CBSE Class 9 Social Science Building Blocks in Economics: The Problem of Choice (Class 9 NCERT New) Quiz 5

1. The presence of very little water in a village due to low rainfall is an example of which economic problem?

A Scarcity of resources B Overproduction C Excess demand D Technological advancement

2. Classify the following as goods or services: Doctor treatment, School bag, Teaching, Mobile phone.

A Doctor treatment - Service; School bag - Good; Teaching - Service; Mobile phone - Good. B Doctor treatment - Good; School bag - Service; Teaching - Good; Mobile phone - Service. C Doctor treatment - Good; School bag - Good; Teaching - Service; Mobile phone - Service. D Doctor treatment - Service; School bag - Service; Teaching - Good; Mobile phone - Good.

3. Match the following economic systems to their features: Capitalist, Socialist, Mixed.

A Capitalist - Private ownership; Socialist - Government ownership; Mixed - Both government and private ownership. B Capitalist - Government ownership; Socialist - Private ownership; Mixed - Only government ownership. C Capitalist - Both government and private ownership; Socialist - Private ownership; Mixed - Government ownership. D Capitalist - Only government ownership; Socialist - Both government and private ownership; Mixed - Private ownership.

4. A mixed economy is considered better than a purely capitalist or socialist economy because:

A it combines the benefits of both capitalism and socialism, balancing economic growth with social welfare. B it eliminates all government intervention in the economy. C it ensures that only private businesses control all resources. D it guarantees that the government owns all means of production.

5. Which economic system is characterized by private ownership?

A A) Capitalist B B) Socialist C C) Mixed

6. Which economic system is characterized by government ownership?

A A) Capitalist B B) Socialist C C) Mixed

7. Which economic system is characterized by both government and private ownership?

A A) Capitalist B B) Socialist C C) Mixed

8. The best economic system is:

A Capitalism B Feudalism C Mercantilism D Barter system

9. Differentiate between goods and services with one example each.

A Goods are tangible items that can be purchased, such as a car. Services are activities provided by others, such as a haircut. B Goods are always more expensive than services, such as a car versus a haircut. C Goods are intangible, like a haircut, while services are tangible, like a car. D Goods and services are both physical items, such as a car and a book.

10. Name any two types of economic systems.

A Examples: Capitalism and Socialism. B Examples: Democracy and Monarchy. C Examples: Feudalism and Dictatorship. D Examples: Communism and Theocracy.