic economy?
Give two main merits of capitalistic economy.
What is a socialistic economy?
State two merits of a socialistic economy.
Define a mixed economy.
State the main features of a mixed economy.
“Mixed economies are a golden path of economic development.” Give reasons in support of the statement.
Discuss two merits of capitalism.
Discuss two demerits of capitalism.
Discuss the chief merits of socialism.
Distinguish between a capitalistic economy and a socialistic economy.
Distinguish between capitalist economy and mixed economy.
What is a developed economy?
State the main features of a developed economy.
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE 4 Types of Economies QUESTION BANK [Pages 58 - 59]
Define a capitalist economy.
What is a market economy?
Define a socialist economy.
What is a mixed economy?
Give two features of a capitalist economy.
Give two principle features of a socialist economy.
Discuss two merits of capitalism.
Discuss two demerits of capitalism.
Discuss the chief merits of socialism.
State two demerits of a socialist economy.
State two advantages of a mixed economy.
Define an underdeveloped economy.
What is a developed economy?
State three features of an underdeveloped economy.
State the main features of a developed economy.
Solutions for 4: Types of Economies
J. P. Goel and Kaushal Goel solutions for Economic Applications [English] Class 9 ICSE chapter 4 - Types of Economies
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