Work & Economic Life MCQ Quiz - Objective Question with Answer for Work & Economic Life - Download Free PDF

The correct answer is - Privatisation and Marketisation

Key Points

• Privatisation and Marketisation
  • Liberalisation refers to the process of reducing government restrictions and allowing greater participation of private entities in the economy.
  • Privatisation involves transferring ownership or control of state-owned enterprises to private individuals or companies.
  • Marketisation refers to introducing market forces of supply and demand into areas previously regulated or controlled by the government.
  • This can lead to increased competition, efficiency, and innovation within various economic sectors.

Additional Information

• Government regulations for industry
  • Liberalisation generally involves reducing government regulations to create a more conducive environment for private enterprise.
  • While regulations may still exist, the goal of liberalisation is usually to ease these rules, not expand them.
• Promoting government investment
  • While important for economic development, promoting government investment does not typically fall under the concept of liberalisation.
  • Liberalisation focuses more on reducing direct government involvement in favor of private sector participation.
• Increasing import duties on goods
  • Increasing import duties is more aligned with protectionism than liberalisation.
  • Liberalisation generally aims to lower or eliminate trade barriers to facilitate a freer flow of goods and services.

The correct answer is - Adam Smith

Key Points

• Adam Smith
  • Adam Smith is widely recognized as the author of the seminal work, "The Wealth of Nations", which was published in 1776.
  • The full title of the book is "An Inquiry into the Nature and Causes of the Wealth of Nations".
  • This book laid the foundations for modern economic theory and is considered a cornerstone of classical economics.

Additional Information

• John Smith
  • John Smith is not known for writing "The Wealth of Nations".
  • He may refer to various individuals but is not relevant in the context of economic literature.
• David Ricardo
  • David Ricardo was a prominent classical economist, known for his work on rent and comparative advantage, but not the author of "The Wealth of Nations".
  • One of his significant contributions is the book "Principles of Political Economy and Taxation".
• Emile Durkheim
  • Emile Durkheim was a sociologist known for his work on the study of social phenomena and institutions, not economics.
  • His notable works include "The Division of Labour in Society" and "Suicide".

The correct answer is - Privatisation and Marketisation

Key Points

• Privatisation and Marketisation
  • Liberalisation refers to the process of reducing government restrictions and allowing greater participation of private entities in the economy.
  • Privatisation involves transferring ownership or control of state-owned enterprises to private individuals or companies.
  • Marketisation refers to introducing market forces of supply and demand into areas previously regulated or controlled by the government.
  • This can lead to increased competition, efficiency, and innovation within various economic sectors.

Additional Information

• Government regulations for industry
  • Liberalisation generally involves reducing government regulations to create a more conducive environment for private enterprise.
  • While regulations may still exist, the goal of liberalisation is usually to ease these rules, not expand them.
• Promoting government investment
  • While important for economic development, promoting government investment does not typically fall under the concept of liberalisation.
  • Liberalisation focuses more on reducing direct government involvement in favor of private sector participation.
• Increasing import duties on goods
  • Increasing import duties is more aligned with protectionism than liberalisation.
  • Liberalisation generally aims to lower or eliminate trade barriers to facilitate a freer flow of goods and services.

The correct answer is - Adam Smith

Key Points

• Adam Smith
  • Adam Smith is widely recognized as the author of the seminal work, "The Wealth of Nations", which was published in 1776.
  • The full title of the book is "An Inquiry into the Nature and Causes of the Wealth of Nations".
  • This book laid the foundations for modern economic theory and is considered a cornerstone of classical economics.

Additional Information

• John Smith
  • John Smith is not known for writing "The Wealth of Nations".
  • He may refer to various individuals but is not relevant in the context of economic literature.
• David Ricardo
  • David Ricardo was a prominent classical economist, known for his work on rent and comparative advantage, but not the author of "The Wealth of Nations".
  • One of his significant contributions is the book "Principles of Political Economy and Taxation".
• Emile Durkheim
  • Emile Durkheim was a sociologist known for his work on the study of social phenomena and institutions, not economics.
  • His notable works include "The Division of Labour in Society" and "Suicide".