An economic system in which traditions and customs determine how the economy would use its scare resources ?
Correct answer: A. Traditional economy
- A. Traditional economy
- B. Mixed economy
- C. capitalistic economy
- D. Command economy
Explanation
In a traditional economy, customary practices and inherited traditions determine what is produced, how it is produced, and for whom. A command economy relies primarily on central government decisions instead.
Last updated
Practise Agricultural Economics and Extension
190 free Agricultural Economics and Extension MCQs from Agriculture, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Agriculture questions like this
Agriculture is on this paper prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for it.
Related questions
A bank which lends to developing nations to help them increase their capital stock and this achieve economic growth ?
A benefit or cost from production or consumption accruing without compensation to non buyers and non/sellers of the product is called_________________?
A. Cetris peribus stands for__________________?
A closed economy that attempts to be completely self-reliant ?
A commercial bank authorized by state govt. to engage in business of banking ?