A. In communism, there is private ownership of the means of production.
B. In capitalism, accumulation of profits is the main incentive.
C. In socialism, collective ownership of the means of production exists.
D. In countries like Canada and Mexico there is communal ownership of all the property.
Choose the correct answer from the options given below :
Economic Systems Characteristics Analysis
This question requires identifying accurate descriptions of major economic systems: capitalism, socialism, and communism. We will evaluate each statement.
Statement Evaluation
- Statement A: "In communism, there is private ownership of the means of production." This statement is incorrect. Communism advocates for communal or state ownership, eliminating private property.
- Statement B: "In capitalism, accumulation of profits is the main incentive." This statement is correct. The pursuit of profit drives economic activity and investment in capitalist systems.
- Statement C: "In socialism, collective ownership of the means of production exists." This statement is correct. Socialism emphasizes social or collective ownership and control over the means of production.
- Statement D: "In countries like Canada and Mexico there is communal ownership of all the property." This statement is incorrect. Canada and Mexico primarily feature mixed economies with dominant private ownership, not communal ownership of all property.
Conclusion
Based on the analysis, statements B and C are correct characteristics of capitalism and socialism, respectively. Therefore, the option containing only B and C is the correct choice.
Similar Questions
- Given below are two statements : one is labelled as Assertion (A) and the other is labelled as Reason (R).
Assertion (A) : Some of the factors that are involved in soil formation are also responsible for soil erosion.
Reason (R) : Strong winds and flowing water help in soil formation through withering of rocks. The uncovered loose soil gets eroded and carried away by the winds to other places. When rain falls on the unprotected top soil, water washes it down into the streams and rivers.
In the light of the above statements, choose the most appropriate answer from the options given below : - The Government of India has established NITI Aayog to replace the ______.
- Arrange the following legislations chronologically in order of their enactment (earlier to latest)
A. The Rights of Persons with Disabilities Act
B. The Rehabilitation Council of India Act
C. The National Trust for the Welfare of Persons with Autism Cerebral Palsy, Mental Retardation and Multiple Disabilities Act
D. The Protection of Women from Domestic Violence Act
Choose the correct answer from the options given below : - Given below are two statements : one is labelled as Assertion (A) and the other is labelled as Reason (R).
Assertion (A) : Coal is the World's most abundant fossil fuel that is non-renewable. When and if exhausted, it has to be replaced with other forms of energy.
Reason (R) : Energy conservation can reduce energy demands without noticeably changing standard of living.
In the light of the above statements, choose the most appropriate answer from the options given below : - Article 44 of Directive Principles of State Policy, Constitution of India deals with ______.
- Which of the following have been the President of India ?
A. Dr. Rajendra Prasad
B. Shri N. Sanjeeva Reddy
C. Dr. K.R. Narayanan
D. Shri P.A. Sangma
Choose the correct answer from the options given below : Match List - I with List - II.
List - I
Key termList - II
ExplanationA. Appreciation I. This occurs when a currency increases in value relative to other currencies under a floating exchange rate system. B. Devaluation II. This occurs when the value of a currency in a fixed exchange rate is officially and deliberately reduced. C. Depreciation III. This occurs when a currency falls in value relative to other currencies under a floating exchange rate system. D. Revaluation IV. This occurs when the price of a currency operating in a fixed exchange rate system is officially and deliberately increased. - An approach to therapy that attempts to integrate a client's thoughts, feelings and behaviour into a unified whole is the central element of :
- The different kinds of social movements can be classified as :
A. Redemptive or transformatory
B. Recreational
C. Reformist
D. Revolutionary
Choose the correct answer from the options given below : - The Elizabethan Poor Law also known as 43 Elizabeth which has a very significant role in the history of social work in England was enacted in the year ______.
Important Questions from Mixed Topic (CUET PG)
- Who was the founder of Bolshevik Communist party?
- What is the key guide to statecraft in the realist tradition?
- Chronologically arrange the events in the Cold War period.
A. Berlin Wall is constructed
B. Communist China joins the UN
C. Soviet invasion of Czechoslovakia
D. Berlin Blockade
Choose the correct answer from the options given below: Morgenthau's principles of political realism are:
A. Politics is rooted in permanent and unchanging human nature which is basically self centred, self-regarding and self-interested
B. Politics is an autonomous sphere of action and cannot therefore be reduced to morals
C. International Politics is an arena of conflicting self-interests
D. The ethics of international relations is situational ethics which is very different from private morality
Choose the correct answer from the options given below:Who among the following political thinkers consider the anarchical self help system to be a compelling factor for States to maximise their relative power positions?
